No matter if you describe them as a Rental Agency, 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 agencies are out there of course. Property rental agencies serving the Westover Hills area provide a multiplicity of services to help you renting your house. It’s an overwhelming punchlist of jobs that a expert Rental Agency will deal with; in fact (if you’re a great 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?”
Property Rental Agency RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a tenant
- Deal with contracts
- Keep you out of jail by helping you follow Fair Housing laws
- Open your house to possible tenants in order to rent your house
- Handle move in and move out
- Collect rent and get you paid!
- Handle follow up if payments are late
- Assist with evictions
- Deal with renter questions
- And a lot more than that.
It’s everything from A to Z! Points to consider if you are wondering if you maybe should rent your house on your own or hire a Rental Agency near the Westover Hills area.
DO YOU HAVE ANY PROPERTY MANAGEMENT EXPERIENCE?
If you would like invest in Richmondreal estate, but don’t know anything about residential property management, hiring a certified Rental Agency can be the right choice for you. Figuring it out on the job can become extremely costly.
For a property investor who is starting out, hiring a bad repairman or taking too long to fill a vacancy can easily eat into your returns. There are big legal liability concerns 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 fees!
DO YOU HAVE THE AVAILABILITY TO MANAGE YOUR INVESTMENT PROPERTY in the Westover Hills area?
If you have a full-time job while you are investing in a rental home and simply can’t give your investment home the energy it needs, the viability of your investment might depend on employing a good property management company in Richmond
In addition, realize that time is money and taking care of a rental home takes energy. If you feel like the day to day obligations of property management are impinging on time that could be more profitably spent making more money at your day job, or looking for other properties, hiring an outside property management company may be the smartest move for you.
WILL YOU HAVE THE TIME TO MANAGE YOUR INVESTMENT PROPERTY in the Westover Hills area?
If you have a full-time job while you are investing in a investment home and simply cannot give your your rental property the attention it needs, the success of your investment may depend on employing a professional property management company in Richmond
In addition, realize that time is definitely money and managing a rental home takes time. If you feel like the every day requirements of residential property management are impeding on time that could be more enjoyably spent making more money at your day job, or searching for other properties, employing an outside property management company may be the wisest move for you.
IS YOUR VACANCY RATE HIGH?
Excellent Rental Agency are capable locating and reviewing tenants quickly and will have a network of capable, affordable Richmondmaintenance companies to handle difficulties. Most experienced leasing agents will also understand landlord-tenant law, thereby reducing the risk of legal issues.
HOW HIGH IS YOUR VACANCY RATE?
Excellent Rental Agency are skilled at locating and screening tenants quickly and will have a network of capable, cost effective Richmondmaintenance companies to handle emergencies. Most professional rental managers will also comprehend landlord-tenant law, thereby reducing the risk of legal issues.
HOW WILL A PROPERTY MANAGER HELP ME MANAGE MY PROPERTY IN Westover Hills?
Property managers who service the Westover Hills area may do a number of things for you as the home investor, which could include the following:
COLLECTING RENTAL PAYMENTS:
This is where a leasing agent earns their keep. Rental management firms make sure you get paid by collecting rent every month on time and strictly enforcing late charges.
KNOWLEDGE OF LANDLORD-TENANT LAW AND FEDERAL REAL ESTATE LAW
A experienced rental manager will have a exhaustive understanding of state and federal laws referencing the best methods to: Reviewing the tenants. Escrow damage deposits Terminate a rental agreement Oversee evicting a renter Obey with house safety regulations Advise in the occasion the event of a legal dispute or litigation Refer owner to a qualified lawyer when required Understand and abide by the most recent local, state and federal laws that are applicable to renting and maintaining rental homes.
RE-LEASE YOUR HOME
Once contract terminates ask existing tenants to continue their rental agreement for one more rental period
Professional leasing agents are frequently hired to overlook empty homes to ensure there has been no destruction and to perform routine maintenance. They also make sure vendors and other repairmen are finishing their work in a timely manner.
Other Employees- if there are other employees in the property, such as a janitor or security guard, the leasing agent is responsible for being sure they are doing their job. The property manager can establish their salaries and possibly let them go.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there aresome employees in the property, such as a concierge\desk manager or security personnel, the rental manager is in charge of being sure they are paying attention to details. The leasing agent may determine their compensation and even let them go.
When a renter does not pay on time or otherwise breaks the terms of the agreement, the rental agent knows understands the legal way to give notice and move forward with an eviction.
