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 focal point is usually on residential properties (but commercial property management agencies are out there certainly. Property rental agencies serving the Walkerton area provide a variety of services to help you renting your home. It’s an overwhelming list of tasks that a top notch Property Management Company will oversee; in fact (if you’re a great follow through kind of people person, you might even want to investigate 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
- Deal with legal contracts
- Keep you legal by helping you follow Fair Housing laws
- Open your home to possible tenants in order to rent your house
- Handle move in and move out
- Collect rent and get you paid!
- Handle collections if payments are not on time
- Help with evictions
- Deal with renter inquiries
- And a lot on top of that.
It’s everything but the kitchen sink! Areas to think about if you are considering if you should rent your home on your own or hire a Property Management Company near the Walkerton area.
CAN YOU AFFORD TO HIRE A Property Management Company ?
You’ve figured out that greatproperty managerswho provide services to the Walkerton area in Richmond aren’t free.
Property management agencies will charge a fee, on average, between 5% and 9% of the monthly rents for the property. The customary fee for a single family investment is closer to 8-10%. The fee for a apartment of 10 units on up is on average between 4% and 7%.
If your home is empty, it’s not unusual to pay a lease up fee to find and place a new renter in your rental home. Depending on the property management company this can fluctuate from 50%-100% of one month’s rent.
One thing to keep in mind: Having experienced property manager input on market rents and having a professional handle locating a renter can mean you might get higher rents, which means a good rental agent likely will end up covering all or part of their fee because of increased rents.
HOW FAR AWAY IS YOUR PROPERTY?
The more miles between you and your rental home,the harder it is to take care of. If your main home is in Florida and your property is in the Walkerton area, it will be more difficult for you to find renters,to handle tenant complaints,to quickly react to issues, to handle maintenance issues, and even to guarantee payment is collected in a timely manner.
The amount of time it takes you to get to the property and the expense of travel will also mount. In situations like these, hiring a goodRichmond property management agency? can make a lot of sense and may actually save you money.
HOW FAR AWAY IS YOUR INVESTMENT PROPERTY?
The more distance between you and your property,the harder it is to look after. If your primary residence is in New York and your rental home is in the Walkerton area, it will be a lot of work for you to find renters,to handle renter complaints,to quickly react to difficulties, to handle maintenance issues, and even to make sure rent is collected by due date.
The amount of time it takes you to get to the property and the cost of travel will also start to bite. In situations like these, hiring a professionalRichmond property management company can make good sense and may actually save you money.
HOW HIGH IS YOUR VACANCY RATE?
Great Property Management Company are skilled at locating and screening tenants quickly and will have a network of capable, affordable Richmondrepairmen to deal with emergencies. Most professional leasing agents will also comprehend landlord-tenant law, thereby reducing the risk of legal problems.
DOES IT MAKE FINANCIAL SENSE TO HIRE A Property Management Company ?
You’ve discovered that goodleasing agentswho provide service to the Walkerton area in Richmond aren’t free.
Rental firms will charge a fee, on average, between 4% and 10% of the monthly rents for the property. The customary fee for a single family investment is about 8-10%. The charge for a property of 10 units on up is usually between 3% and 7%.
If your house is empty, it’s not unusual to pay a tenant finding fee to locate and place a new tenant in your rental property. Depending on the property management company this can fluctuate from 50%-100% of a single month’s rent.
Something to think about: Having experienced property manager input on market rents and having a certified agent handle locating a renter can mean you might get higher rents, which means a good property manager likely will end up covering all or part of their fee because of increased rents.
HOW CAN A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY HOUSE IN Walkerton?
Rental management companies who service the Walkerton area may do many things for you as the homeowner, which could include the following areas:
RESPONSIBLE FOR MAINTENANCE AND REPAIRS
Leasing agents are typically in charge of the physical management of the house, including regular maintenance and unexpected work to be done.
SUGGEST AND SUPERVISE VENDORS
Home management pro’s should be capable to offer recommendations on repairs and small improvements that maximize monthly rent while providing good ROI.
OFFER SOLID REAL ESTATE ADVICE:
Discuss with you the pros and cons\pluses and minuses of different issues such as accepting pets, allowing smoking etc. A few things are very particular to the Richmond area, so having a local market expert who knows the Walkerton area in particular is important.
