UNLOCK THE EARNING POTENTIAL OF YOUR HOME
“EXPERIENCE YOU CAN BANK ON!”About Us
RE/MAX Distinctive Property Management has provided professional residential property management and leasing services for the Northern Virginia area since 1979. Unlike larger companies managing hundreds of properties, we offer a more personal approach that’s always flexible in dealing with our client’s needs. Our commitment is to make the management of your home easy and worry-free for you, the owner. Our many referrals from satisfied clients indicate that we are successfully achieving our goals, and we would like to do the same for you.
Welcome to the Power of Excellence
At RE/MAX Distinctive Property Management, we believe success is driven by excellence.
And now, our vision at RE/MAX Distinctive Property Management is to put the power of excellence to work for you, transforming property management into a more successful and rewarding experience.
Our services are delivered with a standard of excellence backed by over 40 years of expertise and experience you simply won't find anywhere else.
Let's explore how the Distinctive standard of excellence can power your success.
“Using RE/MAX Distinctive for property management was the best decision that I made. I now don’t have to worry about all the little issues that could arise and have complete confidence in RE/MAX Distinctive in managing my property”
Lisa W. on why she chose RE/MAX Distinctive to manage her property.
Our Services Powered by Excellence
RE/MAX Distinctive Property Management offers a personal approach that’s always flexible in dealing with our clients’ needs. Our commitment is to make the management & leasing of your home worry free for you, the owner. We provide personal service and the highest standards for your investment.
· Determine market value for your property.
· List your property in the Multiple Listing Service (MLS) and all public real estate sites.
· Advertising and showing your property.
· Interviewing & screening tenants.
· Run credit & background reports.
· Verify all employment & landlord history.
· Drafting, negotiating & executing leases.
· Conduct walk-through with tenant.
· Collecting rent.
· Sending notices & performing evictions.
· Handle all maintenance & repairs.
· Handle all tenant communications & inquires.
· Conduct routine property inspections.
· Real estate investment reports & advice.
· Generate monthly owner reports, end of year income summaries, 1099’s.
Evaluate the property and determine an accurate rental rate
· Perform detailed documentation of the interior and exterior including photos.
· Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good Return of Investment.
· Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary but should include looking at the recently rented comparables according to size and type.
· Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking etc.
Market the property for rent
o Clean home and optimize interior appeal
o Manicure landscaping to increase curb appeal
o Install a lock box
o Paid and free rental listing websites
o Print publications
· Work with other realtors and leasing agents to find a tenant.
· Field calls from prospects for questions and viewings.
· Meet prospective tenants for showings throughout the week and weekend.
· Provide prospective tenants with rental applications that are legally compliant with fair housing laws.
· Collection of applications with application fee.
Tenant Screening and Selection
· Perform a background check to verify identity, income, credit history, rental history, etc.
· Grade tenant according to pre-defined tenant criteria.
· Inform tenants who were turned down.
Higher Quality Tenants
Think of tenant screening as the moat and draw bridge around your castle. It is certainly possible to get a bad tenant out of your home once they are in, but it’s a real hassle and you are so much better off never accepting them in the first place. A thorough screening process results in reliable tenants that:
· Pay on time.
· Rent longer.
· Put less wear and tear on the unit.
· Generally cause less problems.
As an experienced property management company, we have seen thousands of applications and know how to quickly dig for the real facts about candidates and analyze that information for warning signs. By allowing Distinctive Property Management to handle the screening, you will also be shielding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time, and insomuch as it means avoiding bad tenants, scams and lawsuits it is arguably one of the most significant benefits a property management company will provide.
Shorter vacancy cycles
A property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:
· Improve and prepare the property for rent - A property manager will suggest and oversee cosmetic improvements that maximize revenue.
· Determine the best rent rate - Too high and you are stuck waiting, too low and you’re losing money every month the tenant is in the unit. Determining the optimal price requires knowledge of the local market, data on recently sold comparables and access to rental rate tools.
· Effectively market your property - An experienced property management company has written hundreds of ads and understands what to say and where to advertise to get a larger pool of candidates in a shorter period of time.
Better tenant retention
While it’s easy to see the effects of lost rent, there are other equally serious problems with a high tenant turnover rate. The turnover process involves a thorough cleaning, painting the walls and possibly new carpet or small repairs, not to mention all the effort associated with marketing, showing, screening and settling in a new tenant. This is a time-consuming and expensive process that can often be averted by keeping tenants happy and well cared for.
A good property management company will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties.
Rent collection process
The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring a property manager, you put a buffer between yourself and the tenant, and allow them to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property.
Many property managers will tell you that it is considerably easier to manage other people's units rather than their own for this reason.
