Owner FAQs

Answers to your common questions

Are you licensed?

Yes, all our managers have the property real estate license designations to legally lease residential property in the state of Washington.
Who will I be working with at Patos?

We operate as a team, each playing a specific role in the management of your property. Depending on what your need is, the corresponding team member will get back in touch with you.
What hours can Patos be reached?

Typically, we are available Monday through Friday from 9:00-5:00 or by appointment. Our hours can fluctuate based on the time of year. You are always welcome to call 360.441.1640, but we love email too! Please email info@patospm.com the right team member can get back to you promptly!
Can you put the money directly into my account?

Of course! We prefer to directly deposit disbursements into an owner’s account each month.
Do you sell real estate too?

We do not. Patos is solely focused on maximizing returns for our valued investors. It is encouraged to use your existing Agent relationship or we can recommend a trusted affiliated Agent.
When should I expect to receive my owner distribution each month?

Your financial statements and owner distribution will be deposited into your account on or before the 15th of the month. Depending on holiday's, banking hours and tenants prompt payment; this date could vary by a few days.
How will my home be advertised?

We utilize online advertising to the fullest. We syndicate your property's information to many different web based platforms. However, we also still utilize old fashioned yard signs.
How long of a lease do you sign?

We offer a 12-month lease for new residents. Existing residents can have the option of being released for 6 months.
How much security deposit do you charge the tenant?

It is standard to collect a refundable security deposit equivalent to 1 month’s rent.
How soon can you start managing my property?

Once the Property Management Agreement is signed - we will start the process.
What type of properties do you manage?

Long term, single family rentals located within Bellingham, WA.

We will make exceptions for other property types or locations if an owner brings on their portfolio. This is handled on a case-by-case basis.
What type of reports do I get and how often?

You will electronically receive monthly financial statements. Also, we host semi-annual calls to touch base with each owner.
How should I handle the yard at my property?

We always recommend including yard care at your property. To compensate for the added expense, we recommend increasing the rental rate a bit. Everyone's idea of a well maintained yard varies and this often becomes a problem at the home. We are happy to obtain an estimate for this service on your behalf.

If you have a sprinkler system or if your property requires backflow testing, we will coordinate this on your behalf.
Who holds the resident security deposit?

Patos Properties retains resident security deposits in trust accounts.
Will residents be required to put utilities in their name?

Yes. As long as utilities are individually metered, we require residents to show proof of utilities in their name prior to issuing keys.
Will my residents have renter's insurance?

We require all residents to provide proof of renter's insurance prior to moving into your property. If they show up to move in without this insurance, we will automatically enroll them in tenant liability coverage through our software system.
What happens if a resident damages my property? Who pays for it?

If the resident damages your property, we will assess the damage, coordinate repairs and work swiftly to get your home back to its original condition. We require residents to pay a Security Deposit, and we will withhold these funds to go towards the repairs. However, if the cost of the repairs exceed the security deposit funds, we may need to ask you for an owner contribution to cover the expense. In this case, we will work with collecting funds from your residents and/or co-signers.