No matter if you call them a Rent My House, home management firms, or rental property management agencies….it all means the same thing. The focus is typically on residential properties (but commercial property management firms do exist of course. Property rental agencies serving the Summerfield area offer a multiplicity of services to help you renting your home. It’s a long punchlist of jobs that a great Rent My House will handle; in fact (if you’re a good follow through kind of people person, you might even want to explore 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?”
Residential Property Management RESPONSIBILITIES
- What the owner truly wants: “Rent My House”!
- Find a tenant
- Oversee legal paperwork
- Keep you out of jail by helping you obey housing laws
- Open your house to prospective renters in order to rent your house
- Oversee move in and move out
- Collect money and get you paid!
- Handle collections if payments are not on time
- Help with evictions
- Respond to renter inquiries
- And a lot more.
It’s everything from A to Z! Items to consider if you are wondering if you should rent your house on your own or hire a Rent My House near the Summerfield area.
HOW MANY INVESTMENT PROPERTIES IN Summerfield DO YOU HAVE TO MANAGE?
As the number of investment properties you own increases, so do your responsibilities. The more tenants you have, the more repair issues, tenant complaints, and vacancies you will have to take care of. Additionally, if your units are spread across multiple cities, your energies committed will multiply as you will have to oversee the cash flow of each single rental as well as physically commute from property to property to handle issues.
DO YOU HAVE THE TEMPERAMENT TO DEAL WITH TENANTS?
Is the stress of messing with evictions, tenant complaints and maintenance concerns stressful for you? Rental agents are experienced in handling landlord-tenant difficulties. Rent My House have an understanding of Greensboro legal issues and can perform as a buffer for issues that arise. In addition, if the tenant knows they are dealing with a third party, they may act more cordially as well.
You don’t have to employ a property management agency because you are a beginner to real estate investing in Summerfield, have a lot of units or are having problems filling vacancies. Many people manage their own homes. Personal experience can often be the greatest instructor and everyone has to begin learning somewhere. If you teach yourself about residential real estate, get the input of others and have a strong desire to manage your real estate well, chances are, you will come out on top.
DO YOU HAVE THE PATIENCE TO DEAL WITH RENTERS?
Is the challenge of messing with evictions, tenant complaints and repair concerns taking a toll on you? Rental managers are skilled in handling landlord-tenant difficulties. Rent My House have an understanding of Greensboro legal issues and can perform as a buffer for problems. Additionally, if the renter is aware they are dealing with a third party, they may behave more civilly as well.
You do not have to hire a property management company because you are brand new to real estate investing in Summerfield, have a lot of homes or are having difficulty filling empty units. Many people manage their own homes. Personal experience can many times be the greatest teacher and everyone has to begin learning somewhere. If you teach yourself about residential property investing, get the input of others and have a powerful desire to manage your real estate well, its likely, you will prosper.
DO YOU HAVE THE TEMPERAMENT TO DEAL WITH TENANTS?
Is the challenge of dealing with evictions, renter problems and repair issues stressful for you? Leasing agents are skilled in resolving landlord-tenant difficulties. Rent My House have an understanding of Greensboro landlord-tenant law and can act as go between for difficulties. In addition, if the tenant is aware they are working with a third party, they are likely to act more cordially as well.
You do not have to employ a property management company because you are a beginner to real estate investing in Summerfield, have a lot of units or are having trouble filling vacancies. Many people manage their own homes. Personal experience can often be the best instructor and everyone has to begin learning somewhere. If you teach yourself about real estate, ask the advice of others and have a powerful desire to manage your investment with excellence, its likely, you will succeed.
WILL YOU HAVE THE TIME TO OVERSEE YOUR INVESTMENT PROPERTY near the Summerfield area?
If you work at a full-time job while you are dealing with a investment home and simply cannot give your your rental property the energy it demands, the viability of your investment could depend on paying for a great property management company in Greensboro
Additionally, realize that time is money and taking care of a rental home takes energy. If you feel like the real life obligations of rental management are stepping on on time that could be more profitably spent making more money at your full time job, or searching for other investments, paying for an outside property management firm may be the smartest move for you.
HOW WILL A PROPERTY MANAGER HELP ME MANAGE MY PROPERTY IN Summerfield?
Rental management companies who service the Summerfield area will do many things for you as the home investor, which can include the following areas:
PROPERTY MANAGERS HELP YOU DECIDE MARKET RENTAL RATE
Leasing agents are responsible for determining the beginning rent level, and collecting payment from tenants. Top level property managers know how to set the correct rent level toattract tenants to your home. They hopefully have a specific understanding of the Greensboro area, where the property is located and have looked at comparable houses in the general Greensboro market.
RESIDENTIAL PROPERTY MANAGERS HELP YOU DECIDE MARKET RENTAL RATE
Leasing agents are responsible for setting the initial rent level, and collecting payment from renters. Great leasing agents know how to set the right rent level todirect renters to your investment 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.
