Fairfax VA Property Management Services for Rental Properties
When using a property management company, there is a minimum level you should expect and receive whether you are the owner of a single family home, townhome condominium or complex. One of the most important is of course the relationship between the property management company and the homeowner or property owner. While your Fairfax rental property is listed, it should be advertised in the real estate section of the most prominent local paper as well as on line and through signage where most of the calls are received. This way, tenants who qualify with their creditworthiness and referrals will be found for your property. The lease negotiations, collection of advance rents, pet deposit if applicable, tax escrow and ultimately eviction proceedings if necessary will encompass the cost. You will not have to ever meet or be in touch with the clients.
Because everyone has different standards, the management company or leasing agents you choose should meet compliance will all local laws as well as state mandated and Federal laws. An established company will have a list of handymen to assist in keeping your property up to standard as well as licensed personnel for specific needs such as electricians, appliance, or HVAC repair.
You should be given a written report at the time your tenant occupies your property because this report will establish a baseline for the care of the property and will be used along with a tenant move out list. Should you or the tenant require quarterly inspections for example, you should receive copies of all inspections as should the tenant, along with any recommendations. There should also be a system in place in the event an emergency occurs during the middle of the night. There should be 24 hour assistance keeping any possible damage to your property at a minimum.
Ask the company to provide you with their record on rent collection and their accounting system. Many companies today have electronic rent collection from which any repair bills, association dues, homeowner’s insurance can be paid for the owner. You should receive no less than monthly statements. During a repair, you should receive frequent updates via email or phone.
Finally, every year you should receive a 1099 which is a form required by the IRS. This will assist you and your financial advisor in determining the tax deductibility of items such as repairs. If you are interested in having your Fairfax VA real estate properties professionally managed please feel free to contact us. It will be our pleasure to assist you for all your property management needs.