Property Management in Virginia Beach, VA. The duties are defined by the contractual agreement and agreed upon fees, and can include monitoring the property condition, marketing the rental, locating renters, making sure that the rental amounts are competitive while covering overhead and taxes, rent collection, and complying with all Virginia Beach, VA rental laws.
A Virginia Beach, VA property management company can have complete control over many of the owner responsibilities which involve procuring maintenance contractors, screening renter applications, and rent collection, while supplying the owner of the properties financial statements and documents that are relevant to repairs, equipment, and physical assets required to maintain the property.
In today’s market, a property management company is required to be incredibly versatile, bringing the highest level of expertise and knowledge for both investor and renter. Competition is fierce in Virginia Beach and you need a property manager like Renters Warehouse that has a licensed team that can address all of the challenges. We specialize in being a long-term partner so that you can rent or rent out in Virginia Beach.
Renters Warehouse has a main focus to play an integral role in offering information and data to investors/property owners for the best possible return as quickly and efficiently as possible. We also act as an agent to represent the most viable candidates for property rentals. In other words, our professional team connects the dots, so that you don’t have to.
We specialize in connecting all of the players for short term and long term rentals for condos, homes, apartments, commercial properties, and multiple properties.
Virginia Beach, VA Property Management Defined
The term “property management” is a broad term that can be adapted to a number of real estate services. As a general rule, property managers are hired by the owner of a rental property to take care of all operations, maintenance, and administration as a representative of the owner.
Fees that are paid to property management companies will depend upon the ultimate agreed upon duties and should always be clearly explained in the agreement between the owner(s) and the property management company.
Helpful Virginia Beach, VA Resources
Property Management in Virginia Beach, VA and the U.S.A.
The advance within the property management industry has been based on changes in local, state and federal laws combined with how we live. In the 1900s, rental properties had few laws regarding safety and protection of those renting as well as the condition of the buildings. The end of WWI saw the beginning of the Middle Class development, but this was quickly destroyed with the advent of the Great Depression. This brought about a new condition that left massive numbers of properties in the hands of the banks who had no idea how to manage them. This was a case of the development of an industry due to cause and effect. Banks began to hire people called “caretaker managers” who did some of the more basic duties. Over time, companies began to develop to take on more responsibilities of the property owners.
The creation of the Institute of Real Estate Management (IREM) set standards for building and assisted the federal government in understanding the rental industry and the establishment of policy goals. Other organizations began to form and these were followed by individual state laws governing rental properties, building conditions, and renter protection.
The 1950s brought about the baby boom with consumers seeking to purchase real estate. By the 1960s the rental industry had grown in popularity and owners were having difficulties keeping up with the demands of complying with new federal and state laws while maintaining the integrity of the buildings and the never ending cycle of renters. Caretaker managers were no longer sufficient for the demands and this brought about the development of companies that had teams of specialists to take on the responsibilities of property governance. The difficulties involved in the real estate industry became more complex with new tax laws and changes in management methods.
Today most states require that property management companies that collect rent, list rental property, assist in lease negotiation, and third-party inspections also be licensed real estate brokers. There are variations in these requirements by state, depending upon the property management duties.
About Virginia Beach, Virginia
Virginia Beach remains one of the most coveted areas of the country. A vibrant coastal city, it boasts a rich history and a community filled with arts and entertainment. From eclectic to the calm beach environment, Virginia Beach carries both a small town and savvy urban atmosphere famed as a popular resort area.
One of the main attractions to Virginia Beach is in the rich history. It is the landing site for the first settlers and only around an hour away from Jamestown, Historic Triangle of Yorktown, and Williamsburg. The sheer volume of historical museums and sites represent the country’s heritage.
Beyond the many miles of beaches, restaurants, and hotels, Virginia Beach has a population that is around 450,000. Tourism is the main focus of Virginia Beach and the surrounding cities. In 1963 the modern city of Virginia Beach was created and the new city was then divided into seven boroughs: Bayside, Blackwater, Kempsville, Lynnhaven, Princess Anne, Pungo, and Virginia Beach. There are quite a few distinct neighborhoods and communities within the Virginia Beach boundaries including: Alanton, Aragona Village, the largest sub-division in Tidewater when completed, Bay Colony, Bayside, Cape Henry, Chesapeake Beach, Croatan Beach, Great Neck Point, Green Run, Kempsville, Lago Mar, London Bridge, Lynnhaven, Newtown, The North End, Oceana, Ocean Park, Pembroke Manor, Princess Anne, Pungo, Red Mill Commons, Sandbridge, Thalia, and Thoroughgood.
