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Top 5 Reasons for Using a Property Management Company

Do you own one or more rental properties and are considering hiring a property management company but are not sure if this is the right decision for you to make or not?

You’re not alone.

Although you may be concerned about hiring a property manager we can assure you that this is the best decision for you to make especially for these reasons.

Reason #1 – A Property Management Company Will Save You Time

When you hire a professional property management company you can count on us to immediately save you time because you will no longer have to do all of the normal day-to-day tasks like tenant selection, rent collection, or maintenance that you may be doing yourself.

Reason #2 – Hiring A Property Management Company Will Save You Money

From the moment that you hire a property management company, rest assured that we will save you money each month.

Why?

You won’t have to do things like collect rent from your tenants, perform maintenance on your rental properties, or take calls from your tenants yourself.

You can count on an experienced property manager to perform those tasks for you, so you can focus on doing things that produce revenue and grow your portfolio of rental properties.

Reason #3 – The Best Tenant Sourcing and Screening

Another great reason to hire a property management company is we will provide you with the best tenant screening and sourcing possible so you can rest assured that only the most qualified tenants will be living in your rental properties.

Reason #4 – Avoid “Messy” Legal Problems

There’s no doubt that owning rental properties is an excellent way to build your investment portfolio so you can enjoy regular cash flow each month but legal problems at your rental properties can become messy very quickly.

Thankfully, with a qualified property management company managing your rental properties you can count on every aspect of the law being followed so you won’t encounter any potential legal problems or issues at your rental properties.

Reason #5 – Get the Income Balance Right at Your Rental Properties

Last of all, but most important, another important reason to hire a property manager is we will help you to get the income balance right at your rental properties by making sure that you’re charging the right amount of money that you should be really be charging your tenants each month.

Get Property Management Here

Besides all of the reasons to hire a property management company that we’ve mentioned in this article, you should hire a property manager because you will no longer hear excuses like “the check is in the mail”.

You also won’t have to be the “bad guy” ever again, and you can have confidence that someone is watching out for your rental properties so you don’t have to.

Working with a property management company means that you will have the freedom to invest in other rental markets without having to be tied down managing the rental properties that may be close to where you live.

For professional property management contact Jevons Property Management, today by calling us at (509) 895-7777 or click here to connect with us online.

Should you invest for cash flow or appreciation?

By Jevons Property Management

Following the collapse of the Real Estate market in 2008 many people have invested money in Real Estate especially in Yakima Washington.

Over the years one of the top questions that we’ve had from investors is whether it’s important to invest for cash flow or appreciation?

In this article, we will break down the answer to if you should invest for cash flow or appreciation and what’s the difference between the two.

Investing for Cash Flow

What is cash flow? Cash flow refers to the amount of money that you are able to collect from your rental property each month.

How does it work specifically? Your property management company collects the rent (gross income) from your tenant, they deposit it into your account, and you pay your expenses including insurance, mortgage, taxes, management fees, and repairs, then what’s left is your cash flow (net income).

Cash flow is ideal because it’s money that you’ve earned from your Real Estate investment each month that you can also use for covering your expenses rather than paying for those expenses yourself out of pocket.

The key to success when investing for cash flow is to take the time to calculate in advance what returns you can expect before you invest in a rental property.

Another important thing to do when investing for cash flow is to calculate the price to rent ratio because not every area of the United States offers rental properties with good price-to-rent ratios.

For example: In Los Angeles, CA many properties have high purchase prices, with lower rents, making them have bad price to rent ratios for investors.

Investing for Appreciation

What is appreciation? It’s the increase in the value of the rental property (or asset) over a period of time.

Appreciation can occur for a variety of reasons including low mortgage interest rates, demand for Real Estate, or weakening supply.

Since the Real Estate market started rebounding in Washington and across the United States it’s almost impossible for most Real Estate investors to have not seen their Real Estate investments appreciate during the last two to four years.

