Regardless if you describe them as Property Management, 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 certainly. Property rental agencies serving the Colonial Heights area provide a multiplicity of services to help you renting your house. It’s a huge punchlist of tasks that a top notch Property Management will deal with; in fact (if you’re a good follow through kind of people person, you may even want to explore 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?”
Property Management Near Me RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a tenant
- Oversee contracts
- Keep you legal by helping you obey Fair Housing laws
- Open your house to prospective tenants in order to rent your house
- Handle move in and move out
- Collect rent and get you paid!
- Handle collections if payments are late
- Assist with evictions
- Deal with renter inquiries
- And so much on top of that.
It’s everything but the kitchen sink! Factors to think about if you are asking if you should rent your home on your own or hire a Property Management near the Colonial Heights area.
HOW MANY INVESTMENT PROPERTIES IN Colonial Heights DO YOU HAVE TO TAKE CARE OF?
As the number of investment properties you own multiplies, so does your workload. The more renters you have, the more maintenance concerns, renter complaints, and vacancies you will have to deal with. In addition, if your properties are spread across multiple areas, your energies committed will multiply as you will have to oversee the issues of each particular rental as well as drive from property to property to deal with concerns.
HOW FAR AWAY IS YOUR INVESTMENT PROPERTY?
The more miles between you and your property,the more difficult it is to manage. If your main address is in Georgia and your rental home is in the Colonial Heights area, it will be harder for you to find renters,to handle renter complaints,to quickly respond to emergencies, to deal with maintenance concerns, and even to ensure payment is collected in a timely manner.
The amount of time it takes you to travel 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 a lot of sense and will likely save you some dough.
DO YOU HAVE LIMITED PROPERTY MANAGEMENT EXPERIENCE?
If you would like invest in Richmondrental properties, but don’t know anything about leasing management, hiring an experienced Property Management can be a wise choice for you. Figuring it out as you go can become very draining financially.
For a property investor who is getting going, hiring a sketchy repairman or taking too long to fill an empty home can quickly eat into your returns. There are big legal liability issues you can stumble on if you don’t know about Fair Housing laws or Federal real estate law. One lawsuit can pay for a lot of leasing management fees!
HOW CLOSE IS YOUR PROPERTY?
The more miles between you and your rental home,the harder it is to manage. If your main address is in Georgia and your property is in the Colonial Heights area, it will be a lot of work for you to find renters,to handle tenant complaints,to quickly react to issues, to deal with maintenance issues, and even to ensure rent is collected by due date.
The amount of time it takes you to get to the property and the cost of gas will also start to bite. In situations like these, hiring a goodRichmond property management company can make a lot of sense and will likely save you some cash.
DO YOU HAVE ANY PROPERTY MANAGEMENT EXPERIENCE?
If you would like invest in Richmondreal estate, but don’t know a single thing about leasing management, hiring a certified Property Management can be a wise choice for you. Learning as you go can become very draining financially.
For a real estate investor who is getting going, hiring the wrong repairman or taking too long to fill a vacancy can easily eat into your returns. There are huge legal liability concerns you can stumble on if you aren’t educated about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of rental management charges!
HOW WILL A PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY HOUSE NEAR Colonial Heights?
Rental management companies who service the Colonial Heights area will do a number of things for you as the home investor, which may include the following areas:
Nearly all agents are paid to address repair requests, noise issues and have the needed relationships to take care of emergency situations.
OVERSEE MAINTENANCE AND MINOR UPGRADES
Rental property management agents are typically responsible for the physical management of the home, including scheduled maintenance and emergency repairs.
RESPONSIBLE FOR 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 rental managermust operate within the established budget guidelines for the property. In certain emergency situations when the tenants or property are in disrepair, they may move ahead to order repairs or similar without further delays. Upkeep of Documents- the property manager should keep thorough documentation related to the property. This should include all income and expenses; lists of all inspections, fully executed contracts, repair requests, any problems noted, notation of work done, costs of repairs, maintenance expenses, record of rent collection and insurance costs.
One of the main responsibilities of the residential property managers is to manage renters. They are involved in all capacities, from locating the renters and responding to complaints to beginning the eviction process.
