Q: Am I required to make my property available to Section 8?
A: No, you can choose if you will accept Section 8 applicants but you must be consistent across all your rental properties.
Q: Are you licensed?
A: Yes. We are licensed Realtors. In Virginia, there is not a separate property management license required.
Q: Can I reach you after hours?
A: We have 24/7 access for emergencies after hours. Our call center is trained to handle maintenance emergencies evenings and weekends and they will communicate with our staff so our team can pick it up when they are back in the office.
Q: How do I get my rent?
A: Once we collect the monthly rent, we process the payments and apply them to your account. Any expenses you incurred that month are deducted from the rent and then we use ACH to deposit your monthly net proceeds into your bank account.
We do ACH deposits by the 10th of each month to into your account with your net proceeds.
Q: Do I get to see the lease or sign it?
A: Yes, we will send the lease out to all parties to sign. We do not sign the lease on your behalf.
Q: Do you sell real estate too?
A: Yes, we do. We have been selling real estate since 1998 and know the Northern Virginia market very well. By combining both real estate sales and property management, we have a good pulse on the trends in our marketplace.
Q: How is rent collection handled?
A: We encourage all tenants to pay their rent online through their Tenant Portal. They do, however, have the option of mailing a check. Either way, rent is due on the 1st of each month.
Q: How long of a lease do you sign?
A: We can do as long as you want. We like to start with a one year lease to make sure the relationship and situation is working for everyone and then we can always do an extension. Many clients, however, will take a 2 year lease from the start.
Q: How much security deposit do you charge the tenant?
A: Generally we collect an amount equal to one month’s rent as the security deposit. Some circumstances may make it necessary to charge an additional amount but that wouldn’t be more than two months of rent in total.
Q: How soon can you start managing my property?
A: We can take over management immediately. All you would need to do is sign our management agreement and complete our new owner paperwork. If there is a tenant in place, we can notify the tenant of the management change. And if you are currently with another management company, you just need to provide termination notice to them according to the terms of that management agreement.
Q: What type of properties do you manage?
A: We manage residential single family properties including detached homes, townhomes and condominiums.
Q: What type of reports do I get and how often?
A: You will get a monthly owner statement showing the rent received and the monthly expenses incurred. That will be available through our dedicated Owner Portal. At the end of the year, we will provide a Year End Statement as well as a 1099 for your taxes.
Q: Who holds the tenant security deposit?
A: We hold the security deposit in a separate Escrow account. It is illegal to comingle funds and security deposits must be in a separate account – not combined with rents and other revenues.
Q: Do I have to pay a management fee when my property is vacant?
A: We do not charge a management fee when we are listing the property or between tenants.
If there is some other reason that the property is vacant (renovation, you are returning but not for several months, etc) and we are still doing work for the property then there may be a management fee in that scenario.
Q: Do you have an early termination fee?
A: No, we simply require 60 days notice if you decide you want to end your management contract.
Q: What happens if the tenant pays late?
A: First, our team notifies the tenant that the rent is late and we talk with the to find out why or if there was some error. If that isn’t the case, then we send them a notice called a 5 Day Pay or Quit Notice. If this doesn’t produce the rent, then we will notify them that we are pursuing eviction. (We rarely have late paying tenants due to our excellent screening process).
Q: How are maintenance issues handled?
A: Tenants are required to put any maintenance requests in writing through their Tenant Portal so we have clear documentation and explanation of the situation. You will receive a notification email to keep you informed but it doesn’t mean our property managers automatically send out a contractor. They will attempt to troubleshoot it first if possible. Any repair over $500 must be approved by you and all vendor bills are paid by us and deducted from your net proceeds for the month.
Q: When do you inspect my property?
A: We do a detailed move-in inspection right before your tenant moves in to document the condition at that time. Then we will do a mid-year inspection along with the required smoke alarm certifications. When a tenant vacates, our team does a thorough move-out inspection within 72 hours and will compare that to the move-in inspection to determine if anything is to be charged against the tenant’s security deposit.
Q: Do I have to use your vendor or can you use mine?
A: We can use your vendor as long as they are licensed and carry the proper insurance. This protects you and us. We are always happy to meet new vendors to expand our network.
Q: Do I get notified when you do a repair?
A: Yes. You will receive a notification email to keep you informed but it doesn’t mean our property managers automatically send out a contractor. They will attempt to troubleshoot it first if possible.
Q: Do I need to change my insurance in any way to rent my property?
A: Yes. First, you should notify your insurance company that you will now be renting out the property and they will work with you to change the policy from an Owner Occupied policy to a Rental Property policy. We require that you carry a minimum of 1 million dollars of liability insurance and add us to your insurance policy as an Additional Insured.
Q: How do I need to leave the property before turning over to you?
A: You should make sure that everything is working in the property – all systems & appliances. We also ask that you do all the things we require of the tenant before turning it over. You should have the home and all carpeting professionally cleaned, have a professional clean out any fireplaces. We know it’s busy when you are moving away so our team can help get these done if you need.
Q: Why Do I need a professional property manager?
A:
Saves you time, work, and stress.
You don’t have to hire someone to clean, paint, or make repairs.
You don’t have to advertise, take rental calls, and show the property.
You don’t have to screen applications and be apprehensive about who to pick.
You don’t have to execute a rental agreement, worry about adding addendums, fill out the move-in inspection report, and deposit money.
You don’t have tenants calling at all hours of the day and night.
You don’t have to confront tenants on tough issues like collecting rent or taking better care of the property.
You don’t have to collect NSF checks.
You don’t have to serve legal notices or start an eviction.
You don’t have to schedule and fill out the move-out inspection report.
You don’t have to mail the tenant’s accounting report and refund check.
You don’t have to start the process all over again.
You don’t have to worry about the property or be shocked by its condition when you hire a Professional Property Manager. We are dedicated to selecting quality tenants and keeping your investment in good repair with minimal cost. We want your real estate investment to be a success not a failure. One last benefit – your leasing and management fees are usually a tax deduction.
Are there good reasons for managing your own rental property? Are they worth the risk?
