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 companies are out there of course. Property rental agencies serving the Petersburg City area offer a long list of services to help you renting your house. It’s an overwhelming punchlist of tasks that a good Property Manager will oversee; in fact (if you’re a good follow through kind of people person, you might 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?”
Property Manager RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a renter
- Handle legal paperwork
- Keep you out of jail by helping you comply with housing laws
- Show your home to prospective renters in order to rent your house
- Handle move in and move out
- Collect monies and get you paid!
- Handle collections if payments are not on time
- Help with evictions
- Answer tenant questions
- And a lot more than that.
It’s everything but the kitchen sink! Points to think about if you are questioning if you should rent your home on your own or hire a Property Manager near the Petersburg City area.
DO YOU HAVE A HIGH VACANCY RATE?
Great Property Manager are skilled at finding and screening tenants rapidly and will have a network of reliable, cost effective Richmondmaintenance companies to deal with difficulties. Most experienced leasing agents will also understand landlord-tenant law, thereby reducing the risk of legal problems.
HOW MANY INVESTMENT PROPERTIES IN Petersburg City DO YOU HAVE TO TAKE CARE OF?
As the number of investment properties you own increases, so does your workload. The more renters you have, the more maintenance issues, renter headaches, and empty properties you will have to handle. Additionally, if your units are dispersed across multiple areas, your time spent will go up as you will have to take care of the issues of each particular property as well as travel from property to property to resolve issues.
IS THERE THE MONEY TO HIRE A Property Manager ?
You’ve figured out that top notchleasing agentswho provide service to the Petersburg City area in Richmond aren’t without cost.
Property management agencies will charge a fee, roughly, between 5% and 9% of the monthly gross income for the property. The typical fee for a single family rental property is estimated at 8-10%. The fee for a apartment of 10 units on up is usually between 4% and 7%.
If your investment property is not occupied, it’s not unusual to pay a lease up fee to find and place a new tenant in your rental home. Depending on the property management company this can range from 50%-100% of one month’s rent.
One thing to keep in mind: Having experienced property manager input on market rents and having a pro deal with locating a renter can mean you might get higher rents, which means a great property manager might end up covering all or part of their charge because of increased rents.
DO YOU HAVE THE AVAILABILITY TO CARE FOR YOUR INVESTMENT PROPERTY in the Petersburg City area?
If you are employed at a full-time job while you are investing in a rental property and simply cannot give your your rental home the time it demands, the viability of your investment could depend on paying for a good property management company in Richmond
Also, realize that time is definitely money and overseeing a investment home takes energy. If you feel like the real life requirements of residential property management are impinging on time that could be more profitably spent making more money at your other job, or searching for other investments, employing an outside property management company may be the right move for you.
HOW HIGH IS YOUR VACANCY RATE?
Good Property Manager are skilled at finding and screening renters rapidly and will have a network of capable, cost effective Richmondmaintenance companies to handle problems. Most experienced leasing agents will also understand landlord-tenant law, thereby reducing the risk of a lawsuit.
HOW CAN A PROPERTY MANAGER HELP ME MANAGE MY HOUSE NEAR Petersburg City?
Residential property managers who service the Petersburg City area can do a number of things for you as the home investor, which could include the following areas:
OVERSEE MAINTENANCE ITEMS AND MINOR UPGRADES
Leasing agents are customarily responsible for the physical management of the property, including consistent maintenance and needed work to be done.
SUGGEST AND SUPERVISE VENDORS
Home management agents should be capable to offer recommendations on repairs and small improvements that maximize profitability while providing good ROI.
OVERSEE MAINTENANCE AND REPAIRS
Leasing agents are oftentimes charged with caring for the physical care of the house, including scheduled maintenance and emergency work to be done.
RENTAL MANAGEMENT COMPANIES HELP YOU DETERMINE THE CORRECT RENTAL RATE
Property managers are responsible for establishing the initial rent level, and collecting payment from renters. Great property managers know how to set the right 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 looked at comparable properties in the general Richmond area.
Other Employees- if there aresome employees in the unit, such as a concierge\desk manager or security guard, the leasing agent is in charge of being sure they are doing their job. The property manager can set their wage rates and even fire them.
