Whether you call them 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 firms are out there of course. Property rental agencies serving the Westover Hills area offer a variety of services to help you renting your house. It’s an overwhelming list of jobs that a good 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 just a partial 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”!
- Find a renter
- Handle legal 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 rental payments and get you paid!
- Handle follow up if payments are late
- Help with evictions
- Deal with renter questions
- And a lot more than that.
It’s everything but the kitchen sink! Points to think about if you are wondering if you should rent your house on your own or hire a Rent My House near the Westover Hills area.
HOW CLOSE IS YOUR INVESTMENT PROPERTY?
The more distance between you and your rental property,the more difficult it is to manage. If your main address is in Georgia and your rental property is in the Westover Hills area, it will be a lot of work for you to find renters,to handle tenant complaints,to quickly react to problems, to deal with 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 travel 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.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you want to invest in Richmondrental homes, but don’t know the first thing about rental management, hiring a certified Rent My House can be a smart choice for you. Learning on the job can become very expensive.
For a single family home investor who is starting out, hiring the wrong repairman or taking too long to fill an empty home can rapidly eat into your potential income. There are big legal liability issues you can encounter if you aren’t educated about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of rental management charges!
DO YOU HAVE THE MINDSET TO DEAL WITH TENANTS?
Is the challenge of messing with evictions, renter complaints and repair concerns taking a toll on you? Leasing agents are experienced in handling landlord-tenant conflict. Rent My House have an understanding of Richmond landlord-tenant law and can act as go between for problems. In addition, if the tenant is aware they are working with a third party, they could act more civilly as well.
You don’t have to employ a property management agency because you are brand new to property investing in Westover Hills, have a lot of rental units or are having trouble filling empty units. Many people manage their own homes. Personal experience can often be the greatest instructor and everyone has to start learning somewhere. If you educate yourself about residential real estate, get the input of others and have a powerful desire to manage your real estate with excellence, chances are good, you will succeed.
DO YOU HAVE LIMITED PROPERTY MANAGEMENT EXPERIENCE?
If you want to invest in Richmondinvestment real estate, but don’t know the first thing about leasing management, hiring an experienced Rent My House can be a wise choice for you. Figuring it out as you go can become extremely expensive.
For a real estate 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 huge legal liability concerns you can stumble on if you don’t know about Fair Housing regulations or Federal real estate law. One lawsuit can pay for a lot of property management fees!
DO YOU HAVE THE TIME TO OVERSEE YOUR RENTAL PROPERTY in the Westover Hills area?
If you are employed at a full-time job while you are looking after a rental property and simply cannot give your your rental property the energy it demands, the profitability of your investment might depend on employing a full time property management company in Richmond
Additionally, realize that time is money and overseeing a rental property takes energy. If you feel like the real life obligations of property management are stepping on on time that could be more profitably spent making more money at your other job, or looking for other investments, hiring an outside property management agency may be the smartest move for you.
HOW CAN A PROPERTY MANAGER HELP ME MANAGE MY PROPERTY IN Westover Hills?
Residential property managers who service the Westover Hills area will do a number of things for you as the home investor, which may include the following areas:
RE-LEASE YOUR HOME
Once agreement expires get existing tenants to re-up their lease for another rental period
Deliver financial management services Handle payments for the sake of the owner (Mortgage, insurance, HOA dues, etc.) Specific accounting of expenses via invoices and receipts Manage all historical paperwork (paid invoices, paperworks, inspection reports, warranties, etc.) Oversee yearly reports, organized for tax needs as well as required tax documents including a 1099 paperwork Counsel owner on relevant tax write offs related to their rental home. Provide formatted monthly cash-flow reports which offer a detailed breakdown of income and specific expenses
MANAGE MAINTENANCE AND REPAIRS
Property managers are typically in charge of the physical oversight of the house, including consistent maintenance and needed repairs.
Professional rental managers are frequently hired to look after empty homes to make sure there has been no destruction and to execute standard maintenance. They also make sure vendors and other outsourced workers are finishing their work in a reliable manner.
HANDLE CAREFUL INSPECTIONS
You want to be sure to have before and after photos and written documentation, so you can accurately deal with tenant deposits and differences of opinion when they move out. A lot of tenants will act amazed when you take out fees from their deposit, so having comprehensive documentation will help cut down on the amount of fighting they do with you.
