Whether 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 companies are out there of course. Property rental agencies serving the 23801 area provide a multiplicity of services to help you renting your house. It’s an overwhelming punchlist of jobs that a good Rent My House will deal with; in fact (if you’re a great follow through kind of people person, you may even want to consider 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?”
Long Time Property Managemet RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a tenant
- Handle legal paperwork
- Keep you legal by helping you follow government housing laws
- Show your house to interested tenants in order to rent your house
- Oversee move in and move out
- Collect rent and get you paid!
- Handle follow up if payments are not on time
- Assist with evictions
- Answer renter questions
- And a lot more.
It’s everything from soup to nuts! Areas to consider if you are considering if you should rent your home on your own or hire a Rent My House near the 23801 area.
CAN YOU AFFORD TO PAY A Rent My House ?
You’ve discovered that goodproperty managerswho provide services to the 23801 area in Richmond aren’t free.
Residential property management companies will charge a fee, roughly, between 4% and 9% of the monthly rents for the property. The typical fee for a single family rental home is estimated at 8-10%. The charge for a apartment of 10 units or more is on average between 5% and 8%.
If your investment property is not occupied, it’s not unusual to pay a tenant finding 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 a month’s rent.
Something to consider: Having experienced property manager input on market rents and having a pro handle locating a renter might mean you can get higher rents, which means a good property manager might end up covering all or part of their cost because of higher rents.
WILL YOU HAVE THE AVAILABILITY TO OVERSEE YOUR INVESTMENT PROPERTY near the 23801 area?
If you are employed at a full-time job while you are looking after a investment home and simply can’t give your investment home the time it requires, the viability of your investment could depend on hiring a great property management company in Richmond
Also, realize that time is money and taking care of a rental property takes time. If you feel like the real life obligations of property management are impinging on time that could be more profitably spent making more money at your full time job, or searching for other properties, paying for an outside property management firm may be the smartest move for you.
WILL YOU HAVE THE TIME TO MANAGE YOUR RENTAL HOME in the 23801 area?
If you are employed at a full-time job while you are looking after a investment home and simply can’t give your your rental property the focus it demands, the viability of your investment may depend on paying for a full time property management company in Richmond
Also, realize that time is money and overseeing a investment home takes time. If you feel like the every day requirements of leasing management are impinging on time that could be more profitably spent making more money at your other job, or hunting down other investments, employing an outside property management firm may be the best move for you.
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 deal with problems. Most certified rental agents will also understand landlord-tenant law, thereby reducing the risk of legal problems.
HOW HIGH IS YOUR VACANCY RATE?
Good Rent My House are skilled at locating and screening renters rapidly and will have a network of capable, affordable Richmondmaintenance companies to deal with emergencies. Most professional property managers will also understand landlord-tenant law, thereby reducing the risk of a lawsuit.
HOW WILL A RESIDENTIAL PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY NEAR 23801?
Rental management companies who service the 23801 area can do many things for you as the home investor, which may include the following areas:
IN CHARGE OF MANAGING THE BUDGET/MAINTAINING DOCUMENTATION
In most situations property managers are responsible for managing the budget for the building and maintaining all pertinent records. Managing Budget- the leasing agentmust operate within the set budget guidelines for the building. In certain emergency situations when the tenants or property are in disrepair, they may take action to order repairs or similar without further delays. Upkeep of Records- the rental agent should keep complete paperwork related to the property. This should include all income and expenses; records of all inspections, completed agreements, repair requests, any problems noted, documentation of repairs, amount paid for fix up, maintenance charges, record of rent collected and insurance fees.
At times when there is a problem required, the leasing agent must handle it themselves or must find an outside firm to handle the issue it. They often have a large black book full of trustworthy electricians,carpenters,plumbers and other types vendors.
KNOWLEDGE OF LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A good property manager should have a complete understanding of state and national laws regarding the ideal ways to: Screen the applicants. Handle security deposits Terminate a rental agreement Oversee evicting a tenant Obey with property safety standards Advise in the occasion the event of a legal dispute or lawsuit Refer owner to a seasoned lawyer when required Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental houses.
HANDLING MOVE OUTS
If a tenant moves out, the property manager is in charge of inspecting the home, checking for problems and deciding what amount of the security reserves willl be refunded to the renter. After move out, the property manager is responsible for cleaning the home, fixing any issues and locating a new renter.
