Real Estate

Why should I hire a Property Manager for my Rental Home?

imagesQQ8ZNBQCI thought I could manage our home being 2000 miles away, I did not need a property manager.  Wow! What I learned in the past 2 ½ years has changed my mind.  I would 100% recommend a property manager if you own a home and rent it. So the Question is why should I hire a property manager?

  • Owning and renting properties can be rather stressful as it was to me.  The constant watching over and answering tenants needs, the worrying about and dealing with bad tenants, and overall care for the property.
  • Benefit of Property Management The main benefit of property management to owners of houses for rent and other real estate properties is the preservation of their properties.
  • The Role of a Property Manager Property management is a process that aims to safeguard the interests of both landlords and tenants by fulfilling the basic responsibilities:
  • Screening Tenant Applications The screening process includes a complete credit check, search for prior eviction, tenant history, employment verification and bad check search.
  • Collecting Rents One of the primary duties of a property manager involves the timely collection of rents and bookkeeping services like payment of bills and mortgage payments if requested.
  • Taking care of the regular maintenance and repairs of the property Once you accept paying tenants, you are expected to resolve maintenance issues promptly. There are building repairs that must be addressed immediately like carpentry, roofing, painting, electrical and plumbing works.
  • Acting as liaison between owner and tenant, you need a property manager to represent you in resolving issues with your tenants.
  • Providing security to the property The property manager is also responsible in securing the premises of the property from thefts, fires, illegal intrusions and other man-made hazards that can endanger the property whether occupied or vacant.

Now you ask, I need one how do I begin to find a Property Manager I can trust?

A property manager can play a vital role in the rental process of an investment property. The property manager will seek to maximize weekly rental income and source high quality tenants who will best take care of your asset.  It is therefore, crucial to choose wisely when deciding who should represent you and your property. To ensure that you appoint the most suitable agent to manage your property it is important to do your research and meet with a few agencies before making a final decision.

Below are some of the key questions I feel are important for you to ask before you make that final decision. A good property management company will not mind the questions.

Questions to ask when interviewing a property manager: My top ten

  1. Does your agency have a dedicated property management department?

Some agencies will view the task of property management as less important than selling and will therefore leave this task up to the front desk staff or receptionists. Discover if the agency is experienced in the area of property management and has dedicated staff to effectively manage your property.

2. Is a director/owner of the agency overseeing the property management department?

How focused is the agency on property management? The more important property management is to an agency, the more successful they may be at effectively managing your property.

3.  How many years of experience do you have in property management?

Experienced property managers will be able to attract the best tenants to look after your property and deal with those that become difficult.

4. Can you provide me with a written current comparison of rental values in the market?

An experienced and knowledgeable agent will be able to benchmark comparable rental properties on the market and advise you of the optimal rental return you should receive from your property.

5. What is your process for reviewing potential tenants?

How do they determine whether the tenant is suitable for a property? Do they conduct police checks, or checks regarding their past rental history, current employment, etc?

6. How many properties are you managing at the moment?

Are they representing many other people, hence being reputable and successful? Bigger however is not always better, it is also important to establish if you will be a priority and get the service and attention required during the property management process.

7. Will you go to court to represent me if needed?

In the case that you experience difficult tenants, you may need to go to court to resolve certain issues about the bond or other matters. The property manager you decide on will need to be experienced and willing to support you in these times.

8. Will you advise me of any maintenance and repairs that need to be made to the property?

In particular when non urgent repairs need to be made, will you seek approval before getting items repaired?

9. What are your fees?

Enquire about management fees as well as any other costs a property manager may charge. Typical fees you may incur include those related to sourcing tenants, ongoing management of property and monthly statement fees.

10. Can I please see some references or contact details of the landlords using your property management services?

What level of service was provided to past clients? Did they take care of the landlord and follow through on all which was promised?

If you are in the Williamsburg area and looking for a property manager, you should check into Liz Moore and Associates, they answered these questions for me upfront.  See if they are a fit for you and your property.  I just made the choice to go with a property management company,  Liz Moore and Associates and I believe it is one of the best decisions I have made in regards to our home.

