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 focal point is normally on residential properties (but commercial property management firms are out there certainly. Property rental agencies serving the Shockoe Bottom area offer a multiplicity of services to help you renting your house. It’s an overwhelming list of tasks that a expert Rent My House will handle; in fact (if you’re a detailed follow through kind of people person, you may 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?”
Property Management RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a renter
- Deal with legal paperwork
- Keep you out of jail by helping you follow government housing laws
- Show your home to prospective renters in order to rent your house
- Handle move in and move out
- Collect rental payments and get you paid!
- Handle follow up if payments are late
- Help with evictions
- Answer renter questions
- And so much on top of that.
It’s everything from A to Z! Issues to consider if you are questioning if you should rent your home on your own or hire a Rent My House near the Shockoe Bottom area.
HOW CLOSE IS YOUR RENTAL PROPERTY?
The more miles between you and your property,the more stressful it is to take care of. If your main address is in Oregon and your investment property is in the Shockoe Bottom area, it will be a lot of work for you to find tenants,to handle constant complaints,to quickly respond to emergencies, to handle maintenance concerns, and even to make sure payment is collected in a timely manner.
The total time it takes you to go back and forth the property and the expense of travel will also add up. In situations like these, hiring a goodRichmond property management company can make good sense and actually save you some dough.
DO YOU HAVE LIMITED PROPERTY MANAGEMENT EXPERIENCE?
If you want to deal in Richmondrental homes, but don’t know a single thing about residential property management, hiring a professional Rent My House can be a wise choice for you. Figuring it out as you go can become very draining financially.
For a real estate investor who is getting going, hiring the wrong repairman or taking too long to fill a vacancy can rapidly eat into your profits. There are big legal liability issues you can encounter if you aren’t aware about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of leasing management charges!
DO YOU HAVE THE PATIENCE TO WORK WITH TENANTS?
Is the stress of messing with evictions, renter problems and maintenance issues stressful for you? Rental managers are skilled in handling landlord-tenant difficulties. Rent My House have an understanding of Richmond legal issues and can serve as the middle-man for problems. In addition, if the tenant is aware they are working with a third party, they could behave more civilly as well.
You don’t have to pay for a property management company because you are a beginner to real estate investing in Shockoe Bottom, have a lot of homes or are having trouble filling vacancies. Many people manage their own homes. Personal experience can often be the best teacher and everyone has to start learning somewhere. If you teach yourself about residential property investing, get the input of others and have a strong desire to manage your investment well, chances are good, you will succeed.
HOW MANY RENTAL HOMES IN Shockoe Bottom DO YOU HAVE TO MANAGE?
As the number of units you own multiplies, so does your workload. The more renters you have, the more maintenance concerns, renter complaints, and empty properties you will have to take care of. Additionally, if your units are dispersed across multiple areas, your time spent will go up as you will have to take care of the issues of each particular property as well as drive from property to property to handle problems.
DO YOU HAVE A HIGH VACANCY RATE?
Great Rent My House are capable finding and reviewing renters quickly and will have a network of capable, cost effective Richmondrepairmen to handle emergencies. Most professional leasing agents will also comprehend landlord-tenant law, thereby reducing the risk of legal issues.
HOW CAN A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY HOUSE NEAR Shockoe Bottom?
Residential property managers who service the Shockoe Bottom area can do a lot of things for you as the homeowner, which can include the following:
Deliver accounting services Make payment for the sake of the owner (Mortgage, insurance, homeowner association dues, etc.) Detailed accounting of expenditures via invoices and receipts Preserve all historical paperwork (paid invoices, leases, inspection reports, warranties, etc.) Oversee yearly reports, structured for tax needs as well as needed tax documents including a 1099 paperwork Educate owner on legal tax deductions related to their rental home. Provide easy to read monthly cash-flow reports which provide a detailed breakdown of income and detailed expenses
IN CHARGE OF OTHERS
Other Employees- if there aresome employees in the unit, such as a concierge\desk manager or security personnel, the rental manager is responsible for being sure they are paying attention to details. The property manager may set their salaries and possibly fire them.
RESPONSIBLE FOR TAXES
The rental manager can help the home owner with understanding on how to file taxes for the house. The property manager may also file taxes for the house
RESPONSIBLE FOR MANAGING THE BUDGET/MAINTAINING RECORDS
In most situations leasing agents are responsible for managing the budget for the building and maintaining all pertinent records. Managing Budget- the leasing agentmust operate within the established budget guidelines for the building. In particular emergency situations when the tenants or property are in need of upgrade, they may move ahead to order fixup or similar without concern for the budget. Upkeep of Records- the rental manager needs to detailed documentation regarding the house. This need to include all income and expenses; records of all inspections, completed contracts, repair requests, any complaints, notation of maintenance done, costs of repairs, maintenance charges, record of rent paid and insurance costs.
