Whether you call them a Rent My House, home management firms, or rental property management agencies….it all means the same thing. The focal point is typically on residential properties (but commercial property management companies do exist certainly. Property rental agencies serving the 23060 area provide a multiplicity of services to help you renting your home. It’s a long list of tasks that a good Rent My House will oversee; in fact (if you’re a good follow through kind of people person, you may even want to investigate 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?”
Real Estate Property Management RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a tenant
- Handle legal paperwork
- Keep you legal by helping you comply with government housing laws
- Open your home to possible renters in order to rent your house
- Oversee move in and move out
- Collect money and get you paid!
- Handle follow up if payments are late
- Help with evictions
- Deal with tenant questions
- And so much more.
It’s everything from soup to nuts! Points to consider if you are considering if you should rent your house on your own or hire a Rent My House near the 23060 area.
DO YOU HAVE A HIGH VACANCY RATE?
Great Rent My House are capable locating and reviewing renters rapidly and will have a network of capable, affordable Richmondrepairmen to handle problems. Most experienced leasing agents will also comprehend landlord-tenant law, thereby reducing the risk of legal problems.
DO YOU HAVE LIMITED PROPERTY MANAGEMENT EXPERIENCE?
If you want to invest in Richmondinvestment real estate, but don’t know the first thing about rental management, hiring an experienced Rent My House can be a wise choice for you. Learning on the job can become very costly.
For a real estate investor who is just beginning, hiring the wrong repairman or taking too long to fill an empty home can quickly eat into your potential income. There are huge legal liability problems you can run into if you aren’t aware about Fair Housing laws or Federal real estate law. One lawsuit can pay for a lot of property management fees!
IS YOUR VACANCY RATE HIGH?
Great Rent My House are skilled at finding and reviewing renters quickly and will have a network of capable, affordable Richmondrepairmen to handle emergencies. Most experienced rental agents will also understand landlord-tenant law, thereby reducing the risk of a lawsuit.
DO YOU HAVE THE TEMPERAMENT TO WORK WITH RENTERS?
Is the pressure of dealing with evictions, tenant complaints and maintenance issues taking a toll on you? Leasing agents are experienced in resolving landlord-tenant conflict. Rent My House have an understanding of Richmond legal issues and can serve as go between for issues that arise. In addition, if the renter knows they are working with a third party, they may act more cordially as well.
You don’t have to hire a property management agency because you are brand new to real estate investing in 23060, have a lot of properties or are having trouble filling empty units. Many people manage their own homes. Personal experience can often be the greatest instructor and everyone has to begin learning somewhere. If you teach yourself about residential property investing, ask the advice of others and have a strong desire to manage your investment well, its very likely, you will succeed.
HOW MANY RENTAL HOMES IN 23060 DO YOU HAVE TO TAKE CARE OF?
As the number of homes you own multiplies, so do your responsibilities. The more renters you have, the more repair issues, tenant complaints, and vacancies you will have to take care of. Additionally, if your units are dispersed across multiple locations, your energies committed will multiply as you will have to manage the cash flow of each particular investment home as well as physically commute from property to property to handle problems.
HOW WILL A PROPERTY MANAGER HELP ME MANAGE MY HOUSE NEAR 23060?
Rental management companies who service the 23060 area may do a lot of things for you as the home investor, which can include the following areas:
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.
Provide financial management services Handle payments for the sake of the owner (Mortgage, insurance, HOA dues, etc.) Specific accounting of expenditures via invoices and receipts Manage all historical paperwork (paid invoices, leases, inspection reports, warranties, etc.) Oversee annual reports, organized for tax needs as well as mandatory tax paperwork including a 1099 paperwork Advise owner on appropriate tax deductions related to their rental home. Deliver easy to read monthly cash-flow statements which provide a detailed accounting of income and detailed expenses
Most leasing agents are responsible for marketing the home to fill vacancies. leasing agentsknow where to promote and what to include in their ads. Residential property managers also understand what is motivating to tenants, so they may suggest making minor improvements to help improve the house.
OFFER SOLID REAL ESTATE ADVICE:
Discuss with you the positives and negatives 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 23060 area in particular is important.
One of the main responsibilities of the residential property managers is to manage tenants. They are engaged in many roles, from finding the renters and addressing problems to dealing with the eviction process.
This is where a property manager earns their money! Residential property management companies make sure you get your money by collecting rent each month on time and strictly enforcing late charges.
