Regardless if you describe them as Property Management, 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 agencies do exist certainly. Property rental agencies serving the 27310 area offer a multiplicity of services to help you renting your house. It’s a huge list of jobs that a good Property Management will oversee; in fact (if you’re a good 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?”
Property Management RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a tenant
- Handle legal paperwork
- Keep you out of jail by helping you comply with housing laws
- Open your property to prospective renters in order to rent your house
- Oversee move in and move out
- Collect money and get you paid!
- Handle follow up if payments are not on time
- Assist with evictions
- Deal with tenant inquiries
- And a lot on top of that.
It’s everything from soup to nuts! Points to consider if you are wondering if you maybe should rent your home on your own or hire a Property Management near the 27310 area.
DO YOU HAVE THE AVAILABILITY TO OVERSEE YOUR RENTAL PROPERTY near the 27310 area?
If you work at a full-time job while you are looking after a rental home and simply can’t give your investment home the focus it needs, the profitability of your investment may depend on employing a full time property management company in Greensboro
Also, realize that time is money and managing a investment home takes effort. If you feel like the every day obligations of leasing management are stepping on on time that could be more profitably spent making more money at your day job, or hunting down other property to buy, paying for an outside property management company may be the wisest move for you.
IS THERE THE MONEY TO PAY A Property Management ?
You’ve figured out that top notchproperty managerswho provide service to the 27310 area in Greensboro aren’t without cost.
Rental management companies will charge a fee, ballpark, between 5% and 9% of the monthly gross income for the home. The customary fee for a single family investment is closer to 8-10%. The charge for a property of 10 units or more is usually between 5% and 7%.
If your home is vacant, it’s normal to pay a lease up fee to locate and place a new tenant in your rental property. Depending on the property management company this can range from 50%-100% of a single month’s rent.
Something to think about: Having experienced property manager input on market rents and having a professional deal with locating a tenant could mean you can get higher rents, which means a good leasing agent likely will end up covering all or part of their charge because of higher rents.
WILL YOU HAVE THE AVAILABILITY TO OVERSEE YOUR INVESTMENT PROPERTY near the 27310 area?
If you have a full-time job while you are investing in a investment home and simply can’t give your your rental property the attention it demands, the profitability of your investment may depend on paying for a great property management company in Greensboro
In addition, realize that time is money and managing a investment home takes time. If you feel like the day to day obligations of leasing management are impinging on time that could be more profitably spent making more money at your day job, or hunting down other properties, paying for an outside property management firm may be the best move for you.
HOW FAR AWAY IS YOUR RENTAL PROPERTY?
The more miles between you and your rental property,the more stressful it is to take care of. If your main home is in New York and your investment property is in the 27310 area, it will be more difficult for you to find tenants,to handle tenant complaints,to quickly respond to issues, to address maintenance issues, and even to make sure payment is collected by due date.
The total time it takes you to go back and forth the property and the cost of getting there will also start to bite. In situations such as these, hiring a goodGreensboro property management company can make some sense and may actually save you some dough.
IS THERE THE MONEY TO HIRE A Property Management ?
You’ve figured out that greatproperty managerswho provide service to the 27310 area in Greensboro aren’t without cost.
Residential property management agencies will charge a fee, roughly, between 5% and 9% of the monthly rents for the property. The customary fee for a single family investment is closer to 8-10%. The charge for a building of 10 units on up is usually between 5% and 8%.
If your home is not occupied, it’s typical to pay a tenant finding fee to find and place a new tenant in your rental property. Depending on the property management company this can range from 50%-100% of a single month’s rent.
Something to think about: Having expert professional input on market rents and having a professional handle locating a renter can mean you might get higher rents, which means a professional rental agent likely will end up covering all or part of their charge because of higher rents.
HOW CAN A RENTAL MANAGEMENT COMPANY HELP ME MANAGE MY HOUSE NEAR 27310?
Residential property managers who service the 27310 area will do a number of things for you as the home investor, which may include the following areas:
RE-LEASE YOUR PROPERTY
Once contract terminates get existing tenants to re-up their lease for one more rental period
One of the more important duties of the leasing agents is to manage renters. They are involved in all capacities, from locating the renters and responding to complaints to beginning the eviction process.
COLLECTING RENTAL PAYMENTS:
This is where a leasing agent earns their keep. Residential property management agencies make sure you get your money by collecting rent each month on time and strictly enforcing late fees.
OVERSEEING MOVE OUTS
When a tenant moves out, the agent is in charge of inspecting the unit, looking for damages and determining what amount of the damage deposit mayl be refunded to the tenant. After move out, the rental agent is responsible for cleaning the unit, repairing any damages and finding a replacement tenant.
HANDLE DETAILED INSPECTIONS
You want to make sure to have before and after photos and written documentation, so you can quickly deal with tenant deposits and disputes when they leave your home. Many renters will act dumbfounded when you subtract fees from their deposit, so having accurate records will help cut down on the amount of disagreeing they do with you.