Investing for appreciation can offer excellent returns especially if the property you invested in is located in a state like California where Real Estate has appreciated significantly there in recent years.

The key to success with investing for appreciation is all about timing because you have to know specifically where the Real Estate market is or you could face the real possibility of having to hold onto your Real Estate for a lot longer than you expected.

Cash Flow Vs. Appreciation – Which Option Is Better?

Now that’s we’ve discussed cash flow and appreciation the big question you may have is which option is better for you? The answer to this question is it all depends on your financial goals.

Investing for cash flow requires dedication because it may only bring in only a few hundred dollars per rental property each month, but those returns will add up over time while investing for appreciation can reap a big return once the property has appreciated but you have to know where and when to invest for appreciation.

Learn More

To learn more about if you should invest for cash flow, appreciation, or to speak with us about our property management services, contact us today by calling (509) 895-7777 or connect with us online through our website.

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How to Determine Market Rent for Your Washington State Rental Property

By Jevons Property Management

Do you own a Washington State Rental Property and are searching for information on how to determine the market rent? If so, you’ve come to the right place!

In this article, we will share with you several ways to determine the fair market rent so that you can list your property and get the fair market rent that it’s worth.

yakima property management

What Factors Will Affect the Fair Market Rent at Your Washington State Rental Property?

Before we can discuss how you can determine what your rental property should rent for, we need to discuss the potential factors that will affect the monthly rate that you can expect to receive for your rental property.

  • Bedrooms – This is by far one of the most important things that will determine the market rent for your rental property because (depending on the area) most rentals may command less money if they have fewer bedrooms while in other areas you can expect to pay a premium regardless of where the rental is located.
  • Paid Utilities – Will your Washington State Rental property include paid utilities such as internet, electricity, water or trash?
  • Pets – Although some owners don’t allow pets, allowing them at your rental property may enable you to charge an extra $15 to $30 per month depending on the pet.
  • Storage -Does your Washington State rental property have any on-site storage like parking, a garage, or a storage shed?
  • Amenities – Besides bedrooms, the number of amenities that your rental property offers may also affect the monthly rent that you can expect from your rental especially if your property offers things like on-site laundry, a pool, recreation options or is near great amenities.

How to Determine the Market Rent at Your Washington State Rental Property

Now that we’ve talked about what factors could affect the fair market rent you can expect from your Washington State rental property, let’s talk about how you can determine market rent.

Step 1 –  Search for comparable properties online using websites like forrent.com, Zillow, apartments.com and other websites which feature rental properties.

Step 2 – Investigate your area for rental signs – This step is important because many “for rent’ signs also list important data like bedrooms, bathrooms, and amenities that you can use when calculating what you should rent your properties for.

Step 3 – Speak with area owners – If you are a member of a professional organization, or you know several owners in the area, you can contact them to find out what their rental properties are currently renting for.

Step 4 – Get property management – Last of all, but most important, it doesn’t matter how long you’ve owned rental properties in Washington State, hiring a professional property management company will ensure that you rent your property for the fair market rent and this will also save you the continued hassle of managing your properties yourself.

Contact Jevons Property Management

To get professional property management for your Washington State Rental Property contact us today by calling Jevons Property Management at (509) 895-7777 or connect with us online.

Yakima Washington Property Management – 3 Reasons to Hire a Property Manager

YAKIMA, WA. –You just purchased another rental property in Yakima and although the idea of owning another rental is an exciting idea the reality of owning multiple rentals is starting to set in including all of the responsibilities of managing multiple rental properties.

Instead of managing rental properties yourself you should hire a qualified Yakima, Washington Property Management company to professionally mange your rental properties for you.

If you’ve never considered hiring a Yakima Washington Property Management company before here are 3 reasons why you should hire a property manager.

#1 – On Time Rent Collection

Eliminate the hassle of rent collection when you hire a Yakima Washington Property Management company including the hassle of dealing with tenants who promise to pay you later. We will insure that your rent is paid on time and deposited into your account regularly each month so you can focus on growing your portfolio of rentals in Yakima and enjoying your life.

