No matter 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 agencies do exist of course. Property rental agencies serving the Shockoe Slip area provide a long list of services to help you renting your home. It’s an overwhelming list of tasks that a great Property Manager will handle; 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?”
Home Rental Agent RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a renter
- Handle contracts
- Keep you out of jail by helping you comply with government housing laws
- Open your property to interested tenants in order to rent your house
- Handle move in and move out
- Collect money and get you paid!
- Handle collections if payments are timely
- Assist with evictions
- Deal with renter inquiries
- And a lot more.
It’s everything from soup to nuts! Items to think about if you are questioning if you maybe should rent your home on your own or hire a Property Manager near the Shockoe Slip area.
DO YOU HAVE A HIGH VACANCY RATE?
Great Property Manager are skilled at locating and reviewing tenants rapidly and will have a network of reliable, cost effective Richmondmaintenance companies to handle difficulties. Most certified rental managers will also understand landlord-tenant law, thereby reducing the risk of legal issues.
DO YOU HAVE THE PATIENCE TO DEAL WITH TENANTS?
Is the pressure of messing with evictions, renter complaints and maintenance concerns taking a toll on you? Leasing agents are experienced in dealing with landlord-tenant difficulties. Property Manager have an understanding of Richmond landlord-tenant law and can act as go between for difficulties. Additionally, if the tenant knows they are working with a third party, they may behave more civilly as well.
You do not have to employ a property management agency because you are a beginner to real estate investing in Shockoe Slip, have a lot of rental units or are having trouble filling vacancies. Many people manage their own homes. Personal experience can often be the best instructor and everyone has to begin learning somewhere. If you educate yourself about real estate, ask the advice of others and have a strong desire to manage your property well, its likely, you will succeed.
HOW CLOSE IS YOUR RENTAL PROPERTY?
The more miles between you and your rental home,the harder it is to look after. If your main address is in Texas and your rental home is in the Shockoe Slip area, it will be harder for you to find tenants,to handle tenant complaints,to quickly react to emergencies, to handle maintenance concerns, and even to make sure payment is collected by due date.
The amount of time it takes you to travel to the property and the cost of getting there will also add up. In situations like these, hiring a goodRichmond property management agency? can make some sense and actually save you money.
DOES IT MAKE FINANCIAL SENSE TO HIRE A Property Manager ?
You’ve discovered that goodleasing agentswho provide service to the Shockoe Slip area in Richmond aren’t free.
Property management firms will charge a fee, ballpark, between 5% and 10% of the monthly gross income for the home. The normal fee for a single family investment is about 8-10%. The charge for a apartment of 10 units on up is on average between 4% and 8%.
If your home is empty, it’s not unusual to pay a tenant finding fee to procure 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 consider: Having expert professional input on market rents and having a professional agent deal with locating a renter could mean you get higher rents, which means a great property manager may end up covering all or part of their charge because of higher rents.
HOW MANY RENTAL UNITS IN Shockoe Slip DO YOU HAVE TO TAKE CARE OF?
As the total homes you own increases, so does your workload. The more tenants you have, the more repair issues, renter headaches, and empty properties you will have to take care of. In addition, if your units are dispersed across multiple cities, your energies committed will go up as you will have to manage the cash flow of each individual investment home as well as drive from property to property to deal with concerns.
HOW CAN A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY HOME NEAR Shockoe Slip?
Property managers who service the Shockoe Slip area will do many things for you as the home investor, which may include the following areas:
Professional leasing agents are many times hired to overlook vacant homes to make sure there has been no vandalism and to perform regular maintenance. They also make certain contractors and other outsourced workers are finishing their work in a timely manner.
Nearly all they are paid to deal with maintenance requests, noise issues and possess the required contacts to take care of emergency situations.
Provide financial management services Make payment on behalf of the owner (Mortgage, insurance, HOA dues, etc.) Detailed records of expenses via invoices and receipts Preserve all historical paperwork (paid invoices, leases, inspection reports, warranties, etc.) Oversee yearly reporting, organized for tax needs as well as mandatory tax documents including a 1099 form Counsel owner on legal tax deductions related to their investment home. Prepare easy to read monthly cash-flow statements which provide a detailed accounting of income and specific expenses
Most property manager are tasked with for marketing the property to fill vacancies. Rental agentsare aware of to promote and what to include in their ads. Rental agents also have insight into what is motivating to tenants, so they can suggest making minor improvements to help improve the house.
