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What a landlord can expect from a property manager

If you are a landlord, then you need a company you can trust to handle your operational responsibilities. Nesbitt Realty and Condo Alexandria have the experience you want in your property manager. Will has been a landlord for over 20 years and is a full service broker trained in property management. Nesbitt Realty and Condo Alexandria offers full service management for condos, townhouses and single family residential properties. Condo Alexandria is dedicated to maximizing your profits without sacrificing on service. Here's some of what we do for you:

Lease Administration

Our brokerage will prepare your lease, find and screen tenants.

Rental Servicing

There are a lot of annoying details that landlords must deal with: unless they have a property manager. Our team handles billing, collecting, processing and servicing your rental accounts, staying on top of your cash flow.

Rate Analysis

Nesbitt Realty and Condo Alexandria will analyze the market and find the rental rates that will make you the most money.

Building Maintenance

Condo Alexandria and Nesbitt Realty keeps your properties in top operating order.

Marketing

Our strategy is designed to keep your occupancy and tenant retention rates at maximum efficiency.

Vendor Negotiations

We only deal with reputable handymen, landscapers, appliance repairmen and service people. We'll negotiate you best deal and keep your rental operating smoothly. For more information or to set up an appointment call Stuart at (703)765-0300.

How can I find the rental that suits my specific needs?

Old Town over Whole FoodsThe goal is to find the rental that suits all of your needs, most of your wants and fits your budget. What's the most effective choice to realize that goal? You can: Do it yourself; or Enlist the services of a rental agent. If do it yourself, then you are in effect your own rental agent. That means you must rely on your own personal knowledge of the area and your own contacts to find your perfect rental. Of course, you could change your own oil, put in your own stitches and you could cut your own hair, too. The only difference is that you have pay for these services and a rental agent's services are totally free to the renter! A rental agent's job is to listen to your needs and then help you identify rentals that meet your needs. rental agents typically have in depth knowledge of the community and they are often aware of market rates. It's not uncommon for a "connected" rental agent to know of rental opportunities that are quietly listed and generally unknown to the public. A rental agent's fees are paid by the landlord, so there is no expense to the renter.

It really is in the renter's best interests to employ the services of a trustworthy rental agent.

The problem is many rental agents really only work for one landlord and thus only support their employer's building(s). Any agent at an apartment complex will only show properties at that complex or at another complex owned by the same landlord. Many realtors and real estate agents won't deal with renters. Here's why. After all the fees are paid, a rental agent generally makes about one eighth of a single month's rent for a rental. For a typical one bedroom apartment in the DC area the rental agent is often paid a paltry $160. (No withholding and no benefits.) So it's tough to find a rental agent who cares about your needs. Additionally, many renters are oblivious to the benefits of professional assistance and don't really take best advantage of the rental agent's expertise.

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

Another reason you need a rental agent …

for rent sign

Q. Oh my goodness! what a mess! Ok here it goes. My husband and I moved to Las Vegas from WI, and we were in contact with the landlord by email.Well she sent us pic and we looked at them it seemed good on "line" that is. Well in her emails she stated the house needed painting but she did not have the "money" as of yet " But she did say would paint "later" So my not so smart hubby, sent her $2600 and she faxed the lease .When we arrived 4 days later and she met us at the property @11pm! When we went in the house it was not at all what it was on line !!!!!!!!!!!!!!!!!!! I was so peeved! I TOLD HER I WANT THE $2600 BACK!She said she did not have it & I thought i was going to have a nervous breakdown! She had the nerve to say we were too picky at the moment I could have dropped kicked her!!! NO paint!, carpet coming up and dirty!holes in walls because of nails! dirty , and too top it off BIG ASS COCKROACHES!!!!!!!!!!!!!!!!!!!!! So my son & hubby took me aside to come me down!In the least we were to "maintain" the bug pest controll  "Maintain" Not come into a house thats Infested! SO anyways to make a long story shorter... "LOL" we were mislead from the beggining , and she took off$700.00 and we painted only part of the interior... We did not look at the lease "date and she did not pro rate "She has march 1st -april 1st . and we got there march 27th .So we have had nothing but problems w/her and now our refrigerator does not work and we have told her time in and time out and she has never sprayed for bugs and she never has painted and she has done absolutely nothing!!! And since march we have been paying rent , its now aug and in july I got a hold of legal aid and explained to them our situation .That told us STOP PAYING RENT SEND HER A LETTER TELLING HER THIS NEEDS TO BE DONE!So we did and she came back with a nussinnce" letter of what we wanted done ! She said un authorized dogs which is a lie she knew about it!and refrigerator,and carpet. We went to court and the landlord started to talk about the rent &the judge said thats not what you have here! Nothing about the rent! The judge said if you want the money you need to sue! Then the judge said but it would be in your best interest not to ,because there are alot of things you did not do!!! Then the judge says to us why don't you just move.. And we said we are aug 21 2008. So thats what we are doing. But now we were served small claims court! I need to know what do i do now??