RESPONSIBLE FOR OVERSEEING THE BUDGET/MAINTAINING DOCUMENTATION
In most situations rental agents are responsible for managing the budget for the building and maintaining all pertinent records. Managing Budget- the rental managermust operate within the established budget guidelines for the building. In certain emergency situations when the occupants or physical structure are in need of upgrade, they may take action to order fixup or similar without concern for the budget. Maintenance of Documents- the leasing agent is required to detailed records regarding the house. This need to include all income and expenses; lists of all inspections, signed agreements, repair requests, any problems noted, documentation of work done, charges for repairs, maintenance expenses, documentation of rent collected and insurance charges.
DEALING WITH COMPLAINTS
Nearly all they are paid to address maintenance requests, noise complaints and possess the required contacts to handle difficult situations.
SUGGEST AND SUPERVISE VENDORS
Home management agents should be capable to recommend vendors to do maintenance and cosmetic improvements that maximize monthly rent while providing great ROI.
This is where a rental agent earns their keep. Home management companies make sure you get your money by collecting rent every month on time and strictly enforcing late fees.
SUGGEST AND SUPERVISE VENDORS
Home management professionals should be capable to offer recommendations on maintenance and cosmetic work that maximize profitability while providing excellent return on investment.
Other Employees- if there are other employees in the property, such as a desk clerk or security personnel, the rental manager is in charge of being sure they are on their toes. The rental agent often will determine their wage rates and even let them go.
One of the more important duties of the rental agents is to oversee renters. Managers are engaged in many capacities, from locating the renters and dealing with problems to beginning evictions.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there aresome employees in the unit, such as a desk clerk or security guard, the rental manager is responsible for making sure they are doing their job. The property manager can establish their salaries and even let them go.
Deliver financial management services Handle payment for the owner (Mortgage, insurance, HOA dues, etc.) Specific documentation of expenses via invoices and receipts Preserve all historical paperwork (paid invoices, paperworks, inspection reports, warranties, etc.) Deliver annual reporting, organized for tax needs as well as needed tax paperwork including a 1099 form Counsel owner on qualified tax deductions related to their rental home. Provide easy to read monthly cash-flow statements which provide a detailed accounting of income and detailed expenses
What can a GreensboroResidential Property Management Agency Do to Market Your Investment Property?
- Get property ready for renting out
- Clean home and emphasize interior appeal
- Manicure landscaping to emphasize curb appeal
- Develop marketing materials tailored to the home and advertising channel.
- Some of the platforms often used are:
- Paid and free rental listing websites
- Print magazines
- Installing a lock box
- MLS listings
- Work with other realtors and property management agents to locate a tenant
- Provide a 24/7 phone where potential renters can listen to detailed information about the property
- Take phone calls from prospects for questions and appointments
- Meet prospective renters for showings during the week and weekend.
- Provide prospective tenants with tenant applications that are legally in line with government regulations
- Gather applications with application fee
Question: What are typical procedures regarding Late Payment Charges?
Sometimes renters pay after the due date. Look at your agreement to see if those late payment charges go to you as the owner, to the property management company, or are shared in some way.
Question: Do all property management companies charge basically the same way?
Not every pricing structures are the same. Some property management companies in the 27310 area might charge a fixed per-month rate – which again differs according to area, duties performed, and the total value of the home – while others charge a percentage rate, as noted above. Cost can also change depending on the size and number of homes you own.
To illustrate, if you own several homes, you may get a quantity discount that a person with a single home or apartment might not get.
QUESTION: How Can a Rental Property Company Help an homeowner with Home Routine Maintenance?
Rental agents are responsible for overseeing preventative home maintenance to keep your house in top notch shape. Examples of what may involved:
- Direct and oversee company employed maintenance team
- Establish a preventative maintenance plan to identify and deal with repair needs
- Provide a network of licensed, bonded and completely insured contractors who have been vetted for fair bidding and good performance that meets requirements.
- Assign jobs to different parties such as (in-house employees, handyman and professional contractors) based on who may do a good job for an excellent price.
- Maintain outdoor areas
- Debris and snow removal
- Removing trash and debris
- Set up and oversee a 24/7 emergency repair hotline
- Bigger fix up or rehab projects
- Offer recommendations on how the project can maximize rental returns.
- Prepare preliminary pricing estimates
- Solicit a few independent bids for the work to be done
- Act as general contractor managing the work
Question: What are Other charges made by property management companies?
In some cases, you could see some fees passed on to you – especially where the agent is charging a low monthly percentage. Examples might include an advertising charge in connection with placing a tenant, a yearly inspection charge, and some sort of reserve, so that the management company 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 (generally whomever gets hit with the greatest amount of bank costs deserves the bulk of this one!) Also, notice who gets to keep the income from vending machines and coin-operated washers and dryers, if any.
