Good property managers for expensive house on Eastside?

Apple gbio14
Sep 19 23 Comments

We have a 3700 sqft SFH on Mercer Island that's apparently worth 1.8 million on Zillow. We can't afford to live in it anymore but we don't want to sell.

Does anyone know of good property management companies that specialize on the Eastside (Bellevue, Mercer Island, Kirkland, Redmond, Issaquah, etc...) or specialize in more expensive homes? Ideally they will also have to find the tenant. We want to start renting it next summer and want to start preparing it now. Hopefully they have a track record of finding and holding tenants, because we probably can't survive mortgage payments for more than say 8 months of un-occupancy.

THANKS!

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TOP 23 Comments
  • eBay Tohb60
    Sell it before the crash man, it's coming
    Sep 19 3
    • Groupon nfof26
      You think? I’ve been sitting on the sidelines waiting to purchase my first SFH
      Sep 19
    • Apple gbio14
      OP
      mercer island is a pocket of never crash
      Sep 19
    • Apple gbio14
      OP
      don’t think any retracement would last long if there was a crash anyways
      Sep 19
  • Groupon nfof26
    Apologies as this doesn’t answer your Q. But how did you ever afford a SFH on Mercer Island?
    Sep 19 2
    • Sounds like they didn’t 💸
      Sep 19
    • Apple gbio14
      OP
      😂 we got into the house pre 2008 when lenders were fast and loose with mortgages
      Sep 19
  • Google
    kielbasa

    Google

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    Amazon, Yahoo, Microsoft
    kielbasamore
    Curious, why can’t you afford to live in it anymore? Sounds like a great location and ideal place to live.
    Sep 19 3
    • Citibank / Mgmt 🐟r🏷️
      How does this need explaining? It's too expensive for them. They can't afford it. Being a great location doesn't help them pay their mortgage.
      Sep 19
    • Google
      kielbasa

      Google

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      kielbasamore
      Just a question, man. Don’t have to be angry and condescending about it.
      Sep 19
    • Apple gbio14
      OP
      got into the house pre 2008 with relaxed lending requirements
      Sep 19
  • Amazon Notpresent
    but how renting out would cover it? renting out usual ends up losing money doesn’t it?
    Sep 19 2
    • Groupon nfof26
      Well it depends when he purchased. With SEA RE he could have purchased six years ago for ~1M
      Sep 19
    • Apple gbio14
      OP
      renting it out would help subsidize mortgage payments. we would move into cheaper/rent free housing. might lose money still but on the order of 1k
      Sep 19
  • Amazon Notpresent
    5k to 6k rent is not that expensive. Seattle downtown 2 bedroom rent easily goes up to 4k. And renters in that price range usually still prefer looking for houses by themselves. Just my observation. Renting out a room as airbnb is also an idea. I saw my co-worked buy a big house and do that.
    Sep 19 1
    • Apple gbio14
      OP
      hmmmm, interesting, thanks!
      Sep 19
  • Indeed May230NDA
    Avoid Dwellings, or at least read their Yelp reviews first.
    Sep 19 1
    • Indeed May230NDA
      Also, I've had great experiences with Maple Leaf Management with a ~$2 mil property in Seattle.

      It's been a huge help if you're on international business trips to have someone with stuff, and not be distracted from work/family.
      Sep 19
  • Amazon 862728384
    Renting it yourself is actually very easy if you have the time to do it. A property management company will charge you one month of rent to find a tenant, and take ~10% of the rent each month to manage the rental (I.e. be on call to answer the tenants questions and unlock the door for repairmen). There are services such as Cozy and Avail that can automate a lot of the property management work for you nearly for free, such as lease creation, rent collection, tenant screening, rent estimation, etc. As for finding tenants, it’s not as if property management companies have a list of potential tenants in their back pocket and will pull one out to fill a rental. They use Zillow, Craigslist, and Facebook to advertise the rental. You could do this yourself. In my opinion, using a property management company makes sense only if you live outside the region, or you can’t make time to learn rental laws and manage the rental yourself.
    Sep 19 1
    • Apple gbio14
      OP
      You make some good points and we are operating on some assumptions that may/may not be true.

      We want to rent for 5-6k/month. It's pretty expensive, so it's likely a smaller market for such a place. Such people who can afford it likely have an agent working for them to find a good place. Agents tend to talk to other agents, esp. if one of them isn't from the area. I imagine an agent picking between 2 similar houses will pick the one another agent recommended, a "you scratch my back, I'll scratch yours". While these companies don't have a list of tenants in their back pocket, they have a network and connections that might let them be first in line to recommend properties to tenants new in the area.

      The managing, yes, we could easily do ourselves. But it's also an incentive for a property management company as well because the sooner they find a good tenant, the more money they can make as well. At least that's our thinking.
      Sep 19
  • Amazon / Data bertnearn
    Can you rent part of it? We rent out a bedroom/bathroom to a teacher and make 1k/mo toward our mortgage. Teacher is quiet and lovely, so it's easy to have her around.
    Sep 19 1
    • Apple gbio14
      OP
      interesting idea, probably a second option since we would probably realize similar rent with less hassle if we rented all of it at once
      Sep 19
  • New nVmb17
    Onerent.co
    Sep 20 0