Whether you describe them as Property Management, home management firms, or rental property management agencies….it all means the same thing. The emphasis is typically on residential properties (but commercial property management firms do exist of course. Property rental agencies serving the Henrico area offer a variety of services to help you renting your house. It’s an overwhelming list of tasks that a top notch Property Management will deal with; in fact (if you’re a great follow through kind of people person, you may even want to investigate 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 RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a tenant
- Deal with legal paperwork
- Keep you out of jail by helping you follow government housing laws
- Open your property to possible tenants in order to rent your house
- Oversee move in and move out
- Collect money and get you paid!
- Handle collections if payments are late
- Help with evictions
- Deal with renter questions
- And a lot more.
It’s everything but the kitchen sink! Items to think about if you are asking if you maybe should rent your house on your own or hire a Property Management near the Henrico area.
HOW MANY INVESTMENT PROPERTIES IN Henrico DO YOU HAVE TO TAKE CARE OF?
As the number of homes you own goes up, so does the time it takes to manage them. The more tenants you have, the more maintenance issues, tenant complaints, and empty properties you will have to deal with. In addition, if your properties are spread across multiple locations, your time spent will go up as you will have to take care of the issues of each particular investment home as well as travel from property to property to handle concerns.
HOW FAR AWAY IS YOUR PROPERTY?
The more distance between you and your investment property,the harder it is to look after. If your primary residence is in Oregon and your rental home is in the Henrico area, it will be harder for you to find tenants,to handle renter complaints,to quickly react to problems, to deal with maintenance issues, and even to guarantee payment is collected in a timely manner.
The amount of time it takes you to go back and forth the property and the expense of travel will also start to bite. In situations like these, hiring a greatRichmond property management agency? can make good sense and will likely save you some dough.
HOW MANY RENTAL UNITS IN Henrico DO YOU HAVE TO TAKE CARE OF?
As the total homes you own increases, so do your responsibilities. The more renters you have, the more maintenance concerns, tenant complaints, and empty properties you will have to deal with. Additionally, if your properties are spread across multiple locations, your energies committed will go up as you will have to manage the issues of each particular rental as well as drive from property to property to handle concerns.
HOW FAR AWAY IS YOUR RENTAL HOME?
The more miles between you and your rental home,the harder it is to manage. If your main address is in New York and your investment property is in the Henrico area, it will be more difficult for you to find renters,to handle renter complaints,to quickly respond to issues, to deal with maintenance issues, and even to guarantee payment is collected on time.
The total time it takes you to get to the property and the cost of travel will also add up. In situations such as these, hiring a professionalRichmond property management agency? can make good sense and will likely save you money.
HOW MANY RENTAL HOMES IN Henrico DO YOU HAVE TO TAKE CARE OF?
As the number of units you own goes up, so does your workload. The more tenants you have, the more maintenance issues, renter complaints, and empty properties you will have to deal with. In addition, if your properties are spread across multiple locations, your energies committed will multiply as you will have to take care of the issues of each single rental as well as drive from property to property to handle concerns.
HOW CAN A PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY HOME NEAR Henrico?
Rental management companies who service the Henrico area will do a lot of things for you as the home investor, which may include the following:
IN CHARGE OF OTHERS
Other Employees- if there are other employees in the property, such as a desk clerk or security guard, the property manager is in charge of being sure they are doing their job. The leasing agent may set their compensation and possibly let them go.
CONTENDING WITH EVICTIONS
When a renter does not pay rent or otherwise violates the terms of the lease, the property manager realizes understands the legal method to legally respond and move forward with an eviction.
IN CHARGE OF MANAGING THE BUDGET/MAINTAINING RECORDS
In most situations property managers are responsible for managing the budget for the building and maintaining all pertinent records. Overseeing Budget- the rental agentmust operate within the established budget guidelines for the unit. In particular emergency situations when the tenants or house are in danger, they may take action to order fixup or similar without concern for the budget. Maintaining Paperwork- the property manager should keep detailed documentation regarding the house. This might include all income and expenses; notations of all inspections, completed contracts, maintenance requests, any complaints, documentation of work done, costs of fix up, maintenance costs, documentation of rent collected and insurance charges.
SUGGEST AND SUPERVISE VENDORS
Rental management pro’s should be ready to recommend vendors to do maintenance and small work that maximize monthly rent while providing great ROI.
Professional leasing agents are frequently employed to overlook vacant properties to ensure there has been no destruction and to oversee regular maintenance. They also make sure contractors and other outsourced workers are finishing their work in a timely manner.
HANDLING WRITTEN AGREEMENTS
Many agents are responsible for setting the length of the lease and making sure it has all the required provisos to look out for the owner. This includes determining the total of security reserves required.
