Whether you call them a Rent My House, home management firms, or rental property management agencies….it all means the same thing. The focus is typically on residential properties (but commercial property management firms are out there of course. Property rental agencies serving the 23234 area offer a variety of services to help you renting your house. It’s an overwhelming punchlist of jobs that a top notch Rent My House will handle; in fact (if you’re a great follow through kind of people person, you may even want to explore 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 out of jail by helping you follow housing laws
- Open your property to interested renters in order to rent your house
- Handle move in and move out
- Collect rent and get you paid!
- Handle collections if payments are not on time
- Assist with evictions
- Respond to renter questions
- And a lot on top of that.
It’s everything from soup to nuts! Points to consider if you are asking if you should rent your home on your own or hire a Rent My House near the 23234 area.
IS THERE THE MONEY TO PAY A Rent My House ?
You’ve figured out that top notchrental agentswho provide service to the 23234 area in Richmond aren’t free.
Property management companies will charge a fee, ballpark, between 5% and 9% of the monthly rents for the house. The usual fee for a single family investment is estimated at 8-10%. The cost for a apartment of 10 units or more is usually between 5% and 7%.
If your investment property is vacant, it’s not unusual to pay a tenant finding fee to locate and place a new renter in your investment property. Depending on the property management company this can range from 50%-100% of a single month’s rent.
Something to think about: Having experienced property manager input on market rents and having a professional agent handle locating a renter could mean you get higher rents, which means a great rental agent may end up covering all or part of their cost because of increased rents.
DO YOU HAVE THE TEMPERAMENT TO DEAL WITH RENTERS?
Is the pressure of dealing with evictions, renter complaints and repair concerns stressful for you? Rental managers are experienced in resolving landlord-tenant difficulties. Rent My House have an understanding of Richmond legal issues and can perform as a buffer for difficulties. Additionally, if the renter is aware they are dealing with a third party, they could act more civilly as well.
You don’t have to pay for a property management firm because you are a beginner to property investing in 23234, have a lot of rental units or are having difficulty filling vacancies. Many people manage their own homes. Personal experience can many times be the greatest teacher and everyone has to start learning somewhere. If you educate yourself about residential property investing, get the input of others and have a strong desire to manage your home well, its very likely, you will succeed.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you would like deal in Richmondrental homes, but don’t know a single thing about residential property management, hiring a professional Rent My House can be a wise choice for you. Figuring it out as you go can become extremely draining financially.
For a single family home investor who is starting out, hiring a bad repairman or taking too long to fill a vacancy can rapidly eat into your returns. There are large legal liability problems you can encounter if you aren’t aware about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of leasing management charges!
DOES IT MAKE FINANCIAL SENSE TO HIRE A Rent My House ?
You’ve figured out that goodleasing agentswho provide service to the 23234 area in Richmond aren’t without cost.
Rental agencies will charge a fee, roughly, between 4% and 9% of the monthly gross income for the house. The usual fee for a single family rental home is closer to 8-10%. The fee for a apartment of 10 units or more is usually between 4% and 8%.
If your house is empty, it’s not unusual to pay a lease up fee to procure and place a new renter in your rental property. Depending on the property management company this can range from 50%-100% of one month’s rent.
Something to consider: Having experienced property manager input on market rents and having a certified agent handle locating a tenant can mean you can get higher rents, which means a great leasing agent likely will end up covering all or part of their fee because of increased rents.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you would like deal in Richmondinvestment real estate, but don’t know a single thing about leasing management, hiring a certified Rent My House can be a smart choice for you. Figuring it out on the job can become very expensive.
For a property investor who is starting out, hiring a sketchy repairman or taking too long to fill an empty home can quickly eat into your profits. There are large legal liability issues you can stumble on if you aren’t educated about Fair Housing laws or Federal real estate law. One lawsuit can pay for a lot of rental management charges!
HOW WILL A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY HOUSE NEAR 23234?
Rental management companies who service the 23234 area can do a number of things for you as the homeowner, which may include the following:
When a renter does not pay rent or otherwise violates the terms of the contract, the property manager knows understands the best approach to file and move forward with an eviction.
SUGGEST AND SUPERVISE VENDORS
Residential property management pro’s should be able to suggest vendors to do repairs and small work that maximize profitability while providing good ROI.
A key responsibility of the leasing agents is to manage renters. They are involved in all capacities, from identifying the tenants and dealing with complaints to dealing with the eviction process.
INCREASING OR ADJUSTING RENT:
The leasing 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.
RENTAL MANAGEMENT COMPANIES HELP YOU SET THE CORRECT RENTAL RATE
Property managers are responsible for determining the initial rent level, and collecting payment from renters. Great property managers know how to set the correct rent level toattract renters to your rental 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.
COLLECTING RENTAL PAYMENTS:
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 charges.
Professional rental managers are many times contracted to overlook vacant houses to ensure there has been no vandalism and to execute standard maintenance. They also make certain vendors and other outsourced workers are completing their work in a reliable manner.
When a tenant does not pay rent or in some way breaks the terms of the agreement, the property manager knows is experienced with the best method to give notice and move forward with an eviction.
Nearly all they are paid to address repair situations, noise issues and possess the necessary relationships to deal with emergency situations.
This is where a property manager earns their money! Home management agencies make sure you get your money by collecting rent each month on time and strictly enforcing late charges.
Other Employees- if there aresome employees in the apartment, such as a desk clerk or security guard, the rental manager is in charge of making sure they are doing their job. The rental agent often will set their compensation and even fire them.