Nearly all they are paid to deal with maintenance situations, noise disturbances and possess the needed contacts to deal with emergency situations.
Professional rental agents are many times engaged to overlook empty homes to ensure there has been no destruction and to perform regular maintenance. They also make sure vendors and other outsourced workers are finishing their work in a timely manner.
KNOWLEDGE OF LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A professional leasing agent will have a complete understanding of state and federal laws relating to the ideal ways to: Screen the tenants. Manage security deposits End a lease Evict a tenant Obey with home safety standards Give input in the occasion the event of a legal action or litigation Refer owner to a seasoned lawyer when needed Be knowledgeable about and abide by the most recent local, state and federal laws that relate to renting and maintaining rental homes.
OFFER GENERAL REAL ESTATE ADVICE:
Discuss with you the positives and negatives of different policies such as accepting various animals, permitting smoking etc. Some things are very particular to the Richmond market, so having a local area expert who knows the Westover Hills area in particular is critical.
DEALING WITH MOVE OUTS
If a tenant ends his tenancy, the manager is responsible for inspecting the house, checking for problems and deciding what portion of the damage deposit willl be returned to the tenant. After move out, the rental agent is in charge of cleaning the home, fixing any damages and locating a replacement renter.
DEALING WITH MOVE OUTS
When a renter leaves, the manager is responsible for inspecting the property, checking for problems and deciding what portion of the security deposit mightl be returned to the tenant. After move out, the manager is responsible for cleaning the unit, repairing any areas of concern and finding a new tenant.
Deliver accounting services Make payment on behalf of the owner (Mortgage, insurance, homeowner association dues, etc.) Specific documentation of expenditures via invoices and receipts Preserve all past paperwork (paid invoices, agreements, inspection reports, warranties, etc.) Provide yearly reporting, structured for tax purposes as well as required tax documents including a 1099 forms Educate owner on legal tax write offs related to their investment property. Deliver easy to read monthly cash-flow reports which offer a detailed breakdown of income and detailed expenses
A key responsibility of the residential property managers is to manage tenants. Managers are involved in many capacities, from identifying the tenants and responding to problems to initiating evictions.
Deliver accounting services Make payments for the owner (Mortgage, insurance, homeowner association dues, etc.) Specific accounting of expenditures via invoices and receipts Maintain all historical paperwork (paid invoices, paperworks, inspection documentation, warranties, etc.) Oversee yearly reports, coordinated for tax purposes as well as mandatory tax documents including a 1099 forms Counsel owner on appropriate tax deductions related to their rental property. Deliver formatted monthly cash-flow documents which provide a detailed accounting of income and detailed expenses
Question: What do Inspections of my home cost?
Some rental agencies will bill for inspections, others will give you an inspection or more free per year. This is a walk through of your investment property to see how the tenant is treating it. Charges can range from $50-225 per inspection.
QUESTION: How Might a Property Management Firm Help With Renter Screening and Choosing?
Screening Applicants- A property manager will sort through the potential renter applications to discover the tenant that is the best fit for your property. They have a proven vetting process, including running credit checks and criminal background checks, which can reduce your likelihood of being accused of bias. Professional leasing agents have seen many renters, so they have a good idea of how to select the correct tenants; renters who will pay their rent on time, have a longer tenancy and create much fewer headaches. Perform a background check to confirm identity, salary, credit history, rental history, etc. Assess renter in relation to pre-defined renter criteria Inform tenants who were rejected
QUESTION: Do Home Management Agencies Assist With Move Out?
Yes, a Rental management Agency can Help With Move outs. Activities might include:
- Inspect rental property. and fill out a document on the house’s condition when the tenant moves out
- Give renter with a version as well as noted damages
- Return the remainder of the security deposit to the renter
- Transfer remaining amount of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.
- Turn over unit and oversee required repairs or upgrades
- Re-key all locks
- Re-List property back on the market for rent
QUESTION: What Inspection Services Do Rental Agents Provide?
- Perform systematic inspections (Inside and outside) on a predefined schedule watching out for maintenance requirements, safety issues, code violations, lease infractions, 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. Read 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: How Might a Lease Management Agency help an owner with the Tenant Move In Process?
- Draw up rental documents
- Pin down move in date with tenant
- 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 tenant and have tenants sign a report verifying the condition of the property prior to move-in.