DEALING WITH PROBLEMS
Nearly all agents are compensated to deal with maintenance situations, noise disturbances and have the necessary relationships to handle difficult situations.
DEALING WITH CONTRACTS
Many they are responsible for setting the duration of the lease and making sure it has all the required clauses to look out for the client. This includes determining the amount of security deposit required.
At times when there is a problem required, the leasing agent may handle it themselves or must contract with an outside firm to handle the problem it. They frequently have a vetted network of reliable carpenters,plumbers,electricians and other contractors.
SUGGEST AND SUPERVISE VENDORS
Residential property management agents should be capable to suggest vendors to do maintenance and small improvements that maximize monthly rent while providing great return on investment.
INCREASING OR ADJUSTING RENT:
The property manager can increase the rent by a fixed percentage each year, according to individual state and/or municipal law. They can also decrease the rent if they (and you) decide that’s necessary.
RESPONSIBLE FOR MAINTENANCE AND REPAIRS
Leasing agents are usually charged with caring for the physical management of the house, including scheduled maintenance and unexpected work to be done.
OFFER GENERAL REAL ESTATE ADVICE:
Chat with you about the pros and cons\pluses and minuses of different policies such as accepting various animals, allowing smoking etc. Other are very specific to the Richmond market, so having a local area expert who knows the Colonial Heights area in particular is important.
Other Employees- if there are other employees in the apartment, such as a janitor or security personnel, the rental manager is responsible for making sure they are on their toes. The rental manager may determine their salaries and even let them go.
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. Managing Budget- the rental agentmust operate within the set budget guidelines for the property. In particular emergency situations when the occupants or house are in danger, they may use their discretion to order repairs or likewise without concern for the budget. Maintaining Records- the rental agent is required to detailed documentation regarding the house. This might include all income and expenses; lists of all inspections, signed contracts, maintenance requests, any problems noted, notation of maintenance done, amount paid for fix up, maintenance expenses, record of rent paid and insurance charges.
At times when there is a problem required, the rental agent may handle it themselves or will employ an outside firm to take care the issue it. They many times have a big team of trustworthy electricians,carpenters,plumbers and other contractors.
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some rental agencies in the Colonial Heights area could charge a new renters placement charge 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 tenant placed is not unusual. Nevertheless, you should not normally run into significant multiple up-front fees.
Typically a placement fee is not due until the renter is signed, meaning you don’t need to come out of pocket to pay this.
Question: Do all rental agencies charge basically the same way?
Not all fee structures are the same. Some residential property management in the Colonial Heights area may charge a fixed monthly rate – which again varies according to area, activities performed, and the total value of the rental – while others charge a percentage rate, as noted above. Price can also fluctuate depending on the size and number of houses you own.
For example, if you own several houses, you may get a “bulk” discount that a person with a single unit or apartment might not receive.
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some rental agencies in the Colonial Heights area could charge a new tenants placement charge 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 tenant placed is not unusual. However, you should not typically run into high multiple up-front fees.
Typically a lease up charge is not paid until the renter is found, meaning you don’t need to pay out of pocket to pay this.
Question: How much do rental managers cost?
Answer: As you might guess, the answer is “it depends.” Rental management agencies vary widely, and a lot of the response depends on what a firm does for you.. Exactly what do you want a rental agent to do for you?
Typical Percentage of Monthly Rent Contract. As a starting point, expect to pay a usual Residential property management company ranging from 8 – 12% of the monthly rent of the home. This is called a management fee, or monthly management fee. Generally the greater you charge for rent, the lower the percentage fee is. To illustrate if your rent is $2,000 per month for your rent house, you will typically pay a lower percentage fee than someone else whose unit rents for $700 each month.
You are not charged this percentage charge until payment is received. Look carefully at your agreement regarding whether the management charge is determined by ‘rent collected’ or ‘rent due’. If the charge is based on rent collected, it means the Property management company doesn’t get paid if you don’t get paid. Conversely, if it’s based on ‘rent due’, then you pay whether or not rent is received from the tenant typically.
Flat Rate Agreements
Some firms may charge, say,$75- $150 each month fixed rate. There is nothing dictated bystatute in this; it’s decided by the firm owner.
