What your property manager should know ...

If you own rental property, you probably should consider a property manager. If you don't know the answers to these questions, then you should definitely contact us to find out more about our property management services.

• What is the proper procedure for filing a notice to pay rent?
  
  
• What notices can permissibly be served to a tenant under the terms of a lease?
  
  
• What important legislation is looming on the horizon regarding debt collection?
  
  
• By law, what is the maximum security deposit you can collect in Virginia?
  
  
• What rights do you have (or not have) regarding pets on your property?
  
  
• What amenities are included (or not included) with your property?
  
  
• What are the latest fair credit reporting rules and requirements?
  
  
• What are the Federal and/or State laws that govern fair housing?
  
  
• What questions are you NOT allowed to ask on an application?
  
  
• What laws apply to abandoned personal property left behind by a tenant?

Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC

Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County ·

What do property managers and leasing agent do?

I recently received this email:

Will,

What all kinds of assistance do you provide? Do you check the background and credit of the perspective renter? If work needs to be done what happens? I know that the carpets will need to be cleaned before the renters would move into the place. Does one have to use your people to do any work necessary? What happens if I were to need a new renter, would your service handle that too? I have never used a service such as yours before, so I have a lot of questions.

Thanks for your help.

Sincerely,
(name withheld)

Like most property managers, our services to the landlord are broken into two different jobs. The first task that landlords ask us to perform is often the task of finding a renter. To describe, explain and memorialize how we find your renter, write and sign a listing agreement.

The listing agreement is not unlike the listing agreement a homeowner signs when he or she sells a house. The listing agreement is what lets us put a lockbox on the door. We need a listing agreement to put the property in the MLS (multiple listing service).

The listing agreement describes the terms and conditions under which we get paid. We only get paid if and when we find a renter. Most agencies charge between one-half to a full month's rent to get this service done. If our client is using our property management services, we let the client set the fee, but we take the time to explain how agents get paid.

Like all listing agreements, the listing agreement will set a term or time period and then expires. In the past few years I can't remember having an expired listing agreement as we push hard to rent quickly.

Once Condo 1 Alexandria or another agency finds a prospective tenant, we take an application and proof of income. We then pull a background check to make determine a recommendation regarding the applicant. If the tenant can afford the property and has a good payment history give a positive recommendation. If the tenant has a questionable credit history or if the tenant can't afford the property we advise the landlord that we have an application but do not recommend proceeding with a lease. In some cases, we can provide solutions to guard the landlord against potentially problematic tenants, but still find a way to move forward with the applicant.

After we are settled on a tenant, we prepare a lease and have it signed by the landlord and tenant. This is the end of our duties as a listing agent.

But that's when our duties as a property manager begin. As a property manager, we collect the rents and make payments to the landlord as described in the property management agreement. From time to time, we respond to service calls from the tenant, dispatching appropriate handymen, electricians, plumbers, etc. to solve the problem. When this happens, we deduct the cost of these services from the rent collected and pay the landlord the remainder. From time to time we make inspections of the property and we occasionally recommend maintenance or upgrades.

Unlike some property managers, we only collect fees when the property is occupied. No rent equals no charge.

If the property needs to be prepared prior to leasing, we can and will make some efforts to put the property in order. Some properties need a little clean-up to prepare for market. We don't charge for managing a clean-up. We simply pass the cost without mark-up back to the landlord. We will take some deposits from the landlord as required to take care of this clean-up.

Some properties need something more than a clean-up. When a property needs a renovation, we may charge a fee to manage construction and clean-up to put the place in order.

Eventually the renter moves out and we'll need a new renter. At that point, we'll sign a new listing agreement and start the process again.

We manage houses, townhouses and condominiums. We bring a special expertise to condo management because we know how condos operate, but we don't limit our business to condos.

It's hard to describe everything we do in a format like this, but that's what we do in a nutshell. There are additional services and limitations I'll describe when we go through the agreements, but this should be enough to get you started. 

Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC

Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County ·

What a landlord can expect from a property manager.

If you are a landlord, then you need a company you can trust to handle your operational responsibilities. Will Nesbitt Realty LLC and Condo 1 Alexandria have the experience you want in your property manager. Will has been a landlord for over 20 years and is a full service broker trained in property management. Will Nesbitt Realty and Condo 1 Alexandria offers full service management for condos, townhouses and single family residential properties. Condo 1 Alexandria is dedicated to maximizing your profits without sacrificing on service. Here's some of what we do for you:

Lease Administration

Our brokerage will prepare your lease, find and screen tenants.

Rental Servicing

There are a lot of annoying details that landlords must deal with: unless they have a property manager. Our team handles billing, collecting, processing and servicing your rental accounts, staying on top of your cash flow.

Rate Analysis

Will Nesbitt Realty and Condo 1 Alexandria will analyze the market and find the rental rates that will make you the most money.

Building Maintenance

Condo 1 Alexandria and Will Nesbitt Realty LLC keeps your properties in top operating order.

Marketing

Our strategy is designed to keep your occupancy and tenant retention rates at maximum efficiency.

Vendor Negotiations

We only deal with reputable handymen, landscapers, appliance repairmen and service people. We'll negotiate you best deal and keep your rental operating smoothly.

Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC

Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County ·

Does your HOA or condo restrict vehicles?

When I found this out I was a bit upset, so I worked a round of emails through the tenants, the landlord and the condo association. We advised all parties concerned that Condo 1 Alexandria proceeds from several assumptions:

1. Landlord and the tenants are entitled to all the benefits and rights of the subject association
2. Our tenants and landlords are bound by the same rules and regulations as everyone else. 
3. We also believe that we are part of a community and as such we should treat our neighbors with respect and dignity. 

I treat the condo associations as if they were our friends and neighbors.  

Now, if my next door neighbor improperly parked a vehicle at my home, my response would be to discuss the matter with my neighbor. My neighbor might not know the rules. My neighbor might need one night of lenience. My neighbor might have some reason for doing what he is doing. By talking with my neighbor or by issuing a warning of some sort I could preserve a friendship and partnership with my neighbor.

If my neighbor was not reasonable and if I could not come to an informal solution, then we would agree---as friends and neighbors---to fall back on the rules and regulations that guide our community.  

Tow First --- Ask Questions Later

I was upset because someone at the association or the towing company made the decision to tow first and ask questions later. That policy is the quickest way to destroy a community and pit neighbor against neighbor. Condo 1 Alexandria and our tenants and our landlords do not want to antagonize our neighbors or community. But, we ask that our neighbors wish us the same.

  As a part of my due diligence, I reviewed the new parking resolutions at Island Creek and came to understand that the tenant's work van was an unauthorized vehicle per the new November regulation. I had an older set of condo docs. Commonly, commercial vehicles are banned in residential areas, but there is a difference between a commercial vehicle and a work van with a logo painted on it.

Landlords and tenants should know that I do not make it my business to read each new resolution from the forty or so condo associations where Condo 1 Alexandria does business.

But if you ask me I personally think that the new Island Creek resolution diminishes the value of Island Creek, because it diminishes the number of people who will live in (and thus buy or rent in) Island Creek. However, I respect the resident's right to choose the type of community they wish and I agree that my clients will abide the resolution as written. I apologize for any offense, but I am complaining to better the community---not to make enemies. 

Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC

Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County ·

Condo 1 Alexandria provides property management services.

You get the cash flow. We get the work.

Your investment in your condominium is a business like any other. As a landlord, you have expenses, income and with perserverance the expectation of financial reward.

In the business of real estate investment, nearly all cashflow comes from tenants. And that's the catch: If you have tenants, you will have problems. Even the best of tenants have needs and all properties will require maintenance or management at some point.

A good renter will respect your property and pay timely rent. A bad renter can damage or destroy your property. The worst of all renters damages your property and does not pay any rent at all. Life's too short to deal with bad renters.

