Regardless if you call them a Property Manager, home management firms, or rental property management agencies….it all means the same thing. The emphasis is normally on residential properties (but commercial property management companies are out there certainly. Property rental agencies serving the 23238 area provide a variety of services to help you renting your house. It’s a huge punchlist of tasks that a experienced Property Manager will deal with; in fact (if you’re a good follow through kind of people person, you may even want to consider 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?”
Leasing Agent RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a tenant
- Deal with legal contracts
- Keep you legal by helping you comply with housing laws
- Show your home to prospective tenants in order to rent your house
- Handle move in and move out
- Collect rental payments and get you paid!
- Handle collections if payments are timely
- Assist with evictions
- Respond to renter questions
- And a lot more.
It’s everything from A to Z! Items to think about if you are wondering if you maybe should rent your home on your own or hire a Property Manager near the 23238 area.
HOW FAR AWAY IS YOUR RENTAL PROPERTY?
The more distance between you and your rental property,the more difficult it is to look after. If your primary residence is in Georgia and your property is in the 23238 area, it will be a lot of work for you to find tenants,to handle tenant complaints,to quickly respond to issues, to address maintenance concerns, and even to guarantee rent is collected in a timely manner.
The total time it takes you to travel to the property and the expense of getting there will also mount. In situations like these, hiring a greatRichmond property management firm? can make a lot of sense and may actually save you some dough.
WILL YOU HAVE THE TIME TO CARE FOR YOUR INVESTMENT PROPERTY near the 23238 area?
If you are employed at a full-time job while you are looking after a rental property and simply can’t give your investment home the energy it needs, the viability of your investment may depend on employing a good property management company in Richmond
In addition, realize that time is money and overseeing a rental home takes effort. If you feel like the day to day requirements of leasing management are impeding on time that could be more enjoyably spent making more money at your other job, or hunting down other property to buy, paying for an outside property management company may be the wisest move for you.
HOW FAR AWAY IS YOUR RENTAL PROPERTY?
The more distance between you and your rental home,the more stressful it is to manage. If your primary residence is in Michigan and your rental property is in the 23238 area, it will be more difficult for you to find renters,to handle constant complaints,to quickly react to problems, to address maintenance issues, and even to guarantee payment is collected on time.
The amount of time it takes you to get to the property and the cost of travel will also mount. In situations such as these, hiring a professionalRichmond property management firm? can make some sense and actually save you some cash.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you want to deal in Richmondrental homes, but don’t know the first thing about property management, hiring a professional Property Manager can be a good choice for you. Learning as you go can become very costly.
For a property investor who is starting out, hiring the wrong repairman or taking too long to fill a vacancy can rapidly eat into your returns. There are huge legal liability issues you can stumble on if you aren’t aware about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of leasing management fees!
IS THERE THE MONEY TO PAY A Property Manager ?
You’ve discovered that goodproperty managerswho provide services to the 23238 area in Richmond aren’t free.
Rental agencies will charge a fee, ballpark, between 4% and 10% of the monthly rents for the home. The normal fee for a single family rental property is estimated at 8-10%. The charge for a apartment of 10 units on up is on average between 4% and 7%.
If your investment property is not occupied, it’s typical to pay a lease up fee to procure and place a new renter in your investment property. Depending on the property management company this can fluctuate from 50%-100% of a single month’s rent.
One thing to consider: Having experienced property manager input on market rents and having a professional agent handle locating a renter might mean you can get higher rents, which means a professional rental agent likely will end up covering all or part of their fee because of higher rents.
HOW CAN A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY HOUSE NEAR 23238?
Residential property managers who service the 23238 area may do a number of things for you as the homeowner, which can include the following:
One of the main responsibilities of the leasing agents is to oversee renters. They are engaged in all roles, from identifying the tenants and addressing problems to dealing with evictions.
RESPONSIBLE FOR OVERSEEING THE BUDGET/MAINTAINING RECORDS
In most situations property managers are responsible for managing the budget for the building and maintaining all pertinent records. Overseeing Budget- the property managermust operate within the established budget guidelines for the property. In particular emergency situations when the renters or home are in need of upgrade, they may take action to order repairs or similar without further delays. Maintenance of Paperwork- the property manager should keep thorough documentation regarding the property. This need to include all income and expenses; records of all inspections, fully executed contracts, repair requests, any complaints, documentation of repairs, amount paid for repairs, maintenance costs, documentation of rent collection and insurance fees.
