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 focus is usually on residential properties (but commercial property management firms are out there certainly. Property rental agencies serving the 23249 area provide a variety of services to help you renting your home. It’s a long list of tasks that a top notch Rent My House will oversee; in fact (if you’re a detailed 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”!
- Find a tenant
- Handle legal contracts
- Keep you legal by helping you comply with housing laws
- Show your property to prospective tenants in order to rent your house
- Deal with move in and move out
- Collect rent and get you paid!
- Handle follow up if payments are timely
- Assist with evictions
- Respond to tenant inquiries
- And so much more than that.
It’s everything from soup to nuts! Items to consider if you are questioning if you should rent your home on your own or hire a Rent My House near the 23249 area.
DO YOU HAVE THE TEMPERAMENT TO DEAL WITH TENANTS?
Is the pressure of dealing with evictions, renter problems and maintenance issues stressful for you? Leasing agents are skilled in dealing with landlord-tenant difficulties. Rent My House have an understanding of Richmond landlord-tenant law and can act as a buffer for issues that arise. Additionally, if the tenant knows they are dealing with a third party, they are likely to behave more cordially as well.
You do not have to employ a property management firm because you are new to property investing in 23249, have a lot of homes or are having problems filling vacancies. Many people manage their own homes. Personal experience can many times be the greatest teacher and everyone has to begin learning somewhere. If you educate yourself about residential property investing, get the input of others and have a strong desire to oversee your investment well, chances are, you will come out on top.
HOW MANY RENTAL HOMES IN 23249 DO YOU HAVE TO TAKE CARE OF?
As the total homes you own increases, so does your workload. The more renters you have, the more maintenance concerns, renter complaints, and empty properties you will have to deal with. Additionally, if your properties are spread across multiple locations, your energies committed will go up as you will have to oversee the cash flow of each particular rental as well as travel from property to property to resolve issues.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you would like invest in Richmondinvestment homes, but don’t know a single thing about property management, hiring an experienced Rent My House can be a wise choice for you. Learning on the job can become very expensive.
For a single family home investor who is just beginning, hiring a bad repairman or taking too long to fill a vacancy can quickly eat into your potential income. There are large legal liability problems you can run into 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!
HOW FAR AWAY IS YOUR PROPERTY?
The more distance between you and your rental home,the more stressful it is to take care of. If your main home is in Michigan and your rental property is in the 23249 area, it will be harder for you to find renters,to handle renter complaints,to quickly respond to emergencies, to address maintenance concerns, and even to make sure rent is collected by due date.
The amount of time it takes you to get to the property and the expense of getting there will also add up. In situations like these, hiring a professionalRichmond property management company can make a lot of sense and may actually save you some cash.
DO YOU HAVE A HIGH VACANCY RATE?
Great Rent My House are capable locating and screening tenants rapidly and will have a network of capable, affordable Richmondrepairmen to handle difficulties. Most certified leasing agents will also comprehend landlord-tenant law, thereby reducing the risk of legal issues.
HOW WILL A PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY HOUSE IN 23249?
Residential property managers who service the 23249 area will do a number of things for you as the homeowner, which can include the following areas:
A key responsibility of the leasing agents is to manage tenants. Managers are engaged in all roles, from finding the tenants and responding to complaints to beginning the eviction process.
OVERSEEING MOVE OUTS
When a renter leaves, the agent is in charge of inspecting the property, looking for issues and deciding what amount of the security deposit mayl be returned to the renter. After move out, the rental agent is in charge of cleaning the unit, repairing any areas of concern and locating a new tenant.
Provide financial management services Make payment for the owner (Mortgage, insurance, homeowner association dues, etc.) Specific accounting of expenditures via invoices and receipts Manage all historical paperwork (paid invoices, leases, inspection reports, warranties, etc.) Oversee annual reporting, structured for tax needs as well as mandatory tax documents including a 1099 form Counsel owner on qualified tax deductions related to their rental property. Provide formatted monthly cash-flow documents which provide a detailed accounting of income and detailed expenses
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.
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.
Professional leasing agents are often engaged to observe empty properties to ensure there has been no destruction and to execute routine maintenance. They also make sure vendors and other repairmen are finishing their work in a reliable manner.