Other Employees- if there aresome employees in the unit, such as a desk clerk or security personnel, the rental agent is responsible for making sure they are on their toes. The property manager may determine their wage rates and possibly fire them.
MANAGE MAINTENANCE AND REPAIRS
Property managers are customarily charged with caring for the physical management of the property, including consistent maintenance and unexpected repairs.
HANDLE PROFESSIONAL INSPECTIONS
You want to be sure to have before and after photos and written documentation, so you can accurately handle renter deposits and differences of opinion when they leave your home. A good number of renters will act shocked when you subtract charges from their deposit, so having accurate files will help cut down on the amount of fighting they do with you.
COLLECTING RENTAL PAYMENTS:
This is where a property manager earns their money! Home management agencies make sure you get your money by collecting rent every month on time and strictly enforcing late penalties.
IN CHARGE OF OTHERS
Other Employees- if there are other employees in the apartment, such as a concierge\desk manager or security guard, the rental agent is in charge of being sure they are doing their job. The leasing agent can establish their salaries and possibly let them go.
One of the more important duties of the residential property managers is to manage renters. They are involved in many capacities, from identifying the tenants and responding to problems to beginning the eviction process.
OVERSEE MAINTENANCE AND MINOR UPGRADES
Rental agents are customarily charged with caring for the physical management of the home, including regular maintenance and emergency repairs.
RE-LEASE YOUR HOME
Once contract terminates persuade current tenants to extend their rental contract for another rental period
OFFER WISE REAL ESTATE ADVICE:
Chat with you about the pros and cons\pluses and minuses of different policies such as accepting various animals, permitting smoking etc. Some things are very specific to the Richmond area, so having a local market expert who knows the 23801 area in particular is crucial.
PROPERTY MANAGEMENT COMPANIES HELP YOU SET THE CORRECT RENTAL RATE
Property managers are responsible for setting the beginning rent level, and collecting rent from tenants. Great rental managers know how to set the right rent level todirect renters to your home. They hopefully have a specific understanding of the Richmond area, where the home is located and have examined at comparable houses in the general Richmond market.
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some residential property management companies in the 23801 area might charge a new tenants placement fee 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 renter placed is not atypical. Nevertheless, you should not typically bump into unreasonable multiple up-front charges.
Normally a placement charge is not paid until the renter is secured, which means you don’t need to pay out of pocket to pay this.
Question: How much do rental agents charge?
Answer: As you might guess, the response is “it depends.” Leasing agencies vary a lot, and a lot of the response depends on what a company does for you.. Exactly what do you want a rental agent to accomplish for you?
Usual Percentage of Rent Agreement. As a ballpark figure, expect to be charged a usual Leasing agency between 8 – 12% of the monthly rental value of the unit. This is referred to as management charge, or monthly management charge. Usually the greater your rent is, the lower the percentage fee is. For example if your rent is $2,000 per month for your rent house, you will normally pay a lower percentage fee than someone else whose property rents for $800 per month.
You are not charged this management charge until rent is collected. Look carefully at your agreement regarding whether the management charge is determined by ‘rent collected’ or ‘rent due’. If the charge is tied to rent collected, it means the Rental management agency 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 received from the renter usually.
Fixed Payment Agreements
Some companies may charge, say,$75- $150 per month flat rate. There is nothing required bystatute in this; it’s decided by the firm owner.
You wouldn’t owe money on a fixed rate agreement typically until rent is collected.
Question: What do Inspections of my home cost?
Some rental agencies will bill for inspections, some will give you one or more free annually. This is a visual inspection of your unit to see how the tenant is keeping it up. Charges can range from $25-175 per inspection.
Question: What do Inspections of my home cost?
Some property management companies will charge for inspections, some will give you one or more free per year. This is a visual inspection of your investment property to see how the tenant is treating it. Charges can range from $75-225 per inspection.
QUESTION: How Can a Property Management Company Help an investor with House Standard Maintenance?
Rental property management agents are responsible for managing preventative home maintenance to keep your home in excellent condition. Some of things that can be under consideration:
- Manage and oversee company employed maintenance crew
- Create a preventative maintenance policy to identify and address repair needs
- Identify a team of licensed, bonded and completely insured vendors who have been vetted for good bidding and quality work that is up to code.
- Assign work to various parties such as (in-house employees, handyman and professional contractors) based on whom could do the best job for an excellent price.
