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David Sweet
703-753-2288
virhomes@rcn.com
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David Sweet
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703-753-2288
virhomes@rcn.com
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Our Property Management fee is 5% of gross monthly rent.

Our property managment services include the following:

Process rental applications including checking applicants' rental history with their previous landlords, verifying employment and income, and checking their credit records. Then we discuss the results with you, our Client, leading to your rental decision.  (Qualifying annual income for a tenant applicant is estimated at about 42 times the monthly rent; so if the rent is $2,000 per month, the qualifying income would be about $84,000 per year, other factors considered.)

Prepare the lease for the new tenants to sign applying your guidance (for example are pets or smoking permitted?  And who will hold the Tenant's security deposit, you or Virginia Homes, Inc.?). If you are renting your house after previously occupying it, you will need to have your insurance company change your home owner's hazard insurance policy to a Landlord policy.  And we ask that your Landlord policy have at least $500,000 of liability coverage and that Virginia Homes, Inc. be identified as an additional insured on the policy (this does not increase the policy cost).

Coordinate (be on call 7 days a week) with tenants to solve any problems the tenants may have with operating the property and to help the tenants to protect and maintain your property.

Conduct inspections of the property condition and status at the beginning, during, and at the end of the lease term so that timely repairs can be planned and to establish the basis for charging or returning  the tenant's securitry deposit.

Manage (with no extra fee) redecorating and maintenance of the property performed by a select group of proven painters, roofers, plumbers and other skills with whom Virginia Homes, Inc. has worked previously and who have our trust.

Prepare monthly letter reports to you showing the rent we collected, explanation of any expenses, events and affairs of your property and enclosing the rent proceeds check to you.  We can also go to your local bank branch and deposit the proceeds directly to your account or we can mail the check to a remote bank for deposit (for example, we mail checks to  the Pentagon Federal Credit Union and  the State Department Federal Credit Union).

Prepare an annual statement of income and expenses for you to use in preparation of your income tax returns.

Prepare a federal form 1099 showing annual rent collected during the year.  

We are members of the Northern Virginia Association of Realtors (NVAR) and we use the NVAR multiple listing service for rental and sales marketing; the multiple listing service is known as the Metropolitan Regional Information Systems, Inc. or MRIS.

There is no extra charge to you for lease renewals when a tenant wants to stay longer - we do a one-page lease amendment to modify the lease for the extension, usually one year.

We do not charge you a management fee when no rent has been collected.  If the property is vacant while we are redecorationg or marketing for a tenant, there is no management fee charged to you.

We do not charge you a fee for managing redecoration and maintenance of your property.

Virginia Homes, Inc. makes money in two ways: managment and marketing.  Our fee for Property Management is 5% of the gross rent collected each month.  Our fee for marketing, or for finding a new tenant, is 1/2 of the first month's rent, if we are going to manage your property.  If you want us to find you a tenant, but you are not going to hire us to manage the property, the fee for finding a tenant is 3/4 of the first month's rent.  In other words, we give a marketing discount to our property managment clients.

If another real estate company finds the tenant through our cooperation through the MRIS, we share our marketing fee with them.

We look forward to seeing your property and making a plan with you to market and manage it.  Please call 703 753-1000 with any questions and to make an appointment for a free consultation, or complete a contact form.