QUESTION: How Might a Property Management Firm Assist With Renter Screening and Choosing?
Vetting Applicants- A residential property agent will screen the prospective tenant applications to discover the applicant that is the ideal fit for your property. They have a reliable screening process, including running credit checks and criminal background checks, which can reduce your likelihood of being charged with breaking the law. Experienced rental agents have seen hundreds, even thousands, of renters, so they have a better idea of how to identify the best renters; those who will pay their rent on time, have a longer tenancy and create much fewer headaches. Perform a background check to authenticate identity, salary, credit history, rental history, etc. Evaluate tenant according to pre-decided renter standards Inform applicants who were rejected
Question: What are typical procedures regarding Late Payment Fees?
Sometimes renters pay date. Read your agreement to see if those late payment fees go to you as the owner, to the property management company, or are shared somehow.
QUESTION: What are Marketing Fees?
Some leasing agencies charge a advertising fee. This is an initial charge to advertise your vacant investment property. This charge is typically $250-500. A majority of companies don’t charge this fee, so shop around!
Vacant House fee Some companies charge 1 month’s rent up front. You may run into this fee if you are attempting to engage the property management company while the investment property is empty. This gives them the money to pay a real estate agent a commission for placing a renter in the unit, or to pay the costs of advertising, repeatedly showing the property to potential tenants, as well as the cost of preparing lease documents (which can take hours).
QUESTION: What are Marketing Fees?
Some rental agencies charge a advertising fee. This is an initial fee to market your empty investment property. This fee is usually $$150-350. Many agencies don’t charge this charge, so shop around!
Vacant House charge Some agencies charge 1 month’s rent up front. You might run into this charge if you are trying to hire the property management company while the house 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 house to prospective renters, as well as the cost of preparing lease paperwork (which can take a long time).
QUESTION: How Might a Property Management Agency Assist With Tenant Vetting and Choosing?
Screening Tenants- A leasing agent will review the prospective tenant applications to discover the tenant that is the ideal fit for your property. They have a proven vetting process, including running credit checks and criminal background checks, which can reduce your chances of being charged with breaking the law. Professional property managers have seen hundreds, even thousands, of tenants, so they have a good concept of how to identify the right renters; renters who will pay their rent on time, have a longer tenancy and create much fewer problems. Perform a background check to confirm identity, wages, credit history, rental history, etc. Evaluate tenant per pre-defined renter criteria Inform tenants who were rejected
QUESTION: How Should a Lease Management Agency help an owner with the Renter Move In Process?
- Prepare rental documents
- Affirm move in date with applicants
- 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.
- Collect first month’s rent and security deposit
QUESTION: How Should a Property Management Company Help an homeowner with House Regular Maintenance?
Rental agents are in charge of overseeing preventative property maintenance to keep your house in top shape. Some of things that might involved:
- Direct and oversee a company maintenance crew
- Establish a preventative maintenance plan to identify and deal with repair issues
- Identify a collection of licensed, bonded and legally insured contractors who have been reviewed for fair pricing and good performance that meets code.
- Assign jobs to various parties such as (in-house employees, handyman and professional contractors) based on whom may do the best job for the lowest price.
- Oversee outdoor areas
- Leaf and snow removal
- Disposing of garbage and debris
- Set up and oversee a 24/7 emergency repair hot-line
- Bigger renovation or rehab projects
- Provide suggestions on how the project can optimize rental profits.
- Prepare initial pricing estimates
- Secure several different bids for the project
- Perform as general contractor overseeing the work
What can a GreensboroResidential Property Management Company Do to Market Your Property?
- Get house ready for rental
- Clean home and emphasize interior attractiveness
- Manicure exterior to maximize street appearance
- Prepare advertisements customized for the property and marketing platform.
- A few of the platforms commonly utilized are:
- Paid and free rental listing websites
- Print magazines
- Installing a lock box
- Multiple Listing Service listings
- Property fliers
- Partner with other professionals and property management agents to find a tenant
- Provide a 24/7 phone where interested renters can listen to detailed information about the property
- FieldAnswer phone calls from prospects for questions and appointments
- Greet interested renters for appointments during the week and weekend.
- Provide prospective renters with rental applications that are legally in line with fair housing laws
- Gather applications with application fee
QUESTION: What are Marketing Charges?
Some residential property management charge a advertising fee. This is an initial charge to advertise your empty house. This fee is usually $200-500. A majority of agencies don’t charge this fee, so shop around!
Empty Unit charge Some agencies charge One month’s rent up front. You may run into this charge if you are attempting to engage the leasing agency while the property is vacant. This gives them the money to pay a real estate agent a commission for placing a renter in the unit, or to pay the costs of marketing, repeatedly showing the home to potential renters, as well as the expense of preparing lease documents (which can take a long time).