No matter if you call them a Rent My House, home management firms, or rental property management agencies….it all means the same thing. The focal point is typically on residential properties (but commercial property management firms are out there of course. Property rental agencies serving the The Fan District area offer a multiplicity of services to help you renting your house. It’s a long list of jobs that a top notch Rent My House will handle; in fact (if you’re a detailed follow through kind of people person, you might even want to explore 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?”
Property Management Services RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a tenant
- Oversee contracts
- Keep you legal by helping you comply with housing laws
- Open your property to interested renters in order to rent your house
- Handle move in and move out
- Collect rent 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 but the kitchen sink! Items to think about if you are wondering if you maybe should rent your home on your own or hire a Rent My House near the The Fan District area.
WILL YOU HAVE THE AVAILABILITY TO MANAGE YOUR RENTAL HOME near the The Fan District area?
If you work at a full-time job while you are investing in a rental property and simply can’t give your your rental property the time it needs, the viability of your investment may depend on employing a good property management company in Richmond
Also, realize that time is definitely money and overseeing a investment home takes energy. If you feel like the day to day duties of property management are impeding on time that could be more enjoyably spent making more money at your full time job, or hunting down other property to buy, paying for an outside property management firm may be the right move for you.
HOW CLOSE IS YOUR RENTAL HOME?
The more miles between you and your investment property,the more difficult it is to manage. If your main home is in Michigan and your rental home is in the The Fan District area, it will be a lot of work for you to find tenants,to handle renter complaints,to quickly respond to difficulties, to address maintenance issues, and even to ensure rent is collected by due date.
The total time it takes you to travel to the property and the expense of getting there will also add up. In situations such as these, hiring a greatRichmond property management firm? can make good sense and actually save you some dough.
HOW MANY RENTAL UNITS IN The Fan District DO YOU OWN?
As the number of homes you own multiplies, so does your workload. The more tenants you have, the more maintenance concerns, tenant complaints, and vacancies you will have to handle. In addition, if your homes are spread across multiple locations, your time spent will go up as you will have to oversee the issues of each single rental as well as travel from property to property to deal with issues.
DO YOU HAVE A HIGH VACANCY RATE?
Excellent Rent My House are capable finding and screening renters rapidly and will have a network of reliable, affordable Richmondmaintenance companies to deal with problems. Most professional leasing agents will also comprehend landlord-tenant law, thereby reducing the risk of legal issues.
DO YOU HAVE THE TIME TO CARE FOR YOUR RENTAL HOME in the The Fan District area?
If you work at a full-time job while you are investing in a investment home and simply cannot give your your rental home the attention it needs, the success of your investment might depend on employing a good property management company in Richmond
Also, realize that time is money and overseeing a investment home takes time. If you feel like the real life requirements of leasing management are impeding on time that could be more profitably spent making more money at your day job, or searching for other property to buy, hiring an outside property management agency may be the smartest move for you.
HOW WILL A PROPERTY MANAGER HELP ME MANAGE MY HOME IN The Fan District?
Property managers who service the The Fan District area will do a number of things for you as the homeowner, which could include the following areas:
Provide accounting services Handle payment for the owner (Mortgage, insurance, homeowner association dues, etc.) Detailed records of expenses via invoices and receipts Manage all past documents (paid invoices, paperworks, inspection reports, warranties, etc.) Provide annual reports, structured for tax needs as well as mandatory tax documents including a 1099 form Counsel owner on appropriate tax deductions related to their rental home. Deliver simple monthly cash-flow statements which provide a detailed accounting of income and detailed expenses
RE-LEASE YOUR INVESTMENT HOME
Once lease terminates ask current tenants to extend their rental contract for another rental period
TAKES CARE OF TAXES
The rental manager will provide the home owner with understanding on how to handle taxes for the property. The rental manager might additionally file taxes for the property
At times when there is a problem required, the leasing agent may attend to it themselves or may contract with someone to take care the problem it. They frequently have a vetted black book full of experienced carpenters,plumbers,electricians and other types contractors.
RE-LEASE YOUR HOME
Once lease expires get existing tenants to continue their lease for another rental period
At times when there are repairs required, the rental agent may attend to it themselves or will hire an outside firm to take care the problem it. They often have a big network of reliable plumbers, electricians, carpenters and other types vendors.
COLLECTING RENTAL PAYMENTS:
This is where a rental agent earns their keep. Rental management companies make sure you get paid by collecting rent every month on time and strictly enforcing late penalties.
At times when there are repairs needed, the property manager must attend to it themselves or may contract with an outside firm to take care the problem it. They frequently have a screened team of trustworthy electricians,carpenters,plumbers and other types vendors.
