No matter if you call them a Property Management Company, 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 companies are out there of course. Property rental agencies serving the 27326 area offer a multiplicity of services to help you renting your house. It’s a long list of tasks that a good Property Management Company will oversee; 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 an incomplete list of what property managers do if they are asked “will you help me rent my house?”
Home Rental Company RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a tenant
- Handle legal contracts
- Keep you legal by helping you obey Fair Housing laws
- Open your property to possible tenants in order to rent your house
- Handle move in and move out
- Collect money and get you paid!
- Handle follow up if payments are timely
- Help with evictions
- Respond to tenant inquiries
- And so much more.
It’s everything from A to Z! Points to consider if you are asking if you maybe should rent your home on your own or hire a Property Management Company near the 27326 area.
HOW FAR AWAY IS YOUR RENTAL HOME?
The more miles between you and your rental property,the more difficult it is to manage. If your primary residence is in Texas and your property is in the 27326 area, it will be more difficult for you to find tenants,to handle constant complaints,to quickly respond to issues, to deal with maintenance issues, and even to make sure payment is collected by due date.
The amount of time it takes you to get to the property and the cost of getting there will also start to bite. In situations such as these, hiring a greatGreensboro property management company can make a lot of sense and will likely save you some dough.
HOW CLOSE IS YOUR INVESTMENT PROPERTY?
The more miles between you and your investment property,the harder it is to manage. If your main home is in Texas and your rental property is in the 27326 area, it will be harder for you to find renters,to handle renter complaints,to quickly respond to problems, to take care of maintenance concerns, and even to make sure rent is collected in a timely manner.
The amount of time it takes you to get to the property and the expense of travel will also start to bite. In situations like these, hiring a goodGreensboro property management company can make some sense and actually save you some dough.
DO YOU HAVE LIMITED PROPERTY MANAGEMENT EXPERIENCE?
If you would like invest in Greensbororental properties, but don’t know anything about residential property management, hiring a professional Property Management Company can be a smart choice for you. Figuring it out on the job can become very expensive.
For a property investor who is just beginning, hiring a sketchy repairman or taking too long to fill a vacancy can quickly eat into your potential income. There are large legal liability concerns 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 rental management charges!
CAN YOU AFFORD TO PAY A Property Management Company ?
You’ve figured out that goodrental agentswho provide service to the 27326 area in Greensboro aren’t without cost.
Rental management agencies will charge a fee, on average, between 5% and 10% of the monthly gross income for the property. The normal fee for a single family rental property is estimated at 8-10%. The charge for a building of 10 units or more is on average between 5% and 7%.
If your investment property is empty, it’s typical to pay a lease up fee to procure and place a new renter in your rental property. Depending on the property management company this can fluctuate from 50%-100% of one month’s rent.
Something to consider: Having experienced property manager input on market rents and having a professional agent deal with locating a tenant could mean you might get higher rents, which means a professional leasing agent might end up covering all or part of their fee because of increased rents.
HOW MANY RENTAL HOMES IN 27326 DO YOU HAVE TO MANAGE?
As the number of homes you own multiplies, so does the time it takes to manage them. The more renters you have, the more repair issues, renter complaints, and vacancies you will have to deal with. On top of that, if your properties are dispersed across multiple cities, your energies committed will go up as you will have to take care of the cash flow of each individual investment home as well as travel from property to property to handle problems.
HOW WILL A RESIDENTIAL PROPERTY MANAGEMENT COMPANY HELP ME MANAGE MY HOME NEAR 27326?
Property management companies who service the 27326 area may do many things for you as the home investor, which may include the following:
COLLECTING RENTAL PAYMENTS:
This is where a property manager earns their keep. Rental management agencies make sure you get your money by collecting rent every month on time and strictly enforcing late fees.
Deliver accounting services Handle payment for the sake of the owner (Mortgage, insurance, HOA dues, etc.) Specific documentation of expenses via invoices and receipts Manage all past records (paid invoices, leases, inspection reports, warranties, etc.) Deliver yearly reporting, organized for tax needs as well as needed tax documents including a 1099 form Counsel owner on relevant tax deductions related to their investment property. Provide simple monthly cash-flow statements which offer a detailed accounting of income and specific expenses
Most leasing agents are responsible for marketing the house to fill vacancies. Residential property managersare aware of to advertise and what to include in their advertisements. Residential property managers also have insight into what attracts tenants, so they may suggest making cosmetic improvements to help improve the property.
One of the main responsibilities of the property managers is to manage tenants. Managers are involved in all roles, from locating the renters and dealing with problems to initiating the eviction process.
