Regardless if you call them a Property Manager, home management firms, or rental property management agencies….it all means the same thing. The focal point is typically on residential properties (but commercial property management companies do exist of course. Property rental agencies serving the Aycock area provide a multiplicity of services to help you renting your house. It’s an overwhelming punchlist of tasks that a good Property Manager will oversee; in fact (if you’re a detailed follow through kind of people person, you may even want to investigate 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?”
Renta Agent RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Locate a tenant
- Deal with contracts
- Keep you legal by helping you obey housing laws
- Open your property to possible renters in order to rent your house
- Deal with move in and move out
- Collect rent and get you paid!
- Handle follow up if payments are timely
- Help with evictions
- Deal with tenant inquiries
- And a lot on top of that.
It’s everything from soup to nuts! Issues to consider if you are asking if you maybe should rent your home on your own or hire a Property Manager near the Aycock area.
HOW MANY INVESTMENT PROPERTIES IN Aycock DO YOU HAVE TO MANAGE?
As the total homes you own increases, so do your responsibilities. The more tenants you have, the more maintenance concerns, renter headaches, and vacancies you will have to deal with. In addition, if your units are dispersed across multiple locations, your time spent will multiply as you will have to take care of the issues of each single property as well as travel from property to property to deal with issues.
DO YOU HAVE THE AVAILABILITY TO OVERSEE YOUR RENTAL PROPERTY near the Aycock area?
If you have a full-time job while you are looking after a rental home and simply can’t give your your rental home the time it needs, the viability of your investment may depend on paying for a great property management company in Greensboro
In addition, realize that time is money and overseeing a rental property takes effort. If you feel like the real life requirements of rental management are impeding on time that could be better spent making more money at your other job, or hunting down other property to buy, employing an outside property management agency may be the right move for you.
CAN YOU AFFORD TO HIRE A Property Manager ?
You’ve discovered that goodleasing agentswho provide services to the Aycock area in Greensboro aren’t free.
Rental agencies will charge a fee, ballpark, between 4% and 9% of the monthly gross income for the home. The customary fee for a single family investment is about 8-10%. The cost for a apartment of 10 units on up is typically between 5% and 8%.
If your investment property is vacant, it’s normal to pay a lease up fee to find and place a new tenant in your investment property. Depending on the property management company this can fluctuate from 50%-100% of a month’s rent.
Something to keep in mind: Having expert professional input on market rents and having a professional deal with locating a renter could mean you can get higher rents, which means a professional rental agent might end up covering all or part of their cost because of higher rents.
HOW MANY RENTAL HOMES IN Aycock DO YOU HAVE TO MANAGE?
As the number of homes you own increases, so does the time it takes to manage them. The more tenants you have, the more maintenance issues, tenant complaints, and empty properties you will have to handle. Additionally, if your homes are spread across multiple cities, your time spent will increase as you will have to manage the cash flow of each single investment home as well as travel from property to property to resolve problems.
HOW HIGH IS YOUR VACANCY RATE?
Good Property Manager are capable finding and reviewing renters quickly and will have a network of capable, affordable Greensbororepairmen to deal with difficulties. Most experienced rental agents will also understand landlord-tenant law, thereby reducing the risk of a lawsuit.
HOW WILL A PROPERTY MANAGER HELP ME MANAGE MY HOME IN Aycock?
Property managers who service the Aycock area can do a lot of things for you as the home investor, which may include the following:
Professional rental agents are many times hired to look after vacant properties to ensure there has been no destruction and to oversee routine maintenance. They also make sure contractors and other outsourced workers are completing their work in a reliable manner.
RESPONSIBLE FOR MAINTENANCE ITEMS AND REPAIRS
Property managers are customarily in charge of the physical care of the residence, including regular maintenance and unexpected repairs.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there are other employees in the apartment, such as a concierge\desk manager or security personnel, the leasing agent is in charge of being sure they are doing their job. The property manager often will determine their wage rates and even terminate them.
