Whether you call them a Rent My House, home management firms, or rental property management agencies….it all means the same thing. The emphasis is usually on residential properties (but commercial property management companies do exist of course. Property rental agencies serving the 23285 area provide a long list of services to help you renting your house. It’s a long punchlist of jobs that a great Rent My House will handle; in fact (if you’re a detailed follow through kind of people person, you may even want to explore 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?”
Property Management RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a tenant
- Handle contracts
- Keep you legal by helping you comply with government housing laws
- Open your property to interested tenants in order to rent your house
- Deal with move in and move out
- Collect rental payments and get you paid!
- Handle collections if payments are not on time
- Assist with evictions
- Answer renter inquiries
- And so much more than that.
It’s everything from soup to nuts! Areas 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 23285 area.
DO YOU HAVE THE AVAILABILITY TO MANAGE YOUR RENTAL PROPERTY near the 23285 area?
If you work at a full-time job while you are investing in a rental home and simply can’t give your your rental home the time it demands, the profitability of your investment might depend on paying for a full time property management company in Richmond
Also, realize that time is definitely money and overseeing a rental home takes energy. If you feel like the day to day requirements of leasing management are stepping on on time that could be better spent making more money at your full time job, or hunting down other properties, hiring an outside property management agency may be the best move for you.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you want to invest in Richmondinvestment homes, but don’t know anything about property management, hiring a certified Rent My House can be a wise choice for you. Learning on the job can become extremely draining financially.
For a real estate investor who is starting out, hiring a sketchy repairman or taking too long to fill an empty home can easily eat into your potential income. There are huge legal liability problems you can encounter if you aren’t educated about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of rental management fees!
CAN YOU AFFORD TO PAY A Rent My House ?
You’ve discovered that top notchproperty managerswho provide services to the 23285 area in Richmond aren’t without cost.
Residential property management companies will charge a fee, ballpark, between 4% and 10% of the monthly gross income for the home. The typical fee for a single family rental home is closer to 8-10%. The charge for a property of 10 units or more is usually between 5% and 7%.
If your house is not occupied, it’s not unusual to pay a tenant finding fee to procure and place a new tenant in your rental property. Depending on the property management company this can fluctuate from 50%-100% of a single month’s rent.
One thing to think about: Having expert professional input on market rents and having a pro handle locating a renter can mean you might get higher rents, which means a great rental agent may end up covering all or part of their fee because of higher rents.
HOW MANY RENTAL UNITS IN 23285 DO YOU HAVE TO TAKE CARE OF?
As the number of homes you own goes up, so do your responsibilities. The more renters you have, the more maintenance issues, renter headaches, and vacancies you will have to deal with. Additionally, if your properties are spread across multiple areas, your time commitment will multiply as you will have to manage the cash flow of each individual investment home as well as travel from property to property to resolve issues.
DO YOU HAVE THE TEMPERAMENT TO DEAL WITH RENTERS?
Is the challenge of messing with evictions, renter complaints and maintenance concerns stressful for you? Rental managers are experienced in dealing with landlord-tenant conflict. Rent My House have an understanding of Richmond landlord-tenant law and can perform as a buffer for problems. In addition, if the renter knows they are working with a third party, they could behave more professionally as well.
You do not have to employ a property management company just because you are a beginner to property investing in 23285, have a lot of rental units or are having trouble filling empty units. Many people manage their own homes. Personal experience can often be the best instructor and everyone has to start learning somewhere. If you teach yourself about real estate, ask the advice of others and have a powerful desire to manage your home with excellence, its likely, you will succeed.
HOW CAN A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY HOME NEAR 23285?
Rental management companies who service the 23285 area may do many things for you as the homeowner, which can include the following:
RENTAL MANAGEMENT COMPANIES HELP YOU SET MARKET RENT LEVELS
Property managers are responsible for determining the initial rent level, and collecting rent from renters. Good property managers know how to set the correct rent level todirect renters to your investment property. They hopefully have a specific understanding of the Richmond area, where the home is located and have reviewed at comparable properties in the general Richmond market.