MANAGE MAINTENANCE AND REPAIRS
Rental property management agents are usually in charge of the physical care of the property, including regular maintenance and emergency repairs.
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 charges.
Nearly all agents are compensated to deal with maintenance requests, noise complaints and have the necessary relationships to handle emergency situations.
Most property manager are responsible for promoting the house to fill vacancies. Rental agentsare aware of to advertise and what to include in their advertisements. leasing agents also understand what interests tenants, so they can suggest making minor improvements to help improve the home.
HANDLE PROFESSIONAL INSPECTIONS
You want to make certain to take before and after photos and written records, so you can quickly take care of damage deposits and disputes when they leave your home. A good number of renters will act shocked when you subtract charges from their deposit, so having accurate documentation will help reduce the amount of fighting they do with you.
EXPERIENCED WITH LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A trained leasing agent should have a exhaustive knowledge of state and national laws relating to the best ways to: Screen the applicants. Handle damage deposits End a rental agreement Oversee evicting a renter Comply with house safety standards Advise in the occasion the event of a legal action or lawsuit Recommend owner to a seasoned lawyer when required Be up on and comply with the most recent local, state and federal legislation that apply to renting and maintaining rental properties.
Professional property managers are many times hired to look after vacant properties to ensure there has been no vandalism and to oversee regular maintenance. They also make sure vendors and other repairmen are completing their work in a timely manner.
OVERSEE MAINTENANCE ITEMS AND REPAIRS
Property managers are customarily responsible for the physical care of the property, including consistent maintenance and emergency repairs.
IN CHARGE OF OTHERS
Other Employees- if there aresome employees in the unit, such as a concierge\desk manager or security personnel, the rental agent is in charge of being certain they are doing their job. The leasing agent can establish their wage rates and possibly let them go.
Question: How much should I price shop the fees my property management company charges me?
Ultimately, hiring a investment property agent in the Petersburg City area is creating into a partnership. Over the long haul, the charges aren’t as important as the communication between you and the agent and quality of the service your agent delivers. A competent agency can take charge of the oversight of the investment property, for example, and wind up providing 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: How May a Rental Management Agency assist an owner with the Renter Move In Process?
- Draw up rental documents
- Confirm move in date with renter
- Review lease guidelines with renter regarding things like rental payment terms and required property maintenance
- Ensure all agreements have been properly executed
- Perform detailed move in inspection with renter and have renters sign a report verifying the condition of the property prior to move-in.
- Collect first month’s rent and security deposit
QUESTION: What types of Maintenance can rental agencies help with?
Some residential property management in the Petersburg City area have in house maintenance employees, full-time. The majority of refer these jobs out to miscellaneous subcontractors. Some residential property management charge a flat rate to supervise any work done by subcontractors. Many will add margin to the subcontrcontractor’s invoice. Be certain you know how it operates with your home management firm!
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some property management companies in the Petersburg City area could charge a new renters placement charge or have a extra commission incentive for getting a renter into a lease. Acharge of 50 to 100 % of the first month’s rent for any new tenant placed is not unusual. However, you shouldn’t generally run into unreasonable multiple up-front charges.
Generally a lease up fee is not paid until the renter is secured, which means you don’t need to come out of pocket to pay this.
QUESTION: Do Property Management Companies Take Care of Evictions in the Petersburg City area?
- Filing necessary documentation to initiate and complete an unlawful detainer action
- Representing owner in court
- Working with with police authorities to remove renter and tenant’s things from property
Question: Do all leasing agencies charge basically the same way?
Not every fee structures are the same. Some property management companies in the Petersburg City area might 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 differ depending on the size and number of properties you own.
For example, if you own a few homes, you might get a quantity discount that a person with a single house or apartment might not get.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some property management companies in the Petersburg City area might charge a new tenants placement fee or have a bonus structure for getting a renter into a lease. Acharge of 50 to 100 percent of the first month’s rent for any new renter placed is not atypical. Nevertheless, you should not generally run into high multiple up-front fees.
Normally a lease up fee is not paid until the renter is secured, which means you don’t have to come out of pocket to pay this.
Question: What are typical procedures regarding Late Payment Charges?
Occasionally renters pay date. Look at your paperwork to see if those late payment fees go to you as the owner, to the leasing agency, or are shared in some way.
QUESTION: What types of Maintenance can property management companies help with?
