Regardless if you call them a Rent My House, home management firms, or rental property management agencies….it all means the same thing. The emphasis is typically on residential properties (but commercial property management companies are out there of course. Property rental agencies serving the Providence Forge area provide a multiplicity of services to help you renting your house. It’s an overwhelming punchlist of jobs that a great Rent My House will handle; in fact (if you’re a good follow through kind of people person, you might even want to investigate 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?”
Home Management RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a renter
- Handle contracts
- Keep you out of jail by helping you obey Fair Housing laws
- Show your property to interested 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 late
- Assist with evictions
- Deal with tenant inquiries
- And a lot more than that.
It’s everything from soup to nuts! Factors to contemplate if you are wondering if you should rent your house on your own or hire a Rent My House near the Providence Forge area.
HOW MANY INVESTMENT PROPERTIES IN Providence Forge DO YOU HAVE TO TAKE CARE OF?
As the number of units you own multiplies, so do your responsibilities. The more renters you have, the more repair issues, renter complaints, and vacancies you will have to handle. In addition, if your homes are spread across multiple areas, your time commitment will increase as you will have to oversee the cash flow of each individual rental as well as drive from property to property to resolve problems.
HOW FAR AWAY IS YOUR PROPERTY?
The more miles between you and your rental property,the more difficult it is to manage. If your main home is in Georgia and your investment property is in the Providence Forge area, it will be harder for you to find renters,to handle tenant complaints,to quickly react to issues, to address maintenance concerns, and even to make sure rent is collected by due date.
The total time it takes you to go back and forth the property and the expense of getting there will also mount. In situations like these, hiring a goodRichmond property management firm? can make some sense and may actually save you some cash.
IS THERE THE MONEY TO PAY A Rent My House ?
You’ve discovered that top notchleasing agentswho provide services to the Providence Forge area in Richmond aren’t without cost.
Residential property management firms will charge a fee, roughly, between 5% and 10% of the monthly gross income for the home. The usual fee for a single family investment is estimated at 8-10%. The charge for a apartment of 10 units or more is usually between 5% and 8%.
If your house is not occupied, it’s typical to pay a lease up fee to locate and place a new tenant in your rental property. Depending on the property management company this can fluctuate from 50%-100% of a month’s rent.
One thing to think about: Having expert professional input on market rents and having a professional agent handle locating a tenant can mean you get higher rents, which means a good rental agent might end up covering all or part of their fee because of increased rents.
DO YOU HAVE THE TIME TO OVERSEE YOUR INVESTMENT PROPERTY near the Providence Forge area?
If you work at a full-time job while you are dealing with a investment home and simply cannot give your your rental home the focus it requires, the success of your investment may depend on employing a good property management company in Richmond
In addition, realize that time is money and overseeing a rental property takes effort. If you feel like the day to day requirements of leasing management are stepping on 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 company may be the smartest move for you.
DOES IT MAKE FINANCIAL SENSE TO HIRE A Rent My House ?
You’ve discovered that goodrental agentswho provide services to the Providence Forge area in Richmond aren’t free.
Rental firms will charge a fee, roughly, between 4% and 10% of the monthly gross income for the property. The customary fee for a single family investment is closer to 8-10%. The charge for a property of 10 units or more is typically between 3% and 8%.
If your investment property is not occupied, it’s typical to pay a tenant finding fee to find and place a new tenant in your rental home. Depending on the property management company this can fluctuate from 50%-100% of a single month’s rent.
One thing to consider: Having experienced property manager input on market rents and having a pro deal with locating a tenant can mean you might get higher rents, which means a professional rental agent likely will end up covering all or part of their cost because of higher rents.
HOW WILL A RESIDENTIAL PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY HOUSE IN Providence Forge?
Property managers who service the Providence Forge area can do a lot of things for you as the home investor, which could include the following areas:
RESPONSIBLE FOR MAINTENANCE ITEMS AND MINOR UPGRADES
Rental property management agents are oftentimes responsible for the physical oversight of the house, including regular maintenance and emergency work to be done.
Professional property managers are many times contracted to look after vacant homes to make sure there has been no vandalism and to oversee routine maintenance. They also make certain vendors and other repairmen are finishing their work in a reliable manner.
