Whether you call them 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 companies do exist certainly. Property rental agencies serving the 23237 area provide a long list of services to help you renting your house. It’s an overwhelming list of jobs that a great Property Manager will deal with; in fact (if you’re a great follow through kind of people person, you might even want to explore a job as a property manager yourself!.) Here’s just a partial list of what property managers do if they are asked “will you help me rent my house?”
Home Rental Agent RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a renter
- Handle contracts
- Keep you legal by helping you comply with Fair Housing laws
- Show your property to possible renters in order to rent your house
- Deal with move in and move out
- Collect rental payments and get you paid!
- Handle follow up if payments are late
- Assist with evictions
- Deal with renter inquiries
- And so much on top of that.
It’s everything from A to Z! Points to consider if you are wondering if you maybe should rent your home on your own or hire a Property Manager near the 23237 area.
HOW MANY RENTAL HOMES IN 23237 DO YOU HAVE TO TAKE CARE OF?
As the number of homes you own goes up, so does your workload. The more renters you have, the more repair issues, renter complaints, and empty properties you will have to deal with. Additionally, if your units are spread across multiple areas, your time spent will increase as you will have to take care of the cash flow of each individual rental as well as travel from property to property to deal with issues.
HOW CLOSE IS YOUR RENTAL HOME?
The more miles between you and your investment property,the more stressful it is to look after. If your main address is in Georgia and your investment property is in the 23237 area, it will be more difficult for you to find tenants,to handle tenant complaints,to quickly react to issues, to address maintenance issues, and even to ensure payment is collected on time.
The total time it takes you to get to the property and the expense of getting there will also mount. In situations such as these, hiring a greatRichmond property management agency? can make a lot of sense and actually save you some cash.
DO YOU HAVE ANY PROPERTY MANAGEMENT EXPERIENCE?
If you want to invest in Richmondrental properties, but don’t know a single thing about rental management, hiring an experienced Property Manager can be a good choice for you. Learning as you go can become extremely expensive.
For a single family home investor who is getting going, hiring a sketchy repairman or taking too long to fill a vacancy can rapidly eat into your profits. There are large legal liability concerns you can encounter if you aren’t educated about Fair Housing laws or Federal real estate law. One lawsuit can pay for a lot of rental management fees!
DO YOU HAVE THE TIME TO OVERSEE YOUR INVESTMENT PROPERTY near the 23237 area?
If you work at a full-time job while you are looking after a rental home and simply cannot give your your rental property the energy it needs, the success of your investment could depend on employing a good property management company in Richmond
Also, realize that time is definitely money and taking care of a rental home takes effort. If you feel like the every day obligations of property management are stepping on on time that could be more profitably spent making more money at your full time job, or hunting down other investments, paying for an outside property management firm may be the wisest move for you.
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 Florida and your property is in the 23237 area, it will be a lot of work for you to find renters,to handle tenant complaints,to quickly respond to issues, to handle maintenance issues, and even to guarantee payment is collected in a timely manner.
The amount of time it takes you to travel to the property and the cost of travel will also start to bite. In situations like these, hiring a professionalRichmond property management company can make good sense and may actually save you some cash.
HOW CAN A PROPERTY MANAGER HELP ME MANAGE MY HOUSE IN 23237?
Rental management companies who service the 23237 area may do a number of things for you as the homeowner, which can include the following:
Most leasing agents are responsible for advertising the property to fill vacancies. Residential property managersknow where to advertise and what to include in their advertisements. leasing agents also understand what interests tenants, so they may suggest making cosmetic improvements to help makeover the home.
Provide financial management services Make payments on behalf of the owner (Mortgage, insurance, homeowner association dues, etc.) Detailed accounting of expenditures via invoices and receipts Preserve all historical paperwork (paid invoices, agreements, inspection documentation, warranties, etc.) Deliver annual reporting, organized for tax purposes as well as needed tax paperwork including a 1099 forms Educate owner on legal tax write offs related to their rental home. Provide easy to read monthly cash-flow statements which provide a detailed breakdown of income and itemized expenses
PROPERTY MANAGERS HELP YOU DECIDE MARKET RENTAL RATE
Rental agents are responsible for determining the initial rent level, and collecting rent from tenants. Good property managers know how to set the market rent level toattract renters to your investment property. They hopefully have a specific understanding of the Richmond area, where the home is located and have looked at comparable homes in the general Richmond market.
