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 typically on residential properties (but commercial property management agencies are out there of course. Property rental agencies serving the 23804 area offer a long list of services to help you renting your home. It’s a huge list of tasks that a great Rent My House will deal with; in fact (if you’re a great follow through kind of people person, you might even want to investigate a job as a property manager yourself!.) Here’s a quick 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
- Deal with legal contracts
- Keep you out of jail by helping you obey Fair Housing laws
- Open your house to possible renters in order to rent your house
- Deal with move in and move out
- Collect monies and get you paid!
- Handle follow up if payments are timely
- Assist with evictions
- Deal with renter questions
- And so much on top of that.
It’s everything from A to Z! Factors to consider if you are asking if you maybe should rent your home on your own or hire a Rent My House near the 23804 area.
WILL YOU HAVE THE AVAILABILITY TO OVERSEE YOUR RENTAL HOME near the 23804 area?
If you have a full-time job while you are dealing with a investment home and simply can’t give your your rental property the time it needs, the profitability of your investment could depend on hiring a good property management company in Richmond
In addition, realize that time is definitely money and managing a rental property takes effort. If you feel like the every day duties of leasing management are impinging on time that could be more enjoyably spent making more money at your full time job, or hunting down other investments, hiring an outside property management agency may be the best move for you.
DO YOU HAVE THE TIME TO OVERSEE YOUR INVESTMENT PROPERTY near the 23804 area?
If you are employed at a full-time job while you are investing in a rental home and simply can’t give your investment home the attention it needs, the profitability of your investment may depend on hiring a great property management company in Richmond
Also, realize that time is money and taking care of a investment home takes energy. If you feel like the every day requirements of residential property management are impeding on time that could be more enjoyably spent making more money at your other job, or searching for other investments, paying for an outside property management agency may be the smartest move for you.
DO YOU HAVE LIMITED PROPERTY MANAGEMENT EXPERIENCE?
If you would like invest in Richmondinvestment real estate, but don’t know a single thing about property management, hiring a professional Rent My House can be a wise choice for you. Learning on the job can become very costly.
For a single family home investor who is just beginning, hiring the wrong repairman or taking too long to fill an empty home can easily eat into your profits. There are large legal liability issues 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 rental management fees!
HOW MANY RENTAL UNITS IN 23804 DO YOU OWN?
As the total homes you own increases, so does the time it takes to manage them. The more tenants you have, the more repair issues, renter headaches, and vacancies you will have to take care of. In addition, if your units are spread across multiple areas, your energies committed will increase as you will have to manage the cash flow of each individual rental as well as drive from property to property to deal with problems.
DO YOU HAVE THE MINDSET TO WORK WITH RENTERS?
Is the stress of messing with evictions, tenant complaints 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 perform as a buffer for difficulties. Additionally, if the renter knows they are dealing with a third party, they could behave more professionally as well.
You do not have to pay for a property management agency just because you are a beginner to property investing in 23804, 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 real estate, ask the advice of others and have a strong desire to oversee your real estate well, chances are good, you will succeed.
HOW CAN A RESIDENTIAL PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY IN 23804?
Rental management companies who service the 23804 area may do many things for you as the home investor, which may include the following:
PROPERTY MANAGEMENT COMPANIES HELP YOU SET MARKET RENTAL RATE
Property managers are responsible for setting the beginning rent level, and collecting payment from tenants. Excellent rental managers know how to set the market rent level toattract 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 houses in the general Richmond area.
RESIDENTIAL PROPERTY MANAGERS HELP YOU SET MARKET RENT LEVELS
Leasing agents are responsible for determining the initial rent level, and collecting payment from tenants. Good leasing agents 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 property is located and have looked at comparable properties in the general Richmond area.
HANDLING WRITTEN AGREEMENTS
Many they are responsible for recommending the length of the agreement and making sure it has all the needed provisos to protect the owner. This includes deciding the total of security reserves needed.
RESPONSIBLE FOR OVERSEEING THE BUDGET/MAINTAINING DOCUMENTATION
In most situations leasing agents are responsible for managing the budget for the building and maintaining all pertinent records. Managing Budget- the rental agentmust operate within the set budget guidelines for the building. In certain emergency situations when the occupants or house are in need of upgrade, they may move ahead to order repairs or likewise without concern for the budget. Upkeep of Paperwork- the property manager is required to complete records regarding the property. This need to include all income and expenses; records of all inspections, completed agreements, upgrade requests, any problems noted, notation of maintenance done, charges for repairs, maintenance charges, record of rent paid and insurance charges.
HANDLING MOVE OUTS
When a tenant ends his tenancy, the rental agent is in charge of inspecting the home, looking for damages and determining what portion of the security deposit mayl be refunded to the renter. After move out, the property manager is responsible for cleaning the property, repairing any areas of concern and locating a new tenant.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there are other employees in the property, such as a janitor or security guard, the property manager is in charge of being certain they are paying attention to details. The leasing agent may set their compensation and possibly let them go.
