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 emphasis is typically on residential properties (but commercial property management firms do exist of course. Property rental agencies serving the 27373 area offer a multiplicity of services to help you renting your home. It’s a long punchlist of tasks that a experienced Property Management Company will deal with; in fact (if you’re a great follow through kind of people person, you might even want to consider 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 Company RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a renter
- Deal with legal contracts
- Keep you out of jail by helping you comply with housing laws
- Show 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 late
- Assist with evictions
- Deal with tenant inquiries
- And so much more than that.
It’s everything from soup to nuts! Factors to contemplate if you are asking if you should rent your house on your own or hire a Property Management Company near the 27373 area.
DO YOU HAVE EVEN A LITTLE BIT OF PROPERTY MANAGEMENT EXPERIENCE?
If you want to deal in Greensboroinvestment real estate, but don’t know a single thing about leasing management, hiring a certified Property Management Company can be a good choice for you. Figuring it out on the job can become very costly.
For a property investor who is just beginning, hiring the wrong repairman or taking too long to fill an empty home can quickly eat into your potential income. There are large 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 leasing management charges!
WILL YOU HAVE THE AVAILABILITY TO CARE FOR YOUR RENTAL PROPERTY in the 27373 area?
If you have a full-time job while you are dealing with a investment home and simply cannot give your investment home the time it requires, the success of your investment might depend on paying for a full time property management company in Greensboro
Also, realize that time is money and overseeing a rental property takes time. If you feel like the real life duties of residential property management are impinging on time that could be more enjoyably spent making more money at your day job, or searching for other property to buy, employing an outside property management firm may be the wisest move for you.
HOW HIGH IS YOUR VACANCY RATE?
Excellent Property Management Company are skilled at finding and reviewing renters rapidly and will have a network of reliable, affordable Greensbororepairmen to handle difficulties. Most certified property managers will also comprehend landlord-tenant law, thereby reducing the risk of legal problems.
HOW HIGH IS YOUR VACANCY RATE?
Excellent Property Management Company are skilled at locating and reviewing renters rapidly and will have a network of capable, cost effective Greensbororepairmen to deal with difficulties. Most certified rental agents will also understand landlord-tenant law, thereby reducing the risk of legal problems.
DO YOU HAVE LIMITED PROPERTY MANAGEMENT EXPERIENCE?
If you want to invest in Greensbororental homes, but don’t know anything about property management, hiring a certified Property Management Company can be a wise choice for you. Figuring it out as you go can become extremely costly.
For a single family home investor who is just beginning, hiring the wrong repairman or taking too long to fill an empty home can easily eat into your returns. There are huge legal liability concerns you can stumble on if you don’t know about Fair Housing laws or Federal real estate law. One lawsuit can pay for a lot of rental management fees!
HOW CAN A PROPERTY MANAGER HELP ME MANAGE MY HOUSE IN 27373?
Residential property managers who service the 27373 area can do a lot of things for you as the homeowner, which could include the following:
COLLECTING RENTAL PAYMENTS:
This is where a property manager earns their keep. Home management firms make sure you get paid by collecting rent each month on time and strictly enforcing late charges.
Nearly all agents are compensated to address maintenance situations, noise disturbances and have the necessary contacts to deal with difficult situations.
Deliver financial management services Handle payments for the sake of the owner (Mortgage, insurance, homeowner association dues, etc.) Specific records of expenses via invoices and receipts Manage all historical records (paid invoices, leases, inspection documentation, warranties, etc.) Deliver yearly reporting, structured for tax needs as well as mandatory tax paperwork including a 1099 form Counsel owner on relevant tax write offs related to their investment property. Deliver formatted monthly cash-flow documents which offer a detailed breakdown of income and detailed expenses
Professional rental managers are many times employed to observe vacant homes to ensure there has been no destruction and to perform regular maintenance. They also make sure contractors and other repairmen are finishing their work in a reliable manner.
RE-LEASE YOUR PROPERTY
Once agreement expires get existing renters to extend their rental contract for one more rental period
DEALING WITH WRITTEN AGREEMENTS
Many they are responsible for determining the duration of the agreement and making sure it has all the needed provisions to look out for the owner. This includes determining the amount of security deposit required.
