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 typically on residential properties (but commercial property management companies do exist certainly. Property rental agencies serving the Midtown area offer a multiplicity of services to help you renting your house. It’s an overwhelming list of jobs that a expert Property Management Company will deal with; in fact (if you’re a detailed follow through kind of people person, you might even want to look at a job as a property manager yourself!.) Here’s an incomplete list of what property managers do if they are asked “will you help me rent my house?”
Home Rental Company RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a renter
- Oversee contracts
- Keep you out of jail by helping you comply with Fair Housing laws
- Show your property to interested renters in order to rent your house
- Deal with move in and move out
- Collect rental payments and get you paid!
- Handle follow up if payments are late
- Assist with evictions
- Deal with renter questions
- And a lot more than that.
It’s everything but the kitchen sink! Points to consider if you are asking if you should rent your house on your own or hire a Property Management Company near the Midtown area.
DO YOU HAVE THE PATIENCE TO DEAL WITH RENTERS?
Is the stress of dealing with evictions, renter complaints and repair issues taking a toll on you? Rental agents are skilled in handling landlord-tenant difficulties. Property Management Company have an understanding of Richmond legal issues and can act as a buffer for problems. Additionally, if the renter is aware they are dealing with a third party, they are likely to act more cordially as well.
You don’t have to pay for a property management firm because you are new to property investing in Midtown, have a lot of homes or are having difficulty filling vacancies. Many people manage their own homes. Personal experience can often be the best teacher and everyone has to start learning somewhere. If you teach yourself about real estate, get the input of others and have a strong desire to oversee your home with excellence, its likely, you will prosper.
HOW MANY RENTAL HOMES IN Midtown DO YOU OWN?
As the number of homes you own goes up, so do your responsibilities. The more renters you have, the more maintenance issues, tenant complaints, and vacancies you will have to handle. In addition, if your units are dispersed across multiple areas, your time commitment will multiply as you will have to oversee the cash flow of each single property as well as travel from property to property to resolve problems.
DO YOU HAVE LIMITED PROPERTY MANAGEMENT EXPERIENCE?
If you would like invest in Richmondreal estate, but don’t know the first thing about residential property management, hiring an experienced 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 just beginning, hiring a sketchy repairman or taking too long to fill a vacancy can quickly eat into your potential income. There are big legal liability issues you can run into if you don’t know about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of leasing management charges!
DO YOU HAVE THE AVAILABILITY TO CARE FOR YOUR RENTAL PROPERTY near the Midtown area?
If you work at a full-time job while you are looking after a rental property and simply cannot give your your rental home the attention it demands, the success of your investment could depend on hiring a good property management company in Richmond
Also, realize that time is definitely money and overseeing a rental home takes time. If you feel like the day to day requirements of leasing management are impeding on time that could be better spent making more money at your other job, or hunting down other property to buy, hiring an outside property management agency may be the wisest move for you.
HOW CLOSE IS YOUR RENTAL PROPERTY?
The more miles between you and your rental home,the more difficult it is to look after. If your main home is in New York and your rental home is in the Midtown area, it will be a lot of work for you to find tenants,to handle constant complaints,to quickly respond to emergencies, to handle maintenance concerns, and even to make sure rent is collected in a timely manner.
The total time it takes you to travel to the property and the expense of travel will also start to bite. In situations such as these, hiring a greatRichmond property management agency? can make good sense and will likely save you some dough.
HOW WILL A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY NEAR Midtown?
Rental management companies who service the Midtown area can do a lot of things for you as the homeowner, which could include the following:
Deliver accounting services Make payments on behalf of the owner (Mortgage, insurance, HOA dues, etc.) Detailed documentation of expenses via invoices and receipts Maintain all past records (paid invoices, agreements, inspection documentation, warranties, etc.) Oversee yearly reporting, organized for tax needs as well as required tax documents including a 1099 form Counsel owner on appropriate tax write offs related to their rental home. Prepare formatted monthly cash-flow statements which offer a detailed accounting of income and specific expenses
COLLECTING RENTAL PAYMENTS:
This is where a leasing agent earns their money! Residential property management agencies make sure you get paid by collecting rent each month on time and strictly enforcing late charges.
