Regardless if you describe them as a Property Management Company, home management firms, or rental property management agencies….it all means the same thing. The focus is normally on residential properties (but commercial property management agencies do exist of course. Property rental agencies serving the Goochland area provide a long list of services to help you renting your home. It’s a long list of tasks that a top notch Property Management Company will deal with; in fact (if you’re a good follow through kind of people person, you may even want to consider 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?”
Property Management Company RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a tenant
- Deal with legal paperwork
- Keep you out of jail by helping you follow Fair Housing laws
- Show your property to prospective tenants in order to rent your house
- Handle move in and move out
- Collect monies and get you paid!
- Handle collections if payments are late
- Help with evictions
- Deal with tenant questions
- And a lot more than that.
It’s everything from soup to nuts! Issues to contemplate if you are questioning if you maybe should rent your house on your own or hire a Property Management Company near the Goochland area.
HOW CLOSE IS YOUR PROPERTY?
The more miles between you and your property,the harder it is to manage. If your main home is in Georgia and your investment property is in the Goochland area, it will be harder for you to find tenants,to handle tenant complaints,to quickly react to issues, to take care of maintenance issues, and even to ensure payment is collected by due date.
The total time it takes you to go back and forth the property and the expense of travel will also mount. In situations such as these, hiring a goodRichmond property management firm? can make a lot of sense and will likely save you some dough.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you want to deal in Richmondinvestment homes, but don’t know a single thing about rental management, hiring a certified Property Management Company can be a wise choice for you. Figuring it out on the job can become extremely expensive.
For a property investor who is starting out, hiring a sketchy repairman or taking too long to fill an empty home can rapidly eat into your profits. There are large legal liability problems you can encounter if you aren’t aware about Fair Housing laws or Federal real estate law. One lawsuit can pay for a lot of rental management charges!
HOW FAR AWAY IS YOUR RENTAL HOME?
The more distance between you and your rental home,the more difficult it is to manage. If your main home is in Michigan and your rental home is in the Goochland area, it will be harder for you to find tenants,to handle constant complaints,to quickly respond to difficulties, to handle maintenance issues, and even to make sure payment is collected by due date.
The amount of time it takes you to go back and forth the property and the expense of getting there will also mount. In situations such as these, hiring a goodRichmond property management agency? can make some sense and will likely save you some dough.
HOW MANY RENTAL HOMES IN Goochland DO YOU HAVE TO TAKE CARE OF?
As the number of homes you own multiplies, so does the time it takes to manage them. The more tenants you have, the more repair issues, tenant complaints, and empty properties you will have to take care of. Additionally, if your properties are spread across multiple areas, your time spent will multiply as you will have to manage the issues of each single investment home as well as physically commute from property to property to deal with issues.
CAN YOU AFFORD TO PAY A Property Management Company ?
You’ve figured out that top notchleasing agentswho provide service to the Goochland area in Richmond aren’t without cost.
Property management firms will charge a fee, roughly, between 4% and 10% of the monthly rents for the house. The typical fee for a single family rental home is closer to 8-10%. The cost for a apartment of 10 units on up is typically between 4% and 8%.
If your investment property is vacant, it’s typical to pay a lease up fee to procure and place a new tenant in your rental home. Depending on the property management company this can fluctuate from 50%-100% of a single month’s rent.
One thing to consider: Having experienced property manager input on market rents and having a professional handle locating a tenant might mean you get higher rents, which means a good property manager may end up covering all or part of their cost because of higher rents.
HOW WILL A RESIDENTIAL PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY IN Goochland?
Rental management companies who service the Goochland area can do a lot of things for you as the home investor, which can include the following:
EXPERIENCED WITH LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A professional rental agent may have a complete knowledge of state and national laws relating to the ideal ways to: Screen the applicants. Escrow security deposits End a rental agreement Evict a renter Obey with property safety protocols Counsel in the occasion the event of a legal dispute or lawsuit Refer owner to a qualified lawyer when needed Be up on and abide by the most recent local, state and federal laws that are applicable to renting and maintaining rental properties.
HANDLE DETAILED INSPECTIONS
You want to make sure to have before and after photos and written documentation, so you can quickly take care of renter deposits and disputes when they move out. Many tenants will act amazed when you take out charges from their deposit, so having comprehensive records will help cut down on the amount of disagreeing they do with you.
IN CHARGE OF OVERSEEING THE BUDGET/MAINTAINING DOCUMENTATION
In most situations leasing agents are responsible for managing the budget for the building and maintaining all pertinent records. Overseeing Budget- the rental managermust operate within the established budget guidelines for the property. In certain emergency situations when the tenants or physical structure are in need of upgrade, they may move ahead to order repairs or similar without additional approvals. Upkeep of Documents- the leasing agent needs to detailed paperwork about the the house. This should include all income and expenses; lists of all inspections, fully executed agreements, upgrade requests, any complaints, records of work done, amount paid for fix up, maintenance expenses, documentation of rent collection and insurance costs.