This is where a rental agent earns their keep. Residential property management agencies make sure you get paid by collecting rent every month on time and strictly enforcing late fees.
TAKES CARE OF TAXES
The rental agent will assist the house owner with education on how to complete taxes for the investment property. The rental manager may also file taxes for the investment property
DEALING WITH MOVE OUTS
When a renter leaves, the manager is responsible for inspecting the unit, looking for issues and deciding what portion of the security deposit willl be refunded to the renter. After move out, the agent is responsible for cleaning the home, repairing any damages and finding a new tenant.
RE-LEASE YOUR HOME
Once lease ends ask current renters to re-up their rental contract for another rental period
When a renter does not pay rent or in some way breaks the terms of a lease, the rental property management agent knows understands the proper way to file and proceed ahead with an eviction.
When a tenant does not pay on time or otherwise breaches the terms of the lease, the rental agent knows understands the best method to file and move ahead with an eviction.
RE-LEASE YOUR HOME
Once contract ends get existing tenants to re-up their lease for another rental period
Professional property managers are many times hired to observe empty houses to make sure there has been no destruction and to perform standard maintenance. They also make sure vendors and other outsourced workers are finishing their work in a timely manner.
OFFER WISE REAL ESTATE ADVICE:
Chat with you about the positives and negatives of different policies such as accepting pets, permitting smoking etc. Other are very specific to the Richmond market, so having a local area expert who knows the Shockoe Bottom area in particular is critical.
IN CHARGE OF OVERSEEING 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 rental managermust operate within the established budget guidelines for the building. In certain emergency situations when the tenants or house are in need of upgrade, they may take action to order fixup or likewise without further delays. Maintaining Paperwork- the rental agent is required to thorough paperwork about the the property. This should include all income and expenses; lists of all inspections, signed contracts, maintenance requests, any problems noted, notation of maintenance done, amount paid for repairs, maintenance expenses, documentation of rent collection and insurance costs.
Question: What Is The Normal Term Of A Property Management Agreement?
Typically, an owner 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 actionopposing it. Termination clauses allow for early termination if the property management company is in breach of the agreement in any way.
Question: Should I try to save cash by managing my home myself? Or hiring the cheapest rental agent possible?
Answer: With the best unit managers, paying a little bit more can be a smart investment, because it helps enhance the value of your house, and they help attract top notch tenants; studies have shown employing a unit managercan reduce your vacancy rate in half. Conversely, going lowball with a leasing agency can wind up being very expensive.
Question: How much should I price shop the fees my property management company charges me?
Ultimately, hiring a unit agent in the Shockoe Bottom area is creating into a partnership. Over the long haul, the charges aren’t as critical as the interaction between you and the manager and quality of the service your manager provides. A great company can take control of the oversight of the unit, for example, and wind up providing you a lot rental value and price appreciation than you might be possible. That said, you need to be prepared to provide them the resources to accomplish.
Question: Do rental agencies help with evictions?
Some tenants are flakes. Some become unemployed and become unable to pay their rent, while others prove to be flakey and a problem or pain in the neck at your investment property. Most likely a investment property agent will impose a fee to complete the long process of evicting a renter which is usually ballpark cost of $300-$600 for each eviction, not counting any relevant court charges.And an evictionmay take several months, so be mentally ready to not get any rental income until they the legal action is complete. In addition, you may find there is fix up work to be done on your investment property.
Typically, you are better off offering your renter incentives to vacate the unit early and avoid taking them to court, as maddening as that might seem. You can avoid many problem situations with complete tenant vetting done upfront.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some rental agencies in the Shockoe Bottom area may charge a new renters placement charge or have a bonus structure for getting a renter into a lease. Afee of 50 to 100 % of the first month’s rent for any new renter placed is not atypical. 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, meaning you don’t need to pay out of pocket to pay this.
Question: How much do property managers cost?
Answer: As you might guess, the answer is “it depends.” Residential property management companies vary widely, and a good deal of the response depends on what a firm does for you.. Exactly what do you want a rental agent to do for you?
