Regardless 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 agencies are out there of course. Property rental agencies serving the Colonial Heights area offer a multiplicity of services to help you renting your home. It’s an overwhelming punchlist of tasks that a good Rent My House will deal with; in fact (if you’re a good follow through kind of people person, you might even want to look at 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?”
Property Management Services RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a tenant
- Deal with contracts
- Keep you out of jail by helping you obey Fair Housing laws
- Open your home to possible renters in order to rent your house
- Oversee move in and move out
- Collect monies and get you paid!
- Handle follow up if payments are not on time
- Assist with evictions
- Deal with renter questions
- And a lot more.
It’s everything from soup to nuts! Factors to consider if you are questioning if you should rent your home on your own or hire a Rent My House near the Colonial Heights area.
DO YOU HAVE THE PATIENCE TO WORK WITH TENANTS?
Is the challenge of dealing with evictions, tenant complaints and maintenance issues taking a toll on you? Leasing agents are experienced in dealing with landlord-tenant difficulties. Rent My House have an understanding of Richmond landlord-tenant law and can serve as the middle-man for difficulties. 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 agency because you are brand new to real estate investing in Colonial Heights, have a lot of units or are having problems filling vacancies. Many people manage their own homes. Personal experience can many times be the best teacher and everyone has to begin learning somewhere. If you educate yourself about real estate, ask the advice of others and have a strong desire to manage your home with excellence, its likely, you will prosper.
DO YOU HAVE THE AVAILABILITY TO CARE FOR YOUR INVESTMENT PROPERTY near the Colonial Heights area?
If you work at a full-time job while you are dealing with a investment home and simply cannot give your your rental property the attention it needs, the success of your investment could depend on hiring a good property management company in Richmond
In addition, realize that time is money and overseeing a rental home takes time. If you feel like the day to day requirements of leasing management are impinging on time that could be more profitably spent making more money at your other job, or searching for other properties, paying for an outside property management company may be the right move for you.
DO YOU HAVE THE TIME TO CARE FOR YOUR INVESTMENT PROPERTY in the Colonial Heights area?
If you have a full-time job while you are looking after a investment home and simply can’t give your investment home the time it needs, the profitability of your investment may depend on employing a great property management company in Richmond
Additionally, realize that time is money and taking care of a investment home takes energy. If you feel like the day to day obligations of leasing management are stepping on on time that could be better spent making more money at your day job, or hunting down other investments, employing an outside property management firm may be the right move for you.
DO YOU HAVE THE TIME TO OVERSEE YOUR RENTAL PROPERTY in the Colonial Heights area?
If you have a full-time job while you are dealing with a rental property and simply cannot give your your rental property the attention it demands, the success of your investment may depend on paying for a full time property management company in Richmond
Additionally, realize that time is definitely money and taking care of a rental home takes time. If you feel like the every day requirements of property management are stepping on on time that could be better spent making more money at your other job, or looking for other investments, paying for an outside property management firm may be the smartest move for you.
HOW CLOSE IS YOUR RENTAL HOME?
The more miles between you and your rental property,the more stressful it is to manage. If your main home is in Georgia and your rental property is in the Colonial Heights area, it will be a lot of work for you to find tenants,to handle renter complaints,to quickly respond to difficulties, to deal with maintenance issues, and even to guarantee rent is collected on time.
The amount of time it takes you to travel to the property and the expense of gas will also mount. In situations such as these, hiring a greatRichmond property management agency? can make some sense and may actually save you some dough.
HOW WILL A PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY PROPERTY IN Colonial Heights?
Property management companies who service the Colonial Heights area will do a number of things for you as the homeowner, which could include the following:
RE-LEASE YOUR INVESTMENT HOME
Once agreement ends get existing renters to extend their rental agreement for one more rental period
Deliver accounting services Handle payments for the sake of the owner (Mortgage, insurance, homeowner association dues, etc.) Specific accounting of expenses via invoices and receipts Maintain all past records (paid invoices, agreements, inspection documentation, warranties, etc.) Provide yearly reports, coordinated for tax purposes as well as needed tax paperwork including a 1099 forms Educate owner on appropriate tax write offs related to their rental property. Prepare formatted monthly cash-flow reports which specify a detailed accounting of income and detailed expenses
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.
Deliver accounting services Make payments for the owner (Mortgage, insurance, homeowner association dues, etc.) Specific records of expenditures via invoices and receipts Preserve all past paperwork (paid invoices, leases, inspection reports, warranties, etc.) Deliver annual reporting, coordinated for tax needs as well as needed tax paperwork including a 1099 forms Advise owner on legal tax deductions related to their rental property. Deliver simple monthly cash-flow documents which offer a detailed accounting of income and itemized expenses
Nearly all managers are paid to oversee repair situations, noise issues and possess the required contacts to handle emergency situations.