RE-LEASE YOUR HOUSE
Once lease ends get existing renters to extend their rental agreement for one more rental period
Most rental agents are responsible for advertising the property to fill vacancies. Residential property managersare aware of to advertise and what to include in their advertisements. Rental agents also have insight into what is motivating to renters, so they may suggest making minor improvements to help makeover the house.
When a renter does not pay as agreed or in some way breaches the terms of the lease, the rental property management agent knows is experienced with the proper way to file and proceed ahead with an eviction.
SUGGEST AND SUPERVISE VENDORS
Residential property management agents should be capable to recommend vendors to do repairs and small work that maximize monthly rent while providing great ROI.
EXPERIENCED WITH LANDLORD-TENANT LAW AND FEDERAL REAL ESTATE LAW
A experienced rental agent should have a thorough knowledge of statewide and national laws relating to the proper ways to: Screening potential renters. Handle damage deposits End a rental agreement Oversee evicting a tenant Obey with home safety standards Counsel in case of of a legal action or litigation Refer owner to a qualified attorney when required Understand and comply with the most recent local, state and federal legislation that are applicable to renting and maintaining rental homes.
PROPERTY MANAGEMENT COMPANIES HELP YOU DECIDE THE CORRECT RENT LEVELS
Property managers are responsible for determining the initial rent level, and collecting rent from tenants. Excellent rental agents know how to set the correct rent level todirect renters to your home. They hopefully have a specific understanding of the Richmond area, where the home is located and have examined at comparable houses in the general Richmond area.
Other Employees- if there aresome employees in the apartment, such as a concierge\desk manager or security personnel, the property manager is responsible for being sure they are on their toes. The rental agent often will set their salaries and possibly terminate them.
RENTAL MANAGEMENT COMPANIES HELP YOU DECIDE MARKET RENT LEVELS
Rental managers are responsible for establishing the initial rent level, and collecting rent from renters. Great rental managers know how to set the market rent level toattract renters to your rental property. They hopefully have a specific understanding of the Richmond area, where the property is located and have examined at comparable properties in the general Richmond market.
Question: Do rental agencies help with evictions?
Some renters just don’t work out. Some become unemployed and become unable to pay their rent, while others turn out to be flakey and a problem or pain in the neck at your home. Most likely a house agent will levy a charge to complete the tedious paperwork involved with evicting a tenant which is customarily around $200-$500 for each eviction, not counting any applicable legal charges.And an evictionoftentimes last several months, so be prepared to not receive any rental income until they the legal action is complete. On top of that, you may find there is repair work to do on your house.
Usually, you are better off giving your tenant cash incentives to vacate the investment property early and skip suing them, as maddening as that is. You can avoid many difficult situations with thorough tenant vetting done upfront.
QUESTION: How Can a Lease Management Company help an owner with the Tenant Move In Process?
- Prep leasing contract
- Affirm move in date with tenant
- 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.
- Secure initial month’s rent and security deposit
QUESTION: How Might a Property Management Firm Assist With Tenant Screening and Choosing?
Screening Tenants- A rental agent will sort through the potential tenant applications to discover the tenant that is the ideal fit for your home. They have a consistent screening process, which includes running credit checks and criminal background checks, which can decrease your possibility of being charged with discrimination. Professional leasing agents have seen many renters, so they have a good concept of how to identify the correct tenants; those who will pay their bills on time, have a longer tenancy and create less headaches. Perform a background check to authenticate identity, income, credit history, rental history, etc. Evaluate renter per pre-decided applicant criteria Communicate with applicants who were declined
Question: Do all residential property management charge basically the same way?
Not every pricing structures are the same. Some rental agencies in the Henrico area might charge a flat monthly rate – which again varies according to area, activities performed, and the total value of the house – while others charge a percentage rate, as noted above. Cost can also fluctuate depending on the size and quantity of homes you own.
For example, if you own several houses, you might get a “bulk” discount that a person with a single house or apartment might not get.
Question: What Is The Normal Term Of A Property Management Agreement?
Usually, a landlord signs a contract with a residential property management firm for a fixed length of time – 12 or 24 months, for example – with an option to renew. Paperwork 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 breach of the contract in any way.
What can a RichmondResidential Property Management Agency Do to Market Your Investment Property?
- Get property ready for renting out
- Clean house and optimize interior attractiveness
- Manage exterior to maximize street appearance
- Develop ads tailored to the property and advertising channel.
- Some of the mediums often used are:
- Paid and free rental listing websites
- Print magazines
- Install a lock box
- MLS listings
- Work with other agents and rental agents to find a renter
- Provide a 24-hour phone where potential renters can hear to detailed information about the home
- Take phone calls from prospects for questions and appointments
- Greet interested renters for appointments during the week and weekend.
