No matter if you describe them as a Property Manager, 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 firms do exist certainly. Property rental agencies serving the 23223 area offer a long list of services to help you renting your home. It’s a long punchlist 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 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 Managers RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a renter
- Deal with legal paperwork
- Keep you out of jail by helping you follow Fair Housing laws
- Open your house to prospective renters in order to rent your house
- Handle move in and move out
- Collect rental payments and get you paid!
- Handle collections if payments are late
- Help with evictions
- Deal with renter questions
- And so much more.
It’s everything from soup to nuts! Points to think about if you are questioning if you should rent your house on your own or hire a Property Manager near the 23223 area.
IS YOUR VACANCY RATE HIGH?
Excellent Property Manager are capable locating and screening tenants quickly and will have a network of capable, affordable Richmondrepairmen to deal with difficulties. Most certified leasing agents will also understand landlord-tenant law, thereby reducing the risk of a lawsuit.
DO YOU HAVE A HIGH VACANCY RATE?
Great Property Manager are skilled at locating and screening renters quickly and will have a network of capable, affordable Richmondmaintenance companies to handle difficulties. Most certified property managers will also comprehend landlord-tenant law, thereby reducing the risk of legal problems.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you want to deal in Richmondinvestment homes, but don’t know a single thing about residential property management, hiring an experienced Property Manager can be a wise choice for you. Learning on the job can become very costly.
For a single family home investor who is getting going, hiring a bad repairman or taking too long to fill an empty home can easily eat into your potential income. There are huge legal liability issues you can run into if you don’t know about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of rental management fees!
HOW MANY RENTAL HOMES IN 23223 DO YOU HAVE TO TAKE CARE OF?
As the total homes you own goes up, so does your workload. The more tenants you have, the more maintenance concerns, tenant complaints, and empty properties you will have to handle. On top of that, if your properties are spread across multiple areas, your time commitment will multiply as you will have to manage the issues of each individual property as well as travel from property to property to resolve issues.
DO YOU HAVE ANY PROPERTY MANAGEMENT EXPERIENCE?
If you would like deal in Richmondinvestment real estate, but don’t know a single thing about rental management, hiring a professional Property Manager can be a smart choice for you. Learning on the job can become very draining financially.
For a property investor who is just beginning, hiring a bad repairman or taking too long to fill an empty home can easily eat into your profits. There are big legal liability concerns you can stumble on if you don’t know about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of leasing management fees!
HOW CAN A PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY IN 23223?
Property managers who service the 23223 area can do many things for you as the home investor, which can include the following:
SUGGEST AND SUPERVISE VENDORS
Rental management professionals should be capable to recommend vendors to do maintenance and cosmetic improvements that maximize profitability while providing excellent ROI.
OFFER SOUND REAL ESTATE ADVICE:
Discuss with you the pros and cons\pluses and minuses of different policies such as accepting pets, permitting smoking etc. Other are very particular to the Richmond area, so having a local market expert who knows the 23223 area in particular is important.
Most property manager are responsible for marketing the property to fill vacancies. Residential property managersknow where to advertise and what to include in their ads. leasing agents also have insight into what interests tenants, so they can suggest making cosmetic improvements to help improve the property.
MANAGE MAINTENANCE AND MINOR UPGRADES
Rental property management agents are typically charged with caring for the physical care of the residence, including scheduled maintenance and unexpected repairs.
This is where a rental agent earns their money! Home management agencies make sure you get your money by collecting rent every month on time and strictly enforcing late charges.
Provide financial management services Make payment on behalf of the owner (Mortgage, insurance, HOA dues, etc.) Detailed documentation of expenditures via invoices and receipts Maintain all past records (paid invoices, paperworks, inspection documentation, warranties, etc.) Oversee annual reporting, structured for tax purposes as well as needed tax paperwork including a 1099 paperwork Advise owner on relevant tax deductions related to their rental home. Provide simple monthly cash-flow reports which offer a detailed accounting of income and specific expenses
SUGGEST AND SUPERVISE VENDORS
Rental management agents should be able to offer recommendations on repairs and small work that maximize monthly rent while providing great return on investment.
IN CHARGE OF OTHERS
Other Employees- if there are other employees in the apartment, such as a concierge\desk manager or security personnel, the rental agent is responsible for being sure they are on their toes. The rental agent can establish their compensation and even terminate them.
RE-LEASE YOUR HOUSE
Once contract expires ask current renters to continue their lease for one more rental period
RESIDENTIAL PROPERTY MANAGERS HELP YOU SET THE CORRECT RENTAL RATE
Leasing agents are responsible for setting the initial rent level, and collecting rent from tenants. Excellent rental agents know how to set the right rent level toattract tenants to your home. They hopefully have a specific understanding of the Richmond area, where the property is located and have looked at comparable houses in the general Richmond area.