RE-LEASE YOUR INVESTMENT HOME
Once lease terminates persuade existing tenants to re-up their rental agreement for another rental period
DEALING WITH EMERGENCIES
Nearly all managers are compensated to address repair requests, noise disturbances and have the needed relationships to take care of emergency situations.
Professional rental agents are frequently hired to overlook empty homes to ensure there has been no destruction and to oversee routine maintenance. They also make sure vendors and other repairmen are completing their work in a timely manner.
Nearly all they are paid to deal with maintenance situations, noise complaints and have the needed contacts to deal with emergency situations.
Other Employees- if there aresome employees in the apartment, such as a janitor or security personnel, the leasing agent is in charge of being certain they are paying attention to details. The property manager often will set their wage rates and even terminate them.
DEALING WITH MOVE OUTS
If a tenant leaves, the manager is responsible for inspecting the house, looking for problems and assessing what portion of the damage reserves mightl be given to the tenant. After move out, the rental agent is in charge of cleaning the unit, fixing any issues and locating a new tenant.
INCREASING OR ADJUSTING RENT:
The property manager 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.
OVERSEE MAINTENANCE AND REPAIRS
Rental property management agents are usually responsible for the physical oversight of the residence, including regular maintenance and needed repairs.
Question: What do Inspections of my home cost?
Some residential property management will charge for inspections, some will give you an inspection or more without charge per year. This is a walk through of your home to see how the tenant is treating it. Charges can range from $50-200 per inspection.
Question: How much do rental agents charge?
Answer: As you might guess, the answer is “it depends.” Residential property management companies vary widely, and much of the response depends on what a firm does for you.. Exactly what do you want a rental manager to do for you?
Typical Percentage of Monthly Rent Agreement. As a baseline, expect to be charged a normal Rental management agency between 8 – 12% of the monthly rental value of the unit. This is called a management fee, or monthly management payment. Usually the greater your rent is, the lower the percentage fee is. For example if your rental charges are $2,300 each month for your property, you will usually pay a lower percentage fee than another person whose home rents for $900 per month.
You are not charged this percentage fee until payment is collected. Look carefully at your contract regarding whether the management charge is based on ‘rent collected’ or ‘rent due’. If the charge is tied to rent received, it means the Property management company won’t get paid if you don’t get paid. On the other hand, if it’s determined by ‘rent due’, then you owe whether or not rent is collected from the renter usually.
Fixed Fee Agreements
Some agencies may charge, say,$75- $150 each month fixed rate. There is nothing dictated bystatute in this; it’s determined by the firm owner.
You wouldn’t owe money on a fixed rate contract normally until rent is collected.
Question: Should I try to save money by managing my home myself? Or hiring the least expensive leasing agent possible?
Answer: With the best investment property agents, paying a little bit more is a smart investment, because it helps enhance the value of your property, and they help attract top notch renters; studies have shown hiring a investment property managercan reduce your vacancy rate in half. On the other hand, going cheap with a property management company can end up being very expensive.
QUESTION: What is a New Tenant Placement or “Lease up” Charge?
Some residential property management companies in the 23060 area may charge a new tenants placement charge or have a extra commission incentive for getting a tenant into an agreement. Afee of 50 to 100 % of the first month’s rent for any new renter placed is not atypical. However, you shouldn’t typically run into unreasonable multiple up-front charges.
Typically a lease up charge is not paid until the renter is secured, meaning you don’t need to come out of pocket to pay this.
What can a RichmondResidential Property Management Agency Do to Market Your Investment Property?
- Get investment property ready for renting out
- Clean home and maximize interior appeal
- Take care of landscaping to optimize street appeal
- Prepare ads specifically created for the house and advertising medium.
- A sample of the channels normally utilized are:
- Paid and no fee rental listing websites
- Print magazines
- Install a lock box
- MLS listings
- Partner with other professionals and rental agents to find a tenant
- Provide a 24-hour hot-line where potential renters can hear to specific information about the home
- FieldAnswer calls from prospects for questions and showings
- Welcome prospective tenants for showings during the week and weekend.
- Provide potential tenants with rental applications that are legally in line with fair housing laws
- Gather applications with application fee
Question: What are Other charges made by property management companies?
In some cases, you may see some charges passed on to you – especially when the agent is charging a low monthly percentage. Examples might include an marketing charge in connection with finding a renter, a yearly inspection charge, and some sort of reserve, so that the management company has some money on hand to handle unanticipated, but immediate, expenses.