- Provide potential renters with tenant applications that are legally compliant with government regulations
- Gather applications with application fee
QUESTION: What types of Maintenance can property management companies help with?
Some property management companies in the Henrico area have in house maintenance crews, full-time. Most contract this work out to various subcontractors. Some property management companies charge a fixed fee to oversee any work with outside vendors. Many will upcharge the contractors invoice. Make sure you know how it works with your property management firm!
QUESTION: How Might a Residential Property Management Agency Help With Tenant Screening and Choosing?
Vetting Applicants- A leasing agent will screen the prospective tenant applications to find the applicant that is the ideal fit for your house. They have a reliable screening process, which includes running credit checks and criminal background checks, which can decrease your likelihood of being charged with bias. Experienced leasing managers have seen many tenants, so they have a better idea of how to choose the ideal renters; those who will pay their bills on time, have a longer tenancy and create less headaches. Perform a background check to confirm identity, wages, credit history, rental history, etc. Grade applicant according to pre-decided renter standards Communicate with applicants who may have been declined
QUESTION: What is a New Tenant Placement or “Lease up” Fee?
Some rental agencies in the Henrico area could charge a new tenants placement charge or have a extra commission incentive for getting a renter into a lease. Acharge of 50 to 100 percent of the first month’s rent for any new tenant placed is not atypical. However, you shouldn’t generally bump into high multiple up-front charges.
Typically a lease up charge is not due until the tenant is secured, meaning you don’t need to pay out of pocket to pay this.
QUESTION: What are Marketing Charges?
Some property management companies charge a marketing fee. This is an upfront fee to market your vacant unit. This fee is typically $250-450. Many companies don’t charge this charge, so shop around!
Vacant Unit fee Some firms charge 1 month’s rent up front. You may run into this charge if you’re trying to hire the property management company while the home is vacant. This gives them the money to pay a realtor a commission for finding a tenant in the property, or to pay the costs of marketing, repeatedly showing the investment property to prospective tenants, as well as the expense of preparing lease paperwork (which can take hours).
Question: Should I attempt to save money by going FRBO? Or finding the cheapest property manager I can?
Answer: With the best home managers, paying a little bit more is a smart investment, because it helps enhance the value of your unit, and they help attract top notch renters; studies have proven employing a unit managercan reduce your vacancy rate by 50%. On the other hand, going lowball with a rental agency can end up being very costly.
Question What Services Are Included in A Typical Property Management Contract?
Be sure you establish precisely what maintenance services are a part of with your fees. It might be that when something needs repair, certain labor costs are included with your monthly fixed rate or percentage charge (for example, changing out lighting switch plates and fixing faucet handles) while others are billed individually (such as replacing broken windows and installing new sinks).
No matter what, everything should be specifically expressed in your agreement. Consider that these fees may require you toraise your rents, which might make finding – and keeping – tenants more difficult. And remember, house management fees can be negotiated. Depending on what you’re willing to pay, you may be able to get a lower price by sacrificing certain services and dealing with them on your own.
Question What Services Are Included in A Typical Property Management Contract?
Be sure you establish exactly what maintenance services are a part of with your charges. It might be that when something needs fixing, some labor charges are a part of with your monthly flat rate or percentage charge (for example, changing out lighting switch plates and fixing faucet handles) while others are billed individually (such as replacing broken windows and installing new sinks).
No matter what, everything should be specifically stated in your agreement. Consider that these fees may require you toraise your rental rate, which might make finding – and keeping – renters more difficult. Keep in mind, unit management charges can be negotiated. Depending on what you’re willing to pay, you may be able to get a better price by giving up certain services and handling them on your own.
QUESTION: How Can a Rental Property Agency Help an owner with Home Regular Maintenance?
Leasing agents are in charge of overseeing preventative home maintenance to keep your property in top notch shape. Examples of what can be under consideration:
- Direct and oversee a company maintenance crew
- Decide on a preventative maintenance approach to locate and deal with repair issues
- Locate a network of licensed, bonded and fully insured contractors who have been vetted for reasonable pricing and quality performance that meets code.
- Delegate work to different parties such as (in-house employees, handyman and professional contractors) based on who may do an excellent job for an excellent price.
- Oversee outdoor areas
- Leaf and snow removal
- Removing trash and debris
- Set up and monitor a 24/7 emergency repair hot-line
- Bigger fix up or rehab projects
- Offer recommendations on how the project can optimize rental profits.
- Prepare initial pricing estimates
- Secure a few different bids for the project
- Perform as general contractor managing the work