SUGGEST AND SUPERVISE VENDORS
Home management professionals should be able to offer recommendations on repairs and cosmetic work that maximize monthly rent while providing good ROI.
MANAGE MAINTENANCE AND MINOR UPGRADES
Leasing agents are customarily charged with caring for the physical care of the house, including regular maintenance and unexpected work to be done.
IN CHARGE OF OTHERS
Other Employees- if there are other employees in the unit, such as a desk clerk or security personnel, the rental manager is responsible for making sure they are paying attention to details. The rental agent often will establish their compensation and even let them go.
HANDLING MOVE OUTS
When a tenant ends his tenancy, the property manager is responsible for inspecting the unit, checking for problems and assessing what portion of the security deposit mightl be given to the tenant. After move out, the rental agent is in charge of cleaning the unit, repairing any areas of concern and locating a replacement tenant.
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. Managing Budget- the property managermust operate within the set budget guidelines for the property. In certain emergency situations when the occupants or physical structure are in need of upgrade, they may take action to order fixup or likewise without concern for the budget. Maintenance of Documents- the leasing agent is required to thorough records regarding the house. This should include all income and expenses; lists of all inspections, signed agreements, upgrade requests, any complaints, records of work done, amount paid for fix up, maintenance expenses, record of rent paid and insurance charges.
COLLECTING RENTAL PAYMENTS:
This is where a property manager earns their money! Rental management firms make sure you get paid by collecting rent every month on time and strictly enforcing late charges.
At times when there is a problem required, the rental manager must attend to it themselves or must find someone to take care the problem it. They sometimes have a large network of trustworthy electricians,carpenters,plumbers and other types contractors.
Deliver financial management services Handle payments for the sake of the owner (Mortgage, insurance, HOA dues, etc.) Detailed accounting of expenses via invoices and receipts Preserve all past documents (paid invoices, leases, inspection reports, warranties, etc.) Oversee annual reporting, structured for tax purposes as well as mandatory tax paperwork including a 1099 paperwork Counsel owner on appropriate tax write offs related to their rental property. Provide easy to read monthly cash-flow documents which specify a detailed accounting of income and itemized expenses
EXPERIENCED WITH LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A good rental agent should have a complete understanding of statewide and federal laws relating to the proper methods to: Screening the tenants. Manage damage deposits Terminate a rental agreement Evict a renter Comply with property safety laws Give input in the occasion the event of a legal action or lawsuit Send owner to a seasoned lawyer when required Be up on and abide by the most recent local, state and federal legislation that are applicable to renting and maintaining investment properties.
Question: Do property management companies help with evictions?
Some tenants are flakes. Some lose their jobs and become unable to pay their rent, while others prove to be irresponsible and a disturbance or nuisance at your property. Most certainly a house agent will levy a fee to initiate the laborious process of evicting a tenant which is usually around $200-$400 for each eviction, plus any associated courtroom charges.And an evictioncan go on for several months, so be mentally ready to not receive any rental monies until they are out. In addition, you might find there is fix up work to be done on your house.
Typically, you are better off providing your renter financial reasons to vacate the unit early and avoid suing them, as maddening as that is. You can skip many difficult situations with thorough renter vetting done beforehand.
Question: How much do property managers cost?
Answer: As you might guess, the response is “it depends.” Leasing agencies vary quite a bit, and a lot of the response depends on what they do for you.. Exactly what do you want a rental agent to accomplish for you?
Typical % of Rent Agreement. As a ballpark figure, expect to pay a usual Residential property management company ranging from 6 – 11% of the monthly rental value of the unit. This is called a management charge, or monthly management payment. Generally the greater you charge for rent, the lower the percentage fee is. For example if your rental charges are $2,500 per month for your rental home, you will usually pay a lower percentage fee than another person whose house rents for $1000 each month.
You do not pay this management fee until rent is received. Look specifically at your agreement regarding whether the management charge is based on ‘rent collected’ or ‘rent due’. If the charge is based on rent received, it means the Leasing agency 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 normally.
Flat Rate Contract
Some firms may charge, say,$75- $150 each month fixed rate. There is nothing dictated bylaw in this; it’s determined by the property management company owner.
You wouldn’t owe money on a fixed rate agreement typically until rent is collected.
Question: What are typical procedures regarding Late Payment Charges?
Sometimes renters pay date. Read your contract to see if those late payment fees go to you as the owner, to the leasing agency, or are shared in some way.
Question: How much should I price shop the fees my property management company charges me?
Ultimately, hiring a home manager in the Colonial Heights area is creating into a partnership. Over the long haul, the charges aren’t as critical as the communication between you and the manager and quality of the service your agent delivers. A great agency can take control of the management of the investment property, for example, and wind up providing you much more rental value and price appreciation than you thought possible. However, you need to be prepared to provide them the resources to accomplish.
