Whether you describe them as a Property Manager, 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 are out there certainly. Property rental agencies serving the 23129 area offer a long list of services to help you renting your house. It’s an overwhelming list of jobs that a great Property Manager will oversee; 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 a quick list of what property managers do if they are asked “will you help me rent my house?”
Leasing Agent RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a tenant
- Deal with legal contracts
- Keep you legal by helping you obey Fair Housing laws
- Show your property to possible renters in order to rent your house
- Deal with move in and move out
- Collect rent and get you paid!
- Handle collections if payments are late
- Assist with evictions
- Answer renter questions
- And so much on top of that.
It’s everything but the kitchen sink! Points to consider if you are considering if you maybe should rent your home on your own or hire a Property Manager near the 23129 area.
IS YOUR VACANCY RATE HIGH?
Good Property Manager are skilled at locating and screening tenants rapidly and will have a network of reliable, cost effective Richmondmaintenance companies to handle problems. Most certified rental agents will also comprehend landlord-tenant law, thereby reducing the risk of legal issues.
DO YOU HAVE THE AVAILABILITY TO CARE FOR YOUR RENTAL HOME in the 23129 area?
If you are employed at a full-time job while you are dealing with a investment home and simply cannot give your your rental property the attention 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 managing a investment home takes effort. If you feel like the day to day requirements of residential property management are stepping on on time that could be better spent making more money at your full time job, or looking for other properties, hiring an outside property management firm may be the smartest move for you.
DO YOU HAVE A HIGH VACANCY RATE?
Good Property Manager are skilled at finding and reviewing renters rapidly and will have a network of reliable, affordable Richmondrepairmen to handle emergencies. Most experienced rental agents will also understand landlord-tenant law, thereby reducing the risk of a lawsuit.
HOW CLOSE IS YOUR INVESTMENT PROPERTY?
The more miles between you and your property,the harder it is to take care of. If your primary residence is in Texas and your rental home is in the 23129 area, it will be a lot of work for you to find tenants,to handle tenant complaints,to quickly respond to difficulties, to address maintenance concerns, 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 getting there will also add up. In situations like these, hiring a greatRichmond property management company can make some sense and may actually save you some cash.
DO YOU HAVE THE TEMPERAMENT TO DEAL WITH RENTERS?
Is the pressure of dealing with evictions, renter problems and repair issues stressful for you? Leasing agents are skilled in dealing with landlord-tenant conflict. Property Manager have an understanding of Richmond legal issues and can perform as a buffer for problems. Additionally, if the tenant is aware they are working with a third party, they may behave more civilly as well.
You do not have to employ a property management firm because you are new to property investing in 23129, have a lot of properties or are having difficulty filling empty units. 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 property investing, get the input of others and have a clear desire to manage your real estate well, its very likely, you will succeed.
HOW CAN A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY IN 23129?
Property management companies who service the 23129 area will do many things for you as the home investor, 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. Overseeing Budget- the leasing agentmust operate within the established budget guidelines for the property. In particular emergency situations when the renters or property are in danger, they may move ahead to order repairs or likewise without additional approvals. Maintenance of Documents- the property manager should keep detailed paperwork regarding the house. This might include all income and expenses; notations of all inspections, signed leases, maintenance requests, any problems noted, notation of work done, costs of repairs, maintenance expenses, record of rent paid and insurance costs.
HANDLE CAREFUL INSPECTIONS
You want to make sure to have before and after photos and written documentation, so you can quickly handle tenant deposits and differences of opinion when they leave your home. A good number of renters will act shocked when you take out damages from their deposit, so having comprehensive files will help reduce the amount of fighting they do with you.
RE-LEASE YOUR PROPERTY
Once agreement terminates persuade existing renters to extend their rental agreement for another rental period
One of the more important duties of the leasing agents is to oversee tenants. Agents are engaged in many capacities, from locating the tenants and dealing with issues to dealing with the eviction process.
IN CHARGE OF OTHERS
Other Employees- if there are other employees in the unit, such as a desk clerk or security guard, the rental manager is in charge of making sure they are on their toes. The rental agent often will determine their wage rates and possibly terminate them.
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.
Most leasing agents are tasked with for marketing the home to fill vacancies. Residential property managersknow where to promote and what to include in their ads. Rental agents also understand what is motivating to renters, so they can suggest making minor improvements to help makeover the home.