RESPONSIBLE FOR TAX PAYMENTS
The rental manager will assist the house owner with education on how to file taxes for the investment property. The rental manager may additionally file taxes for the house
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there aresome employees in the apartment, such as a concierge\desk manager or security personnel, the rental manager is in charge of making sure they are paying attention to details. The leasing agent often will set their compensation and possibly let them go.
DEALING WITH WRITTEN AGREEMENTS
Many agents are responsible for determining the length of the lease and making sure it has all the required clauses to look out for the client. This includes determining the total of damage deposit needed.
TAKE CARE OF PROFESSIONAL INSPECTIONS
You want to be sure to take before and after photos and written records, so you can easily take care of renter deposits and disputes when they move out. A good number of tenants will act dumbfounded when you remove charges from their deposit, so having comprehensive records will help reduce the amount of fighting they do with you.
Most residential property managers are responsible for marketing the home to fill vacancies. Rental agentsare aware of to market and what to include in their ads. Residential property managers also understand what interests tenants, so they may suggest making minor improvements to help makeover the house.
OVERSEE MAINTENANCE ITEMS AND MINOR UPGRADES
Leasing agents are oftentimes charged with caring for the physical care of the property, including consistent maintenance and emergency work to be done.
One of the main responsibilities of the property managers is to manage renters. Agents are engaged in all roles, from finding the renters and responding to problems to beginning the eviction process.
PERFORM DETAILED INSPECTIONS
You want to make certain to take before and after photos and written documentation, so you can accurately take care of damage deposits and disagreements when they move out. Many tenants will act dumbfounded when you remove charges from their deposit, so having comprehensive records will help reduce the amount of arguing they do with you.
QUESTION: How Might a Rental Management Company help an owner with the Tenant Move In Procedure?
- Draw up rental documents
- Affirm 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 are Marketing Fees?
Some leasing agencies charge a marketing fee. This is an upfront charge to market your empty home. This fee is normally $$150-350. Most agencies don’t charge this charge, so shop around!
Vacant Property charge Some agencies charge One month’s payment up front. You could run into this fee if you are trying to hire the residential property management firm while the investment property is empty. This gives them the cash to pay a realtor a commission for placing a renter in the property, or to pay the costs of marketing, repeatedly showing the property to potential tenants, as well as the cost of preparing lease documents (which can take hours).
Question: Should I attempt to save cash by going FRBO? Or hiring the cheapest rental agent possible?
Answer: With the best house agents, paying a little bit more can be a smart investment, because it helps increase the value of your home, and they help attract quality renters; studies have proven hiring a unit managercan cut your vacancy rate in half. Conversely, going lowball with a residential property management firm can end up being very expensive.
Question: Do property management companies help with evictions?
Some renters are flakes. Some get fired and become unable to pay their rent, while others turn out to be irresponsible and a disturbance or nuisance at your unit. Most likely a investment property agent will levy a charge to complete the long process of evicting a renter which is usually around $300-$600 for each eviction, not counting any applicable courtroom fees.And an evictioncan go on for a few months, so be mentally ready to not get any rental monies until they the legal action is complete. In addition, you might find there is repair work to be done on your unit.
Typically, you are better off giving your tenant cash incentives to vacate the property early and avoid taking them to court, as aggravating as that might seem. You can avoid many problem situations with complete renter screening done upfront.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some residential property management companies in the 23804 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 percent of the first month’s rent for any new renter placed is not abnormal. However, you should not generally bump into unreasonable multiple up-front charges.
Generally a lease up charge is not due until the tenant is secured, which means you don’t need to pay out of pocket to pay this.
QUESTION: How Would a Residential Property Management Company Assist With Tenant Vetting and Selection?
Screening Applicants- A residential property agent will sort through the potential tenant applications to find the tenant that is the ideal fit for your house. They have a proven vetting process, which includes running credit checks and criminal background checks, which can decrease your possibility of being charged with discrimination. Experienced leasing managers have seen hundreds, even thousands, of renters, so they have a good idea of how to identify the correct renters; tenants who will pay their obligations on time, have a longer tenancy and create less issues. Perform a background check to confirm identity, wages, credit history, rental history, etc. Assess tenant according to pre-decided applicant standards Inform applicants who were turned down
QUESTION: How Should a Property Management Firm Assist an homeowner with Property Regular Maintenance?
Rental agents are in charge of overseeing preventative home maintenance to keep your house in top notch shape. Examples of what can be involved:
- Provide and oversee a company maintenance team
- Create a preventative maintenance plan to find and address maintenance issues
- Identify a network of licensed, bonded and legally insured contractors who have been reviewed for good bidding and quality performance that is up to code.
- Delegate work to various parties such as (in-house employees, handyman and professional contractors) based on whom could do a good job for the lowest price.
