Landlords and others who are not in property management may be shocked to learn how many people lie about their incomes on rental applications. Not only do some applicants lie about how much they make, they lie about about where they work! This has taught us to verify income for each and every applicant.
After we verify the income amount and source we compare that income to the monthly rent to make sure that the tenant can afford the place. We use industry standard practices to calculate ratios to determine if the applicant can afford existing debt obligations and still have plenty of income to cover the monthly rent.
Our Five Step Process
Property Management Basics
Is Hiring a Property Manager for You?
Although hiring a property management company has many advantages, there is a cost associated with hiring a property manager. In addition to the expense of property management, there are other reasons why property management may not be for you. Consider the following factors to determine if hiring a property management company would be a good decision for your property.
Ask yourself these questions to be able to make an informed decision:
- Will you live and work near your rental property? Northern Virginia is a very transient area. We have more than our share of military, diplomats, State Department, political appointees, and academia. If you’re getting transferred across the country or around the world, it might be a good idea to let a professional manage your rental. Even simple tasks get complicated very quickly when you aren’t around to manage the details.
- Do you want to handle the details of property management? Some landlords look forward to the challenge of finding good tenants. Some landlords find that maintaining a property and managing details is rewarding and enjoy taking late night calls. On the other hand, if you think rental property ownership is a chore and want little or nothing to do with the day-to-day management of your properties, you should probably consider hiring help to manage your property.
- How busy are you? Even if you find hands-on management rewarding, you may not have much time to devote to your property management business. If you already have a full-plate, then the last thing you need is more to worry about, thus; the hiring of a management company may be an excellent idea when investing your hard-earned money.
- Can you afford the cost? Let’s face it. Hiring a property management company is a much more attractive option if you can afford it. If monthly cash-flow is not an issue, you’ll likely save money by paying a property manager and writing off the expense. If at the end of every month cash is tight, however, you may not want to hire a property manager.
- Can you afford the risk? Are you familiar with the Virginia Residential Landlord Tenant Act? Are you aware of what are tenants’ rights? Do you know your responsibilities? The more you know about property management in today’s litigious culture, the more you’ll understand the value of having a professional in your corner.
- Do you have access to a network of maintenance people? All properties require maintenance. When your tenant calls you in need of repair will you know who to call and what to do in a timely fashion? If not, you may want to consider hiring a property manager.