DEALING WITH WRITTEN AGREEMENTS
Many they are responsible for recommending the duration of the agreement and making sure it has all the needed clauses to look out for the owner. This includes deciding the amount of security deposit required.
A key responsibility of the leasing agents is to oversee tenants. Managers are engaged in many capacities, from finding the tenants and responding to problems to dealing with the eviction process.
RESPONSIBLE FOR MAINTENANCE AND MINOR UPGRADES
Leasing agents are customarily in charge of the physical oversight of the residence, including scheduled maintenance and emergency work to be done.
TAKES CARE OF TAX PAYMENTS
The rental agent can assist the property owner with education on how to handle taxes for the investment property. The rental agent can additionally file taxes for the investment property
OFFER SOUND REAL ESTATE ADVICE:
Discuss with you the pros and cons\pluses and minuses of different issues such as accepting various animals, allowing smoking etc. A few things are very particular to the Richmond area, so having a local market expert who knows the 23285 area in particular is important.
OVERSEE MAINTENANCE ITEMS AND REPAIRS
Rental property management agents are usually in charge of the physical management of the residence, including regular maintenance and emergency work to be done.
Deliver financial management services Make payments for the sake of the owner (Mortgage, insurance, HOA dues, etc.) Specific documentation of expenditures via invoices and receipts Maintain all historical paperwork (paid invoices, paperworks, inspection documentation, warranties, etc.) Oversee yearly reporting, coordinated for tax purposes as well as mandatory tax documents including a 1099 form Educate owner on appropriate tax deductions related to their investment home. Prepare easy to read monthly cash-flow statements which provide a detailed breakdown of income and specific expenses
RE-LEASE YOUR HOME
Once contract ends ask existing tenants to continue their rental contract for one more rental period
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there aresome employees in the property, such as a concierge\desk manager or security guard, the leasing agent is responsible for making sure they are doing their job. The rental manager can set their wage rates and even terminate them.
One of the main responsibilities of the leasing agents is to oversee renters. Managers are engaged in many capacities, from finding the renters and responding to problems to beginning evictions.
OVERSEE MAINTENANCE ITEMS AND MINOR UPGRADES
Property managers are typically in charge of the physical oversight of the house, including consistent maintenance and emergency work to be done.
RESPONSIBLE FOR OVERSEEING THE BUDGET/MAINTAINING RECORDS
In most situations rental agents are responsible for managing the budget for the building and maintaining all pertinent records. Overseeing Budget- the property managermust operate within the established budget guidelines for the unit. In certain emergency situations when the renters or physical structure are in disrepair, they may move ahead to order repairs or similar without concern for the budget. Maintaining Records- the leasing agent should keep thorough records related to the property. This should include all income and expenses; lists of all inspections, fully executed agreements, upgrade requests, any complaints, documentation of maintenance done, charges for repairs, maintenance charges, record of rent paid and insurance costs.
OVERSEEING MOVE OUTS
If a tenant leaves, the manager is responsible for inspecting the unit, looking for damages and determining what portion of the security deposit willl be returned to the tenant. After move out, the manager is in charge of cleaning the home, repairing any issues and finding a replacement tenant.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some leasing agencies in the 23285 area might charge a new tenants placement charge or have a bonus structure for getting a tenant into a lease. Afee of 50 to 100 % of the first month’s rent for any new tenant placed is not abnormal. Nevertheless, you should not normally run into significant multiple up-front fees.
Typically a lease up fee is not due until the renter is signed, which means you don’t need to come out of pocket to pay this.
Question: Do all property management companies charge basically the same way?
Not every fee structures are identical. Some leasing agencies in the 23285 area may charge a fixed monthly rate – which again differs according to area, activities performed, and the total value of the rental – while others charge a percentage rate, as noted above. Price can also fluctuate depending on the size and number of houses you own.
