Homeowners choose to rent out their living spaces for many varied and complex reasons–employment transfer, ownership of multiple properties due to weddings/inheritances, the desire to seek out the services of retirement communities, holding on to a financial asset in hopes of future price appreciation, or even purchasing an asset with the sole purpose to utilize it as investment property and realize passive rental income.

Whatever the reason, once you decide to rent your property, the next main question is who will do the best job managing it for you on your behalf?  Should you do it yourself or hire a professional property manager?

Property managers act as the middleman between the property owner and the tenant.  Services provided include advertising the unit, scheduling showings, screening and signing tenants, collecting rent, responding to tenant requests and maintenance calls, move-in/move-out inspections, and maintaining all income/expense accounting records for monthly owner statements and tax purposes.

Fees for a property manager’s services generally range between 8-10% of gross rental income (which are tax deductible against rental income).  It may make sense for a homeowner to rent the house out privately if they are planning to stay local, handy when maintenance needs arise, and would rather pocket the fees they would otherwise pay in exchange for a more active role as a landlord.

If you are considering hiring a property manager, first ask family/friends for recommendations and interview a few companies to compare their offered services, professionalism, and the likelihood that they will work diligently with your best interests in mind.

Please contact us if you would like more information on our available property management services, fees and rates, or to get an idea of what your home could realistically be rented for.  We want to help eliminate the stress of being a landlord and provide peace of mind that your property is being well cared for and maintained.  With properties in the Palouse region of Idaho (Moscow, Genesee, Troy), & Washington (Pullman), we have a sound understanding of the local region’s rental market.