At times when there are repairs needed, the rental manager may attend to it themselves or may contract with a third party to handle the problem it. They many times have a vetted team of reliable electricians,carpenters,plumbers and other types contractors.
CONTENDING WITH EVICTIONS
When a tenant does not pay on time or otherwise breaches the terms of a lease, the rental property management agent knows understands the legal way to give notice and proceed forward with an eviction.
Professional leasing agents are many times engaged to overlook empty properties to make sure there has been no destruction and to execute regular maintenance. They also make sure contractors and other outsourced workers are finishing their work in a reliable manner.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there aresome employees in the apartment, such as a concierge\desk manager or security guard, the leasing agent is responsible for making sure they are doing their job. The property manager may set their compensation and possibly fire them.
OVERSEEING MOVE OUTS
If a renter leaves, the manager is in charge of inspecting the property, checking for issues and assessing what portion of the damage deposit willl be given to the tenant. After move out, the property manager is responsible for cleaning the property, repairing any issues and locating a replacement renter.
EXPERIENCED WITH LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A trained property manager should have a complete understanding of state and national laws referencing the proper methods to: Reviewing the tenants. Manage damage deposits End a lease Evict a renter Obey with home safety regulations Advise in the occasion the event of a legal disagreement or litigation Refer owner to a qualified lawyer when needed Be knowledgeable about and comply with the most recent local, state and federal laws that relate to renting and maintaining rental houses.
CONTENDING WITH EVICTIONS
When a renter does not pay as agreed or otherwise violates the terms of the agreement, the rental property management agent realizes is experienced with the legal way to file and proceed ahead with an eviction.
RESPONSIBLE FOR MAINTENANCE ITEMS AND MINOR UPGRADES
Leasing agents are usually charged with caring for the physical oversight of the residence, including scheduled maintenance and emergency work to be done.
RENTAL MANAGEMENT COMPANIES HELP YOU SET MARKET RENTAL RATE
Rental agents are responsible for determining the beginning rent level, and collecting payment from renters. Top level leasing agents know how to set the right rent level todirect tenants to your home. 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 market.
SUGGEST AND SUPERVISE VENDORS
Residential property management agents should be able to suggest vendors to do maintenance and cosmetic improvements that maximize monthly rent while providing great return on investment.
QUESTION: How Would a Home Management Agency Assist With Tenant Vetting and Selection?
Screening Tenants- A rental agent will review the potential tenant applications to discover the tenant that is the ideal fit for your home. They have a reliable vetting process, which includes running credit checks and criminal background checks, which can reduce your possibility of being charged with bias. Professional rental agents have seen hundreds, even thousands, of renters, so they have a good idea of how to select the correct renters; renters who will pay their bills on time, have a longer tenancy and create less headaches. Perform a background check to verify identity, wages, credit history, rental history, etc. Evaluate renter per pre-defined renter standards Inform tenants who were rejected
QUESTION: How Can a Rental Property Company Assist an homeowner with House Routine Maintenance?
Leasing agents are responsible for managing preventative home maintenance to keep your property in top notch status. Some of things that can be under consideration:
- Manage and oversee a company maintenance team
- Establish a preventative maintenance policy to find and deal with repair issues
- Provide a collection of licensed, bonded and completely insured vendors who have been reviewed for good pricing and good performance that is up to requirements.
- Assign jobs to various parties such as (in-house employees, handyman and professional contractors) based on whom may do an excellent job for a fair price.
- Maintain outdoor areas
- Leaf and snow removal
- Removing garbage and debris
- Set up and monitor a 24/7 emergency repair hot-line
- Larger fix up or remodeling projects
- Provide suggestions on how the project can optimize rental returns.
- Prepare preliminary cost estimates
- Secure a few different quotes for the work to be done
- Act as general contractor overseeing the work
Question: Should I attempt to save money by going FRBO? Or finding the cheapest leasing agent possible?
Answer: With the best property agents, paying a little bit more is a wise investment, because it helps increase the value of your unit, and they help retain quality renters; studies have proven employing a property agentcan cut your vacancy rate in half. Conversely, going lowball with a property management company can end up being very expensive.
What can a RichmondRental management Company Do to Market Your Investment Property?
- Get investment property ready for rental
- Clean home and emphasize interior attractiveness
- Manicure yard to maximize curb appearance
- Create marketing materials customized for the home and advertising medium.
- Some of the channels normally utilized are:
- Paid and free rental listing websites
- Print publications
- Install a lock box
- Multiple Listing Service listings
- Property fliers
- Work with other professionals and property management agents to secure a tenant
- Provide a 24/7 hot-line where interested tenant can listen to detailed information about the house
- Take phone calls from prospects for questions and showings
- Welcome interested tenants for showings throughout the week and weekend.