#2 –Customer Service & Support

Another benefit of hiring a Yakima Washington Property Management company is you will have excellent customer service and support that you can rely on to handle any problems or issues at your rental property so you won’t to worry about taking calls from your tenants if they get locked out in the middle of the night or service requests that they might have on weekends.

#3 – Excellent Management

Last of all, but most important, the best benefit of hiring a Yakima Washington Property Management company is that you can rely on a property management company to offer you excellent management for all aspects of your rental property including landscape maintenance, plumbing or other service requests that you might normally get during the course of a year.

Get Yakima Washington Property Management

To learn more about the benefits of Yakima Washington Property Management for your rental property contact us today by Jevons Property Management at (509) 895-7777 or connect with us online.

The Corporate Investor Podcast Interview

Join Matt Nusbaum, host of The Corporate Investor Podcast, as he chats with Enrique Jevons about real estate investment strategies. Enrique describes making the transition from working full time in a corporate “W2” job to real estate investment and eventually launching Jevons Property Management.

The Corporate Investor Podcast

Contact us through the website form or check out our live chat (available during business hours) to connect with Enrique about managing your investment properties!

What Every Property Owner Needs To Know About Locks

 

Our guest blogger Ralph Goodman from United Locksmith tells us about locks.

What Every Property Owner Needs To Know About Locks

Locks are an important part of every single home, and they just might be the most underrated aspect of home security (aside from your neighbors). They are responsible for so much, but get very little credit as a majority of said credit is dispensed to security alarms, motion sensors, and surveillance cameras (the real James Bond looking stuff). However, behind the scenes of every home security setup, no matter how grand or intricate, lies a lock at the foundation. Home security is, more often than not, crafted around the existence of locks. Locks are fundamental to ensuring that home security remains as robust as possible.

Due to the fact that many people tend to overlook the importance of locks, there are some crucial things that homeowners never take into account. As a lock expert, I feel obliged to let people know these important things, so let’s dive into what every property owner needs to know about their locks.

Not All Locks Are Created Equal

There is a common misconception, among people who have never studied security, that all locks are created equal. Essentially, some people believe that any lock will suffice when it comes to home security. But it is important to realize that there are many different types of locks that can be used for a variety of purposes. For instance, the locks that you might use for the interior doors in your home will not be the best fit for your exterior doors.

Locks are made to different specifications and they are each meant to provide a particular tier of security for a specific purpose, so it is important for homeowners and property owners to be aware of this before they install any locks on their property. Not only will this help you install the right locks, it will help you when you are upgrading locks or making security modifications.

The worst thing you can do is use the wrong lock on your front door.

Security Grades

The security grade of the lock is pretty much the rating that is used to measure the overall security, longevity, and effectiveness of the lock. In most cases, security grades are assigned to deadbolt locks but they can also be used to gauge the attributes of many other locks. Property owners and homeowners alike need to be able to understand what the security grade of a lock stands for so that they know what they are getting out of their locks.

Locks are usually graded using the ANSI (American National Standards Institute) standard of rating, and they are graded from Grade 1 to Grade 3. Grade 1 locks are the strongest and most resilient forms of locks on the market, whereas Grade 3 locks are not as strong, but still very effective when used in the appropriate fashion. For instance, it would be completely acceptable to utilize Grade 3 locks on interior doors, but it will be much more suitable to use Grade 1 deadbolt locks on exterior doors.

Maintenance Is Key

Another important thing that property owners need to be aware of, is that every lock needs to be properly maintained to ensure its longevity and continued effectiveness. Much like anything else in life, proper care and maintenance go a long way to help people get the most out them. There isn’t any rocket science that goes into maintaining locks, but you do have to know exactly what you are doing and how to go about it so that you do not end up damaging your locks instead.

Locks should be cleaned every few months (at least every three months) to make sure that the buildup of grime and dust does not impair their core functions. In addition to regular cleaning, oiling the lock will help increase its efficiency and lifespan, so that you effectively end up spending less money frequently replacing your locks.

