- What services do you provide / offer, and what is included in the management fee?
When partnering with Pikes Northwest our clients can expect our “full service” approach to include marketing your property, leasing, comprehensive tenant screening, rent collection, lease enforcement, lease renewals, maintenance coordination, inspections, evictions, bill payment, accounting and reconciliation of CAMs, NNNs and budgets (when required), year-end reports, monthly remittance of cashflow, project supervision for major tenant improvements, organizing and supervising any annual testing required (back flow, building sprinklers, elevator, etc.) and more. - What are your fees and fee structure?
Broadly speaking, Pikes Northwest’s fees are dependent on the property type and lease structure for a given property. Residential (SFH & MFH) and Commercial (retail, industrial, office, etc.) properties have differing fee structures. Here are some common fees you’ll encounter from Pikes Northwest (and virtually any property management company) and their potential ranges you can expect: 1.) Monthly management fee , which ranges from 4%-12% of the property’s gross income, and is dependent on the property type, lease structure, etc. 2.) Leasing/placement fees which are typically 50% of a month’s rent for residential and 6% to 8% for commercial leasing. 3.) Renewal fees, which are either 3% for commercial properties or 33% of a full month’s rent for residential. 4.) Project supervision fees. For any large repair or capital improvement projects, Pikes Northwest can oversee large and small projects (generally speaking, a project of any type of size – from roof replacements, RTU HVAC replacements, tenant improvements, etc.). The fee is negotiated based on the level of involvement and responsibility Pikes will have for the project. Landlords are also responsible for any fees related to legal actions or evictions as a result of a tenant in violation of lease terms. - How do you screen tenants?
The tenant screening team at Pikes Northwest leverages the use of credit checks, background checks, eviction history, income/employment verification, rental references, and any minimum income criteria to avoid potential issues with tenants. Our standard practice is to meet tenants in person and work to establish a great relationship from the beginning. Due to our screening standards, it’s rare for Pikes Northwest to suffer a vacancy due to an eviction. - How do you handle maintenance and repair requests?
Pikes Northwest’s tenants and landlords have access to our 24/7 emergency call line. Calls are answered live and dispatched to our on-call team members to triage and manage any issues. We have the unfortunate experience in handling major plumbing leaks, roof issues, building fires, car strikes, and issues related to building defects along with other natural disasters. Landlords are notified as soon as possible of any major issues related to a maintenance and repair emergency. During any emergency, the Pikes Northwest team will respond to ensure to the best of our ability that your tenants are safe and your property’s damage is minimized and contained. Routine maintenance and repairs are handled by the Pikes Northwest team and are driven by a maximum repair amount threshold agreed upon by both Pikes Northwest and the Landlord. - How do you determine / set rental rates?
Pikes Northwest maintains an active presence in the markets in which we manage properties. We’re constantly studying the markets to strike the balance to ensure our clients are getting the highest level of rental income with the lowest number of days of vacancy. The market changes rapidly and the leasing team is constantly engaged in that market dynamic to understand what is best for our clients – raise rents, keep them steady to avoid vacancies or increase rents. - How many properties / units do you currently manage, and what types?
Pikes Northwest’s portfolio exceeds 1.35 million square feet valued in excess of $145 million. We work with over 100 commercial and residential property owners throughout Oregon. The Pikes portfolio contains every type of commercial property including retail, strip, industrial, office and land leases, multi-family and mixed-use properties and even single family residential. - How long have you / the company been in business / managing properties?
Pikes Northwest has been in business in Oregon for over 20 years. We’ve grown and expanded from a focus on commercial property management to now, a full-service real estate firm, helping investors buy, sell, lease and professionally manage their hard-won assets. - How do you communicate with owners, and how often will I get updates / reports?
Communication is one of our strong points. For our clients, our belief is more information is better than less. We’re happy to meet in person, pick up the phone and call and email or text regular communication to our clients. Each month, we provide our clients with full and transparent financial reporting, timely owner draws, and should they occur, immediate notice of any emergency-related issues with their property. Unexpected expenses are also communicated in a timely fashion to our clients. - What do your current clients think of your services? How can I hear from them?
We have a number of 5-star Google Reviews and our website shares comments from happy clients. From professional investors/building owners to real estate brokers/investors, we hear positive feedback regularly from our clients. However, we never stop working hard to earn ongoing trust from our clients. - What is your process for vacancies, marketing, and tenant placement?
Communication is central to the successful and timely turn of a unit. We start by understanding the goals and objectives of our clients and then the tenants. From there, we remain in communication with tenants to determine when they will be moving. Knowing the condition of the unit in advance allows us to schedule a quick turn. Once a unit is a known future vacancy, we start the marketing process to find the best tenants. Tenants are carefully screened and ideally placed in a short period of time, subject to market conditions and the setting of ideal rental rates.
This is just a brief review of a number of complex questions all landlords / investors should ask and consider when hiring a property management company in Salem and Bend, Oregon and their surrounding areas.
To get started or just have an initial no-obligation conversation with one of our team, just call: 503-588-3586, or, contact us through the website!