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 methods to: Reviewing the applicants. Handle damage deposits End a lease Evict a tenant Obey with house safety protocols Advise in case of of a legal action or lawsuit Recommend owner to an experienced lawyer when needed Be knowledgeable about and abide by the most recent local, state and federal laws that relate to renting and maintaining rental properties.
HANDLING MOVE OUTS
If a tenant ends his tenancy, the property manager is in charge of inspecting the house, looking for issues and determining what portion of the damage reserves willl be given to the renter. After move out, the manager is in charge of cleaning the house, repairing any areas of concern and finding a new renter.
OFFER SOLID REAL ESTATE ADVICE:
Discuss with you the positives and negatives of different issues such as accepting various animals, allowing smoking etc. Other are very particular to the Richmond market, so having a local area expert who knows the 23249 area in particular is crucial.
PROPERTY MANAGEMENT COMPANIES HELP YOU DETERMINE THE CORRECT RENT LEVELS
Property managers are responsible for determining the beginning rent level, and collecting rent from tenants. Good property managers know how to set the market 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 market.
EXPERIENCED WITH LANDLORD-TENANT LAW AND FEDERAL REAL ESTATE LAW
A good property manager should have a complete understanding of statewide and national laws regarding the proper methods to: Screen potential renters. Escrow damage deposits Terminate a rental agreement Oversee evicting a renter Obey with property safety laws Give input in case of of a legal disagreement or lawsuit Recommend owner to a seasoned attorney when needed Be knowledgeable about and follow the latest local, state and federal laws that relate to renting and maintaining investment properties.
Most residential property managers are responsible for advertising the property to fill vacancies. Rental agentsknow where to advertise and what to include in their advertisements. Rental agents also understand what is motivating to renters, so they may suggest making cosmetic improvements to help improve the property.
Professional property managers are often contracted to overlook vacant houses to make sure there has been no vandalism and to execute standard maintenance. They also make certain contractors and other outsourced workers are finishing their work in a timely manner.
One of the main responsibilities of the residential property managers is to manage renters. They are involved in many capacities, from locating the tenants and addressing issues to beginning the eviction process.
Question: What are typical procedures regarding Late Payment Fees?
Occasionally renters pay after the due date. Look at your agreement to see if those late payment charges go to you as the owner, to the leasing agency, or are shared somehow.
QUESTION: What are Marketing Charges?
Some residential property management charge a marketing fee. This is an upfront fee to market your vacant unit. This charge is usually $$150-500. A majority of firms don’t charge this fee, so shop around!
Empty House fee Some agencies charge 1 month’s rent up front. You might run into this fee if you are trying to hire the residential property management firm while the property is vacant. This gives them the money to pay a real estate agent a commission for finding a tenant in the investment property, or to pay the costs of advertising, repeatedly showing the home to potential renters, as well as the cost of preparing lease paperwork (which can take a long time).
Question: What are typical procedures regarding Late Payment Charges?
Sometimes tenants pay after the due date. Look at your paperwork to see if those late payment fees go to you as the owner, to the rental agency, or are shared somehow.
Question: What Is The Normal Term Of A Property Management Agreement?
Typically, an owner signs an agreement with a property management company for a certain 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: Should I try to save money by going FRBO? Or finding the least expensive rental agent possible?
Answer: With the best unit agents, paying a little bit more can be a smart investment, because it helps increase the value of your property, and they help retain quality renters; studies have shown employing a house managercan cut your vacancy rate in half. Conversely, going lowball with a residential property management firm can end up being very costly.
QUESTION: Do Rental management Firms Assist With Move Out?
Yes, a Home Management Firm can Assist With Move outs. Activities might include:
- Inspect rental property. and complete a report on the house’s condition when the tenant moves out
- Deliver renter with a copy as well as noted deductions
- Return the remainder of the damage reserves to the renter
- Mail remaining portion of the owner’s portion of the tenant deposit to the homeowner or hold in owner reserves for repairs.
- Clean house and oversee required repairs or upgrades
- Re-do all locks
- Re-List home back on the market for rent
QUESTION: What Inspection Services Do Rental Agents Provide?
- Handle timely inspections (Inside and outside) on a predefined schedule watching out for upgrade requirements, safety concerns, code violations, lease violations, etc.
- Send owner periodic reports on the condition of the property
QUESTION: What are Advertising Charges?
Some property management companies charge a advertising fee. This is an upfront charge to advertise your empty property. This charge is typically $200-450. Many firms don’t charge this fee, so shop around!