At Condo 1 Alexandria, we'll find the best quality renter for your property. Once the property is leased, we'll do the administration and handle the details of managing the property. We'll maintain your good name and foster good relations between you and the tenant, but we will set clear boundaries so that your renter understands his rights and duties as a tenant.

Call us now to discuss how Condo 1 Alexandria can serve your needs: 703 765 0300.

Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC

Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County ·

Another reason you need a rental agent ...

I just found this posted on the Q&A section and thought it was an excellent lesson for renters who would prefer to act as their own rental agent.

Q. oh my goodness! what a mess! ok here it goes. My husband and I moved to Las Vegas from WI, and we were in contact with the landlord by email.Well she sent us pic and we looked at them it seemed good on "line" that is. Well in her emails she stated the house needed painting but she did not have the "money" as of yet " But she did say would paint "later" So my not so smart hubby, sent her $2600 and she faxed the lease .When we arrived 4 days later and she met us at the property @11pm! When we went in the house it was not at all what it was on line !!!!!!!!!!!!!!!!!!! I was so peeved! I TOLD HER I WANT THE $2600 BACK!She said she did not have it & I thought i was going to have a nervous breakdown! She had the nerve to say we were too picky at the moment I could have dropped kicked her!!! NO paint!, carpet coming up and dirty!holes in walls because of nails! dirty , and too top it off BIG ASS COCKROACHES!!!!!!!!!!!!!!!!!!!!! So my son & hubby took me aside to come me down!In the least we were to "maintain" the bug pest controll "Maintain" Not come into a house thats Infested! SO anyways to make a long story shorter... "LOL" we were mislead from the beggining , and she took off$700.00 and we painted only part of the interior... We did not look at the lease "date and she did not pro rate "She has march 1st -april 1st . and we got there march 27th .So we have had nothing but problems w/her and now our refrigerator does not work and we have told her time in and time out and she has never sprayed for bugs and she never has painted and she has done absolutely nothing!!! And since march we have been paying rent , its now aug and in july I got a hold of legal aid and explained to them our situation .That told us STOP PAYING RENT SEND HER A LETTER TELLING HER THIS NEEDS TO BE DONE!So we did and she came back with a nussinnce" letter of what we wanted done ! She said un authorized dogs which is a lie she knew about it!and refrigerator,and carpet. We went to court and the landlord started to talk about the rent &the judge said thats not what you have here! Nothing about the rent! The judge said if you want the money you need to sue! Then the judge said but it would be in your best interest not to ,because there are alot of things you did not do!!! Then the judge says to us why don't you just move.. And we said we are aug 21 2008. So thats what we are doing. But now we were served small claims court! I need to know what do i do now??

I won't attempt to answer this question in this blog, rather I submit the letter as a general lesson about what can happen when you choose to work without professionals. 

The questioner is well aware of the many mistakes the landlord made, but she is blind to the mistakes that she herself made. The landlord is convinced that the tenant is the problem.  The judge knows the truth: both parties are in a mess and both parties made serious mistakes.  The best thing would be for these two to part ways as quickly and unceremoniously as possible. Small claims court will sort out the left-overs to see what rent if any is due.

So what's the best/safest way to find a rental?

The goal is to find the rental that suits all of your needs, most of your wants and fits your budget. What's the most effective choice to realize that goal? You can: Do it yourself; or Enlist the services of a rental agent.

If do it yourself, then you are in effect your own rental agent. That means you must rely on your own personal knowledge of the area and your own contacts to find your perfect rental. Of course, you could change your own oil, put in your own stitches and you could cut your own hair, too. The only difference is that you have pay for these services and a rental agent's services are totally free to the renter! Worse still, if you don't have a professional doing the work you may have a botched hair-cut, engine problems or a tale like the lady with the rental question. 

What does a rental agent do?

A rental agent's job is to listen to your needs and then help you identify rentals that meet your needs. rental agents typically have in depth knowledge of the community and they are often aware of market rates. It's not uncommon for a "connected" rental agent to know of rental opportunities that are quietly listed and generally unknown to the public.