OVERSEE MAINTENANCE AND REPAIRS
Rental agents are oftentimes responsible for the physical oversight of the house, including scheduled maintenance and needed work to be done.
RESPONSIBLE FOR MANAGING THE BUDGET/MAINTAINING DOCUMENTATION
In most situations rental managers are responsible for managing the budget for the building and maintaining all pertinent records. Managing Budget- the property managermust operate within the established budget guidelines for the property. In certain emergency situations when the tenants or property are in need of upgrade, they may move ahead to order repairs or likewise without concern for the budget. Maintaining Paperwork- the rental agent needs to complete records about the the house. This might include all income and expenses; lists of all inspections, fully executed contracts, repair requests, any complaints, notation of repairs, charges for fix up, maintenance charges, documentation of rent collected and insurance fees.
RE-LEASE YOUR PROPERTY
Once lease ends persuade existing renters to continue their rental agreement for another rental period
HANDLE DETAILED INSPECTIONS
You want to be sure to take before and after photos and written documentation, so you can accurately deal with damage deposits and differences of opinion when they leave your home. A lot of tenants will act dumbfounded when you remove damages from their deposit, so having careful records will help cut down on the amount of disagreeing they do with you.
RE-LEASE YOUR HOME
Once lease terminates get current renters to re-up their lease for one more rental period
Deliver accounting services Handle payments for the owner (Mortgage, insurance, HOA dues, etc.) Specific accounting of expenses via invoices and receipts Maintain all past documents (paid invoices, agreements, inspection documentation, warranties, etc.) Deliver yearly reports, structured for tax needs as well as mandatory tax documents including a 1099 forms Advise owner on appropriate tax deductions related to their investment home. Deliver easy to read monthly cash-flow reports which specify a detailed accounting of income and itemized expenses
QUESTION: Do Rental management Companies Help With Move Out?
Yes, a Property Management Agency can Assist With Move outs. Services might include:
- Inspect investment property. and complete a document on the home’s condition when the renter moves out
- Provide occupant with a version as well as noted damages
- Return the balance of the security reserves to the renter
- Forward any portion of the owner’s share of the tenant deposit to the owner or keep in owner reserves for work to be done.
- Clean home and oversee needed repairs or upgrades
- Re-key the locks
- Re-List house back on the market for rent
QUESTION: What Inspection Services Do Property Managers Provide?
- Handle periodic inspections (Inside and outside) on a predefined schedule watching out for upgrade needs, safety hazards, code violations, lease violations, etc.
- Prepare owner periodic reports on the condition of the property
Question: What are typical procedures regarding Late Payment Fees?
At times renters pay after the due date. Look at your paperwork to see if those late payment fees go to you as the owner, to the residential property management, or are shared in some way.
QUESTION: How Might a Home Management Firm Assist With Tenant Screening and Selection?
Vetting Tenants- A residential property agent will sort through the potential renter applications to discover the applicant that is the ideal fit for your home. They have a proven vetting process, which includes running credit checks and criminal background checks, which can reduce your possibility of being accused of bias. Professional leasing managers have seen many renters, so they have a good idea of how to choose the ideal tenants; renters who will pay their rent on time, have a longer tenancy and create much fewer headaches. Perform a background check to authenticate identity, salary, credit history, rental history, etc. Grade tenant according to pre-decided tenant criteria Inform tenants who may have been declined
Question: What do do rental managers cost?
Answer: As you might guess, the answer is “it depends.” Leasing agencies vary quite a bit, and a lot of the response depends on what a firm does for you.. Exactly what do you want a property manager to do for you?
Usual Percentage of Rent Agreement. As a starting point, expect to be charged a usual Leasing agency between 8 – 11% of the monthly rent of the home. This is called a management fee, or monthly management payment. Usually the greater your rent is, the lower the percentage fee is. To illustrate if your rent is $2,300 each month for your property, you will typically pay a lower percentage fee than someone else whose house rents for $800 each month.
You are not charged this percentage fee until payment is received. Look carefully at your agreement regarding whether the management fee is based on ‘rent collected’ or ‘rent due’. If the charge is tied to rent collected, it means the Leasing agency won’t get paid if you don’t get paid. Conversely, if it’s based on ‘rent due’, then you owe whether or not rent is collected from the tenant typically.
Fixed Fee Agreements
Some companies may charge, say,$75- $150 per 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 agreement normally until rent is collected.
QUESTION: How Might a Property Management Company help an owner with the Renter Move In Procedure?