SUGGEST AND SUPERVISE VENDORS
Home management professionals should be able to offer recommendations on maintenance and small improvements that maximize monthly rent while providing excellent return on investment.
HANDLING WRITTEN AGREEMENTS
Many they are responsible for recommending the duration of the lease and ensuring it has all the necessary provisos to protect the owner. This includes determining the amount of damage reserves required.
RE-LEASE YOUR HOME
Once lease ends get current tenants to re-up their lease for another rental period
Other Employees- if there aresome employees in the property, such as a janitor or security guard, the property manager is responsible for being certain they are on their toes. The leasing agent may set their wage rates and even fire them.
DEALING WITH MOVE OUTS
When a renter moves out, the rental agent is responsible for inspecting the unit, looking for problems and determining what amount of the damage reserves willl be refunded to the tenant. After move out, the property manager is in charge of cleaning the property, fixing any issues and locating a replacement renter.
Nearly all they are paid to address repair situations, noise complaints and have the necessary relationships to deal with difficult situations.
A key responsibility of the property managers is to oversee renters. Agents are involved in many roles, from identifying the renters and dealing with problems to beginning evictions.
EXPERIENCED WITH LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A experienced rental agent should have a thorough knowledge of state and national laws regarding the ideal methods to: Screening the tenants. Escrow damage deposits Terminate a rental agreement Evict a renter Comply with house safety laws Advise in case of of a legal disagreement or lawsuit Send owner to a qualified lawyer when needed Be up on and follow the most recent local, state and federal guidelines that apply to renting and maintaining investment properties.
RESIDENTIAL PROPERTY MANAGERS HELP YOU SET MARKET RENTAL RATE
Rental agents are responsible for establishing the beginning rent level, and collecting payment from tenants. Good rental managers know how to set the right rent level toattract tenants to your home. They hopefully have a specific understanding of the Richmond area, where the property is located and have examined at comparable houses in the general Richmond area.
DEALING WITH EMERGENCIES
Nearly all they are paid to deal with maintenance requests, noise complaints and possess the needed contacts to deal with emergency situations.
At times when there is a problem needed, the rental agent must attend to it themselves or will hire an outside firm to take care the issue it. They sometimes have a big team of licensed plumbers, electricians, carpenters and other types contractors.
RESPONSIBLE FOR TAXES
The rental manager can help the house owner with understanding on how to complete taxes for the property. The rental manager may also file taxes for the investment property
QUESTION: Do Residential Property Management Companies Assist With Move Out?
Yes, a Residential Property Management Agency can Assist With Move outs. Actions might include:
- Inspect rental property. and complete a document on the home’s status when the client moves out
- Give occupant with a copy as well as noted deductions
- Return the remainder of the security reserves to the tenant
- Mail remaining amount of the owner’s share of the tenant deposit to the homeowner or keep in owner reserves for repairs.
- Clean home and handle needed repairs or upgrades
- Re-do all 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 repair needs, safety concerns, code issues, lease infractions, etc.
- Send owner periodic reports on the condition of the property
QUESTION: What are Marketing Fees?
Some property management companies charge a marketing fee. This is an upfront fee to advertise your vacant property. This fee is usually $$150-450. Many agencies don’t charge this charge, so shop around!
Empty Unit fee Some agencies charge 1 month’s rent up front. You might run into this fee if you’re trying to engage the property management company while the home is vacant. This gives them the money to pay a realtor a commission for placing a renter in the home, or to pay the costs of advertising, repeatedly showing the house to prospective tenants, as well as the expense of preparing lease paperwork (which can take hours).
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some residential property management companies in the Midtown area could charge a new tenants placement fee or have a bonus structure for getting a tenant into an agreement. Acharge of 50 to 100 percent of the first month’s rent for any new tenant placed is not abnormal. Nevertheless, you shouldn’t generally run into high multiple up-front charges.
Normally a placement charge is not due until the tenant is found, which means you don’t need to pay out of pocket to pay this.
Question: What do Inspections of my home cost?
Some property management companies will bill for inspections, some will give you one or more without charge annually. This is a visual inspection of your home to see how the tenant is treating it. Fees can range from $50-175 for each inspection.
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 unit to see how the renter is treating it. Fees can range from $25-175 for each inspection.
Question: What do Inspections of my home cost?
