Regardless if you call them a Property Management Company, home management firms, or rental property management agencies….it all means the same thing. The focal point is usually on residential properties (but commercial property management companies are out there certainly. Property rental agencies serving the 23114 area offer a multiplicity of services to help you renting your home. It’s an overwhelming list of tasks that a good Property Management Company will deal with; in fact (if you’re a detailed follow through kind of people person, you might even want to explore a job as a property manager yourself!.) Here’s just a partial list of what property managers do if they are asked “will you help me rent my house?”
Rental Property Management Company RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a tenant
- Handle contracts
- Keep you legal by helping you obey government housing laws
- Show your property to prospective tenants in order to rent your house
- Deal with move in and move out
- Collect money and get you paid!
- Handle collections if payments are not on time
- Assist with evictions
- Respond to tenant inquiries
- And a lot on top of that.
It’s everything from A to Z! Areas to consider if you are asking if you should rent your house on your own or hire a Property Management Company near the 23114 area.
HOW MANY INVESTMENT PROPERTIES IN 23114 DO YOU OWN?
As the total homes you own multiplies, so do your responsibilities. The more renters you have, the more repair issues, renter complaints, and vacancies you will have to handle. In addition, if your homes are dispersed across multiple areas, your energies committed will multiply as you will have to manage the cash flow of each individual property as well as physically commute from property to property to resolve concerns.
HOW MANY RENTAL HOMES IN 23114 DO YOU OWN?
As the number of investment properties you own multiplies, so do your responsibilities. The more tenants you have, the more maintenance concerns, renter complaints, and empty properties you will have to deal with. In addition, if your units are dispersed across multiple areas, your time commitment will multiply as you will have to manage the issues of each individual rental as well as travel from property to property to handle problems.
HOW MANY RENTAL UNITS IN 23114 DO YOU OWN?
As the number of units you own goes up, so does your workload. The more renters you have, the more maintenance concerns, renter complaints, and empty properties you will have to handle. In addition, if your homes are dispersed across multiple areas, your time spent will go up as you will have to oversee the cash flow of each single rental as well as drive from property to property to deal with issues.
HOW MANY RENTAL UNITS IN 23114 DO YOU HAVE TO TAKE CARE OF?
As the number of investment properties you own goes up, so does the time it takes to manage them. The more tenants you have, the more repair issues, renter headaches, and empty properties you will have to take care of. Additionally, if your homes are spread across multiple locations, your time spent will multiply as you will have to oversee the cash flow of each individual rental as well as travel from property to property to resolve issues.
DO YOU HAVE LIMITED PROPERTY MANAGEMENT EXPERIENCE?
If you want to invest in Richmondrental properties, but don’t know anything about rental management, hiring an experienced Property Management Company can be the right choice for you. Figuring it out as you go can become extremely expensive.
For a real estate investor who is starting out, hiring a bad repairman or taking too long to fill a vacancy can easily eat into your potential income. There are big legal liability issues you can encounter if you aren’t educated about Fair Housing laws or Federal real estate law. One lawsuit can pay for a lot of leasing management charges!
HOW CAN A PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY IN 23114?
Property managers who service the 23114 area will do a number of things for you as the homeowner, which can include the following areas:
IN CHARGE OF OVERSEEING THE BUDGET/MAINTAINING RECORDS
In most situations leasing agents are responsible for managing the budget for the building and maintaining all pertinent records. Overseeing Budget- the property managermust operate within the established budget guidelines for the unit. In certain emergency situations when the tenants or home are in disrepair, they may move ahead to order repairs or likewise without further delays. Maintenance of Paperwork- the rental manager should keep thorough paperwork related to the property. This need to include all income and expenses; lists of all inspections, completed agreements, maintenance requests, any problems noted, notation of maintenance done, costs of fix up, maintenance expenses, record of rent collected and insurance charges.
SUGGEST AND SUPERVISE VENDORS
Residential property management agents should be able to suggest vendors to do repairs and cosmetic work that maximize monthly rent while providing great ROI.
At times when there is a problem needed, the property manager must handle it themselves or may find someone to take care the issue it. They often have a screened team of trustworthy electricians,carpenters,plumbers and other types contractors.
Professional leasing agents are often employed to observe empty homes to make sure there has been no destruction and to perform routine maintenance. They also make certain vendors and other repairmen are finishing their work in a reliable manner.
