Why should I use a property manager to manage my property?
There are many reasons landlords hire property managers, below are some of the most common:
Landlords value their time and usually have full-time responsibilities outside of owning rentals property. As professionals, we manage rentals day-in-day-out; it’s what we do and we are great at! Landlords value their time and usually have full-time responsibilities outside of owning rentals property. As professionals, we manage rentals day-in-day-out; it’s what we do and we are great at! Landlords generally don’t have a full understanding of local and federal laws and statutes. This lack of knowledge can cost a landlord thousands in costly mistakes. With a legal team and constant education and involvement on current issues, as a property management company in Virginia we are better equipped to solve complex situations. We understand and apply the correct federal, state, and local laws, keeping you and your investment out of trouble. We know the local market, have an extensive network of contacts, and have advertising resources available to us at discounted rates. This allows us to effectively market your vacant home to prospective residents to get it filled. DIY Landlords these days need be skilled in Advertising, Photography, Marketing, Sales, Repairs, Project Mgmt, Customer Service, Conflict Resolution, Legal Proceedings, and many other areas. Keyrenter is all that and more!
What needs to be done to my house before it is ready to rent?
The better condition that a house is in, the better quality tenant that it will attract. Your home must be left in a professionally cleaned condition as the tenants will be paying a non-refundable cleaning fee. Your Property Manager prefers to arrange this cleaning to ensure that the cleaning guidelines are strictly followed. The carpets must be freshly cleaned and all debris and personal belonging removed from the house.
It isn’t always necessary to paint, but you should consider painting any room that has dirty or marred walls. A neutral color is best. Your Property Manager will be happy to discuss any necessary repairs or painting with you. Neutral window coverings such as blinds should be left, but not curtains that match a particular bedspread or couch. Tenants moving into a rental property do expect some sort of window coverings to be provided for privacy and safety.
The tenants are generally requested to maintain the yard in the condition it is provided to them. Therefore, the yard should be freshly mowed, weeded, trimmed and the leaves and debris removed.
How will you find tenants for my house? How long will it take?
We know the importance of answering the phone every time it rings, especially when it comes to renting properties. We answer the phone and show properties six days a week from 7am till 9pm. This is one of the reasons we have the lowest vacancy rate in Richmond.
Your property, along with photos, will be advertised on our website. It will also be posted on over 20 additional websites. A yard sign will be placed immediately as well. A Property Information Sheet will be prepared for your property with all the necessary information.
It normally takes two to four weeks to rent a home. It sometimes takes longer in the winter. A home goes on the list of available properties as soon as we receive notice from the existing tenant.
Can I say that I do not want any pets or smokers in the house? How about children?
Pet owners are not a protected class. However, by eliminating them you are likely eliminating up to 75% of the people in the market for a rental house! Being open to pets does make your property available to more potential renters. We require a $250 non-refundable pet deposit to ensure proper cleaning once the pet and tenant vacate. All of our properties prohibit smoking, in the interest of protecting your investment, as well as the health of the neighborhood.
Children come under the protected class of “familial status” and it is not possible to discriminate in this way. Our application forms do not ask number or ages of any children.
How does Keyrenter Property Management communicate with their owners?
We believe in prompt and thorough communication with our clients. Every staff member has their own telephone extension, voice mail, and e-mail. We send out monthly statements and have automated alerts and notifications in an effort to keep our clients informed. Below are some of the instances that we will initiate additional communication:
- Notice to vacate from tenant
- Tenant move outs
- Eviction Summary
- Lease renewals
- Extraordinary maintenance items
How does Keyrenter Property Management handle evictions?
We are proud of the fact that we have an extremely low eviction rate. But when an eviction for non payment does come up we follow the following process. On or around the 7th of every month Keyrenter Property Management will post 5-Day Pay or Vacate notice per state law. After 120 hours passes we can file for eviction. We communicate and make final decisions with our clients regarding the eviction. When filing with the courts and pursuing an eviction, our legal counsel handles the process for you.
How much does an eviction cost?
If our clients have enrolled in Eviction Guard®, the eviction will cost nothing. If not, an uncontested eviction will cost about $500. A contested eviction can cost up to $2500.
For how much can my investment property lease?
Your lease rate is going to be determined by several market factors including the condition of the property, location, and the rental rates for competing homes in the immediate area. Unfortunately, the markets that dictate lease rates vary vastly from the markets that influence value of properties. Please contact our office and we can discuss this with you as it relates to your specific property.
How are Security Deposits handled?
Keyrenter Property Management will require security deposits, usually an amount that is equal to 75-100% of one month’s rent, from all residents. These funds are held in escrow in a real estate trust account. Security deposits cannot be disbursed until the resident vacates at which time a disposition of funds is processed.
Can I enter my property after it is rented?
We do not enter the property and recommend the owner not enter the property except for inspections, in emergency situations or when repairs have been requested by the resident. If you sign up for our inspection program, Keyrenter will conduct interior/exterior inspections of the property every six months. History has shown that repeated disturbances prompt residents to become unhappy and not be as willing to renew their leases. We usually try to give the resident 24 hours notice before we enter unless it is an emergency situation.
How much notice does a resident have to give before they can properly vacate a property?
Our lease provides that the resident give a minimum 30 day written notice that the lease will be terminated.
What does Keyrenter Property Management need to start managing my property?
In order for us to begin the process of managing your property we need the following:
- Complete the online Owner Property Information Data form
- Executed property management agreement with accompanying W9
- Keys to the property, including mail box keys, if applicable
- Garage door openers, if applicable
- Certificate of insurance, with Keyrenter Property Management as an additional insured
How do I pay management fees?
Management fees are deducted from your monthly equity distributions.
Will you pay my monthly bills for me?
Yes, through our accounting system we can easily pay most of your monthly bills. Typically our owners will pay HOA dues and mortgages. We pay bills on the 1st of each month.
Can Keyrenter Property Management help me buy or sell investment property?
Yes, we are constantly assisting our clients to either sell their rentals, or buy more investment properties. With competitive rates and innovative strategies, we guarantee to save you money and maximize your return! Give our real estate team a call today at (804) 299-5100!
PROVEN AND TRUSTED