RESPONSIBLE FOR MAINTENANCE ITEMS AND REPAIRS
Property managers are customarily responsible for the physical care of the home, including consistent maintenance and unexpected repairs.
OFFER GENERAL REAL ESTATE ADVICE:
Chat with you about the pros and cons\pluses and minuses of different policies such as accepting various animals, allowing smoking etc. A few things are very particular to the Richmond market, so having a local area expert who knows the 23237 area in particular is critical.
When a renter does not pay on time or otherwise violates the terms of the contract, the property manager realizes is experienced with the best method to give notice and move ahead with an eviction.
Most leasing agents are responsible for marketing the property to fill vacancies. Rental agentsare aware of to market and what to include in their advertisements. Rental agents also have insight into what attracts tenants, so they can suggest making minor improvements to help improve the house.
TAKES CARE OF TAX PAYMENTS
The leasing agent may assist the house owner with education on how to handle taxes for the property. The leasing agent might additionally mail in taxes for the house
PERFORM DETAILED INSPECTIONS
You want to be sure to take before and after photos and written records, so you can easily take care of tenant deposits and disagreements when they leave your home. A lot of tenants will act shocked when you remove fees from their deposit, so having accurate files will help reduce the amount of arguing they do with you.
Professional rental managers are many times hired to overlook empty houses to make sure there has been no vandalism and to oversee standard maintenance. They also make certain vendors and other repairmen are finishing their work in a timely manner.
TAKES CARE OF TAXES
The rental agent can provide the property owner with education on how to file taxes for the home. The property manager might also file taxes for the investment property
RESIDENTIAL PROPERTY MANAGERS HELP YOU SET THE CORRECT RENT LEVELS
Rental managers are responsible for determining the beginning rent level, and collecting rent from renters. Good rental managers know how to set the market rent level todirect tenants to your rental property. They hopefully have a specific understanding of the Richmond area, where the property is located and have examined at comparable houses in the general Richmond market.
DEALING WITH EVICTIONS
When a tenant does not pay rent or otherwise breaches the terms of the contract, the leasing agent realizes is experienced with the best approach to file and proceed ahead with an eviction.
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. A few things are very particular to the Richmond market, so having a local market expert who knows the 23237 area in particular is crucial.
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some property management companies in the 23237 area could charge a new tenants placement charge or have a extra commission incentive for getting a tenant into a lease. Afee of 50 to 100 percent of the first month’s rent for any new tenant placed is not atypical. Nevertheless, you shouldn’t normally bump into significant multiple up-front fees.
Typically a placement charge is not due until the tenant is signed, which means you don’t have to pay out of pocket to pay this.
QUESTION: What types of Maintenance can rental agencies help with?
Some property management companies in the 23237 area have their own maintenance crews, full-time. Most refer these jobs out to various vendors. Some rental agencies charge a flat rate to supervise any work with contractors. Some will add on to the contractors fee. Make certain you know how it operates with your property management company!
QUESTION: What are Marketing Charges?
Some property management companies charge a marketing fee. This is an initial fee to market your empty house. This fee is typically $$150-350. Most companies don’t charge this charge, so shop around!
Vacant Home charge Some agencies charge One month’s payment up front. You might run into this charge if you’re attempting to hire the rental agency while the unit is empty. This gives them the money to pay a real estate agent a commission for placing a tenant in the property, or to pay the costs of marketing, repeatedly showing the house to prospective tenants, as well as the expense of preparing lease documents (which can take a long time).
QUESTION: How Might a Residential Property Management Agency assist an owner with the Tenant Move In Procedure?
- Draw up leasing documents
- Confirm move in date with applicants
- 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: What are Miscellaneous 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 percentage. Illustrations might include an advertising charge in connection with finding a tenant, a yearly inspection charge, and some sort of reserve, so that the management firm has some cash on hand to handle unanticipated, but urgent, costs.
You may want to look into how you divide pet deposits collected and bad check charges (generally whoever gets stuck with the most 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: Do Residential Property Management Firms Assist With Move Out?
Yes, a Residential Property Management Agency can Help With Move outs. Services might include:
- Inspect rental home. and complete a document on the home’s condition when the tenant moves out
- Provide renter with a copy as well as noted charges
- Return the balance of the damage reserves to the tenant
- Forward any portion of the owner’s share of the renter deposit to the homeowner or hold in owner reserves for repairs.
