Owners Frequently Ask...
Do I have to move out of the house before we start marketing the property?
Many of our Owners have been living in the property as we located a tenant. Many different circumstances lead into an Owner needing property management; situations like a military relocation, new home purchase approval dependent on lease, etc. We work with you to define a showing schedule and begin marketing the home with the intention of aligning a tenant’s move-in with your move out.
How do I collect the rent money once the tenants have paid it?
We will handle the collection of all funds from tenants and disperse them directly to your given account via direct deposit. This means no checks for you to cash or required bank runs for the funds to be available. We will also be keeping an accurate recording of monies received and providing you with all of the necessary tax paperwork at the end of the year.
How do I determine how much the rent will be?
We run an in depth market analysis to determine sales potential and rent potential so that you have all the information from the very start. We calculate the estimate based upon the current listings in your area and compare them to a year of prior listings. Our objective is to net you the most that the market will support
How is maintenance paid for at my property?
We keep a set amount of money in a reserve account on hand to pay for necessary maintenance. When the reserved account is used it gets automatically replenished out of the following months’ rent. This allows us to handle maintenance issues in a timely fashion without having to require that you send the money before the work gets started.
How long should I allow for marketing in order to find a tenant?
60 days is the optimal timeframe for marketing to avoid any span of vacancy at your property. The full 60 days is not compulsory but is recommended when possible.
How will I know if the tenants are taking care of my home?
One thing that separates us from so many others in the area is our inspection policy. Many local property managers will offer drive-by inspections. We understand there is not much you can tell about the property without gaining access. For that reason, we perform interior inspections twice a year. At an additional cost to the owner, we can perform interior inspections up to four times a year.
I would like to get started. What is the first step?
All you have to do to get started is fill out a short form with your contact information or just simply give us a call at (800)493-2129 . It’s that easy.
In what areas do you serve?
We currently provide superior property management services all throughout the Hampton Roads. If we cannot provide service due to your location it would be our pleasure to help you find the right management company.
What happens if a tenant does not pay and who handles the evictions?
The tenants have a 5 day grace period when paying their rent. On the 6th of the month any unpaid rents will generate a 5-day “pay or quit” notice. Once the required 5 days have expired (11th of the month) we submit the account for eviction. We have a well-established network of professionals and contractors at our disposal. Included in this network is a real estate attorney who will represent any necessary eviction proceedings at a flat rate. Any related costs would also get wrapped into the judgment that follows.
What happens if I decide to sell my home after renting it for a year or two?
We are a full service real estate team. We can help monitor the market and advise you on the best time to sell as we are managing your property. When that time comes we will use the same aggressive marketing strategies on the sales market as we employ in the rental market. We also work with many investors as buyer’s agents as well. If you have any needs related to real estate, we can handle them all in house.
What initial cost is required in order to start renting my home?
NONE, the initial cost will be settled out of the first month’s rent.
Are there hidden Start Up Fees?
Below are all the fees to do business with First Providence Realty..
Pay: Owner’s Cost (per unit)
First month’s management fee (prorations credited back) -10%
Marketing Fee is 50% of First full month’s rent
Annual Fee for Inspection Smoke detectors, safety issues and house upkeep- $125
Inspection Readiness Checklist - $125
What is the process for showing the property to tenant prospects?
We place a lock box on the door that will require a code in order to access. This also helps us track who accessed your home. The notice for the showing is determined by occupancy. For any properties that are currently occupied we will provide a 24 hour notice period prior to showing.
What types of properties do you manage?
We have a portfolio of residential homes and growing every day. We specialize in Single-family homes but can assist with Condos, Townhomes, Duplexes, Apartment homes, etc.
Why is First Providence the best local company to manage your property?
We focus on Quality , not Quantity Meaning we chose to manage less properties to give your home
the attaention you would give it. Each property management professional manages no more than 30 homes to insure quality service to you.
Also with a combined 30+ years of Real Estate experience, there is not task that we cannot handle for you. Whether you are in need of management for your property until you take back possession or until the market supports selling your property we have you covered.