Regardless if you call them a Rental Agency, 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 agencies do exist of course. Property rental agencies serving the Southside area provide a multiplicity of services to help you renting your house. It’s a huge list of jobs that a expert Rental Agency will oversee; in fact (if you’re a detailed follow through kind of people person, you may even want to explore 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?”
Letting Agency RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a renter
- Deal with legal contracts
- Keep you out of jail by helping you obey housing laws
- Open your property to interested tenants 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
- Deal with renter questions
- And a lot more.
It’s everything from A to Z! Points to contemplate if you are considering if you should rent your home on your own or hire a Rental Agency near the Southside area.
HOW FAR AWAY IS YOUR RENTAL HOME?
The more distance between you and your property,the more stressful it is to manage. If your main address is in Florida and your rental home is in the Southside area, it will be more difficult for you to find tenants,to handle renter complaints,to quickly react to problems, to take care of maintenance concerns, and even to ensure payment is collected on time.
The total time it takes you to travel to the property and the cost of travel will also mount. In situations such as these, hiring a professionalRichmond property management company can make good sense and will likely save you money.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you want to invest in Richmondinvestment real estate, but don’t know a single thing about property management, hiring an experienced Rental Agency can be a good choice for you. Learning as you go can become very draining financially.
For a real estate investor who is just beginning, hiring a sketchy repairman or taking too long to fill an empty home can rapidly eat into your profits. There are large legal liability problems you can run into 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!
HOW CLOSE IS YOUR RENTAL PROPERTY?
The more distance between you and your property,the more stressful it is to manage. If your primary residence is in New York and your property is in the Southside area, it will be more difficult for you to find tenants,to handle renter complaints,to quickly react to difficulties, to handle maintenance concerns, and even to ensure rent 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 start to bite. In situations like these, hiring a professionalRichmond property management firm? can make some sense and will likely save you some dough.
WILL YOU HAVE THE AVAILABILITY TO CARE FOR YOUR RENTAL HOME in the Southside area?
If you work at a full-time job while you are looking after a rental property and simply can’t give your investment home the energy it demands, the viability of your investment might depend on paying for a good property management company in Richmond
In addition, realize that time is money and managing a rental home takes effort. If you feel like the every day obligations of residential property management are impinging on time that could be better spent making more money at your other job, or looking for other property to buy, hiring an outside property management agency may be the smartest move for you.
DOES IT MAKE FINANCIAL SENSE TO PAY A Rental Agency ?
You’ve figured out that goodproperty managerswho provide services to the Southside area in Richmond aren’t without cost.
Rental management firms will charge a fee, roughly, between 5% and 9% of the monthly gross income for the home. The customary fee for a single family rental home is about 8-10%. The charge for a apartment of 10 units on up is on average between 4% and 7%.
If your home is not occupied, it’s normal to pay a tenant finding fee to locate and place a new renter in your rental home. Depending on the property management company this can fluctuate from 50%-100% of a single month’s rent.
Something to keep in mind: Having experienced property manager input on market rents and having a professional agent deal with locating a tenant can mean you get higher rents, which means a professional property manager might end up covering all or part of their fee because of higher rents.
HOW WILL A PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY HOUSE NEAR Southside?
Residential property managers who service the Southside area may do many things for you as the homeowner, which could include the following:
OFFER GENERAL REAL ESTATE ADVICE:
Chat with you about the positives and negatives of different issues such as accepting pets, allowing smoking etc. Other are very particular to the Richmond market, so having a local area expert who knows the Southside area in particular is crucial.
This is where a property manager earns their keep. Rental management firms make sure you get your money by collecting rent every month on time and strictly enforcing late charges.
RE-LEASE YOUR HOME
Once agreement terminates get current tenants to extend their rental agreement for one more rental period
SUGGEST AND SUPERVISE VENDORS
Rental management agents should be ready to offer recommendations on repairs and small work that maximize monthly rent while providing excellent return on investment.
One of the main responsibilities of the property managers is to manage tenants. They are engaged in many roles, from locating the tenants and dealing with complaints to beginning evictions.