SUGGEST AND SUPERVISE VENDORS
Home management pro’s should be able to suggest vendors to do maintenance and cosmetic improvements that maximize profitability while providing excellent ROI.
At times when there is a problem required, the rental agent may attend to it themselves or may employ someone to take care the problem it. They sometimes have a screened network of licensed electricians,carpenters,plumbers and other vendors.
Most leasing agents are responsible for promoting the house to fill vacancies. leasing agentsare aware of to market and what to include in their ads. Rental agents also have insight into what is motivating to renters, so they can suggest making minor improvements to help improve the property.
RESIDENTIAL PROPERTY MANAGERS HELP YOU DETERMINE MARKET RENT LEVELS
Leasing agents are responsible for establishing the beginning rent level, and collecting payment from tenants. Good property managers know how to set the correct rent level toattract renters to your rental property. They hopefully have a specific understanding of the Richmond area, where the property is located and have looked at comparable houses in the general Richmond area.
OFFER GENERAL REAL ESTATE ADVICE:
Discuss with you the positives and negatives of different policies such as accepting pets, 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 crucial.
DEALING WITH EVICTIONS
When a tenant does not pay rent or in some way breaches the terms of a lease, the rental property management agent realizes is experienced with the legal approach to legally respond and proceed ahead with an eviction.
CONTENDING WITH EVICTIONS
When a renter does not pay as agreed or in some way breaks the terms of the contract, the leasing agent realizes is experienced with the best method to give notice and move forward with an eviction.
Question: What are typical procedures regarding Late Payment Fees?
At times tenants pay after the due date. Look at your contract to see if those late payment fees go to you as the owner, to the leasing agency, or are shared somehow.
QUESTION: How Can a Rental management Company Help With Renter Screening and Choosing?
Screening Tenants- A rental agent will review the potential tenant applications to discover the applicant that is the ideal fit for your house. They have a proven screening process, including running credit checks and criminal background checks, which can reduce your chances of being accused of discrimination. Professional rental agents have seen many renters, so they have a better concept of how to choose the ideal tenants; those who will pay their bills on time, have a longer tenancy and create much fewer issues. Perform a background check to authenticate identity, income, credit history, rental history, etc. Evaluate tenant according to pre-defined applicant criteria Communicate with applicants who were declined
QUESTION: Will Property Management Companies Handle Evictions in the Westover Hills area?
- Preparing necessary documentation to initiate and complete an eviction lawsuit
- Representing owner in court
- Coordinating with police authorities to remove renter and tenant’s belongings from house
Question: What do do rental managers cost?
Answer: As you may guess, the response is “it depends.” Residential property management companies vary a lot, and a lot of the response depends on what they do for you.. Exactly what do you want a property manager to do for you?
Normal Percentage of Rent Contract. As a baseline, expect to pay a usual Residential property management company between 8 – 11% of the monthly rent of the house. This is referred to as management charge, or monthly management fee. Generally the greater your rent is, the lower the percentage is. To illustrate if your rental charges are $2,300 per month for your property, you will typically pay a lower percentage fee than another person whose house rents for $800 per month.
You are not charged this percentage fee until rent is received. Look carefully at your contract regarding whether the management charge is determined by ‘rent collected’ or ‘rent due’. If the charge is based on rent collected, it means the Rental management agency doesn’t get paid if you don’t get paid. On the other hand, if it’s determined by ‘rent due’, then you owe whether or not rent is received from the renter usually.
Fixed Fee Contract
Some companies may charge, say,$75- $150 each month flat rate. There is nothing dictated bystatute in this; it’s decided by the company owner.
You wouldn’t owe money on a flat rate agreement normally until rent is collected.
Question: How much do property managers charge?
Answer: As you may guess, the answer is “it depends.” Leasing agencies vary widely, and a good deal of the answer is dependent on what they do for you.. Just what do you want a rental manager to do for you?
Usual Percentage of Rent Contract. As a baseline, expect to be charged a normal Rental management agency between 8 – 11% of the monthly rental value of the property. This is called a management fee, or monthly management payment. Generally the greater your rent is, the lower the percentage is. For example if your rental charges are $2,500 per month for your rental house, you will typically pay a lower percentage fee than someone else whose home rents for $700 per month.
You are not charged this management 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 based on rent collected, it means the Rental management agency won’t get paid if you don’t get paid. On the other hand, if it’s determined by ‘rent due’, then you pay whether or not rent is collected from the tenant normally.