TAKES CARE OF TAXES
The rental agent may provide the house owner with knowledge of how to file taxes for the property. The rental agent may also file taxes for the property
RESPONSIBLE FOR MAINTENANCE ITEMS AND REPAIRS
Property managers are usually in charge of the physical care of the residence, including scheduled maintenance and unexpected work to be done.
PROPERTY MANAGERS HELP YOU DETERMINE THE CORRECT RENT LEVELS
Rental managers are responsible for establishing the initial rent level, and collecting payment from renters. Great property managers know how to set the correct rent level todirect renters to your rental property. They hopefully have a specific understanding of the Greensboro area, where the property is located and have reviewed at comparable properties in the general Greensboro area.
Most residential property managers are responsible for advertising the house to fill vacancies. Rental agentsknow where to promote and what to include in their ads. Rental agents also understand what attracts tenants, so they can suggest making minor improvements to help makeover the property.
Nearly all agents are compensated to deal with maintenance situations, noise issues and possess the needed relationships to take care of difficult situations.
DEALING WITH EVICTIONS
When a renter does not pay as agreed or in some way violates the terms of the lease, the property manager knows is experienced with the legal approach to give notice and move forward with an eviction.
RE-LEASE YOUR INVESTMENT HOME
Once agreement ends persuade existing renters to extend their lease for another rental period
INCREASING OR ADJUSTING RENT:
The rental agent can increase the rent by a fixed percentage each year, according to individual state and/or municipal law. They can also decrease the rent if they (and you) decide that’s necessary.
Question: Should I try to save money by managing my home myself? Or hiring the least expensive property manager I can?
Answer: With the best home agents, paying a little bit more can be a smart investment, because it helps enhance the value of your home, and they help retain top notch renters; studies have shown hiring a home agentcan cut your vacancy rate in half. Conversely, going lowball with a leasing agency can wind up being very costly.
Question: What do Inspections of my home cost?
Some property management companies will bill for inspections, others will give you one or more free per year. This is a visual inspection of your home to see how the renter is treating it. Charges can range from $75-175 for each inspection.
What can a GreensboroRental management Company Do to Market Your Property?
- Get house ready for renting out
- Clean home and optimize interior attractiveness
- Manicure landscaping to optimize street appeal
- Create ads tailored to the home and advertising medium.
- Some of the channels normally used are:
- For pay and no charge rental listing websites
- Print magazines
- Install a lock box
- MLS listings
- Property fliers
- Coordinate with other professionals and property management agents to find a tenant
- Provide a 24-hour hot-line where potential tenant can listen to detailed information about the property
- FieldAnswer calls from prospects for questions and showings
- Meet prospective renters for appointments throughout the week and weekend.
- Provide potential renters with tenant applications that are legally in line with government regulations
- Gather applications with application fee
QUESTION: Will Residential Property Management Companies Handle Evictions in the 27373 area?
- Filing necessary documents to initiate and complete an eviction lawsuit
- Representing owner in court
- Working with with police authorities to remove tenant and renters possessions from unit
Question: How much do rental agents charge?
Answer: As you may guess, the response is “it depends.” Property management firms vary a lot, and a lot of the response is dependent on what a company does for you.. Exactly what do you want a rental manager to accomplish for you?
Typical Percentage of Rent Agreement. As a ballpark figure, expect to pay a usual Residential property management company ranging from 8 – 12% of the monthly rent of the unit. This is called a management fee, or monthly management payment. Typically the higher you charge for rent, the lower the percentage is. For example if your rent is $2,000 each month for your rent house, you will usually pay a lower percentage fee than someone else whose property rents for $700 each month.
You are not charged this management fee until payment is received. Look specifically at your agreement regarding whether the management charge is determined by ‘rent collected’ or ‘rent due’. If the charge is tied to rent collected, it means the Residential property management company 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 received from the tenant usually.
Flat Rate Agreements
Some companies may charge, say,$75- $150 each month flat rate. There is nothing dictated bystatute in this; it’s decided by the property management company owner.
You would not owe money on a fixed rate contract typically until rent is received.
Question: What are typical procedures regarding Late Payment Fees?
At times tenants pay date. Read your paperwork to see if those late payment fees go to you as the owner, to the leasing agency, or are shared in some way.
