No matter if you describe them as 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 23228 area offer a long list of services to help you renting your house. It’s a long punchlist of jobs that a good Rent My House will oversee; in fact (if you’re a detailed follow through kind of people person, you might even want to consider a job as a property manager yourself!.) Here’s an incomplete list of what property managers do if they are asked “will you help me rent my house?”
Long Time Property Managemet RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a tenant
- Deal with contracts
- Keep you legal by helping you comply with housing laws
- Show your home to prospective 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 timely
- Help with evictions
- Respond to tenant questions
- And so much on top of that.
It’s everything but the kitchen sink! Issues to think about if you are wondering if you maybe should rent your house on your own or hire a Rent My House near the 23228 area.
DO YOU HAVE THE TIME TO MANAGE YOUR RENTAL HOME near the 23228 area?
If you are employed at a full-time job while you are dealing with a rental property and simply cannot give your your rental property the time it requires, the success of your investment could depend on employing a great property management company in Richmond
Additionally, realize that time is money and overseeing a rental home takes effort. If you feel like the every day duties of residential property management are impeding on time that could be better spent making more money at your other job, or hunting down other investments, employing an outside property management agency may be the best move for you.
DO YOU HAVE THE AVAILABILITY TO CARE FOR YOUR RENTAL HOME in the 23228 area?
If you work at a full-time job while you are dealing with a rental property and simply cannot give your your rental property the attention it demands, the success of your investment may depend on paying for a full time property management company in Richmond
Additionally, realize that time is money and managing a rental property takes energy. If you feel like the real life obligations of property management are impeding on time that could be more profitably spent making more money at your day job, or searching for other properties, paying for an outside property management agency may be the best move for you.
HOW MANY RENTAL UNITS IN 23228 DO YOU HAVE TO TAKE CARE OF?
As the number of units you own goes up, so does your workload. The more tenants you have, the more maintenance issues, tenant complaints, and empty properties you will have to take care of. Additionally, if your homes are spread across multiple cities, your time spent will increase as you will have to manage the cash flow of each single investment home as well as physically commute from property to property to resolve concerns.
HOW MANY RENTAL HOMES IN 23228 DO YOU OWN?
As the number of homes you own goes up, so does your workload. The more tenants you have, the more repair issues, renter complaints, and empty properties you will have to take care of. On top of that, if your homes are spread across multiple areas, your energies committed will go up as you will have to manage the issues of each single investment home as well as travel from property to property to deal with problems.
HOW CLOSE 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 rental property is in the 23228 area, it will be a lot of work for you to find renters,to handle tenant complaints,to quickly respond to issues, to take care of maintenance concerns, and even to ensure payment is collected in a timely manner.
The total time it takes you to go back and forth the property and the cost of travel will also mount. In situations such as these, hiring a professionalRichmond property management agency? can make a lot of sense and will likely save you money.
HOW CAN A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY IN 23228?
Property managers who service the 23228 area can do a lot of things for you as the home investor, which can include the following areas:
OVERSEE MAINTENANCE AND REPAIRS
Leasing agents are usually responsible for the physical management of the property, including scheduled maintenance and needed repairs.
At times when there is a problem required, the property manager must attend to it themselves or will employ a third party to take care the issue it. They many times have a large list of trustworthy plumbers, electricians, carpenters and other types vendors.
Most property manager are tasked with for marketing the property to fill vacancies. leasing agentsknow where to market and what to include in their ads. leasing agents also understand what attracts renters, so they may suggest making minor improvements to help improve the house.
OFFER SOUND REAL ESTATE ADVICE:
Chat with you about the pros and cons\pluses and minuses of different issues such as accepting various animals, allowing smoking etc. Some things are very particular to the Richmond area, so having a local market expert who knows the 23228 area in particular is important.
OVERSEE MAINTENANCE AND MINOR UPGRADES
Property managers are customarily responsible for the physical care of the property, including scheduled maintenance and emergency work to be done.
TAKES CARE OF TAXES
The leasing agent can provide the property owner with education on how to handle taxes for the house. The rental manager might additionally mail in taxes for the house
One of the main responsibilities of the residential property managers is to manage renters. Managers are engaged in many capacities, from finding the tenants and dealing with complaints to initiating the eviction process.
PROPERTY MANAGERS HELP YOU DETERMINE MARKET RENT LEVELS
Rental agents are responsible for determining the initial rent level, and collecting rent from tenants. Great property managers 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 looked at comparable homes in the general Richmond area.
HANDLING MOVE OUTS
If a tenant leaves, the agent is in charge of inspecting the unit, looking for issues and deciding what amount of the security deposit willl be given to the tenant. After move out, the property manager is responsible for cleaning the home, fixing any areas of concern and locating a new renter.
RESPONSIBLE FOR MAINTENANCE AND MINOR UPGRADES
Rental property management agents are oftentimes in charge of the physical oversight of the residence, including scheduled maintenance and emergency work to be done.
A key responsibility of the property managers is to manage tenants. They are involved in many capacities, from identifying the tenants and addressing problems to dealing with evictions.
RESPONSIBLE FOR MAINTENANCE ITEMS AND REPAIRS
Leasing agents are typically responsible for the physical management of the property, including scheduled maintenance and needed work to be done.
DEALING WITH MOVE OUTS
When a tenant moves out, the property manager is in charge of inspecting the property, looking for issues and assessing what portion of the damage reserves mayl be refunded to the renter. After move out, the property manager is responsible for cleaning the home, repairing any issues and locating a new renter.