- Clean home and handle needed repairs or upgrades
- Re-do the locks
- Re-List home back on the market for rent
QUESTION: What Inspection Services Do Rental Managers Provide?
- Insure systematic inspections (Inside and outside) on a predetermined schedule noting upgrade requirements, safety concerns, code problems, lease infractions, etc.
- Send owner periodic reports on the condition of the property
Question: What are typical procedures regarding Late Payment Charges?
Sometimes renters pay after the due date. Read your contract to see if those late payment charges go to you as the owner, to the rental agency, or are shared in some way.
Question What Services Are Included in A Typical Property Management Contract?
Be sure you establish precisely what maintenance services are included with your fees. It could be that when something needs repair, some labor charges are included with your monthly fixed rate or percentage charge (for example, changing out lighting switch plates and fixing faucet handles) while others are charged 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 might require you toraise your rental rate, which could make finding – and keeping – renters harder. Keep in mind, unit management fees can be negotiated. Depending on how much you’re willing to pay, you may be able to get a lower price by sacrificing particular services and handling them on your own.
Question: What are typical procedures regarding Late Payment Charges?
Sometimes tenants pay date. Read your contract to see if those late payment fees go to you as the owner, to the residential property management, or are shared somehow.
QUESTION: What are Marketing Charges?
Some residential property management charge a advertising fee. This is an upfront charge to market your empty unit. This charge is usually $200-500. A majority of firms don’t charge this charge, so shop around!
Empty House charge Some agencies charge 1 month’s rent up front. You could 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 renter in the unit, or to pay the costs of marketing, repeatedly showing the house to potential renters, as well as the cost of preparing lease paperwork (which can take hours).
QUESTION: How Might a Home Management Company Assist With Tenant Vetting and Selection?
Screening Applicants- A rental agent will sort through the potential renter applications to discover the applicant that is the ideal fit for your property. They have a proven screening process, including running credit checks and criminal background checks, which can decrease your likelihood of being accused of breaking the law. Experienced rental agents have seen hundreds, even thousands, of renters, so they have a better idea of how to identify the right applicants; renters who will pay their obligations on time, have a longer tenancy and create much fewer issues. Perform a background check to authenticate identity, salary, credit history, rental history, etc. Evaluate renter according to pre-defined tenant standards Communicate with applicants who were declined
QUESTION: How Can a Property Management Firm Assist an owner with Home Regular Maintenance?
Rental agents are responsible for overseeing preventative property maintenance to keep your property in top status. Some of things that might under consideration:
- Manage and oversee company employed maintenance crew
- Establish a preventative maintenance plan to identify and address maintenance issues
- Identify a team of licensed, bonded and legally insured vendors who have been vetted for reasonable bidding and quality performance that is up to requirements.
- Assign work to various parties such as (in-house employees, handyman and professional contractors) based on whom will do a good job for a fair price.
- Oversee outdoor areas
- Leaf and snow removal
- Disposing of trash and debris
- Set up and monitor a 24/7 emergency repair hot-line
- Bigger fix up or remodeling projects
- Take care of suggestions on how the project can optimize rental income.
- Prepare preliminary cost estimates
- Get multiple independent bids for the work
- Perform as general contractor overseeing the work
QUESTION: Do Property Management Firms Help With Move Out?
Yes, a Residential Property Management Company can Help With Move outs. Services might include:
- Inspect rental home. and fill out a report on the house’s status when the tenant moves out
- Deliver tenant with a photocopy as well as estimated deductions
- Return the remainder of the security deposit to the tenant
- Forward left over amount of the owner’s share of the tenant deposit to the owner or keep in owner reserves for repairs.
- Clean home and perform required repairs or upgrades
- Re-key all locks
- Re-List home back on the market for rent
QUESTION: What Inspection Services Do Property Managers Provide?
- Perform systematic inspections (Inside and outside) on a predetermined schedule noting upgrade requirements, safety concerns, code issues, lease infractions, etc.
- Prepare owner periodic reports on the condition of the property
Question: What are typical procedures regarding Late Payment Fees?
At times tenants pay date. Look at your contract to see if those late payment fees go to you as the owner, to the leasing agency, or are shared somehow.