- Maintain outdoor areas
- Leaf and snow removal
- Disposing of garbage and debris
- Set up and monitor a 24 hour emergency repair hot-line
- Larger renovation or remodeling projects
- Take care of recommendations on how the project can optimize rental returns.
- Take responsibility for preliminary pricing estimates
- Secure a few independent estimates for the work to be done
- Perform as general contractor managing the work
QUESTION: How Should a Property Management Agency Help an investor with House Routine Maintenance?
Rental agents are in charge of managing preventative property maintenance to keep your property in top status. Some of things that might under consideration:
- Provide and oversee company employed maintenance crew
- Create a preventative maintenance plan to locate and address repair concerns
- Identify a network of licensed, bonded and fully insured vendors who have been reviewed for fair pricing and excellent performance that is up to code.
- Assign work to various parties such as (in-house employees, handyman and professional contractors) based on who will do the best job for a fair price.
- Maintain outdoor areas
- Debris and snow removal
- Removing trash and debris
- Maintain and oversee a 24/7 emergency repair hot-line
- Bigger fix up or remodeling projects
- Take care of recommendations on how the project can maximize rental income.
- Prepare initial pricing estimates
- Solicit a few different quotes for the project
- Perform as general contractor managing the work
QUESTION: What are Marketing Fees?
Some property management companies charge a marketing fee. This is an upfront fee to advertise your vacant property. This charge is normally $250-350. A majority of agencies don’t charge this fee, so shop around!
Vacant Home fee Some companies charge 1 month’s payment up front. You might run into this fee if you’re trying to engage the residential property management firm while the investment property is empty. This gives them the cash to pay a realtor a commission for finding a tenant in the house, or to pay the costs of marketing, repeatedly showing the investment property to prospective renters, as well as the cost of preparing lease documents (which can take hours).
Question: How much should I price shop the fees my property management company charges me?
Ultimately, hiring a unit manager in the 23804 area is creating into a partnership. Over the long haul, the charges aren’t as important as the communication between you and the manager and quality of the service your agent provides. A competent company can take charge of the oversight of the home, for example, and turn out providing you much more rental value and price appreciation than you might be possible. However, you need to be prepared to provide them the resources to accomplish.
QUESTION: What are Marketing Charges?
Some leasing agencies charge a marketing fee. This is an initial charge to market your empty house. This charge is usually $$150-450. A majority of agencies don’t charge this charge, so shop around!
Empty Property charge Some firms charge One month’s payment up front. You could run into this charge if you’re attempting to engage the leasing agency while the unit is vacant. 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 house to prospective tenants, as well as the expense of preparing lease documents (which can take hours).
Question: Should I attempt to save money by going FRBO? Or hiring the cheapest leasing agent possible?
Answer: With the best investment property managers, paying a little bit more is a wise investment, because it helps increase the value of your investment property, and they help retain top notch tenants; studies have proven employing a unit agentcan reduce your vacancy rate by 50%. On the other hand, going lowball with a leasing agency can end up being very expensive.
What can a RichmondProperty Management Agency Do to Market Your Property?
- Get property ready for renting out
- Clean home and emphasize interior attractiveness
- Manage landscaping to maximize street appearance
- Prepare advertisements customized for the house and marketing platform.
- A sample of the mediums normally used are:
- Paid and free rental listing websites
- Print publications
- Installing a lock box
- MLS listings
- Work with other agents and leasing agents to find a tenant
- Provide a 24/7 phone where prospective renters can hear to specific information about the home
- Take calls from prospects for questions and appointments
- Meet potential renters for appointments throughout the week and weekend.
- Provide interested renters with rental applications that are legally compliant with government regulations
- Collect applications with application payment
Question: How much do property managers cost?
Answer: As you might guess, the response is “it depends.” Residential property management companies vary a lot, and a good deal of the answer depends on what they do for you.. Exactly what do you want a property manager to accomplish for you?
Usual % of Rent Contract. As a baseline, expect to be charged a typical Rental management agency ranging from 6 – 10% of the monthly rent of the unit. This is called a management fee, or monthly management fee. Usually the greater your rent is, the lower the percentage fee is. For example if your rental charges are $2,500 each month for your rent house, you will typically pay a lower percentage fee than another person whose property rents for $700 per month.
You are not charged this management charge until rent is collected. Look carefully at your agreement regarding whether the management fee is based on ‘rent collected’ or ‘rent due’. If the fee is based on rent collected, it means the Property management company doesn’t get paid if you don’t get paid. On the other hand, if it’s based on ‘rent due’, then you pay whether or not rent is collected from the renter normally.
Fixed Fee Contract
Some firms may charge, say,$75- $150 each month fixed rate. There is nothing dictated bylaw in this; it’s decided by the firm owner.
You would not owe money on a flat rate contract typically until rent is received.