Rental investment owners hire a property manager to relieve the stress of managing a rental all by themselves. In return, they expect the property managers to fulfill their responsibilities.
One of the many responsibilities of a property manager is to carry out effective business communication with the owner. While it helps the managers understand the needs of homeowners, it also allows the owners to stay up-to-date with their Arlington home and enjoy a hassle-free rental management experience.
Here are a few things you can expect your Arlington property manager to communicate.
Your property manager should inform you about any maintenance issues that arise in your rental. Minor problems like broken windows, minor leaks, or repair of cracks in the roof can be taken care of by the management. However, they must promptly inform you of major issues like damaged foundation, asbestos, or mold in the ceiling. In addition, records of all tenant’s repair requests must also be maintained and submitted to you every month.
Every rental home undergoes normal wear and tear over time. However, if the manager comes across any other damage that warrants extensive repairs during routine inspections, they must inform you immediately. You should also expect to be informed about the cause of such damage and the estimated cost of repairing the same.
According to the Virginia residential Landlord and Tenant Act, the yearly lease you have signed with your tenant gets converted into a month-to-month lease if you fail to terminate it with due notice when it ends. If you hire an Arlington property manager, you can expect him to remind you to renew the lease and keep track of all lease renewal fees as well.
As a landlord, lowering the vacancy rate is one of the primary reasons for hiring a property manager. Therefore, when your tenant vacates your Arlington rental, your manager must immediately inform you and start the search for new potential tenants. They should also assist you with finding the right tenants with the help of their marketing and listing services.
The Virginia landlord and tenant act outlines the details of a rental agreement, including the date of rent payments and the particulars for late payment. As a landlord, you can have a clause for late fees and mention it in the rental agreement. You can expect the assistance of your manager to guide you through this process. Additionally, they should also keep you in the loop while collecting rent from your tenants and inform you about missed rent payments.
Income and expense statement reports include the details of the monthly income generated from your rental and the expenses towards the maintenance and repair. Your property manager is required to provide a comprehensive statement outlining the specifics of your income and expenditure. This can help you plan your rental budget and understand whether your investment is making the profits you expect.
Every state has additional rental laws and housing acts in addition to the federal laws. As a homeowner, you must always be up-to-date with the recent developments and changes in the housing laws. When you hire an Arlington property manager, they should update you with the current guidelines that are relevant to your investment.
Smooth and transparent communication plays an important role in building trust between the manager and the homeowner. Our property managers at Arlington Realty Property Management are excellent communicators and keep the investors well-informed about every aspect of their Arlington property.
For more details, contact us at Arlington Realty Property Management.
