Regardless 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 normally on residential properties (but commercial property management companies are out there certainly. Property rental agencies serving the 23231 area offer a long list of services to help you renting your home. It’s a huge list of jobs that a expert Property Manager will handle; in fact (if you’re a detailed follow through kind of people person, you may even want to consider 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?”
Property Manager Services RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a renter
- Handle legal contracts
- Keep you out of jail by helping you comply with housing laws
- Open your home to possible tenants 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
- Help with evictions
- Respond to renter inquiries
- And a lot more than that.
It’s everything from soup to nuts! Issues to contemplate if you are considering if you maybe should rent your home on your own or hire a Property Manager near the 23231 area.
DOES IT MAKE FINANCIAL SENSE TO PAY A Property Manager ?
You’ve discovered that goodrental agentswho provide services to the 23231 area in Richmond aren’t free.
Rental companies will charge a fee, on average, between 4% and 9% of the monthly rents for the property. The typical fee for a single family investment is about 8-10%. The fee for a building of 10 units or more is typically between 5% and 8%.
If your house is vacant, it’s normal to pay a tenant finding fee to locate and place a new renter in your rental home. Depending on the property management company this can range from 50%-100% of a month’s rent.
Something to consider: Having expert professional input on market rents and having a certified agent deal with locating a tenant could mean you get higher rents, which means a good leasing agent might end up covering all or part of their cost because of higher rents.
HOW FAR AWAY IS YOUR RENTAL PROPERTY?
The more miles between you and your property,the more difficult it is to take care of. If your main home is in Florida and your rental property is in the 23231 area, it will be more difficult for you to find renters,to handle renter complaints,to quickly react to problems, to deal with maintenance concerns, and even to guarantee rent is collected in a timely manner.
The amount of time it takes you to get to the property and the cost of getting there will also add up. In situations like these, hiring a professionalRichmond property management firm? can make a lot of sense and actually save you money.
HOW FAR AWAY IS YOUR INVESTMENT PROPERTY?
The more miles between you and your rental home,the more stressful it is to take care of. If your main address is in Michigan and your rental property is in the 23231 area, it will be a lot of work for you to find renters,to handle constant complaints,to quickly react to difficulties, to handle maintenance issues, and even to make sure payment is collected in a timely manner.
The amount of time it takes you to go back and forth the property and the cost of getting there will also mount. In situations such as these, hiring a greatRichmond property management company can make a lot of sense and will likely save you some dough.
HOW MANY RENTAL HOMES IN 23231 DO YOU OWN?
As the number of investment properties you own goes up, so do your responsibilities. The more tenants you have, the more maintenance concerns, tenant complaints, and vacancies you will have to deal with. Additionally, if your units are spread across multiple cities, your time spent will increase as you will have to oversee the cash flow of each single rental as well as drive from property to property to deal with concerns.
HOW FAR AWAY IS YOUR RENTAL HOME?
The more miles between you and your rental home,the more stressful it is to take care of. If your main address is in Oregon and your property is in the 23231 area, it will be harder for you to find tenants,to handle renter complaints,to quickly respond to issues, to handle maintenance issues, and even to ensure payment is collected by due date.
The total time it takes you to travel to the property and the cost of travel will also start to bite. In situations such as these, hiring a goodRichmond property management firm? can make some sense and will likely save you money.
HOW WILL A RESIDENTIAL PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY IN 23231?
Rental management companies who service the 23231 area may do many things for you as the homeowner, which can include the following:
Professional property managers are many times engaged to look after vacant homes to ensure there has been no vandalism and to execute routine maintenance. They also make certain contractors and other outsourced workers are finishing their work in a reliable manner.
A key responsibility of the leasing agents is to oversee renters. Managers are involved in many roles, from locating the tenants and addressing complaints to dealing with evictions.
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.
EXPERIENCED WITH LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A good rental agent will have a complete understanding of state and national laws regarding the proper methods to: Screening the applicants. Manage damage deposits Terminate a rental agreement Evict a tenant Obey with home safety protocols Give input in the occasion the event of a legal dispute or lawsuit Recommend owner to a qualified attorney when required Understand and follow the latest local, state and federal guidelines that apply to renting and maintaining rental properties.
CONTENDING WITH EVICTIONS
When a tenant does not pay as agreed or otherwise breaches the terms of the agreement, the leasing agent knows is experienced with the best approach to file and move ahead with an eviction.