A rental agent's fees are paid by the landlord, so there is no expense to the renter. It really is in the renter's best interests to employ the services of a trustworthy rental agent.

Finding the right rental agent.

The problem is many rental agents really only work for one landlord and thus only support their employer's building(s). Any agent at an apartment complex will only show properties at that complex or at another complex owned by the same landlord.

Further, many realtors and real estate agents won't deal with renters. Here's why.

After all the fees are paid, a rental agent generally makes about one eighth of a single month's rent for a rental. For a typical one bedroom apartment in the DC area the rental agent is often paid a paltry $160. (No withholding and no benefits.) So it's tough to find a rental agent who cares about your needs. Additionally, many renters are oblivious to the benefits of professional assistance and don't really take best advantage of the rental agent's expertise.

No charge to you ... but not FREE!

When you find a quality agent who is willing to help with your search, it's a good idea to maximize your productivity before the agent loses interest in your problems. Most rental agents (like most people) are good people and they care about their client's needs. At the same time, there comes a point where the rental agent has to consider his/her own self-interests. Because the pay-off is so small for the agent, even the best rental agent loses interest very quickly if the renter has unrealistic expectations or if the renter isn't ready to make a decision. 

So, it's in the renter's best interest to take advantage of the rental agent's expertise, but it makes sense to budget your time with the rental agent. For example, rather than using the rental agent's gas or time to figure out what the renter wants, a smart renter approaches the rental agent with an idea of wants and needs, and then uses the rental agent's expertise to secure the best possible residence.

I personally have gotten to the point that I am very picky with accepting rental clients.  I make sure that I explain to them upfront what my service is and is not. If you're looking for a rental in Alexandria and parts of Arlington please give me a call.

BTW, I have two great rental listings at the moment. Both are 1 BR's well under $1300 and the rents include all utilities. One is at River Towers and the other is at the Fountains.

Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC

Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County ·

Property Management 101

Property management is a business in and of itself. If you want to invest in real estate, but you don't want to be a property manager, the solution is really quite simple: employ the services of Condo 1 Alexandria. Our property managers are experienced individuals who will manage the day-to-day operations of your propery. We manage residential properties, multi-family properties and even homeowners and condo associations.

A big value-add provided by your Condo 1 Alexandria property manager is "separation". This to say, your Condo 1 Alexandriaproperty manager maintains a level of separation between the landlord and the tenants and the property. As you may already know, it's important to invest in real estate without emotionally investing in tenants or property. Your Condo 1 Alexandria property manager helps ensure that you always make the best decision for your family, rather than making the best decision for the tenant's family.

So, your Condo 1 Alexandria rental property manager serves as a buffer between the owner and his tenants. Condo 1 Alexandria can help you find tenants, handling repair projects and maintenance, oversee improvements, collect rent, and even pay some expenses and taxes. The specific tasks we handle vary based upon upon the needs and wishes of the property owner.

Condo 1 Alexandria Property Management also handles commercial properties such as office buildings, freeing the owners from the day to day responsibilities. Additionally, a competent Condo 1 Alexandria property manager gives you protection from certain liabilities.

Condo 1 Alexandria usually charges a percentage of the rents collected. Every aspect of Condo 1 Alexandria property manager's responsibilities will be outlined in a contract signed by both Condo 1 Alexandria and the landlord. This agreement details financial responsibilities and specifies the types of financial reports the landlord can expect.

Your Condo 1 Alexandria property manager will stay current on new laws and condo regulations which may be relevant to your situation. Condo 1 Alexandria Property Management takes a lot of the burden off of owning rental real estate. Most Condo 1 Alexandria property managers are themselves landlords. They know your needs.

Sponsored by Condo 1 Alexandria / Will Nesbitt Realty LLC

Serving real estate needs of Northern VA · in Alexandria · in Arlington · in Fairfax County ·