I own and self-manage two properties in DC. They are both units in large luxury condominiums. One is in Chinatown, the other is in Capitol Hill.
Wondering if the community has some wisdom to share on the following topics:
1) Does anybody hire property inspectors for move-outs? I have a set of tenants moving out of a unit in a couple of months and I'd like to hire a professional to examine the unit and let me know what repairs will need to be made after they move out. Professional property inspectors who examine units before you buy them are one idea, but are there professional property management companies that offer this service on an a la carte basis? Or is there another, more efficient way to do this?
2) If you hire agents to find renters for your units, what percent of first month's rent do you offer to the renter's agent? I know the standard in NoVa is 25%. Is it higher in DC?
Any wisdom you all can share on the above issues is much appreciated.
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Not sure an inspection is really worth the cost here. Youd be dropping about $500 for that.
As for price to rent out...expect in the range of one months rent, thats typically split evenly between the listing agent and tenants agent. Thats pretty typical in NoVa as well. Ive never seen one listed at 25% which would mean the tenants agent is getting 12.5%. That would equate to like minimum wage.
Many rentals in the area though are handled by the owners, more so than in cities like NYC and Boston.
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