Regardless if you describe them as a Property Manager, 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 certainly. Property rental agencies serving the 23047 area offer a multiplicity of services to help you renting your house. It’s an overwhelming list of tasks that a experienced Property Manager will deal with; in fact (if you’re a detailed follow through kind of people person, you might even want to consider 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 Manager RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a renter
- Handle legal contracts
- Keep you legal by helping you follow housing laws
- Open your house to prospective renters in order to rent your house
- Deal with move in and move out
- Collect monies and get you paid!
- Handle collections if payments are timely
- Help with evictions
- Answer renter inquiries
- And so much more than that.
It’s everything but the kitchen sink! Factors to contemplate if you are wondering if you maybe should rent your home on your own or hire a Property Manager near the 23047 area.
HOW MANY INVESTMENT PROPERTIES IN 23047 DO YOU OWN?
As the number of investment properties you own goes up, so does your workload. The more tenants you have, the more maintenance issues, tenant complaints, and empty properties you will have to handle. On top of that, if your properties are spread across multiple locations, your time spent will increase as you will have to manage the issues of each single investment home as well as physically commute from property to property to handle issues.
DO YOU HAVE THE TIME TO MANAGE YOUR RENTAL HOME in the 23047 area?
If you work at a full-time job while you are looking after a investment home and simply can’t give your your rental home the time it demands, the viability of your investment may depend on employing a great property management company in Richmond
Also, realize that time is money and overseeing a investment home takes energy. If you feel like the real life requirements of residential property management are stepping on on time that could be better spent making more money at your other job, or looking for other investments, employing an outside property management company may be the smartest move for you.
WILL YOU HAVE THE AVAILABILITY TO OVERSEE YOUR RENTAL HOME in the 23047 area?
If you work at a full-time job while you are investing in a investment home and simply cannot give your your rental home the energy it demands, the profitability of your investment may depend on paying for a professional property management company in Richmond
Additionally, realize that time is money and overseeing a investment home takes energy. If you feel like the real life duties of rental management are impinging on time that could be better spent making more money at your day job, or searching for other properties, employing an outside property management company may be the smartest move for you.
WILL YOU HAVE THE AVAILABILITY TO OVERSEE YOUR RENTAL HOME near the 23047 area?
If you work at a full-time job while you are investing in a investment home and simply cannot give your investment home the attention it needs, the viability of your investment may depend on hiring a great property management company in Richmond
Additionally, realize that time is definitely money and managing a investment home takes effort. If you feel like the real life obligations of leasing management are impeding on time that could be more enjoyably spent making more money at your other job, or looking for other properties, paying for an outside property management firm may be the wisest move for you.
DO YOU HAVE THE PATIENCE TO WORK WITH RENTERS?
Is the challenge of dealing with evictions, renter complaints and repair concerns stressful for you? Rental agents are experienced in resolving landlord-tenant difficulties. Property Manager have an understanding of Richmond landlord-tenant law and can perform as go between for difficulties. Additionally, if the tenant knows they are working with a third party, they could act more civilly as well.
You don’t have to hire a property management agency just because you are brand new to real estate investing in 23047, have a lot of rental units or are having difficulty filling vacancies. Many people manage their own homes. Personal experience can many times be the greatest instructor and everyone has to begin learning somewhere. If you educate yourself about residential real estate, get the input of others and have a powerful desire to oversee your investment with excellence, chances are good, you will come out on top.
HOW CAN A RESIDENTIAL PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY HOME IN 23047?
Property managers who service the 23047 area will do a lot of things for you as the homeowner, which could include the following:
IN CHARGE OF OVERSEEING THE BUDGET/MAINTAINING RECORDS
In most situations leasing agents are responsible for managing the budget for the building and maintaining all pertinent records. Managing Budget- the leasing agentmust operate within the set budget guidelines for the unit. In particular emergency situations when the tenants or property are in danger, they may use their discretion to order fixup or similar without additional approvals. Upkeep of Records- the leasing agent needs to detailed records related to the house. This should include all income and expenses; lists of all inspections, signed agreements, maintenance requests, any complaints, documentation of maintenance done, costs of fix up, maintenance costs, record of rent collected and insurance fees.