As an Oceanside resort district, real estate reigns supreme. Visitors are attracted by both the balmy summers and the cool winters, which makes for perfect demographics for both renting and ownership. Another appealing aspect of Virginia Beach is the diversity of the population, the fact that the average age is 33 years, the low crime rate, and the average income is well above most areas of the U.S. Even with all of the incredible attractions of the Virginia Beach vicinity, both property and rental rates have remained along the track of the national average. This means that affordability can be balanced with the amenities of beachside living, and it makes Virginia Beach a very desirable location. Real estate is therefore an optimum interest for those interested in owner and renting out as well as those that want to rent.
Diffusing Property Management Confusion
In the state of Virginia, any property management company involved in offering a lease, leasing, renting or offering to rent any real estate or real estate improvement is required to have a broker’s license. However, there are exceptions to this rule. Salaried property owner employees are exempt if their activities are limited to showing the property, offering the factual lease information, and accepting applications, rents, and security deposits.
Since property management companies are involved in an array of responsibilities, they are required to comply with both state and federal laws. Those property management companies, such as Renters Warehouse, that are of the highest respect, should be listed with an excellent rating with the State of Virginia.
Real estate broker licensing requirements in Virginia include:
- Age: must be at least 18 years old
- High School: must have a high school diploma or equivalent
- Education: must complete 180 hours of education
- Exam: must pass the State and National Portions of the broker examination. Exam fee is $60.
- Experience: must have been actively engaged as a salesperson for 36 out of the 48 months preceding application for licensure
Real estate salesperson licensing requirements in Virginia include:
- Age: must be at least 18 years old
- High School: must have a high school diploma or equivalent
- Education: must complete 60 hours of education course "Principles in Real Estate"
- Exam: must pass the State and National Portions of the salesperson examination. Exam fee is $60
There are some property management companies that strictly deal with property owners and have no contact or responsibility for interaction with renters. These companies often assist in maintaining the building or property integrity, coordinating with vendors, and developing lease agreements. The rest of the responsibilities fall on the property owner, and in the world of rentals, these can often be overwhelming and time consuming.
The more common property management organizations have an umbrella approach in working as the face of the property owner to the renter. These companies accomplish a majority of the responsibilities and are the contact for both renter and owner for all aspects of the property. The best property management companies have a professional staff that is knowledgeable on both legal topics and those such as emergency repairs, and renter responsibilities.
Renters Warehouse Property Management Benefits Investors/Owners.
Property owners rely on our professionals to take care of all of the priorities and nuances of renting your property. We counsel and advise on everything that you need to rent out the property quickly and securely so that you don’t have to worry. The Renters Warehouse team will take charge with:
- Quality tenant placement
- Rent collection
- Maintenance coordination
- Tax and licensing paperwork
- Optional protection packages for total peace of mind
As an investor you want to list your property at the best rate that will attract the renters that you want, quickly and efficiently. We supply current information that will allow you to allocate the rental return based on data and demographics, and assist owners in the analysis to ensure that there is a beneficial ROI.
Our extensive and in-depth screening process assures that you will have renters that you can depend on.
In just a few weeks we can turn your home into Rent Estate!™
Renters Warehouse Benefits for Renters
Searching for a rental in Virginia Beach shouldn’t be a daunting task. At Renters Warehouse we have our fingers on the pulse of property types, location, and pricing. We are the single point of contact that can offer the advice, selection, and ultimate success in locating your new home. Whether it is a small intimate apartment or a larger house, we are your Professional Landlord that can bring you to your new neighborhood. Just a few of the areas that we help with include:
- Location and price
- Type of home
- Additional costs (i.e.: property care)
- School information
- Shopping Proximity
- Neighborhood safety
One of our specialty services that we offer free of charge is our rental analysis. There is no obligation, but we have found that the results act as a foundation to help with establishing the best pricing. Once the rental analysis is complete, we supply you with a unique property report that can maximize your rental and help to ensure that your get the best price as well as the best tenants.
Why Virginia Beach, VA Renters Warehouse is Best
Our team has set the bar high for excellence and quality in service. We work with some of the top realtors in the area to maintain up-to-date competitive information and data so that our clients can be assured that we are the best in property management. We are available 24/7 with the most professional representatives in the Virginia Beach area.
Whether you are looking to rent or choosing to rent out your property, there are serious questions that we help you address:
- Type of property
- Pet policy
- Market conditions
Renters Warehouse professionals walk you through every aspect of property management and take pride in the sense of trust that our clients have with our team. If your journey is renting out a property or looking for a new place to live, we maintain constant communication and updates. Renters Warehouse understands the importance of matching the property with the right tenant as well as the fact that successful ownership requires the best return on investment.
Renters Warehouse is prepared to be with you today and for what comes next tomorrow.