FAQ

What is your fee structure? How does this compare to other local property management firms?

We offer a competitive advantage not only in service but also in our fee structure. Here is our simple, straightforward pricing:

Leasing fee = One month's rent.
Monthly management fee = 8% of the monthly rent.
No lease renewal fee.
No vendor up-charges.
No other fees.

What is included with full-service property management?

Full-service management, including:

Establishment of a Fair Market Value for the property.
Professional real estate photography.
Advertisement through NWMLS, industry websites, our website, and other means.
Property showings by appointment.
Professional screening of applicants including criminal history, sex offender search, credit report, eviction report, employment history and verification, residence history and reference check.
Negotiation of lease terms.
Drafting of rental contracts.
Transfer and monitoring of utility services.
Completion of move-in inspection prior to occupancy.
Collection of security deposits, monthly rents, pet fees, and any other fees.
Timely disbursement of proceeds to the owner.
Handling of maintenance calls.
Dispatching of vendors.
Minimum of one property inspection each year with a report, ensuring that the property is properly maintained.
Preparation of monthly statements with copies of all invoices paid.
Provision of online access to financial and rental reports including the ability to initiate requests and monitor tasks.
Delivery of year-end statements.
Facilitation of evictions and collections processes.*

* R Squared Properties will enlist the assistance of a landlord-tenant attorney for these processes.

What is included with leasing assistance?

For a one-time fee*, our leasing assistance includes:

Establishment of a Fair Market Value for the property.
Professional real estate photography.
Advertisement through NWMLS, industry websites, our website, and other means.
Property showings by appointment.
Professional screening of applicants including criminal history, sex offender search, credit report, employment history and verification, residence history and reference check.
Negotiation of lease terms.
Drafting of rental contracts.
Completion of move-in inspection prior to occupancy.

* Leasing assistance fee = One month's rent.

What areas do you service?

R Squared Properties is a Bellevue, Washington based full-service property management & real estate brokerage firm servicing the Lake Washington region. We specialize in buying, selling, and managing residential properties in the King and Snohomish Counties.

How will you determine rental pricing for my property?

Determining the ideal rental price for your home is the first critical step. A home priced too high will fail to attract renters, while a home priced too low will not generate the maximum profit. We start by performing a comparative market analysis (CMA) for your property. A standard CMA looks at active, recently rented, canceled, and expired rental listings near your property. From this pool, we extract the listings with comparable features to your property such as square footage, age of construction, amenities, upgrades, condition, and location. This provides us a price range from which we recommend a competitive listing price.

How will you advertise my property?

Your listing will have maximum exposure throughout Washington State. Your property will be listed (at a minimum) on the Northwest Multiple Listing Service (NWMLS), the Apartments.com Network, Apartment List, Lovely, the Zillow Rental Network, Zumper, Dwellsy, and our company website.

How quickly can we proceed with marketing my property for rent? What are the steps involved?

We can start the process immediately. We begin by obtaining some information about you and your property and help you decide if we are a good fit for your needs. Should you decide to use R Squared Properties, we will then perform a comparative market analysis as described above. Once we have a rental price that is acceptable to you, we list your property as detailed above. Contact us today to get started.

How will you ensure a quality tenant for my property?

We strive to secure you a tenant who will reliably meet the terms of the lease agreement and leave your property in a similar condition to the initial move-in. We have partnered with a global leader in credit information and information management services to carefully examine the following data regarding potential tenants:

Comprehensive credit history using data from financial institutions, collection agencies, bankruptcy courts, etc.
Criminal background accessing national and statewide databases and registries.
Computed risk level for applicants derived from predictive modeling.

Additionally, an applicant must earn at least 3 times the monthly rent in gross income to qualify. Applicants must provide proof of income.

100% Eviction Free. We've never had an eviction thanks to our excellent tenant placement and reliable inspection services.

How do you handle applicants with pets?

We don’t permit pets into managed properties unless you explicitly allow us to do so. Keep in mind, however, a majority of renters have pets. If we do accept an applicant with pets, we minimize your risk by limiting the number, breed, age, and size per your direction. We also add a pet addendum to the lease for your protection and collect an additional pet deposit.

How do you handle security deposits? How much of a security deposit do you collect from the tenant?

By law, all security deposits must be held in our deposit trust account. As a general rule, we collect one month’s rent plus an additional pet deposit, if applicable.

What happens if the tenant does not pay rent on time?

We issue a late notice to the tenant if rent has not been received by the 5th of the month. If payment has not been received by the 7th of the month, we begin the eviction process. Whether or not we proceed with a formal eviction depends on the specific circumstances. It is always financially preferable for all involved if a solution can be worked out. If the tenant has experienced a one-time event that is causing financial hardship, we recommend working with the tenant to settle the debt and continue the lease. If, however, the tenant has demonstrated a pattern of late payments and/or evasiveness, we know from experience that eviction is the best course of action.

Each case is unique and we will work with you to make a decision that is in your best interest. That said, we always proceed with the legal notices required for eviction regardless of any other factors. We will simply postpone the actual filing of the eviction if the tenant is showing favorable effort toward resolution. In Washington State, eviction for non-payment takes around thirty (30) days from start to finish, but this can vary depending on contributing factors.

Are you licensed to perform property management?

Yes. Under Washington state law, property management is expressly considered a real estate brokerage activity that requires a broker's license and must be supervised by a licensed managing broker. R Squared Properties is compliant with this law.

How long have you been in business?

R Squared Properties was established in 2012.

Do you offer brokerage services?

Yes. As licensed brokers, we can help you buy and sell real estate.

What are your minimum screening criteria for prospective tenants?

Our minimum screening criteria are as follows:

Minimum income = 3 times the monthly rent amount between no more than two tenants (gross income).
Minimum credit = A RealPage AI Score of at least 600 except in cases for which no credit score is available, which are reviewed individually.
No open bankruptcies.
No prior evictions.

We require both a completed application and an in-person showing of the property with our agent prior to processing any application.*

* For Seattle properties, we adhere to the City of Seattle's First-in-Time Ordinance. We recommend that you familiarize yourself with Seattle Municipal Code 14.08.050 - First-in-Time.