Some rental agencies in the Petersburg City area have their own maintenance employees, full-time. The majority of subcontract this work out to various subcontractors. Some leasing agencies charge a flat rate to manage any work with contractors. Some will add on to the contractors invoice. Be certain you know how it operates with your unit management company!
Question: How much do property managers charge?
Answer: As you may guess, the answer is “it depends.” Residential property management companies vary widely, and a lot of the answer is dependent on what a firm does for you.. Exactly what do you want a property manager to do for you?
Normal % of Monthly Rent Agreement. As a starting point, expect to be charged a usual Residential property management company between 8 – 11% of the monthly rental value of the property. This is called a management charge, or monthly management fee. Typically the higher you charge for rent, the lower the percentage is. For example if your rental charges are $2,500 per month for your property, you will typically pay a lower percentage fee than another person whose property rents for $900 each month.
You do not pay this percentage fee until payment is received. Look specifically at your agreement regarding whether the management charge is determined by ‘rent collected’ or ‘rent due’. If the charge is tied to rent collected, 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 pay whether or not rent is received from the renter normally.
Fixed Fee Contract
Some firms may charge, say,$75- $150 per month flat rate. There is nothing required bylaw in this; it’s determined by the firm owner.
You wouldn’t owe money on a flat rate contract usually until rent is received.
What can a RichmondRental management Agency Do to Market Your Property?
- Get home ready for rental
- Clean home and maximize interior attractiveness
- Manicure yard to optimize street appearance
- Create ads tailored to the house and advertising channel.
- A sample of the platforms commonly used are:
- For pay and no charge rental listing websites
- Print publications
- Install a lock box
- Multiple Listing Service listings
- Property fliers
- Partner with other realtors and property management agents to secure a renter
- Provide a 24/7 hot-line where interested tenant can hear to specific information about the property
- Take phone calls from prospects for questions and viewings
- Meet interested renters for showings during the week and weekend.
- Provide prospective renters with tenant applications that are legally in line with government regulations
- Collect applications with application payment
QUESTION: How Will a Rental Property Company Help an homeowner with Property Standard Maintenance?
Rental agents are in charge of overseeing preventative property maintenance to keep your house in good shape. Some of things that might under consideration:
- Manage and oversee an in-house maintenance crew
- Decide on a preventative maintenance policy to identify and address maintenance issues
- Identify a team of licensed, bonded and completely insured contractors who have been vetted for reasonable pricing and excellent performance that meets code.
- Assign work to different parties such as (in-house employees, handyman and professional contractors) based on who may do an excellent job for the best price.
- Maintain outdoor areas
- Leaf and snow removal
- Disposing of garbage and debris
- Set up and oversee a 24/7 emergency repair hot-line
- Larger renovation or remodeling projects
- Offer suggestions on how the project can optimize rental profits.
- Prepare preliminary pricing estimates
- Get several independent bids for the project
- Perform as general contractor managing the work
Question: How much do property managers cost?
Answer: As you may guess, the response is “it depends.” Residential property management companies vary quite a bit, and much of the response depends on what a firm does for you.. Exactly what do you want a rental manager to accomplish for you?
Usual Percentage of Rent Contract. As a starting point, expect to be charged a normal Rental management agency ranging from 7 – 10% of the monthly rental value of the property. This is called a management fee, or monthly management charge. Typically the greater you charge for rent, the lower the percentage fee is. To illustrate if your rental charges are $2,500 per month for your property, you will typically pay a lower percentage fee than someone else whose unit rents for $900 each month.
You do not pay this management fee until payment is collected. Look carefully at your agreement regarding whether the management charge is determined by ‘rent collected’ or ‘rent due’. If the fee is based on rent collected, it means the Property management company won’t get paid if you don’t get paid. Conversely, if it’s determined by ‘rent due’, then you pay whether or not rent is received from the renter normally.
Fixed Fee Agreements
Some firms may charge, say,$75- $150 per month fixed rate. There is nothing required bylaw in this; it’s decided by the company owner.
You would not owe money on a flat rate contract typically until rent is received.
Question: What are typical procedures regarding Late Payment Fees?
Sometimes renters pay after the due date. Look at your paperwork to see if those late payment charges go to you as the owner, to the rental agency, or are shared in some way.