RESPONSIBLE FOR MANAGING THE BUDGET/MAINTAINING RECORDS
In most situations rental agents are responsible for managing the budget for the building and maintaining all pertinent records. Overseeing Budget- the rental managermust operate within the set budget guidelines for the unit. In particular emergency situations when the tenants or house are in need of upgrade, they may move ahead to order repairs or likewise without further delays. Maintenance of Documents- the rental manager should keep complete documentation about the the property. This need to include all income and expenses; records of all inspections, completed contracts, upgrade requests, any complaints, documentation of maintenance done, charges for fix up, maintenance costs, record of rent paid and insurance charges.
Professional leasing agents are many times employed to look after empty homes to ensure there has been no vandalism and to oversee routine maintenance. They also make certain contractors and other repairmen are finishing their work in a reliable manner.
RE-LEASE YOUR HOUSE
Once contract terminates persuade current tenants to extend their rental contract for another rental period
At times when there are repairs required, the leasing agent must handle it themselves or must employ someone to handle the issue it. They frequently have a screened black book full of licensed electricians,carpenters,plumbers and other contractors.
Other Employees- if there are other employees in the unit, such as a desk clerk or security guard, the rental manager is responsible for being certain they are doing their job. The rental agent often will determine their salaries and even let them go.
At times when there are repairs required, the rental agent may attend to it themselves or may hire someone to take care the issue it. They sometimes have a big team of licensed electricians,carpenters,plumbers and other contractors.
Most property manager are responsible for marketing the home to fill vacancies. leasing agentsare aware of to advertise and what to include in their advertisements. leasing agents also have insight into what is motivating to tenants, so they can suggest making cosmetic improvements to help improve the house.
RESPONSIBLE FOR TAXES
The leasing agent can provide the home owner with education on how to file taxes for the investment property. The leasing agent may also mail in taxes for the home
Most leasing agents are responsible for marketing the home to fill vacancies. Residential property managersare aware of to promote and what to include in their advertisements. leasing agents also understand what interests renters, so they may suggest making cosmetic improvements to help makeover the home.
Most residential property managers are responsible for advertising the house to fill vacancies. leasing agentsknow where to advertise and what to include in their ads. Rental agents also have insight into what attracts tenants, so they may suggest making minor improvements to help improve the property.
RE-LEASE YOUR INVESTMENT HOME
Once contract expires get existing tenants to re-up their lease for another rental period
QUESTION: Do Residential Property Management Companies Help With Move Out?
Yes, a Home Management Firm can Assist With Move outs. Actions might include:
- Inspect rental property. and fill out a document on the home’s status when the renter moves out
- Give renter with a copy as well as estimated damages
- Return the balance of the security reserves to the renter
- Transfer remaining amount of the owner’s share of the tenant deposit to the owner or hold in owner reserves for repairs.
- Turn over house and perform required repairs or upgrades
- Re-do the locks
- Put the house back on the market for rent
QUESTION: What Inspection Services Do Rental Managers Provide?
- Insure systematic inspections (Inside and outside) on a predefined schedule looking for upgrade needs, safety issues, code violations, lease violations, etc.
- Send owner periodic reports on the condition of the property
QUESTION: Do Property Management Companies Deal With Evictions in the Goochland area?
- Preparing relevant documentation to initiate and complete an eviction lawsuit
- Representing owner in court
- Interacting with with police enforcement to remove tenant and renters possessions from home
QUESTION: How Should a Rental Property Agency Help an owner with House Routine Maintenance?
Property managers are responsible for overseeing preventative property maintenance to keep your home in excellent status. Some of things that can be under consideration:
- Direct and oversee a company maintenance crew
- Create a preventative maintenance plan to locate and deal with maintenance issues
- Identify a network of licensed, bonded and completely insured vendors who have been vetted for good pricing and excellent work that is up to code.
- Assign jobs to different parties such as (in-house employees, handyman and professional contractors) based on who will do the best job for the lowest price.
- Maintain outdoor areas
- Leaf and snow removal
- Disposing of trash and debris
- Maintain and monitor a 24/7 emergency repair hotline
- Larger fix up or rehab projects
- Offer suggestions on how the project can optimize rental income.
- Prep preliminary pricing estimates
- Solicit a few different bids for the work
- Perform as general contractor managing the work
Question: What do Inspections of my home cost?
Some residential property management will bill for inspections, some will give you an inspection or more without charge per year. This is a visual inspection of your house to see how the renter is keeping it up. Fees can range from $75-200 per inspection.
Question: Do all residential property management charge basically the same way?
Not every pricing structures are the same. Some leasing agencies in the Goochland area might charge a fixed per-month rate – which again varies according to area, duties performed, and the total value of the property – while others charge a percentage rate, as noted above. Cost can also differ depending on the size and quantity of homes you own.
To illustrate, if you own several homes, you may get a “bulk” discount that a person with a single unit or apartment might not receive.
Question: What do do rental managers charge?
Answer: As you may guess, the response is “it depends.” Leasing agencies vary a lot, and much of the answer depends on what a company does for you.. Exactly what do you want a rental manager to accomplish for you?