Security Add-ons

A majority of property owners never take advantage of the fact that they can make additions to their locks to improve their security. The reason why most people do not take advantage of this is that they do not know that this is even an option. In most cases, it will require the expertise and knowledge of a professional residential locksmith to make these additions, but it is still a possibility.

These additions can range from the inclusion of additional security pins to the variation of the material used for the springs within the lock. Most of these minor additions go a long way to help make your lock withstand picking and other bypass methods. There are more handy property owners who might be able to make these changes by themselves, but make sure that you consult with a locksmith or security professional to avoid any damage and additional costs.

Locks Are Not Impervious

Now, this is extremely important for every property owner and/or occupant to know. Locks are not impervious to damage. The simple truth is that every lock can be bypassed if the right amount of force is applied to it. For example, even if you have four Grade 1 deadbolts securing your front door, someone will still be able to break it down if they have access to a battering ram and if they have enough time on their hands. Your locks are not meant to serve as impenetrable gatekeepers, but they are meant to impede burglars and people who wish to gain unauthorized access to your home. This is the reason why home security is a mechanism with many moving parts: none of them are strong alone. It is important for property owners to make sure that they build an adequate home security system and protocols around their locks so that these mechanisms can work with each other and bolster your security.

Conclusion

There is a lot that goes into locks and security and the way they work together to keep homes and property safe. The points listed and discussed above are meant to give property owners some insight into the way that locks work, but they are not a definitive guide to locks and everything that you need to know about them. In order to make sure that your locks and your security are constantly up to date, property owners have to make sure to always pay close attention to the way their locks function as well as security advancements that might crop up along the way.

Check out more articles by Ralph Goodman at http://united-locksmith.net/blog/author/ralph.

Hey There Good Neighbor

Hispanic referee between arguing neighbors

Having neighbors can be great or awful.  They can end up being your best friends or your best enemies. Either way, it isn’t always easy dealing with problems with your neighbors.

You want to get along, be respectful, and respected, but issues can arise.  Your neighbor might sing all night getting ready to be the next great star of America’s Got Talent. Maybe your neighbor thinks she is Martha Stewart and that vacuuming at 2 a.m. is normal.

The best way to handle these situations is to get to know your neighbor.

  • Be friendly and say “Hi” when you pass by.
  • Introduce yourself to new neighbors. Being familiar with them can go a long way in solving problems.
  • Write them a note about the issue. If you are upset, wait until you calm down so your note can be clear and concise.
  • Ask other neighbors if the issue is bothering them too. They might have talked to the neighbor about the issue already.

The Farmhouse Remodel

Our remodeled farmhouse is coming along. The plumbing, electrical, and drywall are now all done. Painting is next.

 

Use This Renter’s Checklist Before Signing Your Lease

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Are you renting for the first time or the 20th time?  This checklist can guide you to find the perfect home that meets your needs. Print out this list of questions for each home you are looking at. You can answer the questions throughout your tour and take a few photos too. Good luck in finding the home that is just right for you.

  • How much is the application fee, and who needs to fill one out?
  • What are the requirements to rent with your property management company?
  • How many people can live in the house?
  • How much is the rent?
  • How much is the security deposit?
  • How do I pay for the rent and deposits? Can I pay online, by credit card, check, or in person?
  • What is the length of the lease? One year, six months, or month-to-month?
  • Which utilities am I responsible to pay for?
  • What is the parking situation?
  • What are the late fees?
  • What is the penalty for breaking my lease?
  • What appliances are included?
  • What is your pet policy? Is there a pet fee?
  • How do I put in a maintenance request? What repairs am I required to fix?
  • How do I renew my lease?

 

We Are Remodeling An Old Yakima Farmhouse

We’ve been working on an extensive remodel of an old Yakima farmhouse.  The team is currently vaulting the ceilings.  It should turn out very nice and be ready to rent in June.

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