What to Look for in Fairfax, VA Property Management

Posted by on Apr 1, 2017 in Uncategorized | Comments Off on What to Look for in Fairfax, VA Property Management

What to Look for in Fairfax, VA Property Management

If you own an investment property and are searching for Fairfax, VA property management, there are several things you should consider. You want a property manager who will collect rent and other fees, deal with any day-to-day issues and generally look out for your best interests, as an owner. Here are some tips to help you find the right property manager for you.

Tip One: Get Referrals

Rather than simply selecting someone at random from the phone book, you should seek referrals. The real estate agent who helped you purchase the property may be helpful in seeking referrals. It’s also a good idea to search the Better Business Bureau and the Real Estate Commission to ensure there are no complaints on file against a potential manager.

Tip Two: Meet Potential Managers and Notice Any First Impressions

Once you’ve gotten a referral, meet a potential manager in person.

  • Is he or she professional and well-spoken?
  • If you were a prospective tenant, would you want to rent from this manager?
  • Does he or she seem organized and courteous?

Tip Three: Find Out How the Manager Handles Vacancies and Advertising.

Some important questions to ask include:

  • Where does the manager advertise vacant homes? Are advertisements placed in newspapers and websites?
  • What is the average time it takes the manager to find tenants?
  • How many vacancies does the manager have at any given time?
  • What kinds of signs does the manager place on the property?

Tip Four: Look Closely at the Manager’s Web Site

Some important considerations include:

  • The overall look, design, and feel of the site
  • The features offered by the site
  • Whether you, as an owner, can login and view your account
  • Whether prospective tenants can easily find a list of vacancies

Tip Five: Review the Tenant Lease Agreement Used by the Manager

Some important questions include:

  • How much security deposit is required of a tenant?
  • How is late rent dealt with? Are the consequences made clear to a prospective tenant?
  • Who should the tenant call with any problems or questions?
  • What is the monthly rent, and what is the length of the lease?

A property manager should be able to explain to you what an appropriate amount would be to rent or lease a particular property. He or she should be able to point to comparable rents on similar properties to explain how this figure was reached. As an owner, you want to make as much as you are able on your property, but if rent is higher than the comps suggest it should be, the property will likely sit vacant, giving you no income at all.

Finding the right Fairfax, VA property management takes time. But the time you invest researching and getting to know your manager will pay off because you will likely have fewer problems down the road. Perform your due diligence, knowing that your investment is worth it.