Question: Should I attempt to save cash by going FRBO? Or finding the cheapest property manager I can?
Answer: With the best investment property managers, paying a little bit more is a wise investment, because it helps enhance the value of your house, and they help attract top notch tenants; studies have shown employing a investment property managercan reduce your vacancy rate by 50%. On the other hand, going lowball with a residential property management firm can wind up being very expensive.
Question: What are Other charges made by property management companies?
In some cases, you may see some fees passed on to you – especially when the manager is charging a small monthly percentage. Examples could include an marketing charge in connection with placing a renter, a yearly inspection charge, and some sort of reserve, so that the management company has some cash on hand to handle unexpected, but immediate, costs.
You might want to look into how you share pet deposits collected and bad check fees (basically whomever gets hit with the greatest amount of bank fees deserves the lion’s share of this one!) Also, notice who gets to keep the income from vending machines and coin-operated washers and dryers, if any.
Question: Do property management companies 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 pain in the neck at your investment property. Most likely a house manager will impose a charge to initiate the tedious process of evicting a tenant which is typically around $200-$500 for each eviction, plus any applicable legal charges.And an evictionmay last a few months, so be prepared to not receive any rental income until they the legal action is complete. On top of that, you might find there is fix up work to do on your investment property.
Usually, you are better off offering your tenant incentives to leave the property early and avoid taking them to court, as maddening as that is. You can avoid many difficult situations with painstaking renter vetting done beforehand.
What can a RichmondResidential Property Management Company Do to Market Your Property?
- Get investment property ready for renting out
- Clean home and optimize interior appeal
- Manage exterior to maximize curb appeal
- Create advertisements tailored to the property and advertising channel.
- A sample of the channels commonly used are:
- For pay and free rental listing websites
- Print publications
- Installing a lock box
- MLS listings
- Property fliers
- Work with other realtors and rental agents to secure a renter
- Provide a 24-hour phone where prospective renters can hear to specific information about the house
- FieldAnswer calls from prospects for questions and viewings
- Welcome prospective renters for showings during the week and weekend.
- Provide potential tenants with rental applications that are legally compliant with fair housing laws
- Collect applications with application payment
Question: How much do rental managers cost?
Answer: As you may guess, the response is “it depends.” Leasing agencies vary a lot, and a lot of the answer depends on what a firm does for you.. Exactly what do you want a rental agent to do for you?
Usual Percentage of Monthly Rent Contract. As a starting point, expect to be charged a typical Property management company between 6 – 11% of the monthly rent of the property. This is called a management charge, or monthly management payment. Typically the higher your rent is, the lower the percentage fee is. For example if your rent is $2,300 per month for your rental house, you will normally pay a lower percentage fee than someone else whose property rents for $700 per month.
You are not charged this percentage charge until rent is collected. Look carefully at your contract regarding whether the management charge is based on ‘rent collected’ or ‘rent due’. If the charge is based on rent collected, it means the Residential 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 owe whether or not rent is received from the tenant normally.
Fixed Fee Agreements
Some firms may charge, say,$75- $150 per month fixed rate. There is nothing dictated bystatute in this; it’s decided by the property management company owner.
You would not owe money on a flat rate contract typically until rent is collected.
Question: What do Inspections of my home cost?
Some rental agencies will charge for inspections, others will give you an inspection or more free annually. This is a visual inspection of your home to see how the renter is keeping it up. Charges can range from $100-225 per inspection.
QUESTION: How Might a Lease Management Company help an owner with the Tenant Move In Procedure?
- Prepare rental agreement
- 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 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 Miscellaneous fees made by property management companies?
In some cases, you may see some fees passed on to you – especially when the agent is charging a small monthly %. Examples might include an marketing charge in connection with placing a tenant, an annual inspection charge, and some sort of reserve, so that the management firm has some cash on hand to take care of unexpected, but immediate, costs.
You may want to look into how you split up pet deposits collected and bad check fees (generally whomever gets stuck with the most bank fees deserves the bulk of this one!) Also, notice who gets to keep the income from vending machines and coin-operated washers and dryers, if any.
QUESTION: What types of Maintenance can rental agencies help with?
Some property management companies in the Colonial Heights area have in house maintenance crews, full-time. Most subcontract these jobs out to miscellaneous vendors. Some property management companies charge a flat rate to supervise any work done by contractors. Some will add margin to the contractors fee. Be sure you understand how it operates with your home management agency!
QUESTION: Will Property Management Companies Deal With Evictions in the Colonial Heights area?
- Filing necessary documentation to begin and complete an unlawful detainer action
- Representing owner in court
- Coordinating with law enforcement to remove tenant and renters belongings from home