Empty Property charge Some companies charge One month’s payment up front. You could run into this fee if you’re attempting to engage the property management company while the property is vacant. This gives them the money to pay a realtor a commission for placing a renter in the unit, or to pay the costs of marketing, repeatedly showing the home to potential renters, as well as the expense of preparing lease paperwork (which can take hours).
Question: Should I try to save cash by managing my home myself? Or finding the cheapest property manager possible?
Answer: With the best home managers, paying a little bit more is a smart investment, because it helps increase the value of your investment property, and they help retain quality tenants; studies have shown employing a home agentcan cut your vacancy rate by 50%. Conversely, going cheap with a residential property management firm can end up being very costly.
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some rental agencies in the 23249 area may charge a new renters placement fee or have a bonus structure for getting a tenant into an agreement. Afee of 50 to 100 percent of the first month’s rent for any new tenant placed is not abnormal. Nevertheless, you should not typically run into unreasonable multiple up-front fees.
Normally a placement fee is not due until the renter is secured, which means you don’t need to pay out of pocket to pay this.
Question: How much do rental managers cost?
Answer: As you might guess, the answer is “it depends.” Residential property management companies vary quite a bit, and much of the answer is dependent on what a company does for you.. Just what do you want a rental manager to accomplish for you?
Typical % of Monthly Rent Agreement. As a baseline, expect to pay a typical Residential property management company between 7 – 12% of the monthly rent of the home. This is called a management charge, or monthly management charge. Generally the greater you charge for rent, the lower the percentage fee is. To illustrate if your rent is $2,000 each month for your rental house, you will usually pay a lower percentage fee than someone else whose home rents for $700 per month.
You do not pay this percentage charge until payment is collected. Look specifically at your contract regarding whether the management charge is determined by ‘rent collected’ or ‘rent due’. If the fee is tied to 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 owe whether or not rent is collected from the renter usually.
Flat Rate Agreements
Some companies may charge, say,$75- $150 per month fixed rate. There is nothing required bystatute in this; it’s determined by the company owner.
You would not owe money on a flat rate agreement normally until rent is collected.
QUESTION: What is a New Tenant Placement or “Lease up” Fee?
Some leasing agencies in the 23249 area could charge a new renters placement fee or have a extra commission incentive for getting a tenant into an agreement. Afee of 50 to 100 percent of the first month’s rent for any new renter placed is not unusual. Nevertheless, you should not typically run into unreasonable multiple up-front fees.
Generally a lease up fee is not paid until the tenant is found, meaning you don’t need to pay out of pocket to pay this.
QUESTION: Do Rental management Agencies Assist With Move Out?
Yes, a Rental management Agency can Assist With Move outs. Services might include:
- Inspect investment home. and complete a report on the house’s status when the client moves out
- Give renter with a copy as well as noted damages
- Return the remainder of the damage deposit to the renter
- Transfer remaining portion of the owner’s share of the tenant deposit to the owner or keep in owner reserves for repairs.
- Turn over house and handle required repairs or upgrades
- Re-key the locks
- Put the home back on the market for rent
QUESTION: What Inspection Services Do Property Managers Provide?
- Handle periodic inspections (Inside and outside) on a predefined schedule looking for upgrade requirements, safety issues, code problems, lease violations, etc.
- Prepare owner periodic reports on the condition of the property
Question: Should I try to save cash by managing my home myself? Or hiring the cheapest rental agent I can?
Answer: With the best property managers, paying a little bit more can be a smart investment, because it helps increase the value of your unit, and they help attract quality tenants; studies have proven employing a investment property managercan cut your vacancy rate by 50%. On the other hand, going cheap with a rental agency can end up being very expensive.
Question: Do residential property management help with evictions?
Some tenants are deadbeats. Some lose their jobs and become unable to pay their rent, while others turn out to be irresponsible and a disturbance or nuisance at your home. Most certainly a unit manager will impose a fee to initiate the laborious process of evicting a tenant which is usually ballpark cost of $200-$500 for each eviction, not counting any associated legal costs.And an evictioncan last a few months, so be prepared to not get any rental payments until they are out. On top of that, you could find there is fix up work to be done on your house.
Usually, you are better off offering your renter incentives to leave the unit early and avoid suing them, as maddening as that might seem. You can avoid many problem situations with thorough renter vetting done upfront.