HANDLING MOVE OUTS
When a tenant ends his tenancy, the agent is in charge of inspecting the home, looking for issues and deciding what portion of the damage deposit mightl be returned to the renter. After move out, the manager is responsible for cleaning the home, repairing any damages and locating a new tenant.
HANDLING MOVE OUTS
If a tenant ends his tenancy, the property manager is in charge of inspecting the property, checking for problems and assessing what amount of the security reserves willl be returned to the tenant. After move out, the manager is in charge of cleaning the unit, fixing any areas of concern and finding a new tenant.
DEALING WITH EVICTIONS
When a tenant does not pay as agreed or in some way breaches the terms of the contract, the rental property management agent knows is experienced with the proper way to file and proceed ahead with an eviction.
At times when there is a problem needed, the rental agent may attend to it themselves or must find someone to take care the problem it. They sometimes have a screened team of experienced electricians,carpenters,plumbers and other contractors.
CONTENDING WITH EVICTIONS
When a tenant does not pay on time or otherwise breaches the terms of the lease, the leasing agent realizes is experienced with the proper way to legally respond and proceed ahead with an eviction.
COLLECTING RENTAL PAYMENTS:
This is where a rental agent earns their keep. Home management companies make sure you get paid by collecting rent each month on time and strictly enforcing late fees.
RESPONSIBLE FOR MAINTENANCE AND MINOR UPGRADES
Rental property management agents are typically responsible for the physical oversight of the home, including scheduled maintenance and emergency work to be done.
TAKES CARE OF HANDLING TAXES
The property manager will assist the home owner with understanding on how to file taxes for the house. The rental manager may also mail in taxes for the home
PROPERTY MANAGEMENT COMPANIES HELP YOU DECIDE MARKET RENT LEVELS
Rental agents are responsible for establishing the beginning rent level, and collecting payment from tenants. Great property managers know how to set the right rent level toattract tenants 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 market.
Question: What are Random fees made by property management companies?
In some cases, you might see some charges passed on to you – especially when the agent is charging a small monthly %. Examples could include an advertising charge in connection with finding a tenant, an annual inspection charge, and some sort of reserve, so that the management agency has some money on hand to take care of unexpected, but immediate, expenses.
You may want to check into how you split up pet deposits collected and bad check charges (generally whomever gets hit with the most bank costs deserves 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 Might a Property Management Firm Assist an investor with House Standard Maintenance?
Rental property management agents are in charge of overseeing preventative house maintenance to keep your property in top notch status. Some of things that may under consideration:
- Provide and oversee company employed maintenance team
- Decide on a preventative maintenance approach to locate and deal with maintenance concerns
- Identify a team of licensed, bonded and legally insured contractors who have been reviewed for fair bidding and excellent work that is up to code.
- Delegate jobs to different parties such as (in-house employees, handyman and professional contractors) based on who could do the best job for the best price.
- Oversee outdoor areas
- Debris and snow removal
- Removing garbage and debris
- Set up and oversee a 24 hour emergency repair hot-line
- Larger renovation or rehab projects
- Offer suggestions on how the project can optimize rental profits.
- Take responsibility for initial cost estimates
- Secure a few independent estimates for the project
- Act as general contractor managing the work
What can a RichmondHome Management Company Do to Market Your Investment Property?
- Get investment property ready for renting out
- Clean home and maximize interior appeal
- Manicure yard to optimize curb appeal
- Prepare ads customized for the house and marketing platform.
- Some of the platforms normally used are:
- Paid and free rental listing websites
- Print magazines
- Install a lock box
- Multiple Listing Service listings
- Coordinate with other realtors and rental agents to secure a renter
- Provide a 24-hour phone where prospective tenant can listen to detailed information about the house
- Take phone calls from prospects for questions and viewings
- Greet prospective renters for showings throughout the week and weekend.
- Provide potential tenants with rental applications that are legally in line with government regulations
- Gather applications with application payment
What can a RichmondHome Management Agency Do to Market Your Home?
- Get house ready for rental
- Clean house and optimize interior attractiveness
- Take care of landscaping to increase street appearance
- Develop advertisements specifically created for the property and advertising medium.
- A sample of the channels regularly used are:
- Paid and no fee rental listing websites
- Print publications
- Installing a lock box
- MLS listings
- Property fliers
- Coordinate with other professionals and rental agents to secure a renter
- Provide a 24/7 hot-line where prospective renters can hear to specific information about the house
- Take phone calls from prospects for questions and showings
- Meet interested tenants for appointments throughout the week and weekend.
