Login
 

Current Owner FAQ

What if I forgot the password to the Owner Portal?

You can easily reset your password on the OWA (Owner Web Access) page. To access go to our website at www.wpmnorthwest.com.  Click on “User Login” in the upper right hand corner and then “Owner.” You will then be directed to the login screen for the OWA. In the bottom grey box click on “Forgot Password” and you will be prompted to reset your password

When do I receive my owner payment?

We make every effort possible to distribute owner proceeds payments by the 15th of each month. Net proceeds, less reserve, are directly deposited into our client’s accounts through an electronic ACH transfer. Monthly statements are also e-mailed. Should there have been any invoices paid during the reporting period, the invoices will be viewable when accessing your monthly statement via the Owner Portal. If your tenant’s rent payment is late, it may delay your owner proceeds payment.  Your Property Manager will keep you informed if this ever were to occur.

My property is vacant; do I still get charged a management fee?

This will be dictated by the terms of the property management agreement.

What is a Trust Account? Must I maintain a balance in my property's Trust Account?

The State of Washington sets the standards for Trust Accounts in the Landlord Tenant Laws.  Our firm manages two trust accounts for our owners:

Owners Operating Trust – This is in place to be a cushion in the event that rent receipt is delayed or unexpected cost arise.  Having these funds available allow timely payment of bills avoiding additional fees for the owner.  The amount of the Operating Trust Account is determined by the property and agreed upon between the Owner and Property Manager as defined in the management contract.  We do require a balance to be maintained in your property’s Trust Account in an effort to ensure there are enough funds available to properly manage your property.

Security Deposit Trust Account – A separate account in which the management company holds tenant refundable security deposits.  The state of Washington mandates that this money is held separately from operating funds and is used at the time of move out.

What happens to the security deposit from my resident?

All resident security deposits for Full Management accounts are held in a separate Trust account and handled in strict accordance with the WA Landlord Tenant Laws.  Because this is a separate account, our Full Management owner will not see the deposit accounting in statements or on the Owner Web Access.  Security deposits for Lease Only accounts are distributed to the homeowner and must be maintained in a separate trust account in Washington state.

What are my responsibilities to owning investment property in Washington?

All residential rental property in Washington is governed by the WA Landlord Tenant Law.

How much is your marketing fee?

Our marketing fee, or in other words “leasing” or “tenant placement” fee, is equal to one month’s rent. This includes all advertising, and all other items included in our leasing service.  *Note that additional costs may apply for Premier Properties, please call to inquire.

How do I pay management fees?

Management fees are deducted from your monthly rent proceeds.

What if my resident does not pay?

If rent is not paid on time, your Property Manager will alert you to a potential delay in your owner proceeds for that month.  Once rent is deemed late, tenants are required to pay via certified funds, and applicable late fees will be enforced per the lease agreement.  If a tenant fails to pay rent completely, their account will be considered delinquent and your Property Manager will discuss your options with you as to how to proceed, including service of notices, collections, legal actions, and eviction proceedings.

How much can my investment property lease for?

Your lease rate is going to be determined by several factors including the condition of the property, location, and the rental rates for competing homes in the immediate area.  The best way to receive an accurate market value estimate is to speak with one of our Property Managers who can perform a detailed market analysis for you.  Please keep in mind that we can be more accurate with an analysis if we are able to view your home in person, rather than performing the analysis “on paper.”

What is done after a resident moves out?

We perform a thorough move-out inspection of the property.  During the inspection, we identify items that should be charged to the former resident. We also will make recommendations to preserve the value of the property and decrease the vacancy time. We document the condition of all our properties with digital pictures and a detailed room-by-room checklist.  We strictly follow the guidelines established by Washington Landlord Tenant Law to resolve the tenant’s security deposit and oversee any repairs, cleaning, or unpaid balances as necessary.