New to Real Estate · Fairfax, VA · Member since 2020 · 35 posts · 10 votes
Hi BP,
I’m moving out to a different state and planning on renting my townhouse in Falls church NOVA. This will be my first rental property so I’m very new to the process and need your help! My first question, what is usually the deal with renting out? Can I get a property manager that will do the listing of the property, find a tenant and do all the paperwork? Or do I need to get a realtor and a property manager? And how much would that cost? I’ve heard 7-10% of monthly rent for management and not sure about the renting part? Is it a full month rent?
second question, any recommendations for a good property manager in northern Virginia? And what are good questions to ask when interviewing a potential manager?
Final question. Anyone recommends getting a home warranty? My house is small about 1000sqft and appliances ages varies between 5-15 years.
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
3y
Can I get a property manager that will do the listing of the property, find a tenant and do all the paperwork?
Yes
Or do I need to get a realtor and a property manager?
No
And how much would that cost? I’ve heard 7-10% of monthly rent for management and not sure about the renting part? Is it a full month rent?
8-12% of monthly rent each month, and a full month's rent to do marketing, screening and placement of a tenant
second question, any recommendations for a good property manager in northern Virginia? And what are good questions to ask when interviewing a potential manager?
It's been a few years but I used to have a property managed by Peake and I liked them. I've heard good things about KRS. "Interviewing" is overkill, just read reviews. But ask them any questions you want to
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
3y
Can I get a property manager that will do the listing of the property, find a tenant and do all the paperwork?
Yes
Or do I need to get a realtor and a property manager?
No
And how much would that cost? I’ve heard 7-10% of monthly rent for management and not sure about the renting part? Is it a full month rent?
8-12% of monthly rent each month, and a full month's rent to do marketing, screening and placement of a tenant
second question, any recommendations for a good property manager in northern Virginia? And what are good questions to ask when interviewing a potential manager?
It's been a few years but I used to have a property managed by Peake and I liked them. I've heard good things about KRS. "Interviewing" is overkill, just read reviews. But ask them any questions you want to
Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 489 votes
3y
Hi Taha,
I would recommend you check out the NARPM website. It is a free resource to locate PM companies in your desired area. I have linked it here for ease of use. If you have any questions or need help navigating the site, I am happy to help. Good luck & happy investing! https://www.narpm.org/find/property-managers/
Encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
To avoid going through the same poor experience, keep reading.
Even if someone give you a referral, don’t make the mistake of assuming that PMC will meet your expectations, just because they met the expectations of the referral source.
We also can’t believe how many owners hire the first PMC they speak with!
Then they complain their expectations aren’t being met!
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.
It's often a case of not doing enough research, as they don't know what they don't know!
Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – and they often select the first PMC they call!
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.
EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!
This also leads owners to ASSUME simpler is better when it comes to management contracts.
The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!
We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.
We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:
We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.
EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!
P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
Real Estate Agent · Northern Virginia · Member since 2021 · 106 posts · 50 votes
3y
Number Nicolas provided are all pretty accurate. I'd second everything there.
Can check out Home Pro Property Management. They work in that area. I know the owner, he is great. Happy to connect you if you'd like or just check out their website.
RentWerx Property Management4.73296 Reviews
Logical Property Management4.9453 Reviews