MANAGING WRITTEN AGREEMENTS
Many agents are responsible for setting the length of the agreement and making sure it has all the needed clauses to protect the client. This includes deciding the total of security reserves required.
This is where a leasing agent earns their keep. Residential property management agencies make sure you get paid by collecting rent each month on time and strictly enforcing late charges.
RESPONSIBLE FOR TAXES
The rental agent may provide the house owner with knowledge of how to handle taxes for the property. The rental manager may additionally file taxes for the investment property
OVERSEEING MOVE OUTS
If a tenant leaves, the manager is in charge of inspecting the unit, checking for damages and assessing what portion of the damage reserves mayl be refunded to the renter. After move out, the agent is in charge of cleaning the house, fixing any areas of concern and finding a new tenant.
PROPERTY MANAGEMENT COMPANIES HELP YOU DETERMINE THE CORRECT RENT LEVELS
Rental managers are responsible for determining the initial rent level, and collecting payment from renters. Great leasing agents know how to set the market rent level toattract tenants to your home. They hopefully have a specific understanding of the Richmond area, where the home is located and have examined at comparable homes in the general Richmond market.
EXPERIENCED WITH LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A good rental manager may have a exhaustive understanding of state and federal laws relating to the ideal methods to: Screen the tenants. Escrow security deposits End a lease Oversee evicting a tenant Obey with house safety standards Counsel in the occasion the event of a legal dispute or litigation Refer owner to a qualified attorney when necessary Understand and comply with the most recent local, state and federal legislation that relate to renting and maintaining investment properties.
RE-LEASE YOUR HOME
Once lease ends ask existing tenants to re-up their rental contract for another rental period
Professional property managers are many times contracted to overlook empty properties to ensure there has been no destruction and to oversee routine maintenance. They also make certain contractors and other outsourced workers are finishing their work in a reliable manner.
RESPONSIBLE FOR TAX PAYMENTS
The property manager can help the home owner with knowledge of how to complete taxes for the house. The rental agent may additionally mail in taxes for the house
Question: Should I attempt to save money by managing my home myself? Or finding the least expensive property manager I can?
Answer: With the best property managers, paying a little bit more can be a wise investment, because it helps enhance the value of your property, and they help retain quality tenants; studies have proven hiring a property managercan reduce your vacancy rate by 50%. Conversely, going lowball with a rental agency can end up being very costly.
QUESTION: Do Rental Agencies Take Care of Evictions in the Southside area?
- Preparing necessary documentation to begin and complete an unlawful detainer action
- Representing owner in court
- Interacting with with law enforcement to evict renter and renters stuff from property
Question: How much should I price shop the fees my property management company charges me?
Ultimately, engaging a property manager in the Southside area is creating into a partnership. Over the long haul, the charges aren’t as important as the communication between you and the agent and quality of the service your agent delivers. A competent company can take control of the management of the home, for example, and wind up providing you much more rental value and price appreciation than you might be possible. That said, you need to be willing to provide them the resources to accomplish.
Question: What are Random charges made by property management companies?
At times, you may see some charges passed on to you – especially where the agent is charging a small monthly %. Examples might include an marketing charge in connection with finding a tenant, a yearly inspection fee, and some sort of reserve, so that the management firm has some cash on hand to take care of unanticipated, but immediate, costs.
You may want to look into how you share pet deposits collected and bad check charges (basically whoever gets stuck with the most bank costs should get the lion’s share of this one!) Also, notice who gets to hang onto the income from vending machines and coin-operated washers and dryers, if any.
Question: What do Inspections of my home cost?
Some rental agencies will bill for inspections, some will give you one or more without charge annually. This is a visual inspection of your unit to see how the renter is keeping it up. Charges can range from $50-225 per inspection.
Question: Should I attempt to save money by going FRBO? Or finding the cheapest rental agent I can?
Answer: With the best house managers, paying a little bit more can be a smart investment, because it helps increase the value of your home, and they help attract top notch renters; studies have proven hiring a home managercan cut your vacancy rate by 50%. On the other hand, going cheap with a property management company can end up being very costly.