- Provide potential tenants with tenant applications that are legally in line with government regulations
- Gather applications with application fee
Question: What are Other charges made by property management companies?
In some cases, you could see some fees passed on to you – especially when the agent is charging a small monthly percentage. Illustrations could include an marketing charge in connection with placing a tenant, a yearly inspection charge, and some sort of reserve, so that the management company has some money on hand to take care of unanticipated, but immediate, costs.
You might want to check into how you split up pet deposits collected and bad check fees (basically whoever gets stuck with the greatest amount of bank costs should get the bulk 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: Do Leasing Agencies Deal With Evictions in the Shockoe Slip area?
- Filing relevant paperwork to initiate and complete an unlawful detainer lawsuit
- Representing owner in court
- Working with with law enforcement to evict renter and tenant’s possessions from house
Question: Do rental agencies help with evictions?
Some tenants just don’t work out. Some become unemployed and become unable to pay their rent, while others turn out to be flakey and a problem or nuisance at your home. Most likely a investment property manager will levy a charge to complete the long process of evicting a tenant which is customarily ballpark cost of $350-$500 for each eviction, not counting any associated legal fees.And an evictionoftentimes take several months, so be prepared to not receive any rental monies until they are out. In addition, you may find there is repair work to be done on your house.
Typically, you are better off giving your renter financial reasons to vacate the investment property early and skip taking them to court, as aggravating as that might seem. You can skip many problem situations with painstaking renter vetting done beforehand.
Question: What are typical procedures regarding Late Payment Charges?
Occasionally renters pay date. Look at your agreement to see if those late payment fees go to you as the owner, to the residential property management, or are shared in some way.
QUESTION: Do Property Management Agencies Assist With Move Out?
Yes, a Home Management Company can Help With Move outs. Activities might include:
- Inspect rental property. and fill out a document on the property's condition when the renter moves out
- Provide occupant with a photocopy as well as noted deductions
- Return the remainder of the security reserves to the renter
- Mail remaining portion of the owner’s portion of the renter deposit to the owner or hold in owner reserves for repairs.
- Turn over home and handle needed repairs or upgrades
- Re-do all locks
- Put the home back on the market for rent
QUESTION: What Inspection Services Do Property Managers Provide?
- Handle timely inspections (Inside and outside) on a regular schedule noting repair needs, safety hazards, code violations, lease infractions, etc.
- Prepare owner periodic reports on the condition of the property
Question: What are typical procedures regarding Late Payment Fees?
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 leasing agency, or are shared somehow.
Question: What Is The Normal Term Of A Property Management Agreement?
Typically, a landlord signs an agreement with a leasing agency for a fixed length of time – 12 or 24 months, for example – with an option to renew. Agreements can be drawn up so that they automatically renew if neither party takes actionopposing it. Termination clauses allow for early termination if the property management company is in breach of the contract in any way.
QUESTION: How Can a Home Management Agency Assist With Renter Screening and Selection?
Screening Applicants- A property manager will sort through the prospective renter applications to discover the tenant that is the ideal fit for your home. They have a consistent vetting process, which includes running credit checks and criminal background checks, which can decrease your possibility of being accused of bias. Experienced leasing managers have seen many renters, so they have a better concept of how to choose the correct renters; tenants who will pay their obligations on time, have a longer tenancy and create fewer issues. Perform a background check to confirm identity, wages, credit history, rental history, etc. Evaluate applicant per pre-defined applicant criteria Communicate with applicants who were rejected
QUESTION: How May a Residential Property Management Firm assist an owner with the Tenant Move In Procedure?
- Draw up rental contract
- 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 tenants sign a report verifying the condition of the property prior to move-in.
- Collect first month’s rent and security deposit
QUESTION: How Might a Property Management Agency Assist With Renter Screening and Choosing?
Screening Tenants- A rental agent will screen the potential renter applications to find the applicant that is the ideal fit for your house. They have a proven vetting process, which includes running credit checks and criminal background checks, which can decrease your possibility of being accused of bias. Experienced leasing agents have seen many tenants, so they have a good concept of how to identify the ideal renters; renters who will pay their bills on time, have a longer tenancy and create fewer issues. Perform a background check to confirm identity, income, credit history, rental history, etc. Evaluate tenant per pre-defined renter criteria Communicate with applicants who were rejected