- Oversee outdoor areas
- Debris and snow removal
- Disposing of garbage and debris
- Set up and oversee a 24 hour emergency repair hotline
- Bigger fix up or remodeling projects
- Take care of suggestions on how the project can maximize rental income.
- Prepare initial cost estimates
- Get a few different quotes for the project
- Perform as general contractor managing the work
Question: How much should I price shop the fees my property management company charges me?
Ultimately, engaging a investment property agent in the 23801 area is creating into a partnership. In the long run, the charges aren’t as important as the communication between you and the manager and quality of the service your agent delivers. A competent company 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 prepared to get them the resources to accomplish.
Question What Services Are Included in A Typical Property Management Contract?
Be sure you establish precisely what maintenance services are included with your fees. It may be that when something needs fixing, some labor charges are included with your monthly fixed rate or percentage charge (for illustration, changing out lighting switch plates and replacing faucet handles) while others are billed individually (such as replacing broken window panes and installing new sinks).
No matter what, everything should be clearly expressed in your agreement. Consider that these charges may require you toincrease your rents, which might make finding – and keeping – tenants harder. Keep in mind, unit management fees can be negotiated. Depending on what you’re willing to pay, you might be able to get a better price by giving up particular services and handling them on your own.
QUESTION: What are Marketing Fees?
Some leasing agencies charge a advertising fee. This is an initial charge to advertise your empty home. This charge is usually $200-350. A majority of firms don’t charge this charge, so shop around!
Empty Home fee Some firms charge 1 month’s payment up front. You may run into this charge if you’re attempting to engage the rental agency while the investment property is empty. This gives them the money to pay a realtor a commission for finding a renter in the house, or to pay the costs of marketing, repeatedly showing the investment property to potential tenants, as well as the cost of preparing lease documents (which can take a long time).
Question: Do leasing agencies help with evictions?
Some renters just don’t work out. Some lose their jobs and become unable to pay their rent, while others prove to be irresponsible and a problem or pain in the neck at your house. Most likely a property manager will levy a fee to initiate the tedious paperwork involved with evicting a renter which is typically around $350-$400 for each eviction, plus any associated court costs.And an evictioncan go on for a few months, so be prepared to not get any rental monies until they the legal action is complete. In addition, you could find there is repair work to do on your investment property.
Typically, you are better off providing your renter cash incentives to vacate the investment property early and skip suing them, as maddening as that might seem. You can skip many difficult situations with detailed tenant screening done beforehand.
Question: What are Random fees made by property management companies?
In some cases, you might see some charges passed on to you – especially when the manager is charging a low monthly percentage. Examples might include an marketing fee in connection with placing a tenant, an annual inspection fee, and some sort of reserve, so that the management company has some cash on hand to handle unexpected, but immediate, expenses.
You may want to check into how you divide pet deposits collected and bad check fees (generally whomever gets hit with the most bank costs should get the bulk of this one!) Also, pay attention to who gets to keep the income from vending machines and coin-operated washers and dryers, if any.
Question: What Is The Normal Term Of A Property Management Agreement?
Normally, a landlord signs an agreement with a residential property management firm for a certain length of time – 12 or 24 months, for example – with an option to renew. Agreements can be drawn up so that they automatically renew if neither party takes actionstopping it. Termination clauses allow for early termination if the property management company is in the breaking of the contract in any way.
QUESTION: What types of Maintenance can residential property management help with?
Some rental agencies in the 23801 area have their own maintenance employees, full-time. Most refer this work out to miscellaneous subcontractors. Some leasing agencies charge a fixed fee to supervise any work with outside vendors. Many will add margin to the subcontrcontractor’s bill. Be certain you know how it operates with your home management firm!
Question: Do all rental agencies charge basically the same way?
Not every pricing structures are identical. Some rental agencies in the 23801 area might charge a flat per-month 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 fluctuate depending on the size and quantity of units you own.
To illustrate, if you own several apartment buildings, you may get a quantity discount that a person with a single investment property or apartment might not receive.
Question: Do all leasing agencies charge basically the same way?
Not every fee structures are the same. Some leasing agencies in the 23801 area may charge a fixed monthly rate – which again differs according to area, activities performed, and the total value of the house – while others charge a percentage rate, as noted above. Price can also fluctuate depending on the size and quantity of units you own.
For example, if you own several houses, you might get a “bulk” discount that a person with a single unit or apartment might not receive.