Some leasing agencies will bill for inspections, others will give you an inspection or more free annually. This is a walk through of your home to see how the tenant is keeping it up. Fees can range from $100-200 per inspection.
Question: Do all leasing agencies charge basically the same way?
Not every pricing structures are the same. Some property management companies in the Midtown area may charge a fixed monthly rate – which again differs according to area, activities performed, and the total value of the rental – while others charge a percentage rate, as noted above. Cost can also change depending on the size and quantity of homes you own.
For example, if you own a few homes, you might get a “bulk” discount that a person with a single house or apartment might not receive.
Question: What do do rental managers charge?
Answer: As you might guess, the answer is “it depends.” Rental management agencies vary widely, and much of the response is dependent on what a company does for you.. Exactly what do you want a property manager to accomplish for you?
Typical % of Rent Contract. As a ballpark figure, expect to pay a normal Leasing agency ranging from 8 – 11% of the monthly rent of the house. This is referred to as management charge, or monthly management charge. Generally the higher you charge for rent, the lower the percentage fee is. For example if your rental charges are $2,000 each month for your rental home, you will typically pay a lower percentage fee than another person whose house rents for $700 each month.
You are not charged this percentage fee until payment is received. Look carefully at your contract regarding whether the management fee is based on ‘rent collected’ or ‘rent due’. If the charge is based on rent collected, it means the Leasing 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 renter typically.
Flat Rate Agreements
Some agencies may charge, say,$75- $150 per month flat rate. There is nothing dictated bystatute in this; it’s decided by the firm owner.
You wouldn’t owe money on a fixed rate contract usually until rent is collected.
QUESTION: Do Property Management Companies Handle Evictions in the Midtown area?
- Filing relevant documentation to begin and process an eviction action
- Representing owner in court
- Interacting with with police enforcement to remove renter and tenant’s stuff from property
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some rental agencies in the Midtown area may charge a new renters placement fee or have a bonus structure for getting a renter into a lease. Acharge of 50 to 100 % of the first month’s rent for any new renter placed is not unusual. Nevertheless, you shouldn’t generally run into high multiple up-front charges.
Typically a lease up fee is not due until the renter is secured, meaning you don’t have to come out of pocket to pay this.
Question: What are typical procedures regarding Late Payment Fees?
Occasionally renters pay date. Read your paperwork to see if those late payment charges go to you as the owner, to the residential property management, or are shared in some way.
What can a RichmondProperty Management Agency Do to Market Your Home?
- Get house ready for rental
- Clean property and emphasize interior appeal
- Manage yard to maximize street appeal
- Create advertisements customized for the house and advertising medium.
- A sample of the channels regularly utilized are:
- Paid and no fee rental listing websites
- Print publications
- Installing a lock box
- Multiple Listing Service listings
- Property fliers
- Partner with other agents and rental agents to find a tenant
- Provide a 24-hour phone where interested tenant can listen to detailed information about the house
- Take phone calls from prospects for questions and showings
- Welcome prospective renters for appointments throughout the week and weekend.
- Provide prospective renters with tenant applications that are legally compliant with fair housing laws
- Collect applications with application payment
Question: What are Other fees made by property management companies?
In some cases, you might see some costs passed on to you – especially where the manager is charging a low monthly %. Illustrations could include an advertising charge in connection with placing a tenant, an annual inspection charge, and some sort of reserve, so that the management agency has some money on hand to take care of unexpected, but urgent, costs.
You might want to check into how you divide pet deposits collected and bad check charges (basically whoever gets hit with the greatest amount of bank fees deserves the lion’s share of this one!) Also, notice who gets to keep the income from vending machines and coin-operated washers and dryers, if any.
Question: Do leasing agencies help with evictions?
Some renters just don’t work out. Some lose their jobs and become unable to pay their rent, while others prove to be flakey and a problem or nuisance at your home. Most likely a property manager will levy a charge to initiate the laborious paperwork involved with evicting a renter which is typically around $300-$400 per eviction, not counting any relevant courtroom costs.And an evictionoftentimes take several months, so be ready to not receive any rental payments until they move out. In addition, you might find there is fix up work to be done on your unit.
Typically, you are better off offering your tenant cash incentives to vacate the house early and skip taking them to court, as maddening as that might seem. You can skip many difficult situations with detailed tenant screening done upfront.