Flat Rate Agreements
Some companies may charge, say,$75- $150 per month flat rate. There is nothing dictated bystatute in this; it’s decided by the firm owner.
You would not owe money on a fixed rate agreement normally until rent is received.
Question: How much do rental agents cost?
Answer: As you might guess, the answer is “it depends.” Rental management agencies vary widely, and a lot of the response is dependent on what a firm does for you.. Just what do you want a rental manager to do for you?
Usual Percentage of Monthly Rent Agreement. As a baseline, expect to be charged a typical Leasing agency ranging from 8 – 12% of the monthly rent of the unit. This is called a management fee, or monthly management fee. Typically the higher you charge for rent, the lower the percentage fee is. For example if your rental charges are $2,000 per month for your rent house, you will usually pay a lower percentage fee than another person whose house rents for $700 per month.
You are not charged this management fee until rent is received. Look carefully at your agreement regarding whether the management fee is based on ‘rent collected’ or ‘rent due’. If the fee is based on rent collected, it means the Leasing agency doesn’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 renter typically.
Flat Rate Agreements
Some firms may charge, say,$75- $150 each month fixed rate. There is nothing required bystatute in this; it’s determined by the firm owner.
You would not owe money on a flat rate contract normally until rent is received.
Question What Services Are Included in A Typical Property Management Contract?
Make certain you establish exactly what maintenance services are a part of with your charges. It could be that when something needs repair, certain labor costs are a part of with your monthly flat 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).
No matter what, everything should be specifically stated in your contract. Keep in mind that these fees could require you toraise your rental rate, which could make finding – and keeping – renters harder. Keep in mind, property management charges can be negotiated. Depending on what you’re willing to pay, you may be able to get a lower price by giving up certain services and dealing with them on your own.
Question: What are Other charges made by property management companies?
At times, you may see some costs passed on to you – especially when the manager is charging a low 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 company has some money on hand to take care of unanticipated, but urgent, costs.
You might want to look into how you divide pet deposits collected and bad check charges (basically whomever gets hit with the greatest amount of bank costs deserves the lion’s share of this one!) Also, pay attention to who gets to hang onto the income from vending machines and coin-operated washers and dryers, if any.
Question: What Is The Normal Term Of A Property Management Agreement?
Usually, a landlord signs an agreement with a leasing agency for a certain length of time – 12 or 24 months, for example – with an option to renew. Paperwork could be drawn up so that they automatically renew if neither party takes actionopposing it. Termination clauses allow for early termination if the rental agency is in the breaking of the agreement in any way.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some property management companies in the Westover Hills area might charge a new renters placement charge or have a bonus structure 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. However, you should not normally run into significant multiple up-front fees.
Normally a lease up charge is not due until the renter is found, meaning you don’t have to pay out of pocket to pay this.
Question: Should I attempt to save money by going FRBO? Or finding the cheapest rental agent I can?
Answer: With the best property agents, paying a little bit more is a wise investment, because it helps increase the value of your house, and they help attract top notch renters; studies have shown employing a house managercan cut your vacancy rate by 50%. Conversely, going cheap with a property management company can end up being very expensive.
QUESTION: Will Property Management Companies Handle Evictions in the Westover Hills area?
- Preparing relevant documentation to initiate and process an unlawful detainer action
- Representing owner in court
- Interacting with with police enforcement to remove tenant and renters stuff from unit
Question: How much should I price shop the fees my property management company charges me?
Ultimately, engaging a property manager in the Westover Hills area is creating into a partnership. Over the long haul, the fees aren’t as crucial as the interaction between you and the manager and quality of the service your manager provides. A competent company can take charge of the oversight of the investment property, for example, and turn out getting you much more rental value and price appreciation than you thought possible. However, you need to be prepared to provide them the resources to accomplish.
QUESTION: How Would a Rental management Firm Help With Renter Screening and Selection?
Screening Applicants- A leasing agent will screen the potential tenant applications to discover the tenant that is the ideal fit for your property. They have a reliable screening process, including running credit checks and criminal background checks, which can decrease your likelihood of being charged with bias. Professional leasing agents have seen hundreds, even thousands, of renters, so they have a good concept of how to select the correct tenants; renters who will pay their bills on time, have a longer tenancy and create fewer problems. Perform a background check to verify identity, income, credit history, rental history, etc. Assess renter in relation to pre-defined tenant criteria Communicate with tenants who were rejected