Deliver accounting services Handle payments for the owner (Mortgage, insurance, HOA dues, etc.) Specific documentation of expenses via invoices and receipts Maintain all past paperwork (paid invoices, agreements, inspection reports, warranties, etc.) Provide annual reports, organized for tax purposes as well as needed tax paperwork including a 1099 form Advise owner on relevant tax write offs related to their rental property. Provide formatted monthly cash-flow statements which provide a detailed breakdown of income and detailed expenses
TAKES CARE OF TAXES
The rental agent can assist the property owner with understanding on how to complete taxes for the home. The property manager can also file taxes for the home
PROPERTY MANAGEMENT COMPANIES HELP YOU DETERMINE THE CORRECT RENTAL RATE
Rental agents are responsible for establishing the initial rent level, and collecting rent from tenants. Excellent property managers know how to set the right rent level toattract tenants to your investment property. They hopefully have a specific understanding of the Greensboro area, where the home is located and have looked at comparable properties in the general Greensboro market.
Other Employees- if there aresome employees in the property, such as a desk clerk or security guard, the leasing agent is responsible for being sure they are doing their job. The rental manager may establish their wage rates and even terminate them.
One of the main responsibilities of the leasing agents is to manage renters. They are engaged in all roles, from identifying the tenants and responding to problems to initiating the eviction process.
SUGGEST AND SUPERVISE VENDORS
Residential property management agents should be capable to recommend vendors to do repairs and cosmetic work that maximize profitability while providing good return on investment.
TAKE CARE OF CAREFUL INSPECTIONS
You want to be sure to take before and after photos and written records, so you can accurately handle tenant deposits and disagreements when they move out. A lot of renters will act amazed when you subtract charges from their deposit, so having accurate records will help reduce the amount of disagreeing they do with you.
MANAGING WRITTEN AGREEMENTS
Many managers are responsible for setting the duration of the agreement and ensuring it has all the required provisions to protect the owner. This includes deciding the amount of damage reserves required.
This is where a leasing agent earns their money! Rental management firms make sure you get paid by collecting rent each month on time and strictly enforcing late penalties.
MANAGE MAINTENANCE ITEMS AND REPAIRS
Property managers are oftentimes in charge of the physical care of the house, including regular maintenance and unexpected work to be done.
PERFORM PROFESSIONAL INSPECTIONS
You want to make sure to have before and after photos and written records, so you can easily deal with damage deposits and differences of opinion when they move out. A lot of renters will act dumbfounded when you subtract fees from their deposit, so having comprehensive documentation will help cut down on the amount of disagreeing they do with you.
QUESTION: What are Marketing Charges?
Some residential property management charge a marketing fee. This is an upfront fee to market your empty unit. This charge is normally $250-350. Many firms don’t charge this fee, so shop around!
Vacant Unit charge Some companies charge One month’s payment up front. You might run into this charge if you are trying to engage the leasing agency while the property is empty. This gives them the cash to pay a real estate agent a commission for finding a tenant in the house, or to pay the costs of advertising, repeatedly showing the investment property to prospective renters, as well as the cost of preparing lease paperwork (which can take a long time).
QUESTION: What types of Maintenance can rental agencies help with?
Some residential property management in the Aycock area have in house maintenance crews, full-time. The majority of refer these jobs out to miscellaneous subcontractors. Some leasing agencies charge a fixed fee to manage any work with outside vendors. A few will add on to the subcontrcontractor’s invoice. Make sure you understand how it works with your home management firm!
QUESTION: What types of Maintenance can rental agencies help with?
Some rental agencies in the Aycock area have in house maintenance employees, full-time. Most refer this work out to various vendors. Some leasing agencies charge a flat rate to oversee any work done by subcontractors. A few will upcharge the contractors fee. Be certain you know how it works with your investment property management agency!
QUESTION: Do Leasing Agencies Take Care of Evictions in the Aycock area?
- Filing necessary documents to start and complete an unlawful detainer lawsuit
- Representing owner in court
- Coordinating with police enforcement to evict renter and tenant’s things from home
QUESTION: What are Marketing Charges?
Some residential property management charge a marketing fee. This is an initial fee to advertise your vacant property. This charge is normally $250-400. Many agencies don’t charge this charge, so shop around!
Empty Property fee Some firms charge One month’s payment up front. You may run into this charge if you are attempting to engage the rental agency while the house is vacant. This gives them the cash to pay a real estate agent a commission for finding a renter in the property, or to pay the costs of marketing, repeatedly showing the house to potential renters, as well as the cost of preparing lease documents (which can take a long time).
