OUR SERVICES
Why Choose LakeStreet Property Management?
Our goal is much more than to just manage your property. We want to form a partnership where we can quickly and efficiently add value to your property providing you with options to expand your real estate portfolio or otherwise achieve your goals. We do this by meticulously breaking down and perfecting each step of the rental process and a relentless pursuit of increasing your property’s value. We believe this can be achieved while simultaneously maintaining an excellent relationship with all tenants who are the true end customer.
With 30 years of real estate industry experience, a team with well diversified talents, and a true passion for property management, we’d love the opportunity to optimize the value of your investment and potentially become your next long-term strategic partner!
Our Process
- ADVERTISING
We advertise with premium placement on over 20 different platforms. We spend significant time upfront obtaining professional photographs, editing them and optimizing each ad listing. This meticulous process is our key to maintaining a vacancy cost well below the 5% industry average, significant rent increases, and the highest quality tenants.
- TENANT SCREENING
We thoroughly screen all tenants, meticulously reviewing each application, pulling credit scores, criminal background, and rental history. We check proof of income and references from past landlords. We do not cut corners and have higher standards than most but as a result have maintained a near perfect collection rate on all tenants we have placed.
- Lease Documents
Once we have found a great tenant for your property, we prepare all lease documents in accordance with all local laws. We have a lawyer review all of our lease templates to further provide liability protections. In the rare case that pay or quit notices or an eviction are needed, we will handle that entire process and all associated paperwork at no additional cost.
- Inspections
We provide regular inspections of the property and periodic in-unit inspections when practical. This and constant communication with tenants is a great way to catch small problems before they escalate.
- Rent Collection AND MONTHLY STATEMENTS
Our software provides a variety of different way that tenants can pay easily and conveniently online and even sends reminders and has options for autopay.
On the 15th of each month, Owner’s receive statements showing the P&L to date and current rent roll. We are happy to provide any additional customized statements upon request.
- Maintenance & Repairs
We have an extensive list of great vendors, many of whom have a commercial rate agreement with us. We will handle coordination of all maintenance requests with 24/7 availability and we never charge a markup fee. The true cost of the repair is all we pass on to you!
OFFICER PROFILE
Dan Fallon
Senior Advisor
LakeStreet Property Management
Dan Fallon is the founder and president of McCallen & Sons Inc. A longtime resident of the Pacific Northwest, Dan is one of the region’s leading experts on providing cost effective, practical solutions for troubled assets. As a licensed real estate broker, Dan brings a wealth of knowledge to his work as a court appointed receiver and bankruptcy trustee, and has extensive experience working with lenders in the management of commercial and residential properties. Dan also provides consulting and expert witness services to lending institutions, the real estate industry, and commercial property owners. Dan is a licensed real estate broker in the State of Washington, and has been approved as a bankruptcy trustee by the U.S. Trustee’s Office. There is a benefit to having been in business for over 30 years. The firm has long standing relationships with successful, talented and trusted providers—accountants and bookkeepers; attorneys, insurance firms, real estate brokers, and vendors of all description. Dan is also the founder of D2 Lending, a firm that provides short-term capital to residential investment projects. Dan also owns over 80 apartment units in the greater Seattle area.
Grant Fallon
President
LakeStreet Property Management
grant@lakestreetpm.com
office: (425) 823-2555 cell (425) 830-4844
Grant bought his first investment property in 2004 and then shortly after purchased a duplex and a four-plex and was hooked ever since. In 2009, he created a small investment company which acquired over $1M in real estate properties and returned investors an average IRR of 27% over four years. Grant had a 10 year career in Corporate Finance in Los Angeles before moving to Seattle to become a Real Estate Broker and pursue his passion of real estate management and investments.
Grant’s always had a passion for entrepreneurial ventures and out of the box thinking and in 2014 owned and operated a restaurant with sales of approximately $850K/year which was sold within two years for nearly double the acquisition price. Grant received a Bachelor of Accountancy from University of San Diego and an MBA with emphasis in Real Estate from UCLA Anderson School of Management. Today Grant owns 25 apartment units primarily in the greater Seattle area. Grant is also a licensed notary public, has two kids and is a basketball, golf, and travel enthusiast.
Vivian Vongsouthit
Leasing Specialist
LakeStreet Property Management
vivian@lakestreetpm.com
office: (425) 250-9051
Vivian graduated from Central Washington University specializing in Business and Marketing. Vivian handles all leasing activity.
Vanessa Lopez
Property Manager
LakeStreet Property Management
vanessa@lakestreetpm.com
office: (425) 250-9018
Vanessa has 10+ years experience in Property Management at various firms. Her primary role is working with current tenants to ensure a safe and comfortable living environment as well as coordinating all maintenance work orders expeditiously.
OUR PORTFOLIO
Northview Terrace, Federal Way, WA
The Northview Terrace is a wonderful 52 unit building in the heart of Federal Way near schools, parks, and a shopping center. We began managing in Nov 2020. At the time it was only about half full as the ownership group was in the middle of completely renovating each unit. We quickly advertised and leased all 7 available units in under three weeks. We then worked closely with the contractors and various vendors to ensure each unit was completed correctly and on schedule. Every unit completed had virtually zero vacancy time, many had tenants moving in within a few days of completion. Today the building is 100% occupied with all tenants current and very low turnover. A vacancy in this complex is very rare!
Sunrise Terrace, Tacoma, WA
This is a 21 unit complex built in 2002 with a large grass area on-site even though it’s in the middle of a dense neighborhood. We began managing this complex in Dec 2020 and immediately realized that the property had historically been plagued with mailbox break-ins in spite of hiring security guards which was making many of the tenants uncomfortable. To solve this, this we first moved the mailboxes to a central location and then we installed a series of security cameras, motion spotlights, and signs throughout the property. Through these simple steps, we’ve completely eliminated all crime and mailbox theft at the property and all tenants feel much more comfortable now.
Gemstone, Burien, WA
We’ve managed this 19 unit building in the heart of Burien since Dec 2019. It is all spacious two bedroom units with large back decks. We’ve been able to turnover units quickly and efficiently as they have become available which is rare. Managing throughout the pandemic has had numerous challenges but we’ve worked closely with the King County and several assistance organizations and made sure that the owners received 100% of the rent from each unit even when some of the tenants couldn’t pay.