Property Management 101

Property management is a business in and of itself. If you want to invest in real estate, but you don't want to be a property manager, the solution is really quite simple: employ the services of Nesbitt Realty. Our property managers are experienced individuals who will manage the day-to-day operations of your property. We manage residential properties, multi-family properties and even homeowners and condo associations.

A big value-add provided by your Nesbitt Realty property manager is "separation". This to say, your Nesbitt Realty property manager maintains a level of separation between the landlord and the tenants and the property. As you may already know, it's important to invest in real estate without emotionally investing in tenants or property. Your Nesbitt Realty property manager helps ensure that you always make the best decision for your family, rather than making the best decision for the tenant's family. So, your Nesbitt Realty rental property manager serves as a buffer between the owner and his tenants. Nesbitt Realty can help you find tenants, handling repair projects and maintenance, oversee improvements, collect rent, and even pay some expenses and taxes. The specific tasks we handle vary based upon upon the needs and wishes of the property owner. Nesbitt Realty Property Management also handles commercial properties such as office buildings, freeing the owners from the day to day responsibilities. Additionally, a competent Nesbitt Realty property manager gives you protection from certain liabilities.

Nesbitt Realty usually charges a percentage of the rents collected. Every aspect of Nesbitt Realty property manager's responsibilities will be outlined in a contract signed by both Nesbitt Realty and the landlord. This agreement details financial responsibilities and specifies the types of financial reports the landlord can expect. Your Nesbitt Realty property manager will stay current on new laws and condo regulations which may be relevant to your situation. Nesbitt Realty Property Management takes a lot of the burden off of owning rental real estate. Most Nesbitt Realty property managers are themselves landlords. They know your needs.

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.]   In Northern Virginia, there is a family-owned real estate company called Nesbitt Realty.  

For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.