What can a GreensboroResidential Property Management Agency Do to Market Your Home?
- Get investment property ready for rental
- Clean home and optimize interior appeal
- Manicure yard to increase curb appearance
- Develop marketing materials specifically created for the home and marketing platform.
- A few of the mediums often utilized are:
- Paid and free rental listing websites
- Print publications
- Install a lock box
- MLS listings
- Partner with other professionals and rental agents to find a renter
- Provide a 24/7 hot-line where potential tenant can listen to specific information about the home
- Take calls from prospects for questions and appointments
- Welcome interested renters for appointments throughout the week and weekend.
- Provide prospective renters with rental applications that are legally compliant with government regulations
- Gather applications with application payment
QUESTION: How Might a Rental Property Firm Help an owner with Property Regular Maintenance?
Rental agents are responsible for overseeing preventative house maintenance to keep your home in top condition. Some of things that might under consideration:
- Direct and oversee a company maintenance crew
- Establish a preventative maintenance policy to identify and handle maintenance needs
- Identify a team of licensed, bonded and fully insured contractors who have been vetted for good bidding and quality performance that is up to code.
- Delegate jobs to different parties such as (in-house employees, handyman and professional contractors) based on whom will do an excellent job for a fair price.
- Oversee outdoor areas
- Debris and snow removal
- Removing trash and debris
- Maintain and monitor a 24 hour emergency repair hotline
- Bigger renovation or remodeling projects
- Provide recommendations on how the project can maximize rental returns.
- Prep preliminary pricing estimates
- Solicit several different estimates for the work
- Perform as general contractor overseeing the work
QUESTION: What are Marketing Fees?
Some property management companies charge a advertising fee. This is an initial charge to advertise your empty investment property. This charge is usually $200-500. A majority of companies don’t charge this fee, so shop around!
Vacant Unit fee Some companies charge 1 month’s payment up front. You may run into this fee if you are attempting to engage the residential property management firm while the unit is empty. This gives them the cash to pay a real estate agent a commission for placing a tenant in the home, or to pay the costs of advertising, repeatedly showing the investment property to prospective renters, as well as the cost of preparing lease documents (which can take a long time).
QUESTION: Do Residential Property Management Companies Deal With Evictions in the Aycock area?
- Filing necessary documents to begin and process an eviction action
- Representing owner in court
- Coordinating with police authorities to remove renter and tenant’s belongings from unit
Question: What are Other fees made by property management companies?
At times, you might see some costs passed on to you – especially when the manager is charging a small monthly %. Examples might include an marketing fee in connection with placing a tenant, an annual inspection fee, and some sort of reserve, so that the management company has some cash on hand to take care of unexpected, but immediate, costs.
You may want to look into how you divide pet deposits collected and bad check charges (basically whomever gets stuck with the most bank fees 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: Do all leasing agencies charge basically the same way?
Not all pricing structures are identical. Some property management companies in the Aycock area might charge a fixed monthly rate – which again varies according to area, activities 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 units you own.
For example, if you own several homes, you might get a quantity discount that a person with a single house or apartment might not get.
QUESTION: What is a New Tenant Placement or “Lease up” Charge?
Some leasing agencies in the Aycock area might charge a new tenants placement charge or have a extra commission incentive for getting a renter into a lease. Afee of 50 to 100 percent of the first month’s rent for any new renter placed is not atypical. However, you shouldn’t typically run into high multiple up-front charges.
Normally a placement charge is not due until the tenant is signed, meaning you don’t have to pay out of pocket to pay this.
Question: What Is The Normal Term Of A Property Management Agreement?
Usually, an owner signs an agreement with a property management company for a fixed length of time – 12 or 24 months, for example – with an option to renew. Contracts can 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 breach of the contract in any way.
QUESTION: What is a New Renter Placement or “Lease up” Charge?
Some residential property management companies in the Aycock area may charge a new renters placement fee or have a bonus structure for getting a tenant into a lease. Afee of 50 to 100 percent of the first month’s rent for any new renter placed is not atypical. However, you shouldn’t normally run into significant multiple up-front charges.
Typically a lease up fee is not paid until the renter is signed, which means you don’t have to pay out of pocket to pay this.