TAKES CARE OF TAXES
The rental agent can provide the property owner with education on how to complete taxes for the home. The rental agent may additionally file taxes for the property
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. Managing Budget- the rental managermust operate within the set budget guidelines for the property. In certain emergency situations when the renters or house are in need of upgrade, they may move ahead to order fixup or similar without concern for the budget. Maintenance of Records- the leasing agent should keep thorough records regarding the home. This should include all income and expenses; notations of all inspections, fully executed agreements, maintenance requests, any problems noted, records of maintenance done, charges for fix up, maintenance costs, record of rent collection and insurance charges.
SUGGEST AND SUPERVISE VENDORS
Residential property management pro’s should be ready to recommend vendors to do repairs and small improvements that maximize profitability while providing great return on investment.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there aresome employees in the property, such as a concierge\desk manager or security guard, the rental agent is in charge of being sure they are doing their job. The property manager can set their salaries and even fire them.
CONTENDING WITH EVICTIONS
When a tenant does not pay on time or otherwise breaches the terms of the contract, the rental property management agent knows is experienced with the proper method to legally respond and move ahead with an eviction.
SUGGEST AND SUPERVISE VENDORS
Rental management agents should be able to recommend vendors to do maintenance and small improvements that maximize monthly rent while providing excellent return on investment.
CONTENDING WITH EVICTIONS
When a tenant does not pay rent or otherwise violates the terms of the contract, the leasing agent knows is experienced with the legal approach to legally respond and move forward with an eviction.
RE-LEASE YOUR HOUSE
Once lease expires get existing tenants to extend their lease for one more rental period
When a renter does not pay as agreed or otherwise breaches the terms of the agreement, the rental agent knows is experienced with the best method to file and proceed ahead with an eviction.
DEALING WITH MOVE OUTS
When a tenant ends his tenancy, the agent is responsible for inspecting the unit, looking for problems and assessing what amount of the damage deposit mayl be refunded to the renter. After move out, the manager is in charge of cleaning the unit, fixing any areas of concern and locating a new tenant.
RE-LEASE YOUR INVESTMENT HOME
Once lease expires get existing tenants to re-up their lease for one more rental period
QUESTION: What are Advertising Charges?
Some property management companies charge a marketing fee. This is an initial charge to advertise your empty home. This fee is normally $$150-350. Most agencies don’t charge this charge, so shop around!
Vacant Property fee Some firms charge One month’s payment up front. You might run into this fee if you’re trying to engage the leasing agency while the unit is vacant. This gives them the money to pay a realtor a commission for placing a tenant in the house, or to pay the costs of marketing, repeatedly showing the house to potential tenants, as well as the expense of preparing lease paperwork (which can take hours).
QUESTION: How May a Residential Property Management Agency assist an owner with the Tenant Move In Process?
- Initiate leasing contract
- Pin down move in date with tenant
- Review lease guidelines with renter regarding things like rental payment terms and required property maintenance
- Ensure all agreements have been properly executed
- Perform detailed move in inspection with renter and have tenants sign a report verifying the condition of the property prior to move-in.
- Secure initial month’s rent and security deposit
Question: What Is The Normal Term Of A Property Management Agreement?
Normally, a landlord signs an agreement with a property management company for a certain length of time – 12 or 24 months, for example – with an option to renew. Contracts could be prepared so that they automatically renew if neither party takes actionopposing it. Termination clauses allow for early termination if the leasing agency is in the breaking of the contract in any way.
Question: What are typical procedures regarding Late Payment Charges?
Occasionally tenants pay date. Look at your agreement to see if those late payment charges go to you as the owner, to the rental agency, or are shared in some way.
QUESTION: How Will a Residential Property Firm Help an investor with Property Regular Maintenance?
Rental property management agents are in charge of managing preventative house maintenance to keep your home in top condition. Examples of what can be involved:
- Direct and oversee company employed maintenance crew
- Decide on a preventative maintenance policy to find and address maintenance needs
- Identify a collection of licensed, bonded and completely insured vendors who have been reviewed for fair pricing and excellent work that is up to requirements.
- Delegate jobs to different parties such as (in-house employees, handyman and professional contractors) based on whom may do an excellent job for an excellent price.
- Oversee outdoor areas
- Debris and snow removal
- Removing trash and debris
- Maintain and monitor a 24/7 emergency repair hot-line
- Bigger fix up or remodeling projects
- Provide recommendations on how the project can maximize rental income.