EXPERIENCED WITH LANDLORD-TENANT LAW AND GOVERNMENT REAL ESTATE LAW
A trained rental manager may have a complete understanding of statewide and national laws referencing the ideal ways to: Screen the tenants. Handle security deposits End a rental agreement Oversee evicting a tenant Obey with house safety protocols Advise in case of of a legal action or litigation Refer owner to a seasoned attorney when needed Be up on and comply with the most recent local, state and federal laws that apply to renting and maintaining investment properties.
Deliver accounting services Make payments for the owner (Mortgage, insurance, HOA dues, etc.) Specific documentation of expenses via invoices and receipts Maintain all historical records (paid invoices, paperworks, inspection reports, warranties, etc.) Oversee yearly reporting, coordinated for tax needs as well as needed tax paperwork including a 1099 form Educate owner on legal tax write offs related to their rental home. Prepare formatted monthly cash-flow reports which specify a detailed accounting of income and specific expenses
TAKE CARE OF PROFESSIONAL INSPECTIONS
You want to be sure to have before and after photos and written documentation, so you can easily deal with damage deposits and differences of opinion when they leave your home. Many renters will act amazed when you subtract damages from their deposit, so having accurate records will help reduce the amount of fighting they do with you.
RESPONSIBLE FOR OVERSIGHT OF OTHERS
Other Employees- if there aresome employees in the property, such as a concierge\desk manager or security personnel, the property manager is in charge of being sure they are doing their job. The rental agent may set their wage rates and possibly terminate them.
DEALING WITH EVICTIONS
When a renter does not pay as agreed or otherwise breaks the terms of the agreement, the rental agent realizes understands the legal method to give notice and proceed ahead with an eviction.
OFFER WISE REAL ESTATE ADVICE:
Chat with you about the positives and negatives of different issues such as accepting various animals, permitting smoking etc. Other are very particular to the Greensboro area, so having a local area expert who knows the Summerfield area in particular is crucial.
A key responsibility of the property managers is to manage tenants. They are involved in many roles, from identifying the renters and dealing with problems to dealing with the eviction process.
Professional leasing agents are many times employed to observe vacant homes to make sure there has been no vandalism and to execute standard maintenance. They also make certain vendors and other repairmen are finishing their work in a reliable manner.
DEALING WITH WRITTEN AGREEMENTS
Many managers are responsible for determining the length of the lease and ensuring it has all the necessary clauses to protect the client. This includes determining the amount of security reserves required.
RENTAL MANAGEMENT COMPANIES HELP YOU SET MARKET RENTAL RATE
Rental managers are responsible for establishing the beginning rent level, and collecting rent from renters. Great leasing agents know how to set the market 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 reviewed at comparable homes in the general Greensboro market.
At times when there is a problem required, the rental agent may handle it themselves or must employ someone to handle the issue it. They often have a large team of reliable electricians,carpenters,plumbers and other contractors.
This is where a leasing agent earns their money! Residential property management companies make sure you get paid by collecting rent each month on time and strictly enforcing late charges.
Question: Should I attempt to save cash by going FRBO? Or finding the cheapest rental agent I can?
Answer: With the best house managers, paying a little bit more can be a smart investment, because it helps increase the value of your house, and they help attract top notch renters; studies have shown hiring a investment property agentcan cut your vacancy rate in half. Conversely, going lowball with a residential property management firm can end up being very expensive.
Question: What are Miscellaneous charges made by property management companies?
At times, you might see some costs passed on to you – especially where the manager is charging a low monthly %. Examples could include an advertising fee in connection with finding a tenant, an annual inspection fee, and some sort of reserve, so that the management company has some cash on hand to handle unexpected, but immediate, expenses.
You might want to look into how you divide pet deposits collected and bad check fees (generally whomever gets stuck with the greatest amount of bank costs deserves the bulk of this one!) Also, notice who gets to hang onto the income from vending machines and coin-operated washers and dryers, if any.
QUESTION: How Can a Rental Management Agency assist an owner with the Tenant Move In Process?
- Prepare leasing contract
- Affirm move in date with applicants
- 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.
- Secure initial month’s rent and security deposit
Question: How much do rental managers charge?
Answer: As you may guess, the response is “it depends.” Residential property management companies vary a lot, and much of the response is dependent on what they do for you.. Just what do you want a property manager to accomplish for you?
Usual % of Rent Contract. As a ballpark figure, expect to be charged a normal Residential property management company between 8 – 12% of the monthly rental value of the unit. This is called a management fee, or monthly management fee. Typically the greater your rent is, the lower the percentage fee is. For example if your rent is $2,100 each month for your rental home, you will typically pay a lower percentage fee than another person whose unit rents for $1000 each month.