OFFER GENERAL REAL ESTATE ADVICE:
Chat with you about the positives and negatives of different issues such as accepting various animals, allowing smoking etc. Some things are very specific to the Richmond market, so having a local market expert who knows the 23238 area in particular is crucial.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there aresome employees in the unit, such as a desk clerk or security guard, the rental manager is responsible for being certain they are paying attention to details. The rental agent can determine their compensation and possibly terminate them.
Professional rental agents are often employed to look after vacant properties to ensure there has been no destruction and to perform regular maintenance. They also make certain contractors and other repairmen are finishing their work in a reliable manner.
Provide accounting services Make payment for the owner (Mortgage, insurance, homeowner association dues, etc.) Specific accounting of expenses via invoices and receipts Preserve all historical records (paid invoices, agreements, inspection reports, warranties, etc.) Provide yearly reports, structured for tax needs as well as mandatory tax paperwork including a 1099 forms Counsel owner on legal tax deductions related to their investment property. Deliver easy to read monthly cash-flow documents which provide a detailed breakdown of income and itemized expenses
COLLECTING RENTAL PAYMENTS:
This is where a leasing agent earns their keep. Home management agencies make sure you get paid by collecting rent each month on time and strictly enforcing late penalties.
RENTAL MANAGEMENT COMPANIES HELP YOU DETERMINE THE CORRECT RENT LEVELS
Property managers are responsible for establishing the beginning rent level, and collecting rent from tenants. Top level rental managers know how to set the correct rent level toattract tenants to your investment property. They hopefully have a specific understanding of the Richmond area, where the property is located and have examined at comparable properties in the general Richmond market.
PROPERTY MANAGERS HELP YOU SET THE CORRECT RENTAL RATE
Rental agents are responsible for determining the initial rent level, and collecting rent from tenants. Great rental agents know how to set the correct rent level toattract renters to your home. 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.
IN CHARGE OF OTHERS
Other Employees- if there are other employees in the property, such as a desk clerk or security guard, the rental manager is in charge of making sure they are paying attention to details. The rental manager may set their salaries and even fire them.
PERFORM PROFESSIONAL INSPECTIONS
You want to be sure to take before and after photos and written documentation, so you can quickly deal with damage deposits and disagreements when they move out. A good number of renters will act dumbfounded when you subtract damages from their deposit, so having accurate records will help cut down on the amount of arguing they do with you.
SUGGEST AND SUPERVISE VENDORS
Home management agents should be able to offer recommendations on repairs and cosmetic work that maximize profitability while providing good ROI.
OVERSEE MAINTENANCE AND MINOR UPGRADES
Leasing agents are typically responsible for the physical oversight of the residence, including regular maintenance and unexpected repairs.
RE-LEASE YOUR HOUSE
Once agreement ends get existing tenants to extend their lease for another rental period
QUESTION: How Might a Property Management Company Assist With Renter Screening and Choosing?
Screening Tenants- A rental agent will review the prospective renter applications to find the tenant that is the ideal fit for your property. They have a consistent vetting process, which includes running credit checks and criminal background checks, which can decrease your possibility of being charged with discrimination. Professional leasing managers have seen hundreds, even thousands, of renters, so they have a better concept of how to choose the best renters; renters who will pay their rent on time, have a longer tenancy and create fewer headaches. Perform a background check to verify identity, wages, credit history, rental history, etc. Grade applicant in relation to pre-defined tenant criteria Communicate with applicants who may have been turned down
Question: Do leasing agencies help with evictions?
Some tenants are flakes. 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 home. Most certainly a unit manager will impose a fee to initiate the tedious process of evicting a tenant which is usually roughly $250-$700 per eviction, not counting any relevant legal charges.And an evictionoftentimes take a couple months, so be mentally ready to not get any rental income until they are out. On top of that, you could find there is fix up work to be done on your investment property.
Usually, you are better off offering your tenant cash incentives to vacate the property early and avoid taking them to court, as aggravating as that might seem. You can avoid many difficult situations with complete renter screening done beforehand.
QUESTION: Do Home Management Firms Help With Move Out?
Yes, a Property Management Agency can Assist With Move outs. Activities might include:
- Inspect investment property. and complete a document on the property's condition when the renter moves out
- Provide renter with a copy as well as noted damages
- Return the remainder of the damage reserves to the renter
- Transfer left over amount of the owner’s share of the renter deposit to the owner or keep in owner reserves for repairs.
- Clean home and handle required repairs or upgrades
- Re-do the locks
- Re-List home back on the market for rent
QUESTION: What Inspection Services Do Rental Agents Provide?
- Handle systematic inspections (Inside and outside) on a predefined schedule noting upgrade requirements, safety hazards, code issues, lease violations, etc.
- Send owner periodic reports on the condition of the property
Question: Do all rental agencies charge basically the same way?