- Provide prospective tenants with tenant applications that are legally in line with government regulations
- Collect applications with application payment
Question: Do all residential property management charge basically the same way?
Not every fee structures are identical. Some property management companies in the 23231 area may charge a fixed 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. Price can also differ depending on the size and quantity of houses you own.
To illustrate, if you own several apartment buildings, you might get a “bulk” discount that a person with a single home or apartment might not get.
Question: What do Inspections of my home cost?
Some property management companies will bill for inspections, some will give you one or more free per year. This is a walk through of your unit to see how the tenant is keeping it up. Charges can range from $100-200 per inspection.
QUESTION: How Would a Rental management Agency Assist With Renter Vetting and Selection?
Screening Applicants- A leasing agent will sort through the prospective renter applications to discover the applicant that is the ideal fit for your home. They have a proven vetting process, including running credit checks and criminal background checks, which can decrease your chances of being accused of discrimination. Experienced leasing agents have seen hundreds, even thousands, of tenants, so they have a better idea of how to identify the right tenants; those who will pay their rent on time, have a longer tenancy and create much fewer issues. Perform a background check to confirm identity, wages, credit history, rental history, etc. Grade applicant in relation to pre-decided applicant standards Communicate with tenants who may have been rejected
Question: Should I attempt to save cash by going FRBO? Or finding the cheapest rental agent I can?
Answer: With the best home managers, paying a little bit more can be a smart investment, because it helps increase the value of your property, and they help retain quality renters; studies have proven hiring a investment property agentcan cut your vacancy rate in half. Conversely, going cheap with a rental agency can wind up being very expensive.
Question: How much should I price shop the fees my property management company charges me?
Ultimately, hiring a property manager in the 23231 area is entering into a partnership. In the long run, the charges aren’t as critical as the interaction between you and the agent and quality of the service your agent provides. A competent firm can take control of the oversight of the unit, for example, and wind up getting you much more rental value and price appreciation than you thought possible. That said, you need to be willing to provide them the resources to do it.
QUESTION: How Will a Rental Property Company Help an investor with Home Routine Maintenance?
Rental agents are responsible for overseeing preventative home maintenance to keep your house in top notch condition. Some of things that might involved:
- Direct and oversee company employed maintenance crew
- Create a preventative maintenance approach to find and address repair concerns
- Locate a network of licensed, bonded and completely insured contractors who have been reviewed for fair pricing and quality work that meets code.
- Delegate jobs to different parties such as (in-house employees, handyman and professional contractors) based on whom may do an excellent job for the best price.
- Maintain outdoor areas
- Debris and snow removal
- Removing trash and debris
- Set up and oversee a 24/7 emergency repair hotline
- Larger renovation or remodeling projects
- Provide recommendations on how the project can optimize rental income.
- Take responsibility for initial cost estimates
- Get several independent quotes for the project
- Perform as general contractor managing the work
QUESTION: Do Residential Property Management Firms Help With Move Out?
Yes, a Rental management Firm can Assist With Move outs. Activities might include:
- Inspect investment property. and complete a report on the property's status when the client moves out
- Give renter with a copy as well as estimated damages
- Return the balance of the damage reserves to the tenant
- Transfer remaining portion of the owner’s share of the renter deposit to the homeowner or hold in owner reserves for work to be done.
- Turn over unit and handle required repairs or upgrades
- Re-do the locks
- Re-List property back on the market for rent
QUESTION: What Inspection Services Do Rental Agents Provide?
- Perform timely inspections (Inside and outside) on a regular schedule watching out for maintenance requirements, safety issues, code violations, lease infractions, etc.
- Send owner periodic reports on the condition of the property
Question: Do all leasing agencies charge basically the same way?
Not every fee structures are identical. Some residential property management in the 23231 area may charge a flat per-month rate – which again varies according to area, duties performed, and the total value of the home – while others charge a percentage rate, as noted above. Price can also fluctuate depending on the size and number of properties you own.
For example, if you own a few apartment buildings, you may get a quantity discount that a person with a single investment property or apartment might not receive.
QUESTION: Do Residential Property Management Companies Deal With Evictions in the 23231 area?
- Filing relevant documentation to initiate and process an eviction lawsuit
- Representing owner in court
- Working with with law enforcement to evict tenant and renters belongings from unit
Question: What do Inspections of my home cost?
Some rental agencies will charge for inspections, some will give you an inspection or more without charge annually. This is a walk through of your property to see how the renter is keeping it up. Fees can range from $50-175 per inspection.