Many managers are responsible for recommending the duration of the agreement and ensuring it has all the necessary provisions to protect the client. This includes determining the total of damage deposit required.
HANDLING MOVE OUTS
When a tenant ends his tenancy, the rental agent is responsible for inspecting the house, checking for issues and assessing what portion of the security deposit mightl be refunded to the tenant. After move out, the manager is responsible for cleaning the unit, fixing any issues and locating a replacement renter.
Nearly all managers are paid to deal with maintenance requests, noise issues and possess the required relationships to deal with emergency situations.
RE-LEASE YOUR INVESTMENT HOME
Once lease ends get current renters to re-up their rental agreement for another rental period
COLLECTING RENTAL PAYMENTS:
This is where a rental agent earns their keep. Rental management agencies make sure you get your money by collecting rent every month on time and strictly enforcing late penalties.
EXPERIENCED WITH LANDLORD-TENANT LAW AND FEDERAL REAL ESTATE LAW
A professional property manager should have a exhaustive knowledge of state and national laws regarding the best ways to: Reviewing potential renters. Manage damage deposits End a rental agreement Evict a tenant Obey with home safety regulations Advise in case of of a legal disagreement or lawsuit Refer owner to a seasoned lawyer when necessary Be up on and follow the most recent local, state and federal guidelines that apply to renting and maintaining rental properties.
PROPERTY MANAGEMENT COMPANIES HELP YOU DECIDE MARKET RENTAL RATE
Property managers are responsible for establishing the initial rent level, and collecting rent from renters. Good leasing agents know how to set the right rent level todirect renters to your rental property. They hopefully have a specific understanding of the Greensboro area, where the home is located and have examined at comparable properties in the general Greensboro area.
A key responsibility of the property managers is to manage tenants. Managers are involved in many capacities, from finding the tenants and dealing with complaints to beginning the eviction process.
COLLECTING RENTAL PAYMENTS:
This is where a property manager earns their money! Rental management companies make sure you get your money by collecting rent every month on time and strictly enforcing late fees.
Other Employees- if there are other employees in the property, such as a concierge\desk manager or security personnel, the rental manager is responsible for making sure they are doing their job. The property manager often will set their wage rates and possibly let them go.
QUESTION: What types of Maintenance can residential property management help with?
Some leasing agencies in the 27326 area have in house maintenance employees, full-time. Most subcontract this work out to various vendors. Some residential property management charge a fixed fee to manage any work with outside vendors. Some will add on to the subcontrcontractor’s fee. Be sure you understand how it works with your property management firm!
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some property management companies in the 27326 area could charge a new renters placement charge or have a bonus structure for getting a renter into an agreement. Afee of 50 to 100 % of the first month’s rent for any new tenant placed is not abnormal. However, you should not generally run into high multiple up-front fees.
Normally a placement fee is not due until the renter is signed, meaning you don’t have to pay out of pocket to pay this.
Question: How much should I price shop the fees my property management company charges me?
Ultimately, engaging a property manager in the 27326 area is creating into a partnership. In the long run, the charges aren’t as important as the communication between you and the manager and quality of the service your agent provides. A good firm can take control of the maintenance of the property, for example, and turn out getting you much more rental value and price appreciation than you might be possible. However, you need to be willing to get them the resources to accomplish.
Question: Do leasing agencies help with evictions?
Some tenants just don’t work out. Some become unemployed and become unable to pay their rent, while others prove to be irresponsible and a problem or nuisance at your unit. Most certainly a unit manager will levy a fee to initiate the laborious process of evicting a renter which is typically ballpark cost of $350-$400 per eviction, plus any applicable court costs.And an evictioncan go on for a few months, so be prepared to not get any rental income until they move out. In addition, you could find there is repair work to be done on your unit.
Usually, you are better off providing your renter incentives to leave the home early and skip taking them to court, as aggravating as that might seem. You can avoid many difficult situations with complete tenant screening done upfront.
QUESTION: What is a New Renter Placement or “Lease up” Fee?
Some property management companies in the 27326 area could charge a new renters placement fee 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 atypical. However, you should not generally run into unreasonable multiple up-front fees.
Generally a placement charge is not paid until the renter is signed, meaning you don’t need to pay out of pocket to pay this.
QUESTION: How Should a Rental Property Agency Help an investor with Home Routine Maintenance?
