Check with past landlords
This is usually the slowest part of the process because former landlords are not always quick to respond. Part of the process of checking with past landlords is verifying that the phone number provided is actually the landlord's phone. Then we need to verify that the person who claims to be the landlord actually owns the property that the applicant claimed to have rented. Once we've done all this, we talk to the landlord and ask them a series of questions about the applicant. Landlords can be very informative, especially in off-the-record conversations. This is an important window into understanding what sort of applicant we are dealing with.
Our Five Step Process
Property Management Basics
Do you really need a property manager?
Although hiring a property management company has many advantages, there is an expense associated with hiring a property manager. In addition to the cost of property management, there are other reasons why property management might not be for you. Consider the following factors to determine if hiring a property management company would be a good decision for your property. Ask yourself these questions:- Will you live and work near your rental property? Northern Virginia is a very transient area. We have more than our share of military, diplomats, State Department, political appointees and academia. If you're getting transferred across the country or around the world, it might be a good idea to let a professional manage your rental. Even simple tasks can get complicated very quickly when you aren't around to manage the details.
- Do you want to handle the details of property management? Some landlords look forward to the challenge of finding good tenants. Some landlords find that maintaining a property and managing details is rewarding and enjoy taking late night calls. On the other hand, if you think rental property ownership is a chore and want little or nothing to do with the day-to-day management of your properties, you should probably consider hiring help to manage your property.
- How busy are you? Even if you find hands-on management rewarding, you may not have much time to devote to your property management business. If you've already got a full-plate, then the last thing you need is more to worry about, thus hiring a management company may be a good way to spend your money.
- Can you afford the cost? Let's face it. Hiring a property management company is much more attractive option if you can afford it. If monthly cash-flow is not an issue, you'll likely save money by paying a property manager and writing off the expense. But if at the end of every month cash is tight, you might not want to hire a property manager.
- Can you afford the risk? Do you understand the Virginia Residential Landlord Tenant Act? Do you know the tenant's rights? Do you know your responsibilities? The more you know about property management in today's litigious culture the more you'll understand the value of having a professional in your corner.
- Do you have access to a network of maintenance people? All properties require maintenance. When your tenant calls you in need of repair will you know who to call and what to do in a timely fashion? If not, yo might want to consider hiring a property manager.
Northern Virginia Property Management Resources
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Basics
Fundamental info regarding property management in Northern Virginia.
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Getting Started
Learn more about getting started with rental property management
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Find A Tenant
List your property to rent to find a great tenant in Northern Virginia fast.
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Accounting
How does Nesbitt Realty keep track of income and expenses for landlords?
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Cost
A list of prices of rental management in Northern Virginia
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Vetting
How Nesbitt Realty checks the backgrounds of renters for our clients.
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Reserves
What is a contingency reserve account?
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Territory
Where does Nesbitt Realty manage property?
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Clients
Who uses Nesbitt Realty management services?