You are not charged this management charge until payment is collected. Look carefully at your agreement regarding whether the management fee is determined by ‘rent collected’ or ‘rent due’. If the fee is based on rent received, it means the Rental management agency doesn’t get paid if you don’t get paid. Conversely, if it’s based on ‘rent due’, then you owe whether or not rent is received from the renter typically.
Flat Rate Agreements
Some companies may charge, say,$75- $150 per month flat rate. There is nothing required bystatute in this; it’s decided by the company owner.
You would not owe money on a fixed rate contract usually until rent is received.
QUESTION: How Would a Rental management Company Assist With Renter Screening and Selection?
Vetting Applicants- A leasing agent will sort through the potential renter applications to discover the applicant that is the best fit for your property. They have a proven vetting process, which includes running credit checks and criminal background checks, which can decrease your chances of being charged with bias. Professional property managers have seen many renters, so they have a good concept of how to select the correct renters; those who will pay their rent on time, have a longer tenancy and create much fewer issues. Perform a background check to confirm identity, salary, credit history, rental history, etc. Evaluate tenant per pre-decided renter standards Inform applicants who may have been turned down
Question: What Is The Normal Term Of A Property Management Agreement?
Normally, an owner signs a contract with a rental agency 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 do Inspections of my home cost?
Some property management companies will bill for inspections, others will give you an inspection or more free per year. This is a walk through of your investment property to see how the renter is treating it. Fees can range from $25-200 per inspection.
QUESTION: What are Advertising Fees?
Some property management companies charge a marketing fee. This is an initial charge to market your vacant investment property. This fee is typically $200-350. Most firms don’t charge this charge, so shop around!
Empty House fee Some companies charge One month’s payment up front. You might run into this charge if you’re trying to hire the property management company while the property is vacant. This gives them the money to pay a real estate agent a commission for finding a renter in the investment property, or to pay the costs of marketing, repeatedly showing the property to potential tenants, as well as the cost of preparing lease paperwork (which can take hours).
QUESTION: Do Property Management Firms Help With Move Out?
Yes, a Rental management Company can Help With Move outs. Activities might include:
- Inspect investment property. and complete a document on the house’s status when the client moves out
- Deliver occupant with a photocopy as well as noted damages
- Return the remainder of the damage reserves to the renter
- Mail any amount of the owner’s share of the renter deposit to the homeowner or hold in owner reserves for repairs.
- Turn over unit and handle needed repairs or upgrades
- Re-key all locks
- Put the property back on the market for rent
QUESTION: What Inspection Services Do Rental Managers Provide?
- Insure timely inspections (Inside and outside) on a predefined schedule watching out for repair requirements, safety issues, code issues, lease infractions, etc.
- Send owner periodic reports on the condition of the property
QUESTION: What types of Maintenance can residential property management help with?
Some property management companies in the Summerfield area have their own maintenance crews, full-time. The majority of contract these jobs out to miscellaneous vendors. Some property management companies charge a flat rate to supervise any work with contractors. Many will add margin to the subcontrcontractor’s invoice. Be certain you know how it operates with your property management agency!
Question: What are typical procedures regarding Late Payment Charges?
Occasionally renters pay date. Look at 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 Is The Normal Term Of A Property Management Agreement?
Usually, a landlord signs a contract with a property management company for a certain length of time – 12 or 24 months, for example – with an option to renew. Agreements can be drawn up so that they automatically renew if neither party takes actionstopping it. Termination clauses allow for early termination if the property management company is in breach of the agreement in any way.
QUESTION: How Should a Rental Property Agency Help an homeowner with Home Routine Maintenance?
Rental agents are responsible for overseeing preventative home maintenance to keep your house in excellent shape. Some of things that can be under consideration:
- Manage and oversee company employed maintenance crew
- Create a preventative maintenance policy to identify and address maintenance concerns
- Locate a network of licensed, bonded and completely insured vendors who have been reviewed for reasonable bidding and excellent performance that is up to code.
- Assign work to different parties such as (in-house employees, handyman and professional contractors) based on who may do a good job for the lowest price.
- Maintain outdoor areas
- Debris and snow removal
- Disposing of garbage and debris
- Set up and oversee a 24 hour emergency repair hotline
- Bigger fix up or remodeling projects
- Offer recommendations on how the project can maximize rental returns.
- Prepare initial pricing estimates
- Get several independent bids for the work to be done
- Act as general contractor managing the work
QUESTION: What are Advertising Charges?
Some property management companies charge a marketing fee. This is an upfront fee to advertise your vacant unit. This charge is usually $$150-450. Many firms don’t charge this fee, so shop around!
Vacant House charge Some agencies charge 1 month’s rent up front. You could run into this fee if you’re attempting to engage the leasing agency while the house is vacant. This gives them the cash to pay a realtor a commission for finding a renter in the house, or to pay the costs of advertising, repeatedly showing the home to potential tenants, as well as the cost of preparing lease documents (which can take hours).