OVERSEEING MOVE OUTS
If a tenant ends his tenancy, the rental agent is responsible for inspecting the house, looking for problems and assessing what portion of the security deposit mayl be returned to the renter. After move out, the property manager is in charge of cleaning the home, fixing any issues and finding a replacement tenant.
TAKES CARE OF TAX PAYMENTS
The rental agent may help the house owner with education on how to file taxes for the investment property. The rental manager might also mail in taxes for the property
PROPERTY MANAGERS HELP YOU SET THE CORRECT RENTAL RATE
Leasing agents are responsible for setting the initial rent level, and collecting payment from tenants. Great property managers know how to set the correct rent level todirect renters to your investment property. They hopefully have a specific understanding of the Richmond area, where the home is located and have reviewed at comparable properties in the general Richmond area.
OVERSEEING MOVE OUTS
When a renter moves out, the rental agent is responsible for inspecting the property, checking for problems and determining what amount of the damage deposit willl be returned to the tenant. After move out, the manager is responsible for cleaning the property, fixing any damages and locating a replacement renter.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there are other employees in the apartment, such as a concierge\desk manager or security guard, the rental agent is responsible for being sure they are paying attention to details. The leasing agent often will set their wage rates and possibly terminate them.
Professional rental managers are many times hired to overlook vacant properties to ensure there has been no vandalism and to oversee routine maintenance. They also make certain vendors and other repairmen are completing their work in a reliable manner.
A key responsibility of the property managers is to manage renters. Managers are involved in many capacities, from locating the renters and responding to complaints to dealing with evictions.
Question: Should I attempt to save cash by managing my home myself? Or hiring the cheapest rental agent possible?
Answer: With the best investment property managers, paying a little bit more is a wise investment, because it helps enhance the value of your property, and they help retain top notch renters; studies have proven hiring a investment property managercan cut your vacancy rate in half. Conversely, going cheap with a residential property management firm can end up being very costly.
Question: How much do rental managers cost?
Answer: As you may guess, the answer is “it depends.” Property management firms vary widely, and a good deal of the answer depends on what a company does for you.. Exactly what do you want a rental agent to accomplish for you?
Normal Percentage of Rent Agreement. As a starting point, expect to pay a typical Residential property management company ranging from 8 – 11% of the monthly rent of the house. This is referred to as management charge, or monthly management payment. Usually the greater your rent is, the lower the percentage is. To illustrate if your rental charges are $2,000 per month for your rental home, you will usually pay a lower percentage fee than another person whose property rents for $900 per month.
You do not pay this management fee until payment is collected. Look specifically at your agreement regarding whether the management fee is determined by ‘rent collected’ or ‘rent due’. If the charge is tied to rent received, it means the Residential property management company won’t get paid if you don’t get paid. On the other hand, if it’s based on ‘rent due’, then you owe whether or not rent is collected from the tenant usually.
Fixed Fee Contract
Some agencies may charge, say,$75- $150 each month fixed rate. There is nothing dictated bylaw in this; it’s decided by the firm owner.
You wouldn’t owe money on a fixed rate contract normally until rent is received.
QUESTION: What is a New Tenant Placement or “Lease up” Fee?
Some leasing agencies in the 23129 area might charge a new tenants placement fee or have a bonus structure for getting a tenant into a lease. Afee of 50 to 100 percent of the first month’s rent for any new renter placed is not atypical. However, you shouldn’t typically run into unreasonable multiple up-front charges.
Normally a placement fee is not due until the tenant is found, meaning you don’t have to come out of pocket to pay this.
Question: How much do property managers cost?
Answer: As you might guess, the response is “it depends.” Residential property management companies vary widely, and much of the response depends on what a company does for you.. Exactly what do you want a rental agent to accomplish for you?
Normal Percentage of Monthly Rent Agreement. As a starting point, expect to be charged a normal Rental management agency between 7 – 11% of the monthly rent of the house. This is called a management charge, or monthly management fee. Usually the higher you charge for rent, the lower the percentage is. To illustrate if your rental charges are $2,000 per month for your rental home, you will typically pay a lower percentage fee than another person whose property rents for $900 per month.
You are not charged this percentage charge until payment is received. Look specifically at your agreement regarding whether the management fee is based on ‘rent collected’ or ‘rent due’. If the charge is based on rent collected, it means the Rental management agency doesn’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 usually.
Fixed Fee Contract
Some firms may charge, say,$75- $150 each month fixed rate. There is nothing required bystatute in this; it’s decided by the firm owner.