- Secure first month’s rent and security deposit
QUESTION: How Would a Rental management Company Assist With Renter Screening and Choosing?
Screening Applicants- A residential property agent will review the prospective renter applications to find the applicant that is the best fit for your house. They have a proven vetting process, including running credit checks and criminal background checks, which can reduce your chances of being charged with discrimination. Experienced leasing agents have seen many renters, so they have a good concept of how to identify the right renters; those who will pay their rent on time, have a longer tenancy and create fewer problems. Perform a background check to verify identity, income, credit history, rental history, etc. Grade applicant in relation to pre-defined renter criteria Communicate with tenants who may have been declined
Question: How much do rental agents charge?
Answer: As you may guess, the answer is “it depends.” Residential property management companies vary widely, and much of the answer is dependent on what a firm does for you.. Just what do you want a rental manager to do for you?
Usual % of Monthly Rent Agreement. As a baseline, expect to be charged a normal Rental management agency between 6 – 12% of the monthly rental value of the home. This is referred to as management fee, or monthly management charge. Typically the higher your rent is, the lower the percentage is. For example if your rental charges are $2,100 each month for your rental home, you will normally pay a lower percentage fee than someone else whose home rents for $800 each month.
You are not charged this management charge until payment is received. Look specifically at your contract regarding whether the management fee is determined by ‘rent collected’ or ‘rent due’. If the charge is tied to rent received, it means the Leasing agency doesn’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 tenant usually.
Flat Rate Contract
Some companies may charge, say,$75- $150 each month flat rate. There is nothing required bystatute in this; it’s decided by the company owner.
You would not owe money on a flat rate agreement typically until rent is received.
QUESTION: What types of Maintenance can property management companies help with?
Some residential property management in the Westover Hills area have their own maintenance crews, full-time. The majority of contract this work out to various subcontractors. Some residential property management charge a flat rate to supervise any work with subcontractors. A few will add margin to the subcontrcontractor’s invoice. Be sure you know how it operates with your house management company!
QUESTION: How Can a Rental Management Agency help an owner with the Tenant Move In Process?
- Draw up leasing agreement
- Pin down move in date with applicants
- 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 tenants sign a report verifying the condition of the property prior to move-in.
- Secure initial month’s rent and security deposit
QUESTION: Do Home Management Agencies Help With Move Out?
Yes, a Property Management Firm can Assist With Move outs. Activities might include:
- Inspect rental property. and fill out a document on the house’s status when the client moves out
- Give tenant with a version as well as noted damages
- Return the remainder of the damage deposit to the tenant
- Mail any portion of the owner’s share of the tenant deposit to the owner or hold in owner reserves for repairs.
- Turn over house and handle needed repairs or upgrades
- Re-do all locks
- Re-List home 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 maintenance needs, safety hazards, code problems, lease infractions, etc.
- Send owner periodic reports on the condition of the property
Question: What are typical procedures regarding Late Payment Charges?
At times tenants pay after the due date. Read your agreement to see if those late payment charges go to you as the owner, to the rental agency, or are shared somehow.
QUESTION: What are Marketing Charges?
Some property management companies charge a advertising fee. This is an initial fee to market your vacant unit. This fee is typically $250-350. Most companies don’t charge this fee, so shop around!
Vacant Home fee Some companies charge 1 month’s payment up front. You could run into this charge if you’re attempting to hire the leasing agency while the unit is empty. This gives them the money to pay a realtor a commission for finding a renter in the unit, or to pay the costs of marketing, repeatedly showing the investment property to prospective renters, as well as the expense of preparing lease documents (which can take a long time).
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some rental agencies in the Westover Hills area could charge a new tenants placement charge or have a extra commission incentive for getting a tenant into an agreement. Afee of 50 to 100 percent of the first month’s rent for any new tenant placed is not atypical. However, you shouldn’t typically run into unreasonable multiple up-front charges.
Generally a placement charge is not due until the tenant is signed, which means you don’t need to pay out of pocket to pay this.
QUESTION: Will Property Management Companies Handle Evictions in the Westover Hills area?
- Preparing necessary documents to initiate and process an unlawful detainer lawsuit
- Representing owner in court
- Interacting with with police authorities to remove tenant and tenant’s possessions from home