One of the main responsibilities of the property managers is to oversee renters. Agents are engaged in many roles, from identifying the renters and addressing complaints to initiating the eviction process.
RESPONSIBLE FOR MAINTENANCE ITEMS AND REPAIRS
Rental property management agents are typically in charge of the physical care of the home, including consistent maintenance and unexpected repairs.
OVERSEE MAINTENANCE AND REPAIRS
Rental agents are usually responsible for the physical management of the home, including regular maintenance and unexpected repairs.
Nearly all they are paid to address maintenance situations, noise disturbances and have the required contacts to handle difficult situations.
This is where a property manager earns their keep. Residential property management firms make sure you get your money by collecting rent each month on time and strictly enforcing late charges.
OFFER SOUND REAL ESTATE ADVICE:
Chat with you about the positives and negatives of different policies such as accepting pets, allowing smoking etc. A few things are very particular to the Richmond market, so having a local market expert who knows the 23114 area in particular is crucial.
RESPONSIBLE FOR TAX PAYMENTS
The leasing agent can assist the house owner with knowledge of how to handle taxes for the house. The leasing agent can additionally mail in taxes for the house
SUGGEST AND SUPERVISE VENDORS
Home management professionals should be ready to recommend vendors to do maintenance and small work that maximize profitability while providing excellent ROI.
Deliver financial management services Handle payment for the owner (Mortgage, insurance, homeowner association dues, etc.) Detailed documentation of expenses via invoices and receipts Manage all past records (paid invoices, leases, inspection reports, warranties, etc.) Oversee yearly reports, structured for tax purposes as well as required tax paperwork including a 1099 forms Educate owner on legal tax deductions related to their rental property. Deliver easy to read monthly cash-flow reports which provide a detailed breakdown of income and detailed expenses
PERFORM PROFESSIONAL INSPECTIONS
You want to be sure to have before and after photos and written records, so you can easily handle tenant deposits and disagreements when they leave your home. A good number of renters will act dumbfounded when you take out fees from their deposit, so having accurate records will help reduce the amount of fighting they do with you.
Question: What are Random fees made by property management companies?
In some cases, you could see some fees passed on to you – especially when the agent is charging a low monthly %. Illustrations could include an marketing fee in connection with finding a tenant, an annual inspection fee, and some sort of reserve, so that the management company has some cash on hand to handle unexpected, but urgent, expenses.
You may want to look into how you divide pet deposits collected and bad check charges (basically whoever gets stuck with the greatest amount of bank costs should get the lion’s share of this one!) Also, notice who gets to hang onto the income from vending machines and coin-operated washers and dryers, if any.
QUESTION: How Might a Property Management Company Help an investor with House Regular Maintenance?
Property managers are responsible for overseeing preventative home maintenance to keep your house in excellent condition. Some of things that might involved:
- Provide and oversee company employed maintenance crew
- Establish a preventative maintenance plan to identify and handle maintenance issues
- Locate a collection of licensed, bonded and completely insured contractors who have been vetted for fair pricing and quality performance that is up to code.
- Assign work to different parties such as (in-house employees, handyman and professional contractors) based on whom could do a good job for the lowest price.
- Oversee outdoor areas
- Leaf and snow removal
- Disposing of trash and debris
- Set up and oversee a 24 hour emergency repair hotline
- Larger fix up or remodeling projects
- Take care of suggestions on how the project can maximize rental income.
- Prep initial pricing estimates
- Solicit several independent estimates for the work
- Perform as general contractor overseeing the work
Question: Do all leasing agencies charge basically the same way?
Not every pricing structures are identical. Some leasing agencies in the 23114 area might charge a flat monthly rate – which again differs according to area, activities performed, and the total value of the property – while others charge a percentage rate, as noted above. Price can also fluctuate depending on the size and number of units you own.
For example, if you own a few homes, you may get a “bulk” discount that a person with a single house or apartment might not get.
Question: What are Other fees made by property management companies?
At times, you may see some charges passed on to you – especially where the manager is charging a low monthly percentage. Examples might include an marketing charge in connection with placing a tenant, an annual inspection fee, and some sort of reserve, so that the management agency has some money on hand to handle unexpected, but urgent, expenses.
You may want to look into how you share pet deposits collected and bad check charges (generally whomever gets hit with the most bank fees deserves the lion’s share of this one!) Also, pay attention to who gets to keep the income from vending machines and coin-operated washers and dryers, if any.