Other Employees- if there aresome employees in the apartment, such as a desk clerk or security guard, the rental agent is in charge of being certain they are paying attention to details. The rental manager can set their wage rates and even let them go.
At times when there is a problem needed, the leasing agent must attend to it themselves or may hire an outside firm to handle the issue it. They many times have a screened team of reliable carpenters,plumbers,electricians and other types contractors.
TAKES CARE OF HANDLING TAXES
The rental manager may provide the house owner with education on how to complete taxes for the property. The rental agent may also mail in taxes for the home
HANDLING MOVE OUTS
If a tenant ends his tenancy, the property manager is responsible for inspecting the house, checking for issues and determining what portion of the security deposit mayl be returned to the tenant. After move out, the rental agent is responsible for cleaning the unit, repairing any areas of concern and finding a new renter.
Professional rental managers are many times employed to overlook empty properties to ensure there has been no destruction and to perform standard maintenance. They also make certain vendors and other repairmen are finishing their work in a timely manner.
DEALING WITH MOVE OUTS
If a tenant leaves, the property manager is responsible for inspecting the unit, checking for damages and deciding what portion of the security deposit willl be given to the tenant. After move out, the rental agent is responsible for cleaning the house, fixing any issues and locating a new renter.
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.
OFFER GENERAL REAL ESTATE ADVICE:
Chat with you about the positives and negatives of different policies 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 Providence Forge area in particular is critical.
One of the main responsibilities of the leasing agents is to oversee tenants. Managers are engaged in all capacities, from locating the renters and responding to issues to beginning evictions.
DEALING WITH MOVE OUTS
When a tenant moves out, the agent is in charge of inspecting the property, looking for damages and deciding what portion of the damage deposit willl be returned to the renter. After move out, the manager is responsible for cleaning the unit, repairing any damages and finding a new tenant.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there are other employees in the unit, such as a concierge\desk manager or security personnel, the property manager is responsible for being certain they are paying attention to details. The leasing agent may set their salaries and even let them go.
COLLECTING RENTAL PAYMENTS:
This is where a leasing agent earns their money! Home management agencies make sure you get paid by collecting rent each month on time and strictly enforcing late fees.
QUESTION: Do Residential Property Management Companies Help With Move Out?
Yes, a Rental management Agency can Help With Move outs. Actions might include:
- Inspect rental home. and complete a document on the house’s condition when the tenant moves out
- Give occupant with a version as well as estimated damages
- Return the remainder of the security deposit to the tenant
- Transfer left over amount of the owner’s share of the tenant deposit to the homeowner or hold in owner reserves for work to be done.
- Clean house and oversee needed repairs or upgrades
- Re-do all locks
- Re-List home back on the market for rent
QUESTION: What Inspection Services Do Rental Agents Provide?
- Perform timely inspections (Inside and outside) on a regular schedule noting upgrade needs, safety violations, code issues, lease infractions, etc.
- Send owner periodic reports on the condition of the property
Question: Should I try to save money by going FRBO? Or hiring the cheapest property manager I can?
Answer: With the best house managers, paying a little bit more is a wise investment, because it helps enhance the value of your unit, and they help retain top notch renters; studies have proven employing a property managercan cut your vacancy rate by 50%. On the other hand, going lowball with a residential property management firm can wind up being very expensive.
Question: Do rental agencies help with evictions?
Some tenants are deadbeats. Some lose their jobs and become unable to pay their rent, while others prove to be irresponsible and a disturbance or pain in the neck at your home. Most certainly a property manager will levy a charge to go through the tedious process of evicting a renter which is typically around $350-$700 per eviction, plus any associated court charges.And an evictionoftentimes take several months, so be prepared to not receive any rental income until they are out. In addition, you may find there is fix up work to be done on your property.
Typically, you are better off providing your renter cash incentives to vacate the investment property early and avoid taking them to court, as maddening as that is. You can skip many problem situations with complete renter screening done beforehand.
QUESTION: What are Advertising Fees?
Some property management companies charge a marketing fee. This is an initial fee to advertise your vacant house. This fee is typically $250-350. Many firms don’t charge this charge, so shop around!