PROPERTY MANAGEMENT COMPANIES HELP YOU DECIDE THE CORRECT RENT LEVELS
Rental managers are responsible for establishing the beginning rent level, and collecting rent from renters. Great leasing agents know how to set the correct rent level toattract tenants to your rental property. 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.
TAKES CARE OF TAXES
The property manager may help the house owner with understanding on how to handle taxes for the property. The rental manager may also mail in taxes for the home
When a tenant does not pay rent or otherwise breaches the terms of a lease, the property manager knows understands the legal approach to give notice and move ahead with an eviction.
INCREASING OR ADJUSTING RENT:
The rental agent 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.
OFFER WISE REAL ESTATE ADVICE:
Chat with you about the pros and cons\pluses and minuses of different issues such as accepting pets, allowing smoking etc. Other are very particular to the Richmond area, so having a local area expert who knows the 23047 area in particular is important.
DEALING WITH WRITTEN AGREEMENTS
Many they are responsible for recommending the duration of the agreement and making sure it has all the necessary provisions to look out for the owner. This includes deciding the total of security deposit needed.
IN CHARGE OF MANAGING THE BUDGET/MAINTAINING RECORDS
In most situations rental managers 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 property. In particular emergency situations when the tenants or house are in danger, they may take action to order fixup or similar without further delays. Maintenance of Paperwork- the property manager should keep detailed records related to the house. This might include all income and expenses; lists of all inspections, completed leases, maintenance requests, any problems noted, notation of maintenance done, charges for repairs, maintenance expenses, documentation of rent collected and insurance costs.
At times when there is a problem needed, the rental agent must handle it themselves or may employ a third party to take care the issue it. They often have a screened black book full of reliable plumbers, electricians, carpenters and other types contractors.
Nearly all they are compensated to oversee maintenance requests, noise disturbances and possess the required relationships to take care of difficult situations.
DEALING WITH EVICTIONS
When a tenant does not pay on time or in some way violates the terms of the lease, the rental agent realizes understands the proper way to give notice and move forward with an eviction.
MANAGE MAINTENANCE ITEMS AND REPAIRS
Property managers are typically responsible for the physical oversight of the house, including consistent maintenance and unexpected work to be done.
PROPERTY MANAGERS HELP YOU SET MARKET RENTAL RATE
Property managers are responsible for setting the beginning rent level, and collecting payment from tenants. Great rental managers know how to set the right rent level toattract renters to your investment property. They hopefully have a specific understanding of the Richmond area, where the property is located and have reviewed at comparable houses in the general Richmond market.
RE-LEASE YOUR INVESTMENT HOME
Once lease terminates get existing tenants to extend their rental agreement for one more rental period
Question: What are Other fees made by property management companies?
In some cases, you might see some fees passed on to you – especially where the agent is charging a small monthly percentage. Examples might include an advertising fee in connection with placing a tenant, an annual inspection fee, and some sort of reserve, so that the management agency has some money on hand to handle unanticipated, but immediate, expenses.
You might want to look into how you split up pet deposits collected and bad check fees (basically whoever gets hit with the most bank costs 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 typical procedures regarding Late Payment Charges?
Occasionally tenants pay after the due date. Read your contract to see if those late payment charges go to you as the owner, to the property management company, or are shared somehow.
QUESTION: What are Advertising Charges?
Some rental agencies charge a marketing fee. This is an upfront fee to market your empty home. This charge is typically $250-500. Most firms don’t charge this fee, so shop around!
Vacant Property charge Some firms charge One month’s rent up front. You could run into this fee if you’re trying to engage the residential property management firm while the property is vacant. This gives them the money to pay a real estate agent a commission for finding a renter in the house, or to pay the costs of marketing, repeatedly showing the home to prospective renters, as well as the cost of preparing lease documents (which can take a long time).
Question: What are Other charges made by property management companies?
At times, you may see some fees passed on to you – especially when the agent is charging a low monthly %. Examples might include an advertising fee in connection with placing a tenant, a yearly inspection fee, and some sort of reserve, so that the management agency has some money on hand to handle unexpected, but immediate, costs.