QUESTION: What are Advertising Fees?
Some rental agencies charge a marketing fee. This is an initial charge to market your vacant house. This charge is typically $200-350. Most companies don’t charge this fee, so shop around!
Empty House charge Some companies charge 1 month’s payment up front. You might run into this charge if you are trying to hire the rental agency while the unit is vacant. This gives them the cash to pay a real estate agent a commission for finding a tenant in the investment property, or to pay the costs of marketing, repeatedly showing the home to prospective renters, as well as the cost of preparing lease paperwork (which can take a long time).
QUESTION: How Might a Residential Property Management Company help an owner with the Renter Move In Procedure?
- Prep rental agreement
- Pin down move in date with tenant
- 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.
- Collect first month’s rent and security deposit
Question: What are Other charges made by property management companies?
At times, you might see some fees passed on to you – especially where the manager is charging a small monthly percentage. Examples could include an marketing fee in connection with placing a tenant, a yearly inspection fee, and some sort of reserve, so that the management firm has some cash on hand to handle unexpected, but urgent, expenses.
You might want to check into how you divide pet deposits collected and bad check charges (basically whomever gets hit with the greatest amount of bank costs should get 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: How much do rental agents charge?
Answer: As you may guess, the response is “it depends.” Leasing agencies vary a lot, and a lot of the response depends on what they do for you.. Just what do you want a rental agent to accomplish for you?
Usual % of Rent Agreement. As a baseline, expect to be charged a usual Property management company between 7 – 12% of the monthly rental value of the property. This is called a management charge, or monthly management fee. Typically the higher your rent is, the lower the percentage is. To illustrate if your rent is $2,500 per month for your rent house, you will normally pay a lower percentage fee than someone else whose house rents for $1000 each month.
You are not charged this management fee until rent is received. Look specifically at your agreement regarding whether the management charge is based on ‘rent collected’ or ‘rent due’. If the fee is based on rent collected, it means the Residential property management company 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 received from the renter usually.
Fixed Fee Contract
Some agencies may charge, say,$75- $150 each month fixed rate. There is nothing dictated bystatute in this; it’s determined by the company owner.
You would not owe money on a fixed rate agreement usually until rent is received.
Question: What are Random charges made by property management companies?
In some cases, you might see some costs passed on to you – especially where the agent is charging a small monthly %. Illustrations might include an advertising fee in connection with finding a tenant, a yearly inspection fee, and some sort of reserve, so that the management agency has some cash on hand to take care of unexpected, but urgent, costs.
You might want to check into how you divide pet deposits collected and bad check fees (basically whoever gets hit with the greatest amount of bank fees deserves the bulk 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 types of Maintenance can leasing agencies help with?
Some residential property management in the 27373 area have their own maintenance crews, full-time. Most refer these jobs out to miscellaneous subcontractors. Some residential property management charge a flat rate to supervise any work done by contractors. Many will add on to the subcontrcontractor’s invoice. Be certain you understand how it works with your investment property management company!
QUESTION: Do Rental management Firms Assist With Move Out?
Yes, a Rental management Firm can Assist With Move outs. Services might include:
- Inspect rental property. and fill out a document on the property's status when the client moves out
- Provide renter with a version as well as estimated deductions
- Return the remainder of the damage reserves to the renter
- Mail remaining portion of the owner’s portion of the tenant deposit to the homeowner or keep in owner reserves for repairs.
- Turn over house and oversee required repairs or upgrades
- Re-key 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 predetermined schedule looking for upgrade requirements, safety hazards, code violations, lease infractions, etc.
- Prepare owner periodic reports on the condition of the property
QUESTION: What are Advertising Charges?
Some rental agencies charge a marketing fee. This is an initial fee to advertise your empty unit. This fee is usually $200-450. A majority of firms don’t charge this charge, so shop around!
Vacant Unit fee Some firms charge One month’s payment up front. You could run into this fee if you’re trying to engage the property management company while the house is vacant. This gives them the cash to pay a realtor a commission for placing a tenant in the house, or to pay the costs of marketing, repeatedly showing the unit to potential tenants, as well as the expense of preparing lease documents (which can take a long time).