Empty Home fee Some firms charge One month’s rent up front. You may run into this charge if you’re attempting to hire the rental agency while the house is vacant. This gives them the cash to pay a real estate agent a commission for placing a tenant in the unit, or to pay the costs of marketing, repeatedly showing the investment property to prospective renters, as well as the cost of preparing lease paperwork (which can take hours).
Question: What are typical procedures regarding Late Payment Fees?
Sometimes tenants pay after the due date. Read your agreement 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 do rental agents cost?
Answer: As you might guess, the answer is “it depends.” Residential property management companies vary widely, and much of the answer is dependent on what they do for you.. Exactly what do you want a property manager to accomplish for you?
Usual Percentage of Monthly Rent Agreement. As a starting point, expect to be charged a normal Leasing agency between 7 – 11% of the monthly rent of the unit. This is referred to as management charge, or monthly management payment. Usually the greater your rent is, the lower the percentage fee is. To illustrate if your rent is $2,100 per month for your property, you will typically pay a lower percentage fee than another person whose property rents for $700 per month.
You are not charged this percentage fee until rent is collected. Look specifically at your agreement regarding whether the management charge is based on ‘rent collected’ or ‘rent due’. If the charge is tied to rent received, it means the Leasing agency won’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 agencies may charge, say,$75- $150 each month flat rate. There is nothing dictated bystatute in this; it’s determined by the company owner.
You wouldn’t owe money on a fixed rate agreement usually until rent is collected.
Question: What do Inspections of my home cost?
Some leasing agencies will charge for inspections, others will give you an inspection or more free per year. This is a visual inspection of your home to see how the renter is keeping it up. Charges can range from $75-175 for each inspection.
Question: Should I attempt to save cash by going FRBO? Or hiring the least expensive rental agent possible?
Answer: With the best house managers, paying a little bit more can be a wise investment, because it helps enhance the value of your house, and they help retain quality renters; studies have proven employing a house agentcan reduce your vacancy rate in half. Conversely, going cheap with a property management company can wind up being very costly.
QUESTION: What types of Maintenance can leasing agencies help with?
Some rental agencies in the Providence Forge area have in house maintenance employees, full-time. The majority of subcontract these jobs out to miscellaneous subcontractors. Some rental agencies charge a flat rate to supervise any work done by subcontractors. A few will add margin to the subcontrcontractor’s invoice. Be certain you know how it operates with your investment property management firm!
Question: Do residential property management 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 problem or nuisance at your property. Most likely a home manager will levy a fee to complete the laborious paperwork involved with evicting a tenant which is customarily around $200-$400 per eviction, not counting any associated courtroom charges.And an evictioncan go on for a few months, so be ready to not get any rental income until they are out. In addition, you might find there is repair work to do on your home.
Usually, you are better off providing your renter financial reasons to leave the home early and skip taking them to court, as aggravating as that is. You can avoid many difficult situations with painstaking tenant vetting done upfront.
Question: What are typical procedures regarding Late Payment Fees?
Occasionally tenants pay date. Look at your paperwork to see if those late payment charges go to you as the owner, to the rental agency, or are shared in some way.
Question: Should I try to save money by going FRBO? Or hiring the least expensive leasing agent I can?
Answer: With the best property agents, paying a little bit more can be a smart investment, because it helps enhance the value of your house, and they help attract quality renters; studies have proven employing a unit managercan cut your vacancy rate by 50%. Conversely, going lowball with a leasing agency can wind up being very expensive.
Question: Do all residential property management charge basically the same way?
Not every pricing structures are the same. Some rental agencies in the Providence Forge area may charge a flat per-month rate – which again varies according to area, duties performed, and the total value of the house – while others charge a percentage rate, as noted above. Price can also differ depending on the size and number of houses you own.
For example, if you own several homes, you might get a “bulk” discount that a person with a single investment property or apartment might not receive.
Question What Services Are Included in A Typical Property Management Contract?
Be sure you establish exactly what maintenance services are a part of with your fees. It might be that when something needs fixing, some labor costs are included with your monthly flat rate or percentage charge (for illustration, changing out light bulb and replacing faucet handles) while others are charged 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 fees might require you toraise your rental rate, which might make finding – and keeping – tenants more difficult. Keep in mind, investment property management fees can be negotiable. Depending on how much you’re willing to pay, you might be able to get a lower price by giving up particular services and dealing with them on your own.