I won't attempt to answer this question in this blog, rather I submit the letter as a general lesson about what can happen when you choose to work without professionals. The questioner is well aware of the many mistakes the landlord made, but she is blind to the mistakes that she herself made. The landlord is convinced that the tenant is the problem.  The judge knows the truth: both parties are in a mess, and both parties made serious mistakes.  The best thing would be for these two to part ways as quickly and unceremoniously as possible. Small claims court will sort out the left-overs to see what rent if any is due. So what's the best/safest way to find a rental? The goal is to find the rental that suits all of your needs, most of your wants and fits your budget. What's the most effective choice to realize that goal? You can: Do it yourself; or Enlist the services of a rental agent. If you do it yourself, then you are in effect your own rental agent. That means you must rely on your own personal knowledge of the area and your own contacts to find your perfect rental. Of course, you could change your own oil, put in your own stitches and you could cut your own hair, too. The only difference is that you have pay for these services and a rental agent's services are totally free to the renter! Worse still, if you don't have a professional doing the work, you may have a botched hair-cut, engine problems or a tale like the lady with the rental question. What does a rental agent do? A rental agent's job is to listen to your needs and then help you identify rentals that meet your needs. Rental agents typically have in- depth knowledge of the community, and they are often aware of market rates. It's not uncommon for a "connected" rental agent to know of rental opportunities that are quietly listed and generally unknown to the public. A rental agent's fees are paid by the landlord, so there is no expense to the renter. It really is in the renter's best interests to employ the services of a trustworthy rental agent. Finding the right rental agent. The problem is many rental agents really only work for one landlord and thus only support their employer's building(s). Any agent at an apartment complex will only show properties at that complex or at another complex owned by the same landlord. Further, many realtors and real estate agents won't deal with renters. Here's why. After all the fees are paid, a rental agent generally makes about one eighth of a single month's rent for a rental. For a typical one bedroom apartment in the DC area the rental agent is often paid a paltry $160. (No withholding and no benefits.) So it's tough to find a rental agent who cares about your needs. Additionally, many renters are oblivious to the benefits of professional assistance and don't really take best advantage of the rental agent's expertise. No charge to you ... but not FREE! When you find a quality agent who is willing to help with your search, it's a good idea to maximize your productivity before the agent loses interest in your problems. Most rental agents (like most people) are good people and they care about their client's needs. At the same time, there comes a point where the rental agent has to consider his/her own self-interests. Because the pay-off is so small for the agent, even the best rental agent loses interest very quickly if the renter has unrealistic expectations or if the renter isn't ready to make a decision. So, it's in the renter's best interest to take advantage of the rental agent's expertise, but it makes sense to budget your time with the rental agent. For example, rather than using the rental agent's gas or time to figure out what the renter wants, a smart renter approaches the rental agent with an idea of wants and needs, and then uses the rental agent's expertise to secure the best possible residence. I personally have gotten to the point that I am very picky with accepting rental clients.  I make sure that I explain to them upfront what my service is and is not. If you're looking for a rental in Alexandria and parts of Arlington please give me a call.

Condo Alexandria serves rentals in Alexandria

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

How are rental agents paid?

I just received this:

I am a student interested in the field of real estate. I understand that a real estate agent makes money on the sale of a property based upon a percentage of the final sale price. I was wondering how a real estate agent makes money on a lease of a rental property?

Thanks for the help, Jim

A landlord lists his property with a real estate agent for a number of reasons. The landlord benefits from the agent's experience and connections, but also because the agent has access to the MLS (or Multiple Listing Service) and other venues for promoting the rental property. There are many ways that a rental listing can be charged, but most usually the landlord agrees to pay a portion of the first month's rent to the listing agent.  The more the rent, the higher the commission paid.  Landlords are generally happy to pay this because a listing agent saves them time and money (as compared to ads in the paper plus dealing with calls from unqualified renters). If the renter has his own agent, the listing agent will pay a predetermined portion of the commission to the selling agent (as the renter's agent is called).  Please let me know if this helps.