You might want to check into how you split up pet deposits collected and bad check charges (basically whoever gets hit with the greatest amount of bank costs should get the bulk of this one!) Also, notice who gets to hang onto the income from vending machines and coin-operated washers and dryers, if any.
Question: Do property management companies help with evictions?
Some tenants just don’t work out. Some get fired and become unable to pay their rent, while others turn out to be irresponsible and a problem or pain in the neck at your unit. Most likely a house agent will impose a charge to go through the tedious process of evicting a renter which is customarily ballpark cost of $350-$400 per eviction, plus any applicable legal fees.And an evictioncan last a few months, so be mentally ready to not get any rental payments until they the legal action is complete. On top of that, you may find there is fix up work to do on your unit.
Typically, you are better off giving your renter cash incentives to vacate the investment property early and avoid suing them, as maddening as that is. You can avoid many difficult situations with painstaking renter vetting done upfront.
Question: Do all leasing agencies charge basically the same way?
Not every fee structures are identical. Some leasing agencies in the 23060 area may charge a fixed per-month rate – which again varies according to area, duties performed, and the total value of the rental – while others charge a percentage rate, as noted above. Cost can also fluctuate depending on the size and quantity of properties you own.
To illustrate, if you own a few homes, you may get a quantity discount that a person with a single house or apartment might not receive.
QUESTION: How Would a Rental management Firm Assist With Renter Vetting and Selection?
Vetting Applicants- A residential property agent will sort through the prospective tenant applications to discover the applicant that is the ideal fit for your property. They have a reliable vetting process, which includes running credit checks and criminal background checks, which can reduce your likelihood of being accused of bias. Professional residential property agents have seen many tenants, so they have a better concept of how to choose the correct applicants; renters who will pay their bills on time, have a longer tenancy and create much fewer problems. Perform a background check to confirm identity, wages, credit history, rental history, etc. Grade renter according to pre-defined tenant standards Communicate with applicants who were rejected
QUESTION: Do Home Management Companies Help With Move Out?
Yes, a Rental management Company can Help With Move outs. Activities might include:
- Inspect investment property. and complete a report on the house’s condition when the tenant moves out
- Deliver occupant with a photocopy as well as estimated deductions
- Return the balance of the security deposit to the tenant
- Mail left over portion of the owner’s share of the tenant deposit to the homeowner or keep in owner reserves for work to be done.
- Turn over house and oversee required repairs or upgrades
- Re-key the locks
- Put the house back on the market for rent
QUESTION: What Inspection Services Do Rental Agents Provide?
- Insure periodic inspections (Inside and outside) on a regular schedule noting repair needs, safety hazards, code problems, lease violations, etc.
- Send owner periodic reports on the condition of the property
What can a RichmondRental management Agency Do to Market Your Home?
- Get property ready for rental
- Clean property and emphasize interior attractiveness
- Manicure exterior to optimize curb appeal
- Prepare advertisements tailored to the home and advertising channel.
- Some of the channels regularly utilized are:
- For pay and no charge rental listing websites
- Print magazines
- Installing a lock box
- Multiple Listing Service listings
- Work with other professionals and rental agents to find a renter
- Provide a 24/7 phone where prospective tenant can listen to specific information about the house
- FieldAnswer calls from prospects for questions and viewings
- Welcome potential tenants for appointments throughout the week and weekend.
- Provide prospective tenants with tenant applications that are legally compliant with fair housing laws
- Collect applications with application fee
QUESTION: Will Property Management Companies Take Care of Evictions in the 23060 area?
- Filing necessary documents to start and process an eviction lawsuit
- Representing owner in court
- Coordinating with law enforcement to evict tenant and tenant’s things from property
QUESTION: What types of Maintenance can rental agencies help with?
Some residential property management in the 23060 area have in house maintenance employees, full-time. Most contract this work out to various vendors. Some residential property management charge a flat rate to supervise any work done by contractors. Some will add margin to the contractors bill. Be sure you know how it works with your unit management agency!
Question: What are Other fees made by property management companies?
At times, you might see some fees passed on to you – especially when the manager is charging a small monthly %. Illustrations could include an advertising charge in connection with finding a tenant, an annual inspection fee, and some sort of reserve, so that the management firm has some money on hand to take care of unanticipated, but urgent, costs.
You may want to look into how you split up pet deposits collected and bad check charges (basically whomever gets stuck with the most bank fees 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.