- Prepare preliminary cost estimates
- Secure multiple independent estimates for the project
- Act as general contractor overseeing the work
QUESTION: Do Rental management Firms Help With Move Out?
Yes, a Residential Property Management Agency can Help With Move outs. Activities might include:
- Inspect investment home. and fill out a report on the home’s condition when the tenant moves out
- Give tenant with a photocopy as well as estimated damages
- Return the remainder of the security deposit to the renter
- Transfer remaining amount of the owner’s share of the tenant deposit to the owner or keep in owner reserves for work to be done.
- Turn over home and perform needed repairs or upgrades
- Re-key all locks
- Put the home back on the market for rent
QUESTION: What Inspection Services Do Property Managers Provide?
- Perform timely inspections (Inside and outside) on a predetermined schedule noting maintenance requirements, safety issues, code violations, lease violations, etc.
- Send owner periodic reports on the condition of the property
QUESTION: Will Rental Agencies Take Care of Evictions in the Walkerton area?
- Preparing relevant documentation to begin and complete an unlawful detainer action
- Representing owner in court
- Interacting with with police enforcement to evict renter and renters things from property
QUESTION: How Can a Property Management Agency Assist With Tenant Vetting and Selection?
Vetting Tenants- A leasing agent will review the prospective tenant applications to find the tenant that is the ideal fit for your property. They have a reliable vetting process, including running credit checks and criminal background checks, which can decrease your possibility of being accused of bias. Experienced leasing agents have seen many renters, so they have a better concept of how to identify the right tenants; tenants who will pay their bills on time, have a longer tenancy and create fewer problems. Perform a background check to verify identity, salary, credit history, rental history, etc. Grade applicant per pre-decided renter standards Communicate with applicants who may have been rejected
Question: What do Inspections of my home cost?
Some property management companies will bill for inspections, some will give you an inspection or more free per year. This is a walk through of your investment property to see how the renter is keeping it up. Charges can range from $50-225 for each inspection.
Question: What are Miscellaneous charges made by property management companies?
In some cases, you may see some fees passed on to you – especially where the manager is charging a low monthly percentage. 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 company has some cash on hand to handle unanticipated, but immediate, costs.
You may want to look into how you share pet deposits collected and bad check fees (basically 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 are Advertising Charges?
Some residential property management charge a advertising fee. This is an initial charge to market your empty property. This fee is typically $200-400. A majority of firms don’t charge this fee, so shop around!
Vacant House charge Some agencies charge One month’s payment up front. You might run into this fee if you’re attempting to hire the rental agency while the unit is vacant. This gives them the money to pay a realtor a commission for placing a tenant in the house, or to pay the costs of advertising, repeatedly showing the property to potential tenants, as well as the expense of preparing lease paperwork (which can take a long time).
What can a RichmondProperty Management Agency Do to Market Your Investment Property?
- Get property ready for rental
- Clean property and optimize interior appeal
- Take care of landscaping to optimize street appearance
- Prepare marketing materials tailored to the home and marketing platform.
- Some of the channels often used are:
- For pay and free rental listing websites
- Print magazines
- Install a lock box
- MLS listings
- Work with other professionals and leasing agents to find a renter
- Provide a 24/7 hot-line where prospective renters can listen to detailed information about the house
- Take calls from prospects for questions and showings
- Welcome prospective tenants for showings during the week and weekend.
- Provide potential tenants with rental applications that are legally compliant with fair housing laws
- Collect applications with application payment
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some residential property management companies in the Walkerton area may charge a new renters placement charge 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 renter placed is not atypical. Nevertheless, you shouldn’t generally run into unreasonable multiple up-front fees.
Typically a placement charge is not due until the tenant is found, meaning you don’t need to come out of pocket to pay this.
QUESTION: How Would a Residential Property Management Company Help With Renter Screening and Choosing?
Vetting Tenants- A leasing agent will review the prospective renter applications to discover the applicant that is the best fit for your property. They have a consistent vetting process, including running credit checks and criminal background checks, which can decrease your likelihood of being accused of discrimination. Experienced leasing agents have seen many tenants, so they have a better concept of how to identify the ideal applicants; renters who will pay their obligations on time, have a longer tenancy and create fewer problems. Perform a background check to confirm identity, wages, credit history, rental history, etc. Evaluate applicant per pre-defined renter standards Communicate with tenants who may have been turned down