OVERSEEING MOVE OUTS
When a tenant leaves, the property manager is in charge of inspecting the house, checking for damages and assessing what portion of the security deposit mayl be returned to the renter. After move out, the property manager is responsible for cleaning the home, repairing any damages and locating a replacement tenant.
DEALING WITH MOVE OUTS
When a tenant moves out, the property manager is in charge of inspecting the property, looking for damages and deciding what amount of the damage reserves willl be returned to the renter. After move out, the property manager is responsible for cleaning the home, repairing any damages and finding a new tenant.
SUGGEST AND SUPERVISE VENDORS
Residential property management pro’s should be able to recommend vendors to do maintenance and small improvements that maximize monthly rent while providing excellent return on investment.
Nearly all they are compensated to deal with maintenance requests, noise complaints and have the needed relationships to handle emergency situations.
Question: What Is The Normal Term Of A Property Management Agreement?
Usually, an owner signs an agreement with a rental agency for a fixed length of time – 12 or 24 months, for example – with an option to renew. Paperwork can be prepared so that they automatically renew if neither party takes actionstopping it. Termination clauses allow for early termination if the rental agency is in breach of the agreement in any way.
QUESTION: How Would a Home Management Agency Assist With Renter Vetting and Selection?
Vetting Tenants- A residential property agent will sort through the prospective tenant applications to find the tenant that is the best fit for your house. They have a consistent vetting process, including running credit checks and criminal background checks, which can decrease your possibility of being charged with bias. Professional leasing managers have seen many tenants, so they have a better idea of how to choose the right renters; renters who will pay their rent on time, have a longer tenancy and create much fewer issues. Perform a background check to authenticate identity, salary, credit history, rental history, etc. Grade tenant per pre-decided renter criteria Inform applicants who may have been turned down
Question: What are Other charges made by property management companies?
In some cases, you might see some charges passed on to you – especially where the manager is charging a low monthly %. Examples could include an advertising fee in connection with placing a tenant, an annual inspection fee, and some sort of reserve, so that the management company has some money on hand to handle unexpected, but immediate, costs.
You may want to look into how you split up pet deposits collected and bad check charges (generally whoever gets stuck with the greatest amount of bank fees should get 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 Marketing Charges?
Some rental agencies charge a marketing fee. This is an upfront fee to market your empty property. This fee is normally $250-400. A majority of agencies don’t charge this charge, so shop around!
Empty House charge Some companies charge 1 month’s payment up front. You might run into this fee if you are trying to engage the residential property management firm while the unit is empty. This gives them the cash to pay a realtor a commission for placing a tenant in the property, or to pay the costs of marketing, repeatedly showing the investment property to prospective renters, as well as the cost of preparing lease paperwork (which can take a long time).
Question: How much do rental agents cost?
Answer: As you might guess, the answer is “it depends.” Rental management agencies vary quite a bit, and a good deal of the response depends on what they do for you.. Exactly what do you want a property manager to accomplish for you?
Typical % of Monthly Rent Contract. As a starting point, expect to be charged a usual Property management company ranging from 7 – 12% of the monthly rental value of the house. This is called a management fee, or monthly management payment. Typically the higher your rent is, the lower the percentage is. For example if your rental charges are $2,300 each month for your rental house, you will usually pay a lower percentage fee than someone else whose home rents for $1000 per month.
You do not pay this management charge until rent is collected. Look specifically at your agreement regarding whether the management charge is based on ‘rent collected’ or ‘rent due’. If the charge is tied to rent collected, 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 owe whether or not rent is received from the tenant typically.
Fixed Fee Contract
Some companies may charge, say,$75- $150 each month fixed rate. There is nothing required bystatute in this; it’s determined by the property management company owner.
You wouldn’t owe money on a flat rate contract normally until rent is collected.
What can a RichmondRental management Firm Do to Market Your Investment Property?
- Get investment property ready for renting out
- Clean house and maximize interior appeal
- Take care of exterior to increase curb appeal
- Create advertisements customized for the property and advertising platform.
- A sample of the platforms commonly utilized are:
- For pay and free rental listing websites
- Print magazines
- Install a lock box
- MLS listings
- Coordinate with other professionals and leasing agents to secure a tenant
- Provide a 24/7 hot-line where interested renters can hear to specific information about the house
- Take phone calls from prospects for questions and appointments
- Greet prospective renters for appointments throughout the week and weekend.