Question: What do Inspections of my home cost?
Some residential property management will bill for inspections, some will give you an inspection or more free annually. This is a walk through of your unit to see how the renter is keeping it up. Charges can range from $25-225 for each inspection.
Question: What do Inspections of my home cost?
Some property management companies will bill for inspections, some will give you one or more free per year. This is a visual inspection of your investment property to see how the tenant is keeping it up. Fees can range from $75-175 per inspection.
Question: Do all residential property management charge basically the same way?
Not every pricing structures are the same. Some residential property management in the 23114 area might charge a flat monthly rate – which again varies according to area, activities performed, and the total value of the property – while others charge a percentage rate, as noted above. Price can also differ depending on the size and number of properties you own.
For example, if you own a few homes, you might get a “bulk” discount that a person with a single property or apartment might not receive.
What can a RichmondHome Management Agency Do to Market Your Home?
- Get home ready for renting out
- Clean home and maximize interior appeal
- Manicure exterior to increase street appearance
- Prepare ads specifically created for the property and marketing medium.
- A few of the platforms regularly used are:
- Paid and no fee rental listing websites
- Print magazines
- Installing a lock box
- Multiple Listing Service listings
- Work with other agents and rental agents to find a tenant
- Provide a 24-hour hot-line where prospective tenant can hear to detailed information about the house
- Take phone calls from prospects for questions and viewings
- Welcome prospective tenants for appointments throughout the week and weekend.
- Provide prospective tenants with rental applications that are legally in line with fair housing laws
- Collect applications with application payment
Question: What are typical procedures regarding Late Payment Charges?
Sometimes renters pay date. Read your agreement to see if those late payment fees go to you as the owner, to the leasing agency, or are shared somehow.
QUESTION: What is a New Tenant Placement or “Lease up” Charge?
Some leasing agencies in the 23114 area may charge a new tenants placement fee or have a extra commission incentive for getting a tenant into an agreement. Acharge of 50 to 100 % of the first month’s rent for any new renter placed is not unusual. However, you shouldn’t generally bump into unreasonable multiple up-front charges.
Normally a placement charge is not due until the tenant is signed, meaning you don’t have to pay out of pocket to pay this.
Question: How much do rental agents charge?
Answer: As you may guess, the response is “it depends.” Leasing agencies vary a lot, and a good deal of the response depends on what they do for you.. Just what do you want a rental manager to accomplish for you?
Usual Percentage of Monthly Rent Agreement. As a starting point, expect to pay a usual Rental management agency between 7 – 10% of the monthly rental value of the property. This is referred to as management fee, or monthly management fee. Typically the higher your rent is, the lower the percentage fee is. For example if your rental charges are $2,500 each month for your rental home, you will typically pay a lower percentage fee than someone else whose property rents for $700 each month.
You do not pay this management fee until rent is received. Look carefully at your agreement regarding whether the management fee is determined by ‘rent collected’ or ‘rent due’. If the charge is tied to rent collected, it means the Property management company won’t get paid if you don’t get paid. On the other hand, if it’s determined by ‘rent due’, then you owe whether or not rent is collected from the renter typically.
Flat Rate Agreements
Some firms may charge, say,$75- $150 each month flat rate. There is nothing required bystatute in this; it’s decided by the company owner.
You would not owe money on a flat rate contract normally until rent is received.
QUESTION: What are Marketing Fees?
Some rental agencies charge a marketing fee. This is an upfront charge to advertise your vacant house. This charge is typically $200-450. Many companies don’t charge this fee, so shop around!
Empty Unit fee Some firms charge 1 month’s rent up front. You may run into this charge if you are attempting to hire the residential property management firm while the property is vacant. This gives them the cash to pay a realtor a commission for placing a renter in the property, or to pay the costs of advertising, repeatedly showing the unit to potential renters, as well as the cost of preparing lease paperwork (which can take hours).
QUESTION: What types of Maintenance can residential property management help with?
Some rental agencies in the 23114 area have in house maintenance employees, full-time. Most contract these jobs out to various subcontractors. Some rental agencies charge a flat rate to manage any work with outside vendors. A few will add margin to the subcontrcontractor’s fee. Be sure you understand how it operates with your home management agency!
Question: What are typical procedures regarding Late Payment Charges?
Occasionally tenants pay after the due date. Look at your agreement to see if those late payment fees go to you as the owner, to the leasing agency, or are shared somehow.