Leasing agents are responsible for overseeing preventative house maintenance to keep your home in top condition. Examples of what may involved:
- Provide and oversee an in-house maintenance crew
- Decide on a preventative maintenance plan to find and handle maintenance concerns
- Locate a network of licensed, bonded and legally insured contractors who have been vetted for good pricing and quality work that is up to requirements.
- Assign work to different parties such as (in-house employees, handyman and professional contractors) based on who could do an excellent job for the best price.
- Oversee outdoor areas
- Debris and snow removal
- Disposing of garbage and debris
- Set up and monitor a 24/7 emergency repair hotline
- Larger fix up or rehab projects
- Provide recommendations on how the project can maximize rental profits.
- Prepare initial cost estimates
- Solicit several independent estimates for the project
- Perform as general contractor overseeing the work
Question: Do all rental agencies charge basically the same way?
Not all pricing structures are identical. Some residential property management in the 27326 area may 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. Price can also differ depending on the size and quantity of houses you own.
For example, if you own several apartment buildings, you might get a “bulk” discount that a person with a single house or apartment might not receive.
QUESTION: How Can a Property Management Agency Assist With Tenant Vetting and Choosing?
Screening Applicants- A rental agent will review the prospective tenant applications to discover the tenant that is the best fit for your house. They have a reliable vetting process, including running credit checks and criminal background checks, which can decrease your likelihood of being accused of bias. Professional property managers have seen hundreds, even thousands, of renters, so they have a good idea of how to identify the best applicants; renters who will pay their obligations on time, have a longer tenancy and create fewer headaches. Perform a background check to authenticate identity, wages, credit history, rental history, etc. Grade tenant in relation to pre-defined applicant standards Communicate with tenants who may have been rejected
Question: Do rental agencies help with evictions?
Some tenants are deadbeats. Some become unemployed and become unable to pay their rent, while others prove to be irresponsible and a disturbance or nuisance at your investment property. Most likely a house manager will levy a fee to complete the laborious process of evicting a tenant which is customarily roughly $300-$600 per eviction, plus any associated court fees.And an evictionoftentimes go on for a couple months, so be prepared to not receive any rental income until they move out. In addition, you might find there is fix up work to be done on your property.
Generally speaking, you are better off giving your tenant financial reasons to leave the house early and skip taking them to court, as maddening as that is. You can skip many difficult situations with complete renter screening done beforehand.
Question: Do all residential property management charge basically the same way?
Not all pricing structures are identical. Some leasing agencies in the 27326 area might charge a fixed monthly rate – which again differs according to area, activities performed, and the total value of the rental – while others charge a percentage rate, as noted above. Price can also differ depending on the size and quantity of properties you own.
For example, if you own several homes, you may get a quantity discount that a person with a single property or apartment might not get.
QUESTION: How Might a Residential Property Management Agency assist an owner with the Tenant Move In Procedure?
- Prep rental contract
- Determine move in date with renter
- 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 renters sign a report verifying the condition of the property prior to move-in.
- Secure initial month’s rent and security deposit
Question: Do rental agencies help with evictions?
Some tenants are flakes. Some lose their jobs and become unable to pay their rent, while others turn out to be flakey and a problem or pain in the neck at your property. Most likely a unit manager will levy a fee to go through the laborious process of evicting a tenant which is customarily around $250-$600 per eviction, not counting any associated court fees.And an evictionmay last several months, so be ready to not receive any rental monies until they are out. On top of that, you could find there is repair work to do on your house.
Typically, you are better off offering your renter incentives to vacate the home early and skip taking them to court, as aggravating as that might seem. You can avoid many difficult situations with painstaking renter vetting done upfront.
What can a GreensboroHome Management Company Do to Market Your Property?
- Get investment property ready for renting out
- Clean home and maximize interior attractiveness
- Manage exterior to maximize street appearance
- Create marketing materials specifically created for the home and advertising platform.
- A sample of the platforms regularly used are:
- Paid and free rental listing websites
- Print publications
- Installing a lock box
- Multiple Listing Service listings
- Work with other realtors and rental agents to locate a renter
- Provide a 24/7 phone where interested tenant can listen to detailed information about the property
- FieldAnswer calls from prospects for questions and viewings
- Greet prospective tenants for showings during the week and weekend.
- Provide interested tenants with tenant applications that are legally in line with government regulations
- Gather applications with application fee
QUESTION: What types of Maintenance can leasing agencies help with?
Some property management companies in the 27326 area have their own maintenance crews, full-time. Most refer this work out to miscellaneous vendors. Some rental agencies charge a fixed fee to oversee any work done by contractors. Some will add margin to the contractors bill. Make certain you understand how it operates with your unit management company!