To illustrate, if you own several houses, you may get a quantity discount that a person with a single house or apartment might not receive.
Question: What are typical procedures regarding Late Payment Fees?
Occasionally tenants pay date. Look at your agreement to see if those late payment charges go to you as the owner, to the residential property management, or are shared in some way.
Question: How much should I price shop the fees my property management company charges me?
Ultimately, hiring a unit agent in the 23285 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 manager provides. A competent agency can take charge of the maintenance of the investment property, for example, and turn out getting you a lot rental value and price appreciation than you might be possible. However, you need to be willing to provide them the resources to do it.
Question: What Is The Normal Term Of A Property Management Agreement?
Usually, an owner signs a contract with a rental agency for a fixed length of time – 12 or 24 months, for example – with an option to renew. Agreements could be drawn up so that they automatically renew if neither party takes actionopposing it. Termination clauses allow for early termination if the leasing agency is in the breaking of the contract in any way.
QUESTION: How Can a Lease Management Firm assist an owner with the Renter Move In Process?
- Initiate rental agreement
- Determine 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: What is a New Tenant Placement or “Lease up” Charge?
Some rental agencies in the 23285 area could charge a new renters placement fee or have a bonus structure for getting a renter into a lease. Afee of 50 to 100 percent of the first month’s rent for any new tenant placed is not abnormal. However, you shouldn’t normally bump into unreasonable multiple up-front charges.
Generally a placement charge is not paid until the renter is secured, meaning you don’t need to come out of pocket to pay this.
Question What Services Are Included in A Typical Property Management Contract?
Be sure you establish exactly what maintenance services are included with your charges. It may be that when something needs fixing, some labor charges are a part of with your monthly flat rate or percentage charge (for illustration, changing out light bulb and replacing faucet handles) while others are billed individually (such as replacing broken windows and installing new sinks).
No matter what, everything should be specifically expressed in your contract. Keep in mind that these charges may require you toraise your rental rate, which might make finding – and keeping – renters harder. Keep in mind, unit management fees can be negotiable. Depending on how much you’re willing to pay, you might be able to get a better price by giving up certain services and dealing with them on your own.
Question: What are typical procedures regarding Late Payment Fees?
At times renters pay after the due date. Look at your contract to see if those late payment charges go to you as the owner, to the leasing agency, or are shared in some way.
Question: Should I attempt to save cash by going FRBO? Or finding the least expensive leasing agent possible?
Answer: With the best house 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 renters; studies have proven employing a property agentcan reduce your vacancy rate by 50%. Conversely, going cheap with a leasing agency can wind up being very costly.
QUESTION: Will Residential Property Management Companies Deal With Evictions in the 23285 area?
- Preparing necessary paperwork to begin and complete an eviction lawsuit
- Representing owner in court
- Interacting with with police enforcement to remove renter and tenant’s possessions from home
Question: What do Inspections of my home cost?
Some leasing agencies will bill for inspections, others will give you an inspection or more without charge per year. This is a walk through of your investment property to see how the tenant is keeping it up. Fees can range from $75-200 for each inspection.
Question: What do Inspections of my home cost?
Some rental agencies will bill for inspections, others will give you an inspection or more free per year. This is a visual inspection of your unit to see how the tenant is keeping it up. Fees can range from $75-175 for each inspection.
QUESTION: What are Advertising Charges?
Some residential property management charge a advertising fee. This is an upfront fee to market your empty investment property. This fee is typically $$150-400. Most agencies don’t charge this fee, so shop around!
Empty Unit charge Some companies charge 1 month’s rent up front. You could run into this charge if you are attempting to engage the leasing agency while the property is empty. This gives them the money to pay a real estate agent a commission for finding a renter in the home, or to pay the costs of marketing, repeatedly showing the house to prospective renters, as well as the cost of preparing lease documents (which can take hours).