- Provide prospective tenants with rental applications that are legally in line with government regulations
- Gather applications with application fee
QUESTION: What are Marketing Fees?
Some property management companies charge a advertising fee. This is an upfront fee to market your vacant property. This charge is usually $$150-450. A majority of firms don’t charge this fee, so shop around!
Empty House charge Some agencies charge One month’s payment up front. You could run into this fee if you’re attempting to engage the residential property management firm while the home is vacant. This gives them the money to pay a realtor a commission for finding a tenant in the house, or to pay the costs of advertising, repeatedly showing the investment property to prospective tenants, as well as the cost of preparing lease documents (which can take hours).
QUESTION: How Can a Property Management Firm Help an owner with Home Routine Maintenance?
Rental property management agents are responsible for managing preventative property maintenance to keep your property in good status. Some of things that can be involved:
- Direct and oversee a company maintenance team
- Create a preventative maintenance approach to find and address repair concerns
- Locate a collection of licensed, bonded and completely insured contractors who have been reviewed for reasonable bidding and good work that meets requirements.
- Delegate work to various parties such as (in-house employees, handyman and professional contractors) based on who could do a good job for the lowest price.
- Maintain outdoor areas
- Debris and snow removal
- Removing trash and debris
- Maintain and monitor a 24 hour emergency repair hot-line
- Bigger renovation or rehab projects
- Provide suggestions on how the project can optimize rental profits.
- Prepare preliminary cost estimates
- Secure a few different estimates for the work
- Act as general contractor managing the work
Question: How much should I price shop the fees my property management company charges me?
Ultimately, engaging a investment property manager in the 23223 area is entering into a partnership. Over the long haul, the charges aren’t as critical as the interaction between you and the agent and quality of the service your agent provides. A great agency can take charge of the maintenance of the property, for example, and wind up providing you a lot rental value and price appreciation than you thought possible. That said, you need to be prepared to provide them the resources to accomplish.
Question: Should I attempt to save cash by managing my home myself? Or hiring the least expensive property manager I can?
Answer: With the best house managers, paying a little bit more is a wise investment, because it helps enhance the value of your house, and they help attract top notch renters; studies have proven employing a investment property managercan cut your vacancy rate by 50%. On the other hand, going cheap with a property management company can wind up being very expensive.
Question: What Is The Normal Term Of A Property Management Agreement?
Usually, a landlord signs a contract with a rental agency for a certain length of time – 12 or 24 months, for example – with an option to renew. Agreements could be drawn up so that they automatically renew if neither party takes actionstopping it. Termination clauses allow for early termination if the residential property management firm is in breach of the agreement in any way.
QUESTION: Do Residential Property Management Companies Assist With Move Out?
Yes, a Home Management Agency can Assist With Move outs. Services might include:
- Inspect rental property. and complete a report on the property's status when the client moves out
- Provide renter with a photocopy as well as noted charges
- Return the balance of the security reserves to the renter
- Transfer remaining amount of the owner’s share of the tenant deposit to the owner or keep in owner reserves for repairs.
- Clean house and perform needed repairs or upgrades
- Re-do all locks
- Re-List property back on the market for rent
QUESTION: What Inspection Services Do Rental Managers Provide?
- Perform periodic inspections (Inside and outside) on a predefined schedule watching out for upgrade requirements, safety concerns, code problems, lease infractions, etc.
- Send owner periodic reports on the condition of the property
What can a RichmondHome Management Company Do to Market Your Property?
- Get home ready for rental
- Clean home and maximize interior attractiveness
- Manicure landscaping to increase street appearance
- Develop marketing materials customized for the property and marketing platform.
- A few of the platforms regularly used are:
- For pay and no charge rental listing websites
- Print publications
- Installing a lock box
- MLS listings
- Partner with other agents and rental agents to locate a renter
- Provide a 24/7 phone where potential renters can hear to detailed information about the property
- FieldAnswer calls from prospects for questions and viewings
- Greet prospective tenants for showings during the week and weekend.
- Provide potential renters with tenant applications that are legally compliant with fair housing laws
- Gather applications with application payment
QUESTION: How Might a Home Management Firm Help With Tenant Screening and Choosing?
Vetting Applicants- A leasing agent will screen the potential tenant applications to discover the applicant 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 chances of being charged with bias. Experienced leasing managers have seen many tenants, so they have a good idea of how to choose the best applicants; renters who will pay their bills on time, have a longer tenancy and create fewer headaches. Perform a background check to verify identity, income, credit history, rental history, etc. Evaluate renter according to pre-decided applicant standards Inform applicants who may have been declined