You wouldn’t owe money on a fixed rate contract typically until rent is collected.
QUESTION: What types of Maintenance can residential property management help with?
Some rental agencies in the 23129 area have in house maintenance employees, full-time. The majority of contract this work out to various subcontractors. Some rental agencies charge a flat rate to oversee any work done by contractors. A few will add on to the contractors fee. Make certain you know how it operates with your property management firm!
Question: What do do property managers charge?
Answer: As you may guess, the answer is “it depends.” Rental management agencies vary a lot, and much of the answer is dependent on what a company does for you.. Exactly what do you want a rental agent to accomplish for you?
Normal Percentage of Monthly Rent Agreement. As a starting point, expect to pay a usual Leasing agency ranging from 8 – 11% of the monthly rent of the home. This is called a management fee, or monthly management charge. Typically the higher you charge for rent, the lower the percentage fee is. To illustrate 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 $1000 each month.
You do not pay this percentage charge until payment is received. Look carefully at your agreement regarding whether the management fee is based on ‘rent collected’ or ‘rent due’. If the fee is tied to rent received, it means the Leasing agency 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 collected from the tenant usually.
Flat Rate Contract
Some firms may charge, say,$75- $150 each month flat rate. There is nothing required bylaw in this; it’s decided by the property management company owner.
You wouldn’t owe money on a fixed rate agreement usually until rent is received.
Question: Should I try to save money by managing my home myself? Or hiring the cheapest property manager I can?
Answer: With the best unit agents, paying a little bit more can be a smart investment, because it helps increase the value of your unit, and they help retain quality tenants; studies have proven hiring a investment property managercan reduce your vacancy rate in half. Conversely, going cheap with a property management company can wind up being very costly.
Question: What do Inspections of my home cost?
Some residential property management will bill for inspections, some will give you one or more without charge annually. This is a visual inspection of your unit to see how the renter is keeping it up. Charges can range from $25-200 per inspection.
QUESTION: How Can a Home Management Firm Help With Tenant Vetting and Selection?
Vetting Tenants- A rental agent will screen the prospective renter applications to discover the applicant that is the best fit for your house. They have a consistent vetting process, including running credit checks and criminal background checks, which can reduce your chances of being charged with breaking the law. Experienced residential property agents have seen hundreds, even thousands, of renters, so they have a better idea of how to choose the ideal renters; those who will pay their rent on time, have a longer tenancy and create much fewer headaches. Perform a background check to verify identity, wages, credit history, rental history, etc. Evaluate applicant per pre-decided renter standards Communicate with tenants who were rejected
Question: What are typical procedures regarding Late Payment Charges?
Occasionally renters pay after the due date. Look at your contract to see if those late payment fees go to you as the owner, to the residential property management, or are shared in some way.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some property management companies in the 23129 area may charge a new renters placement fee or have a bonus structure for getting a tenant into a lease. Acharge of 50 to 100 % of the first month’s rent for any new renter placed is not atypical. However, you shouldn’t generally bump into high multiple up-front charges.
Generally a lease up charge is not paid until the renter is found, which means you don’t have to come out of pocket to pay this.
Question: Do all residential property management charge basically the same way?
Not all pricing structures are identical. Some property management companies in the 23129 area may charge a flat per-month rate – which again differs according to area, duties performed, and the total value of the property – while others charge a percentage rate, as noted above. Cost can also change depending on the size and number of houses you own.
To illustrate, if you own several houses, you might get a “bulk” discount that a person with a single investment property or apartment might not get.
Question: Do rental agencies help with evictions?
Some renters are flakes. Some get fired and become unable to pay their rent, while others prove to be irresponsible and a problem or pain in the neck at your investment property. Most certainly a unit agent will impose a fee to complete the laborious process of evicting a tenant which is usually ballpark cost of $300-$400 per eviction, plus any applicable courtroom charges.And an evictionoftentimes last a few months, so be ready to not get any rental monies until they move out. In addition, you may find there is fix up work to be done on your property.
Typically, you are better off providing your tenant financial reasons to leave the unit early and avoid suing them, as aggravating as that is. You can avoid many difficult situations with detailed tenant vetting done upfront.
QUESTION: What types of Maintenance can rental agencies help with?
Some residential property management in the 23129 area have their own maintenance employees, full-time. Most refer these jobs out to various vendors. Some leasing agencies charge a fixed fee to manage any work with subcontractors. Some will upcharge the contractors fee. Make sure you know how it works with your unit management company!