MANAGE MAINTENANCE AND MINOR UPGRADES
Rental agents are usually charged with caring for the physical management of the house, including scheduled maintenance and unexpected repairs.
At times when there is a problem needed, the leasing agent may handle it themselves or may hire someone to handle the issue it. They many times have a large black book full of experienced electricians,carpenters,plumbers and other vendors.
PROPERTY MANAGERS HELP YOU SET THE CORRECT RENTAL RATE
Rental managers are responsible for establishing the initial rent level, and collecting rent from tenants. Great property managers know how to set the correct rent level todirect renters to your home. 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 area.
Question: What Is The Normal Term Of A Property Management Agreement?
Normally, a landlord signs a contract with a property management company for a certain length of time – 12 or 24 months, for example – with an option to renew. Agreements could be prepared so that they automatically renew if neither party takes actionstopping it. Termination clauses allow for early termination if the residential property management firm is in the breaking of the contract in any way.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some property management companies in the 23234 area might charge a new renters placement charge or have a bonus structure for getting a renter into a lease. Afee of 50 to 100 % of the first month’s rent for any new renter placed is not atypical. Nevertheless, you should not normally bump into significant multiple up-front charges.
Typically a lease up fee is not due until the tenant is found, which means you don’t have to come out of pocket to pay this.
Question: What are typical procedures regarding Late Payment Fees?
Occasionally renters pay after the due date. Read your contract to see if those late payment charges go to you as the owner, to the property management company, or are shared somehow.
Question: Do all residential property management charge basically the same way?
Not all pricing structures are the same. Some residential property management in the 23234 area might 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 properties you own.
To illustrate, if you own a few houses, you may get a quantity discount that a person with a single house or apartment might not receive.
QUESTION: What is a New Tenant Placement or “Lease up” Charge?
Some property management companies in the 23234 area may charge a new tenants placement charge or have a extra commission incentive for getting a renter into a lease. Acharge of 50 to 100 percent of the first month’s rent for any new tenant placed is not atypical. However, you shouldn’t typically run into significant multiple up-front charges.
Typically a lease up charge is not due until the tenant is found, which means you don’t need to come out of pocket to pay this.
QUESTION: How Might a Lease Management Firm help an owner with the Renter Move In Process?
- Initiate rental documents
- 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.
- Collect first month’s rent and security deposit
Question: What Is The Normal Term Of A Property Management Agreement?
Normally, an owner signs a contract with a property management company for a certain length of time – 12 or 24 months, for example – with an option to renew. Agreements could be prepared so that they automatically renew if neither party takes actionopposing it. Termination clauses allow for early termination if the residential property management firm is in breach of the contract in any way.
Question: What are Random fees made by property management companies?
In some cases, you may see some costs passed on to you – especially where the manager is charging a small monthly percentage. Illustrations could include an advertising fee in connection with finding a tenant, an annual inspection charge, and some sort of reserve, so that the management firm has some money on hand to handle unanticipated, but urgent, expenses.
You might want to check into how you split up pet deposits collected and bad check fees (basically whomever gets stuck with the greatest amount of bank costs should get the lion’s share of this one!) Also, notice who gets to hang onto the income from vending machines and coin-operated washers and dryers, if any.
Question: What do Inspections of my home cost?
Some leasing agencies will charge for inspections, others will give you an inspection or more free annually. This is a visual inspection of your house to see how the tenant is treating it. Charges can range from $100-200 for each inspection.
QUESTION: What types of Maintenance can leasing agencies help with?
Some property management companies in the 23234 area have in house maintenance employees, full-time. The majority of refer this work out to various vendors. Some property management companies charge a flat rate to manage any work with subcontractors. Some will upcharge the contractors bill. Make sure you understand how it works with your investment property management company!
Question: What are typical procedures regarding Late Payment Charges?
Sometimes renters pay date. Look at your contract to see if those late payment fees go to you as the owner, to the property management company, or are shared somehow.
QUESTION: How Can a Property Management Company Help With Renter Vetting and Selection?
Screening Tenants- A property manager will screen the potential tenant applications to discover the tenant that is the best fit for your property. They have a reliable screening process, including running credit checks and criminal background checks, which can decrease your possibility of being charged with bias. Professional property managers have seen hundreds, even thousands, of tenants, so they have a good idea of how to select the right applicants; tenants who will pay their obligations on time, have a longer tenancy and create much fewer issues. Perform a background check to authenticate identity, income, credit history, rental history, etc. Grade renter according to pre-defined applicant criteria Communicate with applicants who were declined
Question: Do all rental agencies charge basically the same way?
Not all pricing structures are identical. Some rental agencies in the 23234 area might charge a flat monthly rate – which again varies 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 houses you own.
To illustrate, if you own several houses, you might get a quantity discount that a person with a single investment property or apartment might not receive.
QUESTION: How Can a Rental Property Firm Help an homeowner with House Standard Maintenance?
Rental agents are in charge of managing preventative property maintenance to keep your property in good condition. Examples of what can be involved:
- Provide and oversee a company maintenance team
- Create a preventative maintenance plan to find and address repair concerns
- Identify a network of licensed, bonded and completely insured contractors who have been reviewed for fair bidding and quality work that meets code.
- Assign jobs to various parties such as (in-house employees, handyman and professional contractors) based on who could do the best job for the lowest price.
- Oversee outdoor areas
- Debris and snow removal
- Removing garbage and debris
- Set up and monitor a 24 hour emergency repair hot-line
- Larger fix up or rehab projects
- Take care of suggestions on how the project can maximize rental profits.
- Prepare initial cost estimates
- Secure a few different estimates for the work to be done
- Act as general contractor managing the work