Increase the value of the investment
Preventative maintenance is achieved through putting systems in place that catch and deal with maintenance and repair issues early on, before they grow into larger more costly problems. This requires a written maintenance check program, detailed maintenance documentation and regular maintenance visits. The management firm can also offer you suggestions and feedback on upgrades and modifications, both how they will affect the rent you can charge, as well as their impact on maintenance and insurance.
· Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
· Send owner reports on the condition of the property.
Good maintenance and repair
Good maintenance and repairs keep tenants happy and preserve the value of your investment which make them a very important part of land-lording. By hiring a management firm, you gain access to a network of licensed, bonded and insured contractors for good quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself. Not only is the firm able to get volume discounts on the work, they also know the contractors and understand maintenance issues such that they are capable of intelligently supervising the work.
Tenant Move In
· Draw up leasing agreement.
· Confirm move in date with tenant.
· Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance.
· Ensure all agreements have been properly executed.
· Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
· Collect first month’s rent and security deposit.
Tenant Move Out
· Inspect unit and fill out a report on the property's condition when the client moves out
· Provide tenant with a copy as well as estimated damages
· Return the balance of the security deposit to the tenant
· Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.
· Coordinate needed repairs or upgrades.
· Put the property back on the market for rent.
· Filing relevant paperwork to initiate and complete an unlawful detainer action.
· Representing owner in court.
· Coordinating with law enforcement when necessary.
· Refer owner to a qualified attorney when necessary.
· Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties.
· Make payments on behalf of owner (Mortgage, insurance, HOA dues, etc.)
· Detailed documentation of expenses via invoices and receipts.
· Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
· Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form.
Why you should hire a Property Management Company?
One of the biggest decisions you'll make as a landlord is whether you should hire a property management company. Many landlords manage properties on their own or with the help of an employee, such as a resident manager. But sometimes landlords need more help, and that's when a property management company might make sense.
Property management companies can be a huge asset to your business. There are other reasons why you might not want or need one. Carefully review the factors discussed below to determine if hiring a property management company is the right move for your business.
What Does a Property Management Company Do?
Management companies deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions. Plus, a good management company brings its know-how and experience to your property, giving you the peace of mind that comes with knowing your investment is in good hands. Finally, a management company is an independent contractor, so you avoid the hassles of being an employer.
When Should You Hire a Property Management Company?
Hiring a property management company has many advantages. Consider the following factors to determine if hiring a property management company would be a good decision for your property.
You have lots of properties or rental units. The more rental properties you own and the more units they contain, the more you're likely to benefit from a management company.
You don't live near your rental property. If your rental property is located far from where you live, hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
You're not interested in hands-on management. Many landlords look forward to the challenge of finding good tenants and the rewards of maintaining a safe and attractive property on their own. But if you view rental property ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your property.
Your time is limited. Even if you enjoy hands-on management, you may not have much time to devote to your business, especially if landlording isn't your day job. And if you prefer to spend your time growing your business, including searching for new properties, arranging financing for renovations, or changing your business structure, then a management company may be a good way to spend your money.
You can afford the cost. Hiring a property management company is an attractive option if you can afford the fees. When interviewing companies, expect to hear quotes ranging between 8% and 12% of what you collect in rent revenue. If it's a down market and you're able to manage things yourself (or with the help of a resident manager or other employees), you may want to keep doing so until the market turns around.
You're suddenly inundated with management tasks. If your business is growing, at some point you may find that you need a substantial amount of help to manage everything properly. At that point, it might make sense to hire a management company.
You don't want to be an employer. If you hire a resident manager or other employees to help with your property, you become an employer. You'll have to handle payroll and deal with a host of other legal requirements and considerations. But, because a property management company isn't your employee (it's an independent contractor), and neither are the people who work for the company, by using one you avoid the hassles of being an employer.
Personal benefits for owners
· Less stress - Avoid having to deal with middle of the night emergencies, chasing down rent, evicting people from your property, tenants who wreck your property, rental scams, lousy vendors, piles of paperwork.
· More freedom - Live and invest wherever you want with the constraint of needing to be near your properties. Additionally, you can live and travel without the requirement of always being available in the event that your tenants have a need you have to tend to. Once you have found a good management company, it doesn’t matter if you live in the same state. Some landlords live in other countries and simply collect their check every month without ever seeing the property.
· Free up more of your time - Time is money, and for many investors, their time can be more profitably spent in areas other than servicing their properties. Additionally, you have more time to spend with family or friends doing things you enjoy.
This isn't intended to be a comprehensive list of property management services, but it should give you a fair idea of the scope of a property management company’s activity.
At this point you may be thinking, "Ok, so that's what they can do, but how does all of this benefit me and relate to the big picture of my real estate investment strategy?". Well, call Distinctive Property management to find out today!