Typical % of Monthly Rent Contract. As a starting point, expect to pay a typical Residential property management company between 7 – 12% of the monthly rental value of the unit. This is called a management charge, or monthly management fee. Usually the greater you charge for rent, the lower the percentage is. To illustrate if your rental charges are $2,100 per month for your property, you will usually pay a lower percentage fee than another person whose house rents for $1000 each month.
You do not pay this percentage charge until payment is received. Look carefully at your contract regarding whether the management charge is based on ‘rent collected’ or ‘rent due’. If the fee is based on rent collected, it means the Rental management agency won’t get paid if you don’t get paid. Conversely, if it’s determined by ‘rent due’, then you owe whether or not rent is received from the tenant typically.
Flat Rate Contract
Some companies may charge, say,$75- $150 each month flat rate. There is nothing required bylaw in this; it’s decided by the property management company owner.
You would not owe money on a flat rate agreement usually until rent is received.
Question: What are typical procedures regarding Late Payment Charges?
At times renters pay date. Read your agreement to see if those late payment fees go to you as the owner, to the rental agency, or are shared somehow.
Question: Do all rental agencies charge basically the same way?
Not every fee structures are the same. Some rental agencies in the Goochland area might charge a flat per-month 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. Cost can also fluctuate depending on the size and quantity of houses you own.
To illustrate, if you own several apartment buildings, you may get a quantity discount that a person with a single property or apartment might not receive.
QUESTION: How Can a Property Management Firm Help With Renter Screening and Selection?
Vetting Tenants- A residential property agent will screen the potential tenant applications to discover the tenant that is the best fit for your property. They have a proven vetting process, including running credit checks and criminal background checks, which can reduce your likelihood of being charged with discrimination. Professional residential property agents have seen many tenants, so they have a better concept of how to identify the best renters; tenants who will pay their bills on time, have a longer tenancy and create less headaches. Perform a background check to verify identity, salary, credit history, rental history, etc. Evaluate applicant in relation to pre-decided applicant criteria Communicate with applicants who may have been rejected
Question: What do do property managers cost?
Answer: As you may guess, the answer is “it depends.” Property management firms vary widely, and much of the response is dependent on what they do for you.. Exactly what do you want a rental manager to do for you?
Normal Percentage of Rent Agreement. As a baseline, expect to pay a usual Rental management agency between 6 – 12% of the monthly rental value of the home. This is called a management fee, or monthly management fee. Typically the higher you charge for rent, the lower the percentage is. For example if your rent is $2,500 each month for your rent house, you will usually pay a lower percentage fee than someone else whose unit rents for $800 each month.
You are not charged this percentage charge until rent is collected. Look carefully at your agreement regarding whether the management fee is based on ‘rent collected’ or ‘rent due’. If the fee 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 usually.
Fixed Fee Agreements
Some companies may charge, say,$75- $150 per month fixed rate. There is nothing required bystatute in this; it’s determined by the company owner.
You wouldn’t owe money on a flat rate contract usually until rent is collected.
QUESTION: How Should a Rental Management Company assist an owner with the Tenant Move In Procedure?
- Draw up rental contract
- Confirm move in date with renter
- Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
- Ensure all agreements have been properly executed
- Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
- Collect initial month’s rent and security deposit
Question: What are Other fees made by property management companies?
At times, you may see some fees passed on to you – especially where the manager is charging a small monthly %. Illustrations could include an marketing charge in connection with placing a renter, a yearly inspection charge, and some sort of reserve, so that the management agency has some cash on hand to take care of unexpected, but urgent, costs.
You may want to look into how you share pet deposits collected and bad check fees (generally whomever gets stuck with the greatest amount of 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: Do Home Management Agencies Help With Move Out?
Yes, a Home Management Agency can Assist With Move outs. Activities might include:
- Inspect rental property. and complete a report on the house’s condition when the client moves out
- Give occupant with a photocopy as well as noted charges
- Return the balance of the security reserves to the renter
- Forward remaining portion of the owner’s share of the tenant deposit to the homeowner or keep in owner reserves for work to be done.
- Turn over house and handle required repairs or upgrades
- Re-key the locks
- Put the house back on the market for rent
QUESTION: What Inspection Services Do Rental Managers Provide?
- Perform systematic inspections (Inside and outside) on a predetermined schedule noting maintenance requirements, safety violations, code issues, lease violations, etc.
- Prepare owner periodic reports on the condition of the property
QUESTION: How Can a Residential Property Management Agency Assist With Renter Vetting and Selection?
Screening Applicants- A rental agent will screen the prospective renter applications to find the applicant that is the best fit for your home. They have a reliable vetting process, which includes running credit checks and criminal background checks, which can reduce your possibility of being charged with breaking the law. Professional leasing managers have seen many tenants, so they have a better concept of how to identify the correct renters; tenants who will pay their rent on time, have a longer tenancy and create less issues. Perform a background check to authenticate identity, wages, credit history, rental history, etc. Evaluate applicant in relation to pre-decided applicant criteria Communicate with tenants who may have been declined