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We Want To Know If The Applicant Can Afford The Rent

Vetting Tenants — How we protect the landlord’s interests. We Want To Know If The Applicant Can Afford The Rent

Income Verification

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.

 

 

Property Management Basics

Sean
Regardless of the situation, we all start out here.
If you have never had a property manager before, you are probably curious and would like to learn about the roles and functions of property managers and what type of impact having one designated to you will have on you business affairs. The scope of a property manager is wide, and a property manager strives to:
  1. Collect rental fees. Each sum of money received is placed in an escrow account. Funds are disbursed for the payment of bills, income to the landlord, and the property management company fees.
  2. Maintain accurate records of funds, receipts, and expenditures; and regularly furnish these records to respective landlords.
  3. Handle all matters with HOA/COA.
  4. Manage all tenant relations which include maintenance requests and late fee notices. Deal with a laundry list of tenant problems such as unauthorized guests, unauthorized pets, parking issues, tenant cleanliness, noise violations, neighbor complaints, and the list goes on. We also manage the process of prosecuting actions to evict tenants on an as-needed basis.
  5. Ensure compliance with state laws, local ordinances, licensing requirements, association rules, Fair Housing laws, insurance requirements, and IRS requirements.
  6. Manage and dispatch handymen when necessary.
  7. Inspect the property periodically: at the time of move-in, move-out, and frequently during tenancy.
Generally, money does not flow from the landlord to the property manager or from the tenant to the landlord; but it flows from the tenant to the property manager to the landlord. Fees and commissions are withheld upon collection of rental fees. Our agreements are standardized and its duration is a one-year period; however, either party may terminate the agreement at the end of a 30-day notice. If you are interested in learning more, you may want to find out what differentiates Nesbitt Realty from other property managers. [Learn more about our property management services now.]  

Northern Virginia Property Management Resources