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Category: Property Management

Tips for landlords and property management services offered by Condo Alexandria in managing condominiums.

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Commonwealth of Virginia caps Application Fee for Tenants

MoneyThe Commonwealth of Virginia has passed HB 720 sponsored by G. Glenn Oder to address landlord and tenant with a definition of application fee, etc. and manner of serving notice to tenants. This new law adds, among other things, a definition of "application fee." Application fees are now capped at the fee at $50, and provides that such fee is nonrefundable. The bill also defines "written notice" as notice, including any representation of words, letters, symbols, numbers, or figures, whether (i) printed in or inscribed on a tangible medium or (ii) stored in an electronic form or other medium, retrievable in a perceivable form, and regardless of whether an electronic signature is affixed. In other words, landlords and tenants can now give legal notice via email, Facebook or other electronic media, even without an electronic signature. In cases where a tenant pays rent with a bad check, the bill also allows a landlord to seek an award of costs or attorney fees or the lesser of $250 or three times the amount of the bad check, draft or order as part of the damages requested on an unlawful detainer action, provided the landlord has given notice. The bill allows such notice to be included in the five-day termination notice at the option of the landlord. The bill contains specific provisions if the dwelling unit is a public housing unit or other housing unit subject to regulation by the Department of Housing and Urban Development.

Rental Hunting

Rental Hunting may be a rather daunting task for potential renters. Often, the variety of options available to these renters is a source of overwhelming frustration for them. With so many appealing options, it may be difficult to choose only one. However, there are some tips which may help to ease the process of rental hunting. Finding the perfect rental may be broken down into three simple steps.
  1. The first step is to set a budget.
  2. Then, discuss matters with an agent in {Location_Name} who will research all available options.
  3. Your agent will help you to comparison shop to determine which option is the best.
Did you know that a rental agent costs the renter nothing?  Learn more about Rental Agents.

Introduction to Property Management

sunrooms
Carlyle Towers is one of many locations where Nesbitt Realty currently manages rental units.
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.
We manage townhouses, houses and condos.
This lovely kitchen is in Woodbridge in close proximity to Wegmans at Potomac Branch.

A Realtor’s Purpose

Finding a quality home to suit your taste will require a licensed real estate agent who offers expertise and connections if it is to purchase or rent a home. What would a realtor’s purpose be then?
  • Security. Even if you know what exactly what you are looking for in a home, you’ll need a realtor’s expertise to assure the quality of your potential home
  • Economy. You wouldn’t want to pay more for your new home and sell your old home for less than what it should be. A realtor has the access to the market information to make sure you get your right price.
  • Diversity. You may be able to view homes through public listings, but many of the best and perhaps your desired home will require you to have a realtor to view them.
Most of all, the whole process of hunting for your new home will be time consuming and challenging and that includes the right title transfer, financing and negotiating. If you want the peace of mind of finding your dream home, a realtor’s expertise serves its purpose. Let our licensed real estate agent assist you, contact us at:

Nesbitt Realty

nesbittrealty.com 1451 Belle Haven Rd. #222 Alexandria VA 22307 LICENSED IN VIRGINIA 703 765 0300 888 783 6391 (fax)

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Renting Can Be a Good Option for Sellers

Home owners who have been trying to sell their properties for a year or more might consider lease or a rent-to-own option. A lease option agreement gives the tenant the option to buy at a predetermined price for a rent that is slightly higher than market. In a lease purchase, a buyer commits to buying the property. In exchange, the seller credits a percentage of each payment toward the purchase price. Either arrangement is likely to attract serious renters who would like to buy the property if they can. In exchange, they’ll take good care of it. Negotiating these agreements can be tricky, and the owner should always get help from a real estate professional. Normally, Nesbitt Realty charges a small percentage of the rent that is collected, and that is why landlords confirm that our fees are some of the lowest property management fees in Northern Virginia. The duties and responsibilities of your designated Nesbitt Realty property manager is outlined in the contract that is ratified by both Nesbitt Realty and the landlord. Our property management agreement is legal and recognized as it was prepared by the Northern Virginia Association of Realtors staff attorneys. This is a standardized agreement and it details the financial responsibilities, and it also specifies the types of financial reports that a landlord may expect.

What We Guarantee You

You are guaranteed that your designated Nesbitt Realty property manager aligns his/her work in accordance with amended laws and condo regulations which are relevant to your specific situation in {Location_Name}. Let us relieve your real estate burden. Do give us a call at (703) 765-0300 to discuss any questions or concerns that you may have. [Learn more about commitment to excellence in property management now.] Nesbitt Realty will strive to make the sales process as easygoing and stress-free as possible.  

When the rent check bounces …

At Condo Alexandria, we take very seriously our duties at property managers. One thing we do NOT play around with is rent checks.  When a rent check bounces, we go into action taking the following actions as our discretion dictates:
  1. We hand deliver a letter and notice stating the check has bounced which includes a photocopy of the bounced check front and back.  That notice includes a 3 day "pay or quit" notice.
  2. We give the tenant 72 hours to cover the check. The tenant must also pay all bank fee's which we have been charged. Our notice makes clear that if the bad check is not covered within the time allotted, we will turn it over to the commonwealth attorney for prosecution.
  3. Payment must be make with either a money order or a cashier's check. Cash or checks are not accepted.
  4. Condo Alexandria demand the payment be made personally. We will accept shipment only where a tracking number can verify where and when the check was sent and where it will arrive.
If the funds are not delivered in time, we take action immediately.  We've been doing this too long and heard too many stories to let the matter linger.  We can always call off an eviction, but we can never recoup lost days.  We also inform the tenant that once the attorney is involved, the tenant will be responsible for those fees as well.
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Will Nesbitt
Will Nesbitt is the Principal Broker of Condo Alexandria