Owner FAQs
Answers to your frequently asked questions
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Am I required to make my property available to Section 8?
Yes. The State of Washington prohibits any form of discrimination based on source of rent funds. -
Are you licensed?
Yes. As required by law, Prospector Property Management LLC is a fully licensed Real Estate Firm in the State of Washington. Firm License No. 20909 -
Can I reach you after hours?
Yes. We monitor our office phone lines 24/7. -
Can you put the money directly into my account?
All of our clients receive a monthly distribution of their rental property profits via a direct deposit to an account of their choosing. -
Do you sell real estate too?
Yes. All of the key employees of Prospector are also licensed real estate brokers and we have a lot of experience buying and selling investment property on behalf of our clients. -
How is rent collection handled?
Our standard lease says rent is due by the 5th of each month. Tenants that miss the deadline are given an automatic reminder. If nothing is received by the 8th, pay or vacate notices will be served. -
How long of a lease do you sign?
Ideally, we sign at least 12-month leases, however, we will generally go as low as 8 months. -
How much security deposit do you charge the tenant?
Slightly less than a months’ rent to comply with all City of Seattle regulations. -
How soon can you start managing my property?
Anytime you want! -
What type of properties do you manage?
We manage both Commercial and Multifamily properties. -
What type of reports do I get and how often?
Your monthly report can be customized with whatever reports are preferred. Our standard report set includes a balance sheet, rent roll, monthly and T-12 cash flow statements and pdf copies of all paid invoices and bank statements. -
Who holds the tenant security deposit?
All deposits are held in a separate trust bank account and this account is reconciled monthly.