Updated: Aug 12, 2020
Do you need to hire a professional property manager in Warrenton? When it comes to hiring a professional property management company in Warrenton Virginia there are a number of factors landlord have to consider. Most people look at cost first, which makes sense. However, you should not make a decision based on cost alone. In our experience, the greatest difference between local property management companies is standards, particularly with how properties are maintained and presented to the market. When comparing pricing between management companies, standards are typically the main factor that differentiates the management fee. If the management fee seems low, that can mean that the management company has lower standards for maintaining properties. The reason for this is that some companies that have “been around forever” or are “the giants” in the industry do things the same old way. However, their ways of doing things are not always comprised of the best quality property managers, and many do not focus on what is best for the owner or the property, particularly with repairs. When you own a rental property, it is critical that you maintain it properly to ensure longevity because a well-maintained property will attract top dollar and rent more quickly, which pays off in the long run. In addition to maintaining the property, here are three things a great property manager can do for you.
Run Your Property Like a Business
For some property owners, transitioning into property management is a difficult adjustment due to emotional ties to the home. For this reason you need a professional property manager who will help guide you through the rental process and give you the sound advice you need along the way. It’s the property manager’s job to run that business for you and make it as profitable as possible. The management of your property must be approached with that mindset. It pays to have a professional in place who has a vested interest in making your property profitable along with ensuring the business runs smoothly with minimal costs.
Make Your Property More Profitable
When looking to hire a property manager in Warrenton, a well-established property management company can run your property more efficiently, which can increase your profitability over time. By hiring a Warrenton property manager to handle the day-to-day tasks associated with your rental property, you keep your investment cost-effective. A great property manager will handle:
Collection and Disbursement of Security Deposit to Tenants
Coordinating Maintenance/Repairs for the Property and Payment of all Invoices
Electronic Deposits to Landlords
Electronic Property Survey Reports
Filing Court Documents in connection with Evictions and Court Representation for Evictions, when allowed
Handling Tenant Calls, Tenant Violations and Enforcing the Lease
IRS Form 1099 Processing
Monthly Income/Expense Statements
Move-In Reports that Include 100+ Photos and Detailed Reports
Online Owner Access to Documents and Accounts Through an Owner Portal
PetScreening.com™ assistance to screen household pets and help validate assistance animals
Preparing and Signing New Leases and Renewals
Preparing Property for Tenants
Provide 24/7/365 Emergency Response Service
Year End Income/Expense Statements Ensuring Maximum Deductions on Tax Returns
Avoid Legal Issues
We can tell you right now, you do not want to end up in court over a bad tenant who has not paid the rent or has caused damage to your property. Things can get ugly. You need a property manager who is well-versed in landlord-tenant law and can guide you when you necessary? Not only should your property manager use the standard Virginia Association of Realtors Lease, but they should have an addendum to the lease that accounts for things like insurance, handling of smoke detectors, instances of power outage, pets and more. Expert property managers can take the stress out of ensuring your rental property is compliant, and keep you out of legal trouble!
To learn more about our Warrenton property management program visit our Property Management page.
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