Benefits of Renting

While there are some obvious benefits to buying over renting in {Location_Name}, there are also many benefits to be gained from renting a property as opposed to purchasing a property. Some of the benefits of renting include the ability to save money while renting for the purpose of purchasing a home. In addition, the inclusion of amenities which the renter would not likely be able to afford if they were to purchase a home instead of renting is also a benefit. Renters are also free from most maintenance concerns. This is especially true in a condominium. The renter may be responsible for small items such as changing light bulbs but more extensive repairs are typically covered by the landlord. If you're looking for a rental unit, contact us to learn more about how a Rental Agent in {Location_Name} may help you to find the best deal possible. For more information or to set up an appointment call Stuart at (703)765-0300.

Renter expectations

Stuart NesbittOne of the most important roles as a realtor is to set expectations for rental clients with regards to
  • Availability
  • Budget
  • Turn-around
  • Space
Some of the biggest shocks to renters include:
  • Having pets drastically reduces what's available.  Large pets narrow the selection even further
  • Expecting a landlord to keep a rental vacant for over a month greatly reduces your chance of getting the unit
  • Short term leases (less than a year) cost a landlord substantially, both due to lost income from vacancy and the cost of restoring and finding a new renter
  • If you've looked at a half a dozen units and everything is way off the mark, then things are very unlikely to improve.
As a realtor it's important to convey this information.  As a renter it's important that your realize that ignoring your realtor's advice will quickly land you without a realtor.  No one likes to be ignored, but more importantly your realtor doesn't want to waste your time and the realtor's time chasing possibilities that will never happen. Our Renters  Resource Page will answer common questions like:
  • Who is a Rental Agent?
  • What is the cost of hiring a Rental Agent?
  • Which areas do you serve?
  • Where may I search for homes?
Do you have a maintenance issue to report? Read answers, renting tips, & more!

60% of Single-Family Renters Plan to Buy Within 5 Years

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Port Potomac is a great neighborhood with easy access to Quantico, Rt. 1 and the Mark Train
Renters of single-family homes are twenty-five percent more likely than apartment tenants to stay in their current homes fives years or longer, according to a new survey by Opinion Research Corporation. The finding suggests that “demand for single-family homes, the fastest growing rental category, will be more stable than multi-family demand,” according to the survey findings. Renters also say they plan to become home owners one day, particularly among single-family tenants. Sixty percent of single-family renters and 44 percent of apartment renters say they plan to become home owners within the next five years. “The near term interest in becoming home owners among single-family tenants reflects the new roles single-family rentals are fulfilling as a stepping stone to home ownership for first-time buyers and as a sanctuary for large numbers of families displaced by foreclosures but who plan to buy again when they can afford to do so,” according to the survey results. The survey also found that single-family renters make more money and are twice as likely to have children as apartment renters, according to the survey. The survey found that the median income of a single-family renter is $75,000 to $100,000 compared to $50,000-$75,000 for apartment dwellers. Single-family renters also tend to be older, with the majority aged 35 to 44, compared to 14 to 34 among apartment dwellers. Source: Opinion Research Corporation

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.

Setting a rental budget

For many renters the most important consideration is how much they are willing to spend on a rental per month. For this reason it should come as no surprise that the first step in the rental process should include establishing a budget. Renters should consider their monthly income and subtract out all of their monthly expenses from this amount. Monthly expenses should include all bills which are paid regularly as well as money spent on food, entertainment and miscellaneous items each month. The renter may also wish to subtract out an additional amount to allow for some savings each month as well as emergencies. The total left after these subtractions is the amount the renter is able to spend on an rental per month. Once this amount is established the renter will have a better understanding of the type of rental they are able to afford. When you know you budget and you're ready to shop for a new home, contact an agent.  Rental agents cost the renter nothing and they don't work for one specific building. A rental agent can see all the rentals that are available to make sure that you get the best value for your money. [Learn more]

Introduction to Property Management

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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.

Take a Look at the Parade of Lights in Old Town Alexandria Virginia

On the evening of December 1st 2012 Old Town Alexandria hosted the annual boat parade of lights. The event featured several pleasure boats decked out in festive lights making rounds in the Potomac. Just past the Torpedo Factory, Old Town features a strip right on the water similar to a board walk; this area attracts street performers, locals, tourists, amongst others. As seen in the photos below the strip provides a great view of the water, the distant Woodrow Wilson Bridge, and National Harbor. Old Town Alexandria features a robust night life. Along King Street there are several restaurants which also serve as bars in the later hours. Union Street intersects King Street and serves as a pick up stop for the free trolley. Old Town Alexandria is serviced by the King Street metro station.  
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