Not every pricing structures are the same. Some residential property management in the 23238 area may charge a flat monthly rate – which again differs according to area, activities performed, and the total value of the property – while others charge a percentage rate, as noted above. Price can also change depending on the size and number of units you own.
To illustrate, if you own a few apartment buildings, you might get a quantity discount that a person with a single unit or apartment might not get.
QUESTION: How Should a Rental Property Company Help an investor with House Routine Maintenance?
Rental property management agents are in charge of overseeing preventative home maintenance to keep your house in good status. Some of things that may under consideration:
- Manage and oversee an in-house maintenance crew
- Establish a preventative maintenance plan to find and address maintenance issues
- Locate a collection of licensed, bonded and legally insured vendors who have been reviewed for reasonable pricing and good performance that meets requirements.
- Delegate jobs to various parties such as (in-house employees, handyman and professional contractors) based on who could do the best job for the best price.
- Maintain outdoor areas
- Debris and snow removal
- Disposing of trash and debris
- Set up and monitor a 24 hour emergency repair hot-line
- Bigger renovation or rehab projects
- Provide recommendations on how the project can optimize rental profits.
- Take responsibility for initial pricing estimates
- Get multiple different bids for the work to be done
- Act as general contractor overseeing the work
QUESTION: What are Advertising Fees?
Some property management companies charge a advertising fee. This is an initial fee to advertise your vacant unit. This fee is usually $250-350. A majority of firms don’t charge this fee, so shop around!
Vacant Home fee Some companies charge 1 month’s rent up front. You could run into this fee if you’re trying to hire the residential property management firm while the unit is empty. This gives them the cash to pay a realtor a commission for finding a renter in the house, or to pay the costs of advertising, repeatedly showing the house to prospective tenants, as well as the cost of preparing lease paperwork (which can take a long time).
Question: Should I attempt to save cash by going FRBO? Or hiring the least expensive leasing agent possible?
Answer: With the best home agents, paying a little bit more is a wise investment, because it helps increase the value of your unit, and they help attract top notch tenants; studies have proven employing a house managercan reduce your vacancy rate in half. On the other hand, going cheap with a residential property management firm can end up being very expensive.
Question: Do residential property management help with evictions?
Some renters are deadbeats. Some lose their jobs and become unable to pay their rent, while others turn out to be flakey and a disturbance or pain in the neck at your investment property. Most likely a home manager will impose a charge to initiate the long paperwork involved with evicting a tenant which is usually roughly $250-$400 for each eviction, not counting any relevant courtroom charges.And an evictionoftentimes go on for several months, so be prepared to not get any rental income until they the legal action is complete. In addition, you may find there is fix up work to do on your home.
Usually, you are better off offering your tenant cash incentives to leave the property early and avoid suing them, as aggravating as that might seem. You can avoid many difficult situations with detailed tenant vetting done upfront.
Question: How much should I price shop the fees my property management company charges me?
Ultimately, hiring a unit manager in the 23238 area is entering into a partnership. Over the long haul, the fees aren’t as crucial as the communication between you and the agent and quality of the service your manager provides. A good company can take control of the oversight of the property, for example, and turn out getting you much more rental value and price appreciation than you might be possible. That said, you need to be prepared to get them the resources to accomplish.
Question: What do Inspections of my home cost?
Some leasing agencies will charge for inspections, some will give you an inspection or more without charge annually. This is a visual inspection of your house to see how the renter is treating it. Fees can range from $75-175 for each inspection.
Question: What do Inspections of my home cost?
Some rental agencies will bill for inspections, some will give you an inspection or more without charge per year. This is a walk through of your investment property to see how the renter is keeping it up. Charges can range from $25-175 per inspection.
Question: What do Inspections of my home cost?
Some rental agencies will bill for inspections, others will give you an inspection or more without charge annually. This is a visual inspection of your home to see how the tenant is keeping it up. Charges can range from $100-175 for each inspection.
Question: What are typical procedures regarding Late Payment Charges?
At times renters 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 in some way.
QUESTION: How Can a Residential Property Management Firm Help With Tenant Screening and Selection?
Vetting Tenants- A property manager will sort through the potential renter applications to discover the tenant that is the best fit for your property. They have a proven screening process, which includes running credit checks and criminal background checks, which can reduce your likelihood of being charged with discrimination. Experienced rental agents have seen many tenants, so they have a better concept of how to choose the best renters; renters who will pay their rent on time, have a longer tenancy and create less headaches. Perform a background check to verify identity, salary, credit history, rental history, etc. Grade tenant according to pre-defined tenant standards Communicate with tenants who may have been turned down