Frequently Asked Questions for
Why should I hire a property management company?
From advertising and leasing to conducting inspections and performing routine maintenance, the activities of property management can be demanding and constant. Our mission at ProActive Real Estate services is to take these burdens off your shoulders by making ownership of real estate investment properties as seamless an experience as possible.
We frequently see owners discount the cost of their own time and energy when it comes to managing an investment property. Our advice: don’t underestimate the difficulties that come with properly managing a rental property.
By hiring a trusted team of property managers, you can ensure that you are enhancing the value of your real estate assets while providing a high quality experience for your tenants, helping you keep peace of mind.
What services does the ProActive Team provide?
Among other things, ProActive Real Estate Services handles the following:
- Agent for the landlord (owner)
- Preparing rental properties for leasing
- Inspect properties before, during, and after a lease term
- Market and advertise properties
- Make properties available for prospective tenants to view
- Screen applicants
- Coordinate lease signings and lease renewals
- Collect rent
- Ensure utility and other property expenses are paid
- Maintain the investment property
- Provide administrative and financial property management
- Communicate with owners and tenants
- Use a custom attorney-drafted lease that ensures the highest level of protection for the rental property owner
- Leverage unique leasing strategies based on market conditions to protect the owner
- Manage collections and evictions if needed
- Offer a state of the art communication and information platform for tenants and owners through Buildium
What type of rental properties does the ProActive Team manage?
We primarily manage single-family homes, townhomes, condos, duplexes, and small to medium size multi-family apartment communities throughout Hampton Roads. Our geographic focus is on Norfolk, Virginia Beach, Chesapeake, Suffolk, and Portsmouth.
What is needed to get set up?
Our first step is to conduct a property management consultation. The ProActive Team will speak with you regarding your property and rental plans.
We will visit your property in person to ensure its readiness and marketability. Afterwards, we will send you onboarding documents, ask you to complete a Property Owner Questionnaire, and conduct a preliminary marketing inspection to determine if any improvements are needed to your property. Lastly, once your documents are signed, we will conduct a final ProActive Ready Inspection and list your property for rent.
From start to finish, we will mirror your motivation. We can market the property as slow or as fast as you need us to when it comes time to finish onboarding.
How long will it take to rent my property?
The marketing period for a rental property will vary based on the location, rental rate, unit type, market conditions, and other factors. We have a dedicated marketing manager that guarantees the highest level of exposure that will minimize vacancy time. Properties in desirable locations that are in good condition with favorable rental rates will typically be the fastest to lease.
What will my property lease for?
Your investment property lease rate will be determined by the property’s location, quality, unit type, length of lease, time of year, and many other factors. Setting a rental rate is often guided by comparable properties in your local market at the time of your listing. The short answer: it depends.
By working with an experienced property manager like ProActive Real Estate Services, you can ensure that you are renting your property for a rate that optimizes value to owners by factoring in market rate rents and vacancy costs.
Do I need to handle advertising and leasing for my property?
No, the ProActive Team handles all marketing and advertising for your rental property listing. Our systems and processes ensure your listing has maximum exposure to the market and gains interest from prospective renters.
As potential tenants submit applications, our team will screen and select tenants and handle all aspects of inspecting and leasing your property before move-in.
How do you screen and select tenants?
Among other things, we consider credit history, income, length of employment, proof of identity, number of residents, rental history, and criminal record.
ProActive Real Estate Services is committed to providing Equal Housing Opportunity for all applicants and fully complying with the Federal Fair Housing Act. ProActive does not discriminate against any person because of Race, Color, Religion, Sex, Handicap, Familial Status, National Origin or Age.
How frequently will I need to interact with my tenants?
The ProActive Team handles all tenant communication. Though special cases may arise when a property owner needs to visit a rental property or interact with tenants, we strive to make your ownership of investment properties a passive experience.
What happens if the tenant does not pay their rent?
A missed payment is considered a default under the lease agreement. Rent is due on the 1st of the month with a late fee grace period through the 5th of each month. If rent is not received by the morning of the 6th, a 5 day pay or quit notice is sent to the tenant. If rent is still not paid at the expiration of the 5 day pay or quit notice, then the owner can elect to seek possession and judgment for unpaid rent by filing an unlawful detainer (“UL”). Once the UL is filed it typically takes about 3 weeks to obtain a court date. Once the judge grants possession to the owner, then a writ of eviction is filed with the sheriff. Ten days after the writ of eviction is filed, the sheriff will schedule the eviction.
Who pays for property repairs and maintenance?
Most of the time, property owners are responsible for general repair and maintenance costs on the property. Unless there is proof tenants have caused significant damage to the property or were negligent, owners will be expected to cover wear and tear expenses.
What other investment property expenses should I consider?
The majority of expenses associated with preparing an investment property for rent will be upfront costs related to repairs, maintenance, and improvements of your rental. Ongoing expenses may include items like insurance, taxes, inspection fees, and utilities that are not covered by your tenant. For certain rental properties, advertising costs and screening costs may be part of owner expenses. Property owners should also expect to pay nominal legal and administrative fees that are necessary for preparing and leasing their property.
What are my entry rights for a rented property?
Typically, we ask our property owners to enter the rental property as infrequently as possible as a courtesy to tenants. It is best practice to provide ample notice and flexibility to tenants when scheduling visits.
From a legal perspective, tenants must be notified at least 72 hours before entering the premises unless the tenant has requested maintenance in which case it is 24 hours.
How will you ensure my property is taken care of?
The ProActive Team conducts safety inspections every six months as a general best practice to perform preventive maintenance and ensure livability of all properties. In addition, when a tenant is moving out and at any other time as requested by the owner, we will conduct a property inspection to assess the property’s condition.
Where can I login to my property management portal?
Property owners can login to their Buildium account here.
How much does the ProActive Team charge an owner to manage a property?
Monthly management fees are a minimum of $150 per month or 10% of the monthly rent amount. For example, if your property has a monthly rent of $2,000, your management fee will be $200 per month. This cost covers all tenant communications, marketing and leasing, collecting monthly rent, paying you distributions (the owner), and fielding maintenance requests. For larger multifamily properties, a property management fee may be determined at the broker’s discretion.
Other than the management fee, what other fees should I expect?
Upon selecting us as your management company, there will be an onboarding fee of $250 to cover administrative set up, preparing your property for listing on the market, and showing your property to prospective tenants.
Please note it is common that investment properties may need additional cleaning, maintenance, detector installation, and landscape work prior to the home being ProActive Ready and marketable. These costs will vary depending on the condition of your property.
Lastly, there is a $250 reserve fund fee that is held by our company to address maintenance issues that may arise once your property is leased. This prevents our team from requiring owners to make contributions for minor repairs.
Why should I choose the Proactive Team over other property management companies?
We are a locally-owned and operated business focused on making ownership of rental property in Hampton Roads as seamless as possible. With decades of experience and market knowledge, we offer top notch professionalism in every real estate transaction. Our goal is to help property owners create sustainable value through real estate rental properties. We do that by living our core values and building relationships on trust and transparency to help you navigate real estate transactions of all types. If you are considering hiring a property management company to handle your investment, give us a call today.
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