For a while now, we’ve been in what’s called a “Seller’s Market.” That means that housing inventory is low and there aren’t enough properties around for the buyers who want them.
What’s good about a seller’s market is that homeowners are often selling the property at the asking price – and sometimes higher if several buyers want the same property. It all lies under the principle of supply and demand. When supply is low, prices are up. When supplies become more plentiful, buyers have more options and prices may need to be lowered in order to attract them.
What’s bad about a seller’s market is that for buyers, home prices are usually high and competition for them is strong. Therefore, in a seller’s market, people often turn to renting, or remain in rental properties to await a market shift to a buyer’s market, when properties are more plentiful and prices drop.
A Seller’s Market Can Be Good for Rental Investors
Propman Property Management is positioned to help our property owners during a seller’s market in two ways.
We Can Sell Your Property For You
First, it’s a great time to sell your home. If you have been on the fence about selling, now is the time to take a look at preparing your home for sale in the spring. Propman has an in-house real estate sales team led by broker Mark Andersen. They can answer your questions and list your house for sale. Call them at 703-569-8323 ext. 205.
We Can Find and Keep Great Tenants
Second, we can find and retain the best tenants on your behalf. Let us post your rental and screen potential tenants, then manage your property for the duration of the lease period and beyond. You will enjoy regular communication and clear statements from Propman, and, if the need for repairs arises, we pass along to you the special low rates offered by our contractor partners.
It is Propman’s goal to provide excellent services to our clients, no matter whether they sell or rent out their homes. Contact us today.
Sometimes Propman Property Management gets a call from one of our Northern Virginia tenants who wants to handle an issue on their own instead of having us do it for them. For example, they may want to repair a washing machine themselves, replace a refrigerator with their own or find another tenant to take over their lease.
While it may seem that the tenant is doing us a favor, their taking matters into their own hands can create a liability issue for both themselves and our management company.
We are paid representatives of our property owners, and as such, we are the decision makers and overseers of the properties we represent. Our owners trust us to maintain certain standards and safety requirements on their behalf. And often the equipment, appliances and fixtures in a home are their personal property.
If a tenant performs a repair themselves, no matter how small, it could potentially cause issues as well. Perhaps they didn’t know enough about electrical wiring when replacing an outlet—which could cause a fire down the line. Or maybe they used the wrong brand or style of paint that doesn’t quite match what is already on the wall—causing us to have to repaint the entire room after they leave, and quite possibly costing them their security deposit.
A tenant may want to exit their lease early, and think they can find another tenant to take over their existing lease (subletting). This is not allowed because each and every leaseholder on the property must qualify as a renter, through our required application and investigation process.
If you, as a tenant, have an issue or spot a problem, please contact Propman Property Management.
We have a full maintenance team on call to handle any problem. We encourage open communication and will make every effort to respond quickly to your needs.
Safety, aesthetics, and legal regulations are all issues we have to consider—for your safety and ours.
Propman Property Management requires all tenants to acquire Renter’s Insurance. This is an insurance of which a basic renter’s policy covers provides both personal property and liability coverage. It not only protects the tenants, it gives property owners peace of mind as well.
Here are a number of reasons why renter’s insurance is important for tenants:
- It protects the tenant from having to pay for damages accidentally caused to the building or any other resident’s property.
- It shields the tenants for accidental injury to another person’s body, like if your guest falls in your home or is bitten by your dog.
- It protects your personal belongings, but check your particular policy for specifics on what is or is not covered. A landlord’s insurance does not cover a tenant’s property; it covers the building structure and common areas.
- Your personal property is protected while you are away from the home.
- It is a minimal cost. Renter’s insurance is provided at an extremely affordable rate, generally less than $200 a year.
- You may get cross-insurance discounts on auto insurance by having the same agent provide both coverages.
- Riders are available. Special policy additions are available for tenants who require additional coverage, and can add protection for valuable jewelry, earthquake, hurricanes, or floods.
- You have peace of mind if a loss occurs. You never know what is going to happen down the road.
Take a Personal Property Inventory
A renter’s policy will cover assets up to the dollar amount specified in the coverage, however, it is a good idea to create an inventory to document your assets in the event damage occurs. Go room by room, documenting each item into a notebook or checklist form. Don’t forget to look into closets, on shelves, and under the bed. The checklist should detail the home’s full contents, noting the year the items were purchased and how much you paid for it. At the very least, use a camera or video camera to take photographs of the rooms and the items within them.
Propman Property Management is not a licensed insurance agent and cannot provide advice on policies. For complete information, please contact a qualified insurance agent.
One of the issues any property management company has to deal with on a regular basis is pest management in rental properties. And questions often arise over who is responsible for removing or controlling pests: is it the landlord’s or the renter’s responsibility?
Here is a brief overview on how Propman Property Management looks at the issue of pest control for renters and landlords.
What is considered a pest?
Pests are considered any animal, insect, plant or organism that is in direct conflict with humans. They can threaten human health, damage property or landscaping, or create a general annoyance. Specific pests we can see in property management include: ants, rodents, termites, bees and wasps, for example, and sometimes roaches.
The landlord’s responsibility
A landlord must provide and maintain livable conditions for its tenants in a rental property, and many landlords provide for seasonal maintenance and prevention, such as with regular termite inspections or spraying. But just because the landlord can make these arrangements, it doesn’t mean that they always pay for pest control.
The tenant’s responsibility
If pest infestation is linked to a tenant behavior or actions, it is then up to the tenant to cover the costs for pest control. For example, ants and cockroaches can be drawn to unclean areas such as in the kitchen, around garbage cans, or under food areas in the pantry. Pests can also be drawn to wet areas caused by unchecked leaks or moisture caused by pets.
