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Find the answers to commonly asked questions and solutions to common issues as a “Do it yourself, Landlord”.
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As rental owners ourselves, we understand how to best structure and manage your rentals to be successful! With hundreds of rental properties under management and accreditation with the Better Business Bureau, NARPM, the NAA, and various local groups, you can be assured that your investment property rests in the hands of a solid company with staying power.
Investing in rental property is a smart investment that has proven to appreciate and add value over time. We can show you how to build a winning portfolio with our investment and management systems.
Some of the many benefits you can expect from Keyrenter Property Management include: Full-time professional licensed staff with expert knowledge of the rental industry who keep communication at the forefront of every issue, a quick response maintenance team and detailed accounting for your rental property.
This will ensure a maximum return on your investment and optimize your tax benefit. In short, we take your investment as seriously as you do.
Yes, in fact it has been shown time and time again that the cost of hiring a management company is far less than the cost associated with the time of a do-it-yourself (DIY) landlord who has to learn the ins and outs of rental property, fit-premises regulations, fair-housing laws, marketing, tenant screening, maintenance, late night calls and other inconveniences, legal fees, training and licensing, software and accounting, gas and travel, and mistakes and pitfalls which can cost DIY landlords thousands of dollars.
Keyrenter Coastal Virginia Property Management company will save you money by having the licensing, training, knowledge, and resources to guide your investments down a patch of financial success!
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 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 [State] 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!
The better condition that a house is in, the better quality tenant that it will attract. Your home must be left in professionally cleaned condition as the tenants will be paying a non-refundable cleaning fee. Your Property Manager prefers to arrange this cleaning to insure that the cleaning guidelines are strictly followed. The carpets must be freshly cleaned and all debris and personal belonging removed from the house.
It is not necessary to paint automatically, 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.
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 8:30am till 5pm. This is one of the reasons we have the lowest vacancy rate in Coastal Virginia and the surrounding areas.
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.
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:
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 3-Day Pay or Vacate notice per state law. After 72 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.
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.
Management fees are deducted from your monthly equity distributions.
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.
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.
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. Additional deposits for pets generally run $350 per pet. However, if you feel very strongly about this issue, we will agree not to show your property to anyone with a pet.
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.
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.
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.
Our lease provides that the resident give a minimum 30 day written notice that the lease will be terminated.
In order for us to begin the process of managing your property we need the following:
Yes, with Keyrenter Real Estate! 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!
Keyrenter Coastal Virginia has proven to be successful time and time again, which is why we are eager to expand in order to offer our services wherever we can.