Do I have to move out of the house before we start marketing the property?
Many of our Owners have been living in the property as we located a tenant. Many different circumstances lead into an Owner needing property management; situations like a military relocation, new home purchase approval dependent on lease, etc. We work with you to define a showing schedule and begin marketing the home with the intention of aligning a tenant’s move-in with your move out. It is in everyone’s best interest to eliminate vacancy on your property as much as possible at all times.
How do I collect the rent money once the tenants have paid it?
We will handle the collection of all funds from tenants and disperse them directly to your given account via direct deposit. This means no checks for you to cash or required bank runs for the funds to be available. We will also be keeping an accurate recording of monies received and providing you with all of the necessary tax paperwork at the end of the year.
How do I determine how much the rent will be?
We run an in depth market analysis to determine sales potential and rent potential so that you have all the information from the very start. We calculate the estimate based upon the current listings in your area and compare them to a year of prior listings. Our objective is to net you the most that the market will support
How is maintenance paid for at my property?
We keep a set amount of money in a reserve account on hand to pay for necessary maintenance. When the reserved account is used it gets automatically replenished out of the following months’ rent. This allows us to handle maintenance issues in a timely fashion without having to require that you send the money before the work gets started. We will keep you informed of all the maintenance as it is reported to us so that are never in the dark.
How long should I allow for marketing in order to find a tenant?
60 days is the optimal timeframe for marketing to avoid any span of vacancy at your property. The full 60 days is not compulsory but is recommended when possible.
How long, on average, does it take to find a renter once my home is on the market?
Marketing time can be directly affected by the time of year that you get it listed. The spring and summer is the best time to move a rental whereas late fall into winter can move a little slower. Our 60 day notice period for existing tenants allows for marketing in order to help reduce vacancies in the slowest of seasons. We would suggest allowing up to 60 days of marketing time for a new rental in the off seasons as well. Our average time to rent is 21 days in peak season and 35 in off season.
How will I know if the tenants are taking care of my home?
One thing that separates us from so many others in the area is our inspection policy. Many local property managers will offer drive-by inspections. We understand there is not much you can tell about the property without gaining access. For that reason, we perform interior inspections twice a year. At an additional cost to the owner, we can perform interior inspections up to four times a year. This has proven invaluable in helping to address maintenance concerns prior to them becoming emergencies.
I would like to get started. What is the first step?
All you have to do to get started is fill out a short form with your contact information or just simply give us a call at 757-447-4881. It’s that easy.
In what areas do you serve?
We currently provide superior property management services all throughout the Hampton Roads as to include the Peninsula. If we cannot provide service due to your location it would be our pleasure to help you find the right management company.
Is the tenant required to maintain homeowner’s insurance on the property while they are renting?
Homeowner’s policy required that the occupant actually own the property. You would be required to maintain your insurance but would convert it to a landlord liability policy. This would cover your house as normal and any liability on your property. This would not cover any of the tenant’s belongings. For that coverage we do require that they maintain renters insurance throughout the duration of their tenancy. Proof of an active policy is required from the tenants prior to receiving keys as well as at each lease renewal.
What can I leave in my home (furniture, appliances, etc) when I turn it over for management?
Some appliances such as Refrigerator, Washer & Dryer are commonly left in the property when a tenant takes possession. None of the listed appliances are required to be there as you can rent out a home without them. In terms of furniture, the market for furnished properties is almost non-existent. That is not to say that you cannot place a tenant in a furnished home. Our experience has shown that an unfurnished home is more marketable and as such is how we would recommend offering the property.
What happens if a tenant does not pay and who handles the evictions?
The tenants have a 5 day grace period when paying their rent. On the 6th of the month any unpaid rents will generate a 5-day “pay or quit” notice. Once the required 5 days have expired (11th of the month) we submit the account for eviction. We have a well-established network of professionals and contractors at our disposal. Included in this network is a real estate attorney who will represent any necessary eviction proceedings at a flat rate. Any related costs would also get wrapped into the judgment that follows.
What happens if I decide to sell my home after renting it for a year or two?
We are a full service real estate team. We can help monitor the market and advise you on the best time to sell as we are managing your property. When that time comes we will use the same aggressive marketing strategies on the sales market as we employ in the rental market. We also work with many investors as buyer’s agents as well. If you have any needs related to real estate, we can handle them all in house.
What initial cost is required in order to start renting my home?
The majority of the initial cost can be settled out of the first month’s rent. The only money required up front will be the cost of the marketing.
What is the process for showing the property to tenant prospects?
A tenant showing is always performed by a real estate professional. We place a rein box on the door that will require an agent ‘s electronic key in order to access. This also tracks who accessed the lockbox so that we always know who comes and goes. The notice for the showing is determined by occupancy. For any properties that are currently occupied we will provide a 24 hour notice period prior to showing. We are willing to work with Owners who are living in the rental by setting a schedule for showings to be held. Be aware that limiting showing opportunities can extend the marketing time.
What types of properties do you manage?
We have a portfolio of over a hundred residential homes and growing every day. We are restricted to only residential properties but can handle Single-family homes, Condos, Townhomes, Duplexes, Apartment homes, etc.
Why is RE/MAX Prime the best local company to manage your property?
Our affiliation with Re/max ensures that your rental will be syndicated to every major real estate site and listing service available. This includes smaller resources such as Craigslist etc. In addition, your property will also be listed on the MLS so that each and every real estate professional in the Hampton Roads area will be able to find the listing and will have incentives to bring us a qualified tenant. Once an application is in hand for your property we will run them through a rigorous screening process; inspecting their credit, previous tenancy and proof of income. Once we have gathered all of the information we will submit it you with our recommendation while leaving the final decision to you. Another thing that sets us apart is the 60 day marketing time required by the tenant in every lease to provide ample time to find another tenant prior to the property becoming vacant. This allows us, in most cases, to eliminate turnover time between tenants. With a combined 40+ years of Real Estate experience, there is not task that we cannot handle for you. Whether you are in need of management for your property until you take back possession or until the market supports selling your property we have you covered.