You would not owe money on a fixed rate contract typically until rent is received.
Question: Do residential property management help with evictions?
Some tenants just don’t work out. Some get fired and become unable to pay their rent, while others turn out to be irresponsible and a problem or nuisance at your investment property. Most certainly a house agent will levy a fee to go through the long process of evicting a renter which is customarily roughly $300-$400 per eviction, not counting any associated court costs.And an evictionmay last a few months, so be mentally ready to not get any rental payments until they the legal action is complete. On top of that, you may find there is repair work to be done on your house.
Typically, you are better off providing your tenant cash incentives to leave the unit early and avoid taking them to court, as maddening as that is. You can skip many difficult situations with complete renter vetting done beforehand.
QUESTION: What are Advertising Fees?
Some rental agencies charge a marketing fee. This is an upfront fee to advertise your vacant home. This charge is typically $200-350. Many firms don’t charge this charge, so shop around!
Empty Home charge Some companies charge 1 month’s rent up front. You may run into this charge if you’re trying to engage the leasing agency while the property is empty. This gives them the money to pay a real estate agent a commission for placing a tenant in the house, 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 do Inspections of my home cost?
Some residential property management will charge for inspections, some will give you an inspection or more free per year. This is a visual inspection of your house to see how the renter is treating it. Fees can range from $75-200 for each inspection.
QUESTION: What types of Maintenance can residential property management help with?
Some residential property management in the Colonial Heights area have their own maintenance crews, full-time. The majority of subcontract this work out to miscellaneous subcontractors. Some leasing agencies charge a fixed fee to manage any work with subcontractors. A few will add on to the subcontrcontractor’s bill. Be sure you know how it works with your property management firm!
Question: What do Inspections of my home cost?
Some leasing agencies will charge for inspections, some will give you one or more free annually. This is a visual inspection of your home to see how the renter is keeping it up. Fees can range from $50-200 per inspection.
Question: What are Other fees made by property management companies?
At times, you might see some fees passed on to you – especially when the agent is charging a low monthly %. Examples could include an advertising charge in connection with finding a tenant, an annual inspection fee, 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 check into how you share pet deposits collected and bad check charges (generally whomever gets hit with the most bank fees should get the lion’s share of this one!) Also, pay attention to who gets to hang onto the income from vending machines and coin-operated washers and dryers, if any.
QUESTION: How May a Lease Management Company help an owner with the Tenant Move In Procedure?
- Prep rental documents
- 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 tenant and have renters sign a report verifying the condition of the property prior to move-in.
- Collect first month’s rent and security deposit
What can a RichmondRental management Firm Do to Market Your Home?
- Get house ready for rental
- Clean home and optimize interior attractiveness
- Manicure exterior to emphasize curb appeal
- Prepare marketing materials tailored to the property and advertising medium.
- A few of the platforms regularly utilized are:
- Paid and no charge rental listing websites
- Print magazines
- Installing a lock box
- Multiple Listing Service listings
- Property fliers
- Work with other professionals and rental agents to find a renter
- Provide a 24/7 phone where prospective renters can listen to detailed information about the property
- Take calls from prospects for questions and showings
- Greet potential tenants for showings during the week and weekend.
- Provide prospective renters with tenant applications that are legally in line with government regulations
- Gather applications with application fee
Question: Should I attempt to save cash by managing my home myself? Or hiring the cheapest rental agent possible?
Answer: With the best unit agents, paying a little bit more can be a wise investment, because it helps increase the value of your home, and they help retain top notch renters; studies have proven hiring a home agentcan cut your vacancy rate in half. On the other hand, going cheap with a leasing agency can end up being very expensive.
QUESTION: What are Marketing Charges?
Some residential property management charge a marketing fee. This is an upfront fee to advertise your empty home. This charge is usually $200-500. Many firms don’t charge this fee, so shop around!
Vacant Home fee Some firms charge One month’s rent up front. You could run into this charge if you are trying to engage the property management company while the house is empty. This gives them the money to pay a realtor a commission for finding a renter in the property, or to pay the costs of advertising, repeatedly showing the investment property to prospective tenants, as well as the expense of preparing lease paperwork (which can take hours).