QUESTION: Do Rental management Agencies Assist With Move Out?
Yes, a Home Management Agency can Assist With Move outs. Actions might include:
- Inspect rental home. and fill out a report on the home’s status when the client moves out
- Deliver tenant with a copy as well as noted damages
- Return the remainder of the damage reserves to the tenant
- Forward any portion of the owner’s portion of the renter deposit to the owner or keep in owner reserves for work to be done.
- Clean home and perform required repairs or upgrades
- Re-do the locks
- Put the home back on the market for rent
QUESTION: What Inspection Services Do Rental Agents Provide?
- Perform periodic inspections (Inside and outside) on a regular schedule watching out for repair requirements, safety concerns, code problems, lease violations, etc.
- Prepare owner periodic reports on the condition of the property
Question: What are typical procedures regarding Late Payment Charges?
Occasionally tenants pay after the due date. Read your agreement to see if those late payment fees go to you as the owner, to the rental agency, or are shared somehow.
QUESTION: Do Property Management Agencies Help With Move Out?
Yes, a Rental management Company can Assist With Move outs. Services might include:
- Inspect investment home. and fill out a report on the house’s condition when the tenant moves out
- Provide tenant with a photocopy as well as estimated damages
- Return the remainder of the damage reserves to the renter
- Transfer left over amount of the owner’s share of the tenant deposit to the owner or hold in owner reserves for repairs.
- Clean unit and oversee needed repairs or upgrades
- Re-key the locks
- Put the house back on the market for rent
QUESTION: What Inspection Services Do Rental Agents Provide?
- Insure timely inspections (Inside and outside) on a predetermined schedule looking for maintenance needs, safety hazards, code problems, lease infractions, etc.
- Send owner periodic reports on the condition of the property
Question: What are Other charges made by property management companies?
At times, you may see some fees passed on to you – especially when the agent is charging a small monthly %. Illustrations might include an marketing charge in connection with finding a tenant, an annual inspection charge, and some sort of reserve, so that the management company has some money on hand to handle unanticipated, but urgent, costs.
You may want to look into how you share pet deposits collected and bad check charges (generally whoever gets hit with the greatest amount of bank fees deserves the bulk of this one!) Also, notice who gets to hang onto the income from vending machines and coin-operated washers and dryers, if any.
Question What Services Are Included in A Typical Property Management Contract?
Be sure you establish precisely what maintenance services are included with your fees. It may be that when something needs repair, certain labor charges are included with your monthly fixed rate or percentage charge (for example, changing out lighting switch plates and fixing faucet handles) while others are charged individually (such as replacing broken window panes and installing new sinks).
Regardless, everything should be clearly expressed in your contract. Consider that these charges could require you toincrease your rents, which might make finding – and keeping – tenants harder. And remember, investment property management charges can be negotiated. Depending on how much you’re willing to pay, you may be able to get a better price by sacrificing particular services and dealing with them on your own.
QUESTION: What are Marketing Fees?
Some leasing agencies charge a marketing fee. This is an initial charge to market your vacant house. This fee is usually $200-500. Most firms don’t charge this fee, so shop around!
Empty Property charge Some firms charge One month’s payment up front. You may run into this charge if you are attempting to hire the residential property management firm while the property is vacant. This gives them the cash to pay a realtor a commission for placing a renter in the house, or to pay the costs of advertising, repeatedly showing the investment property to prospective renters, as well as the expense of preparing lease paperwork (which can take hours).
Question: What Is The Normal Term Of A Property Management Agreement?
Usually, a landlord signs an agreement with a residential property management firm for a fixed 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 actionstopping it. Termination clauses allow for early termination if the leasing agency is in breach of the agreement in any way.
Question: What do Inspections of my home cost?
Some property management companies will charge for inspections, others will give you an inspection or more without charge annually. This is a walk through of your unit to see how the tenant is treating it. Charges can range from $75-175 per inspection.