Residential Properties, Inc. has managed hundreds of properties located in Virginia and the District of Columbia. We offer our clients unsurpassed experience and guidance in attracting qualified renters, maintaining property assets and increasing property value. Whether you are local or overseas, we treat your property as if it were our own and offer you the best representation through all aspects of managing an investment property.
Leasing Fee: Residential Properties, Inc. charges one month’s rent brokerage fee for finding a new tenant for a one year lease. However, the fee will drop to three-quarters of one month’s rent to find new tenants (should the property require re-leasing) anytime during the property management agreement contract term.
This fee covers the initial evaluation of the property, photography, advertising, screening of prospective tenants, and showing of the property. We conduct comprehensive credit, criminal, and employment reference checks to ensure the most qualified tenant for your property. We perform a detailed move-in inspection and review expectations and all aspects of the lease with the tenant prior to their occupying the property. We coordinate the move-ins and, when the property is a condominium or governed by a HOA, we advise tenant on all the rules, regulations and fees required by the condominium or homeowner’s association.
Lease Extension Fee: Whenever a lease is extended beyond its initial term, we charge a flat fee of $150.00. A Residential Lease Extension containing the new expiration date and any other changes to the Lease Contract will be executed and signed by all parties.
Management Fee: During the course of the lease, Residential Properties, Inc. will enforce all terms of the lease contract, collect rent, deposit landlord’s rent proceeds and make any insurance, utility, tax or other payments as required. We coordinate maintenance and repair work and can assist with emergency services. We document monthly cash flow statements and can provide them to you at any time.
We charge 5% of the monthly rent per month, with a cap of $100 per month, to manage your property. As an example of our fee structure, if you owned a property which rented for $2,200 per month, the monthly management fee would be $100, not $110. If a property rented for $1800 per month, the fee would be $90 per month.
Other real estate property management firms charge between 8 and 10% of the monthly rent per month to manage your property. At this rate, the example property renting for $2,200 per month would cost your $176 per month at an 8% fee. That’s $2,112 per year.
Residential Properties’ charge of $1,200 per year represents a real savings of $912 a year.
Financial Statements: Residential Properties, Inc. also provides financial statements three times per year including a year-end statement. We provide a year-end 1099 showing total rents collected. Residential Properties, Inc. also sends you a financial statement in any month when a repair or any other expenditure occurred. We maintain a repair escrow account for each property management client. Each owner authorizes a maximum allowable amount for repair expenditure. Any repairs or expenditures over that amount are required to have owner approval.
Property Maintenance and Improvements: Residential Properties, Inc. treats your property as our own. We take care of any repair or improvement to maintain and increase your property’s value. We have relationships with highly qualified licensed, insured maintenance vendors. We quickly asses a property maintenance issue and schedule repair in the shortest amount of time by the most qualified personnel. If a repair or maintenance issue is the responsibility of the Condominium / Homeowner’s Association we coordinate with the on-site manager and ensure the best and correct work is performed in a timely manner.
At the end of the Least Term we advise you on what modifications should be completed in order to attract the most qualified Leasee and achieve the highest rent possible. Our vendors provide quality solutions at a reasonable cost that saves your money and maintains your property value.
Advertising: Residential Properties, Inc. advertises your property on the Residential Properties, Inc. website, the Metropolitan Regional Information System (MLS) which exports to www.Realtor.com and is captured by many other real estate listing services including zillow.com and trulia.com. We also advertise your home using CraigsList.com and MilitarybyOwner.com (if appropriate), and place signage as allowed on the property.
Types of Properties We Manage
Condominiums Townhomes Single Family Detatched Homes Multi-Family Properties
Residential Properties, Inc.
4113 Lee Highway
Arlington, VA 22207
Office: 703-528-8110 | Mobile: 703-795-4925 | Fax: 703-914-0738