You may want to check into how you share pet deposits collected and bad check fees (generally whoever gets hit with the greatest amount of bank fees deserves the bulk 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: Will Rental Agencies Take Care of Evictions in the 23047 area?
- Preparing necessary documentation to start and complete an unlawful detainer action
- Representing owner in court
- Working with with police enforcement to evict tenant and tenant’s stuff from home
Question: Do property management companies help with evictions?
Some tenants just don’t work out. Some become unemployed and become unable to pay their rent, while others prove to be irresponsible and a disturbance or pain in the neck at your investment property. Most likely a house manager will levy a charge to go through the laborious process of evicting a renter which is customarily roughly $200-$700 for each eviction, not counting any applicable legal charges.And an evictioncan last a couple months, so be prepared to not receive any rental monies until they move out. On top of that, you could find there is repair work to be done on your house.
Typically, you are better off giving your renter financial reasons to leave the property early and avoid suing them, as maddening as that might seem. You can skip many difficult situations with painstaking renter screening done upfront.
QUESTION: What is a New Tenant Placement or “Lease up” Charge?
Some property management companies in the 23047 area may charge a new tenants placement fee or have a bonus structure for getting a renter into a lease. Afee of 50 to 100 % of the first month’s rent for any new renter placed is not abnormal. Nevertheless, you should not typically bump into unreasonable multiple up-front charges.
Typically a placement charge is not paid until the tenant is signed, which means you don’t need to come out of pocket to pay this.
Question What Services Are Included in A Typical Property Management Contract?
Make certain you establish precisely what maintenance services are a part of with your charges. It may be that when something needs fixing, some labor charges are included with your monthly flat rate or percentage charge (for example, changing out lighting switch plates and fixing faucet handles) while others are charged individually (such as replacing broken window panes and installing new sinks).
Regardless, everything should be specifically stated in your agreement. Keep in mind that these fees could require you toincrease your rents, which might make finding – and keeping – renters harder. And remember, house management charges can be negotiated. Depending on how much you’re willing to pay, you might be able to get a better price by sacrificing particular services and dealing with them on your own.
Question: What are typical procedures regarding Late Payment Charges?
Sometimes renters pay date. Read your agreement to see if those late payment charges go to you as the owner, to the leasing agency, or are shared somehow.
QUESTION: How Can a Rental Management Agency help an owner with the Renter Move In Procedure?
- Prep rental documents
- Determine 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.
- Collect initial month’s rent and security deposit
Question: What do Inspections of my home cost?
Some residential property management will bill for inspections, others will give you one or more without charge per year. This is a walk through of your property to see how the tenant is keeping it up. Fees can range from $50-200 for each inspection.
QUESTION: Do Property Management Agencies Assist With Move Out?
Yes, a Rental management Firm can Assist With Move outs. Activities might include:
- Inspect rental home. and complete a document on the property's status when the tenant moves out
- Give tenant with a version as well as noted charges
- Return the balance of the damage deposit to the tenant
- Forward any portion of the owner’s share of the renter deposit to the owner or hold in owner reserves for repairs.
- Turn over home and handle required repairs or upgrades
- Re-key the locks
- Re-List property back on the market for rent
QUESTION: What Inspection Services Do Property Managers Provide?
- Insure periodic inspections (Inside and outside) on a predetermined schedule watching out for upgrade requirements, safety violations, code problems, lease infractions, etc.
- Prepare owner periodic reports on the condition of the property
Question: What Is The Normal Term Of A Property Management Agreement?
Usually, a landlord signs an agreement with a residential property management firm for a certain length of time – 12 or 24 months, for example – with an option to renew. Agreements could be prepared so that they automatically renew if neither party takes actionopposing it. Termination clauses allow for early termination if the residential property management firm is in the breaking of the agreement in any way.
Question: Should I try to save cash by managing my home myself? Or finding the cheapest rental agent I can?
Answer: With the best investment property agents, paying a little bit more can be a wise investment, because it helps increase the value of your house, and they help attract top notch tenants; studies have proven hiring a house agentcan reduce your vacancy rate by 50%. On the other hand, going cheap with a residential property management firm can wind up being very expensive.