Normal Percentage of Rent Contract. As a starting point, expect to pay a usual Property management company ranging from 6 – 12% of the monthly rent of the property. This is called a management charge, or monthly management payment. Generally the higher you charge for rent, the lower the percentage is. For example if your rent is $2,500 per month for your property, you will normally pay a lower percentage fee than another person whose home rents for $1000 per month.
You do not pay this management fee until rent is received. Look specifically at your contract regarding whether the management fee is determined by ‘rent collected’ or ‘rent due’. If the fee is based on rent received, it means the Rental management agency won’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 received from the renter usually.
Fixed Payment Contract
Some agencies may charge, say,$75- $150 each month flat rate. There is nothing required bystatute in this; it’s determined by the company owner.
You would not owe money on a flat rate contract normally until rent is received.
Question: Should I attempt to save cash by going FRBO? Or hiring the least expensive rental agent I can?
Answer: With the best unit managers, paying a little bit more can be a smart investment, because it helps increase the value of your property, and they help retain quality tenants; studies have shown employing a unit agentcan reduce your vacancy rate by 50%. Conversely, going lowball with a property management company can end up being very costly.
Question: Should I try to save money by going FRBO? Or finding the cheapest leasing agent I can?
Answer: With the best property agents, paying a little bit more is a smart investment, because it helps increase the value of your property, and they help attract top notch tenants; studies have shown employing a home agentcan cut your vacancy rate in half. Conversely, going lowball with a property management company can end up being very costly.
Question: What are typical procedures regarding Late Payment Charges?
Sometimes renters pay after the due 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 somehow.
Question: What do do property managers cost?
Answer: As you may guess, the response is “it depends.” Property management firms vary a lot, and a lot of the answer is dependent on what a firm does for you.. Just what do you want a rental manager to do for you?
Typical % of Rent Agreement. As a ballpark figure, expect to be charged a normal Property management company between 7 – 11% of the monthly rental value of the house. This is referred to as management charge, or monthly management charge. Usually the greater your rent is, the lower the percentage is. For example if your rental charges are $2,500 per month for your property, you will normally pay a lower percentage fee than someone else whose house rents for $800 per month.
You do not pay this percentage charge until payment is received. Look carefully at your contract regarding whether the management fee 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. Conversely, if it’s determined by ‘rent due’, then you owe whether or not rent is received from the renter typically.
Fixed Payment Contract
Some companies may charge, say,$75- $150 each month fixed rate. There is nothing required bystatute in this; it’s determined by the company owner.
You wouldn’t owe money on a flat rate contract normally until rent is received.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some residential property management companies in the Shockoe Bottom area could charge a new renters placement charge or have a bonus structure for getting a renter into a lease. Afee of 50 to 100 % of the first month’s rent for any new tenant placed is not unusual. Nevertheless, you should not normally run into unreasonable multiple up-front charges.
Typically a placement charge is not due until the renter is found, meaning you don’t need to come out of pocket to pay this.
Question: How much do rental agents cost?
Answer: As you might guess, the response is “it depends.” Residential property management companies vary a lot, and a lot of the answer depends on what a company does for you.. Just what do you want a property manager to do for you?
Typical % of Rent Agreement. As a baseline, expect to be charged a typical Leasing agency between 7 – 11% of the monthly rental value of the house. This is called a management fee, or monthly management payment. Generally the greater you charge for rent, the lower the percentage is. To illustrate if your rent is $2,500 each month for your rental home, you will usually pay a lower percentage fee than someone else whose home rents for $700 per month.
You do not pay this percentage charge until rent is collected. Look carefully at your contract regarding whether the management fee is determined by ‘rent collected’ or ‘rent due’. If the charge is based on rent received, it means the Residential property management company won’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 tenant normally.
Fixed Payment Agreements
Some agencies may charge, say,$75- $150 each month fixed rate. There is nothing required bylaw in this; it’s decided by the firm owner.
You would not owe money on a fixed rate contract typically until rent is received.
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some residential property management companies in the Shockoe Bottom area may charge a new renters placement charge or have a extra commission incentive for getting a renter into an agreement. Acharge of 50 to 100 percent of the first month’s rent for any new renter placed is not unusual. Nevertheless, you shouldn’t generally run into significant multiple up-front fees.
Normally a lease up fee is not paid until the tenant is found, which means you don’t need to come out of pocket to pay this.
QUESTION: How Might a Property Management Company assist an owner with the Renter Move In Process?
- Prepare rental documents
- Determine move in date with applicants
- 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 renters sign a report verifying the condition of the property prior to move-in.
- Secure first month’s rent and security deposit