If there is a pest infestation, it is the responsibility of the tenant to contact the landlord immediately. Failure to do so could cause the problem to escalate.
The landlord, on his or her part, is required to investigate the situation and provide the correct solution, whether it is to take care of the infestation themselves or require the tenant to do so. The process and its resolution will be documented.
This is a general observation on this topic, and specifics may need to be determined on a case-by-case basis. Leases also vary in their specifications for pest control, so check your lease to see what is required by your landlord.
Managing one property is one thing, managing multiple units or properties is another. That’s where a property management company like Propman Property Management comes in. Unless you’re in the business of being a full-time landlord, there are many benefits to hiring this job out.
Reasons to Use a Property Management Company
You don’t want to handle hands-on management. Finding and vetting tenants for multiple properties, handling the billing, and responding to issues are tasks best left to those with the experience, manpower, and resources to do the job well.
Your time is limited. You are spending your time in your own business and shouldn’t be using the time you could be building your career or business handling rental issues including repairs and their financing, remodeling, interviewing tenants, showing the property, etc.
You don’t want to be an employer. For multiple property management you may need to hire a resident manager, maintenance staff, or other employees to help, and along with this comes payroll and other legal requirements. Your property management company is an independent contractor, not an employee.
- You don’t have the maintenance resources. Most property owners don’t have the resources to handle maintenance or emergency issues around the clock, nor do they wish to receive and have to handle emergency calls in the middle of the night. A property management company has complete resources to handle any issue that arises—24/7.
- Your properties are complicated. Are your properties part of the affordable housing program or do they present particular challenges? It’s best to use a company versed in the legalities and nuances of managing certain properties.
- Your rental properties are not nearby. If your properties are in another state, located a distance from where you live, or scattered in different areas, a property management company is best used to handle issued you cannot deal with from afar.
- You have the money. You can afford the management fees that are generally a percentage of the rental income.
At Propman Property Management we’ve developed a system that works for owners of multiple properties. Some of the benefits we offer include:
- Keeping expenses, security deposits and leases separate.
- Providing detailed monthly revenue and expense reports
- Providing an annual report and a co-mingled 1099 review report, with copies for the IRS and the Landlord.
Unless you want to be in the business of being a landlord, it makes sense to look at using a property management company. If you have questions about property management companies, please give us a call. We’ll be glad to help.
We understand that you might have questions on what the rental market is like in our area. Perhaps you’re thinking of renting out your home, or simply want to know what the conditions are.
Common NoVa Rental Questions
Propman Property Management is fully engaged and “in tune” with the Northern Virginia real estate rental market, and we’re glad to speak with you. We can answer questions like:
- Is the rental market hot or slow currently?
- What is the best or worst time to market my property?
- How much rent could I get for my property?
- How long would it take to lease my property?
- How can I find the best tenants?
- How can I ensure that my property is taken care of?
- How is rent collected, and how do I get paid?
- Who fixes something if it breaks?
- Who handles emergencies?
Some of the questions we hear have to do with renting out a property or whether to rent it out, while others concern how the rental management process works. Feel free to ask us either type.
The NoVa rental market changes over time, and we make it our business to keep our finger on the pulse in order to provide the best property management services to our owner clients.
Whether you want to rent your property through Propman, or just have questions, we’re available to help. Just give us a call.
Propman Property Management loves to get property owner referrals. In fact, we get many of them due to the highly-professional way we operate our business. And with the rental market hopping, we could use more homes to serve all the applicants who want to rent properties from Propman.
Refer a new client and get the rewards yourself
As a homeowner/ landlord yourself, you probably know other people who want to rent out their home either on a temporary or ongoing basis. Send them to us!
When you give Propman a referral that turns into a new client, we’ll give you the reward…in the form of one month’s management fee.
That means for each new client you refer to us, we’ll remove one month’s management fee from your account. If you refer 12 people who become clients, it’s like having a year of our professional property management for free!
If you’d like more information, please contact Steve or Frank directly.
Propman Property Management recently launched its new website with a number of new features to benefit you.
Check it out!
Benefits For Home Owners
- Expanded Owner FAQs. If you have a question about how Propman represents your property, check here. You may find your answer among our frequently asked questions.
- Rental Safety and Maintenance Checklist. As a landlord, you’ll want to know what items need to be checked regularly. That’s why we’ve provided this handy checklist.
- Expanded Management Services. We define what is included in Propman’s management services through a number of categories. And did you know we also can sell your home for you if you decide you’d rather not be a landlord any longer?
Benefits For Renters
- Available Rentals: If you’re looking for a home to rent, check our available rentals to see what we have available. Your perfect home may be waiting.
- Application Instructions and Policies. If you’re interested in renting a home through Propman, be sure to read through our instructions and policies to see if you qualify. If you do, feel free to apply.
- Online Rental Application. To make applying to be a renter easier, we’ve posted an online application form. After you read our instructions and policies, complete and submit the form for review. We’ll notify you within 1 to 3 business days whether your application was accepted.
At Propman Property Management, it is our pleasure to provide the best property management services in Northern Virginia
- Propman’s New Website Offers Expanded Benefits
- Propman Inspections Protect both Owners & Tenants
- Safety Tips for the Older Tenant
- Does Your Regular Homeowner’s Insurance Cover Your Rental Home?
- Is Your House Prepared to Be a Rental?
- What Happens to Home Rentals in a Seller’s Market?
- We Love Hearing Great Things About Propman