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Thinking of renting my townhouse out

Discussion in 'Homeowners Corner' started by jjenkins, Mar 20, 2012.

  1. jjenkins

    jjenkins New Member

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    I'm thinking about renting my townhouse and moving to a single family at some point this year. My question - is there a big difference between the different rental management companies. Who have you used before? who should I stay away from. I've already received a management quote from Long and Foster, interested to see what others are doing out there.

    Thanks
     
  2. boomertsfx

    boomertsfx Booyakasha!

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    How much do the management companies take? Why can't you rent it directly to someone?
     
  3. Steve Campot

    Steve Campot Broadlands Real Estate Broker

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    I would be happy to talk about how I manage properties. It would be very easy for everyone as I live in the neighborhood. You can take a look at my many recommendations on Linkedin.com, Angieslist.com or on my blog on my website.

    Thanks,
     
  4. kjtj

    kjtj New Member

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    We had a terrible experience with McGrath Real Estate Services. After severing ties with McGrath we had a great experience with Professional Property Management of Northern Virginia.
     
  5. flynnibus

    flynnibus Well-Known Member Forum Staff

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    simple... people pay someone to do the work for them. Billing, collection, front-ending queries/calls, etc. Pay someone else to be the 'landlord' for you.
     
  6. jjenkins

    jjenkins New Member

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    Exactly. Although I haven't ruled out doing it myself....but probably wont.
     
  7. GeorgeSC

    GeorgeSC Southern Walker

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    I used Long and Foster to rent my property out. But before hiring L&F I tried to rent it out myself and it was such a waste of my time, cause people would never come on time, or not even come at all to see the property, and then I had to screen the ones who applied, and if they did not meet the criteria I had to pass, and start the process again, schedule, show the property, screen. So, do yourself a favor and pay a professional; cause as we all know, Time is money. Luckily the tenants that L&F recommended for me turned out to be good ones :happythumbsup:

    Good Luck,
    G
     
  8. boomertsfx

    boomertsfx Booyakasha!

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    I'm just wondering what the average costs are for something like that. Looks like it's around 10% from my limited g00gling...
     
  9. jjenkins

    jjenkins New Member

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    so far that's what i'm finding...1st months rent then 8 - 10%.

    But, it is pretty hands off from my perspective, so kind of worth it!
     
  10. Sunny

    Sunny Chief Advisor

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    My brother is an agent and also manages rentals:
    Joe Knows Real Estate
    Joe Doman
    703-929-5716

    He is incredible and has a great team!!!! Their office (ReMax) is in Brambleton - tell him I sent you!!
    Call him and you will be so happy!!
    -Sunny
     
  11. '03 Cavalier

    '03 Cavalier New Member

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    For me it would all depend on if the single-family you're looking at is going to be close by. If you have to rent property you own from out-of-state, then it definitely seems worth it to have a management company rent out your place. If you're going to be living nearby in the area, then I would probably put up with a bit of hassle to save a good chunk of money each month. I'm not sure what rent you're thinking of charging, but if you have to give up the 1st month's rent and then potentially hundreds each month thereafter, that seems like a lot to give up.
     
  12. Liss

    Liss New Member

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    We used a property management company (Brown-Carrera) to find and screen tenants and manage the leasing process, but then handled the ongoing management ourselves since we were still local. I think we paid one month's rent for their up-front fee, and their monthly rate was in the 10% range.

    We were satisfied with their service on all fronts, they found us great tenants (who eventually bought the house from us without the need to ever list it - bonus!) and were easy to work with. If we hadn't been local I would not have hesitated to use them for the ongoing management.
     
  13. jjenkins

    jjenkins New Member

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    Thanks everyone, I'll let you know what I find out when I meet with some of the different companies. I realize there is some loss of $, but if I make a move, it won't allow me to manage it properly.
     
  14. Arby

    Arby New Member

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    I don't mean to hijack this thread. I am looking to rent out my TH in SW end of this year. I am curious to know what is the range of rents for 2 car garage /3 Bed / 2 full - 2 half bath TH in SW.
     
  15. Steve Campot

    Steve Campot Broadlands Real Estate Broker

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    $2300-$2600 depending on the square feet and upgrades. Contact me when it is time.

    Thank You,
     
  16. Capricorn1964

    Capricorn1964 Well-Known Member

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    Who owns Professional Property Management of Northern VA? Im curious as Im not sure if I know someone there or not.
     
  17. Sesame

    Sesame New Member

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    We are likely headed down this road as well and will be hoping to rent out our TH this fall. This has been helpful! (This process is daunting!) :)
     
  18. lindsayei

    lindsayei New Member

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    We're looking for a place to rent if that helps!!
     

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