- Draw up leasing documents
- Pin down move in date with renter
- 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 renter and have renters sign a report verifying the condition of the property prior to move-in.
- Secure initial month’s rent and security deposit
QUESTION: How Can a Residential Property Company Assist an owner with House Regular Maintenance?
Rental agents are in charge of overseeing preventative home maintenance to keep your home in good shape. Some of things that may involved:
- Direct and oversee an in-house maintenance team
- Establish a preventative maintenance approach to locate and handle maintenance needs
- Provide a team of licensed, bonded and fully insured contractors who have been vetted for good pricing and quality performance that meets requirements.
- Delegate work to various parties such as (in-house employees, handyman and professional contractors) based on whom could do a good job for a fair price.
- Maintain outdoor areas
- Debris and snow removal
- Removing trash and debris
- Set up and monitor a 24 hour emergency repair hot-line
- Bigger fix up or remodeling projects
- Take care of recommendations on how the project can maximize rental income.
- Take responsibility for preliminary cost estimates
- Get several independent estimates for the work to be done
- Perform as general contractor managing the work
QUESTION: What is a New Tenant Placement or “Lease up” Charge?
Some property management companies in the The Fan District area may charge a new renters placement fee 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 shouldn’t generally run into significant multiple up-front charges.
Generally a placement fee is not paid until the renter is found, meaning you don’t have to pay out of pocket to pay this.
What can a RichmondRental management Company Do to Market Your Investment Property?
- Get property ready for renting out
- Clean property and optimize interior appeal
- Take care of yard to emphasize curb appearance
- Develop advertisements customized for the house and marketing channel.
- A sample of the platforms regularly used are:
- Paid and free rental listing websites
- Print publications
- Install a lock box
- MLS listings
- Property fliers
- Coordinate with other realtors and property management agents to locate a tenant
- Provide a 24-hour hot-line where interested tenant can hear to detailed information about the home
- FieldAnswer phone calls from prospects for questions and showings
- Greet potential renters for appointments throughout the week and weekend.
- Provide prospective renters with tenant applications that are legally in line with fair housing laws
- Collect applications with application fee
QUESTION: What types of Maintenance can property management companies help with?
Some residential property management in the The Fan District area have in house maintenance employees, full-time. Most subcontract these jobs out to various subcontractors. Some leasing agencies charge a fixed fee to supervise any work done by outside vendors. Many will upcharge the contractors invoice. Be certain you know how it operates with your home management agency!
QUESTION: How Should a Rental Property Company Assist an investor with Property Routine Maintenance?
Leasing agents are responsible for overseeing preventative house maintenance to keep your home in top notch condition. Some of things that may involved:
- Provide and oversee company employed maintenance crew
- Create a preventative maintenance plan to find and deal with repair needs
- Identify a network of licensed, bonded and completely insured contractors who have been reviewed for good pricing and quality work that is up to requirements.
- Delegate jobs to different parties such as (in-house employees, handyman and professional contractors) based on who could do a good job for the best price.
- Oversee outdoor areas
- Leaf and snow removal
- Disposing of garbage and debris
- Set up and oversee a 24/7 emergency repair hotline
- Bigger renovation or remodeling projects
- Offer suggestions on how the project can optimize rental income.
- Prep preliminary cost estimates
- Solicit several independent estimates for the project
- Act as general contractor managing the work
Question: Do all residential property management charge basically the same way?
Not every fee structures are the same. Some rental agencies in the The Fan District area might charge a flat monthly rate – which again differs according to area, duties performed, and the total value of the rental – while others charge a percentage rate, as noted above. Cost can also fluctuate depending on the size and quantity of units you own.
To illustrate, if you own several apartment buildings, you might get a “bulk” discount that a person with a single house or apartment might not get.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some rental agencies in the The Fan District area might charge a new tenants placement fee or have a extra commission incentive for getting a tenant 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 normally bump into unreasonable multiple up-front charges.
Generally a lease up fee is not due until the tenant is secured, meaning you don’t have to come out of pocket to pay this.
QUESTION: Do Rental Agencies Deal With Evictions in the The Fan District area?
- Filing necessary documentation to begin and complete an eviction action
- Representing owner in court
- Interacting with with police enforcement to evict renter and tenant’s possessions from home
QUESTION: What types of Maintenance can rental agencies help with?
Some leasing agencies in the The Fan District area have in house maintenance employees, full-time. The majority of contract these jobs out to miscellaneous vendors. Some residential property management charge a fixed fee to oversee any work with contractors. Many will add margin to the subcontrcontractor’s bill. Be certain you know how it works with your house management firm!