This is where a property manager earns their keep. Home management firms make sure you get paid by collecting rent every month on time and strictly enforcing late penalties.
QUESTION: Do Property Management Firms Assist With Move Out?
Yes, a Rental management Agency can Help With Move outs. Activities might include:
- Inspect investment property. and complete a document on the property's status when the client moves out
- Give occupant with a photocopy as well as estimated charges
- Return the balance of the damage deposit to the renter
- Mail left over amount of the owner’s portion of the tenant deposit to the owner or keep in owner reserves for work to be done.
- Turn over home and perform needed repairs or upgrades
- Re-key all locks
- Re-List property back on the market for rent
QUESTION: What Inspection Services Do Rental Agents Provide?
- Insure systematic inspections (Inside and outside) on a predetermined schedule looking for maintenance requirements, safety violations, code problems, lease infractions, etc.
- Send owner periodic reports on the condition of the property
QUESTION: What are Advertising Charges?
Some property management companies charge a marketing fee. This is an initial charge to market your vacant house. This fee is usually $200-350. A majority of agencies don’t charge this fee, so shop around!
Empty Unit charge Some agencies charge One month’s payment up front. You may run into this charge if you are attempting to hire the property management company while the investment property is vacant. This gives them the cash to pay a real estate agent a commission for finding a renter in the property, or to pay the costs of advertising, repeatedly showing the home to potential renters, as well as the cost of preparing lease documents (which can take hours).
Question: Do all residential property management charge basically the same way?
Not all pricing structures are identical. Some leasing agencies in the 23228 area may charge a flat per-month rate – which again varies according to area, activities performed, and the total value of the house – while others charge a percentage rate, as noted above. Cost can also change depending on the size and quantity of homes you own.
For example, if you own a few homes, you may get a quantity discount that a person with a single unit or apartment might not get.
Question: Should I attempt to save money by managing my home myself? Or finding the least expensive rental agent I can?
Answer: With the best home agents, paying a little bit more is a wise investment, because it helps increase the value of your house, and they help retain quality tenants; studies have shown employing a home agentcan reduce your vacancy rate by 50%. Conversely, going lowball with a residential property management firm can wind up being very expensive.
Question: How much should I price shop the fees my property management company charges me?
Ultimately, engaging a home agent in the 23228 area is entering into a partnership. In the long run, the fees aren’t as crucial as the interaction between you and the agent and quality of the service your agent provides. A competent firm can take control of the management of the property, for example, and wind up getting you much more rental value and price appreciation than you might be possible. That said, you need to be willing to provide them the resources to accomplish.
QUESTION: What are Advertising Fees?
Some leasing agencies charge a marketing fee. This is an upfront fee to advertise your vacant home. This charge is typically $$150-350. A majority of firms don’t charge this charge, so shop around!
Vacant Unit fee Some agencies charge 1 month’s payment up front. You could run into this charge if you’re attempting to hire the leasing agency while the property is empty. This gives them the cash to pay a real estate agent a commission for placing a tenant in the investment property, or to pay the costs of marketing, repeatedly showing the property to prospective renters, as well as the cost of preparing lease documents (which can take hours).
Question: What Is The Normal Term Of A Property Management Agreement?
Normally, a landlord signs a contract with a property management company for a fixed length of time – 12 or 24 months, for example – with an option to renew. Paperwork could be drawn up so that they automatically renew if neither party takes actionstopping it. Termination clauses allow for early termination if the leasing agency is in breach of the agreement in any way.
QUESTION: How May a Property Management Firm help an owner with the Tenant Move In Process?
- Prepare leasing agreement
- Pin down move in date with tenant
- 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 renters sign a report verifying the condition of the property prior to move-in.
- Secure initial month’s rent and security deposit
QUESTION: What types of Maintenance can rental agencies help with?
Some residential property management in the 23228 area have in house maintenance crews, full-time. The majority of subcontract this work out to various vendors. Some property management companies charge a flat rate to supervise any work done by contractors. Some will add on to the contractors invoice. Be certain you know how it works with your house management agency!
QUESTION: How Might a Residential Property Management Firm assist an owner with the Tenant Move In Process?
- Initiate leasing contract
- Determine move in date with applicants
- 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 tenant 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: What are Marketing Fees?
Some residential property management charge a advertising fee. This is an upfront charge to market your vacant investment property. This charge is typically $200-500. Most companies don’t charge this charge, so shop around!
Vacant Property charge Some firms charge 1 month’s rent up front. You could run into this fee if you’re trying to engage the residential property management firm while the property is empty. This gives them the cash to pay a realtor a commission for finding a tenant in the property, or to pay the costs of advertising, repeatedly showing the property to potential renters, as well as the expense of preparing lease documents (which can take hours).
Question: Should I try to save cash by managing my home myself? Or hiring the cheapest leasing agent possible?
Answer: With the best unit managers, paying a little bit more is a smart investment, because it helps increase the value of your home, and they help retain top notch tenants; studies have proven hiring a home managercan reduce your vacancy rate by 50%. Conversely, going cheap with a rental agency can wind up being very expensive.
Question: What are Miscellaneous fees made by property management companies?
In some cases, you may see some fees passed on to you – especially where the agent is charging a small monthly percentage. Examples could include an advertising charge in connection with finding a renter, a yearly inspection fee, and some sort of reserve, so that the management company has some money on hand to take care of unexpected, but urgent, costs.
You may 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 fees should get 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.
Question: What are typical procedures regarding Late Payment Charges?
Sometimes tenants pay after the due date. Read 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.