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I Recently had a Short Sale In Williamsburg, VA When Can I Get a Mortgage Again?

By: Williamsburg Military Insider

The chart below is a great tool to give you a basic guide when you might qualify for a mortgage again, if you have had a Short Sale. With a conversation with Nina Efird of Suntrust bank if you had a VA Compromise Sale, the VA is requiring you to pay back the delinquency if you would like to have full eligibility.

The specific wording on the VA official site includes the following;

“…although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.”

If a VA loan applicant is notified that a debt to the government exists, or was aware of the debt prior to applying for the loan, it’s a very good idea to contact the VA directly to work out the details of repayment before trying to apply for a new VA mortgage.

Another important fact to remember–you may still be able to take advantage of any unused VA loan eligibility. If a borrower did not use the full entitlement on the previous VA mortgage, any remaining entitlement may be allowed.

A borrower’s debt to the government for a compromise claim could be factored into the debt-to-income ratio unless the lender feels the compromise claim debt is too large compared to other financial factors. Such debt might result in the need for a down payment, or a larger down payment than usual–requirements will differ from lender to lender.

 http://www.benefits.va.gov/homeloans/faqelig.asp

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Saluting Our Military Community in Hampton Roads….on Real Estate Market Watch Talk Radio

Listen live this Wednesday March 14, at 4pm for “Saluting our Military Community” On the Real Estate Market Watch…the Power Hour of Real Estate Talk Radio! Liz Moore the host has myself, Alan Johnson, and Jim Baldasare as guest.  We are going to chat  about how our military clients can buy a house for a dollar in Hampton Roads, a VA Mortgage and may be able to win an opportunity to sell a house for free!  You will not want to miss this!

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Ever Thought of New Home Construction With a Premier Builder Between $155k -$250k in Williamsburg? Don’t Miss The Ironbound Redevelopment Project.

By: Williamsburg Military Insider

Wayne Harbin Builder has partnered up with James City County to bring affordable new homes to the Williamsburg area within the Ironbound redevelopment Project.  Imagine having a new home within walking distance of New Town and High Street; enjoy shopping, dining and entertainment.  These wonderful homes range from $155,000-$250,000.00.  View the Amenities and Available plans.  You will not want to miss this opportunity to have a New Construction Home by Wayne Harbin homes who builds certified EARTHCRAFT homes to ensure an energy-efficient home that will save you money in the years to come. Ready to Purchase? Contact Jennifer Hernandez at 757.651.3763 and we will get the ball rolling.

James City County also offers a First-Time Homebuyer Program, click here for details.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Active Duty PCS? Leaving Hampton Roads, need to sell your home? Enter to Win Thousands!

Active Duty PCS?  Enter to Win Thousands!

We salute our military neighbors!  To show our gratitude for your service, if you are active duty and have received PCS out orders, we invite you enter to win a commission-free listing from the Liz Moore & Associates Military Team.

One lucky military seller will pay NO LISTING SIDE BROKERAGE FEE when we list (and sell) your home – that’s 3% of your home’s value back in your pocket.  You’ll save $6,750 on a home sold for $225,000!

You must list your home for the first time between 2/15/2012 and Labor Day, 9/30/2012 with a Liz Moore Military Team member for at least 6 months, and have PCS orders to be eligible. One winner will be drawn on Labor Day, and our 3% listing side brokerage fee will be credited at settlement (or rebated to the seller if the listing has already sold and closed). Short sales are not eligible.

Just visit www.SellYourVAHomeForFree.com to register to win, or call Jennifer Hernandez  office at 757.645-4106  for more details.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763  e-mail me at jenniferhernandez@lizmoore.com

Kiplinger-BBB Personal Finance Guide for Military Families.

By: Williamsburg Military Insider

The 2012 Kiplinger-BBB Financial Field Manual is out! I was very humbled to be interviewed for the section on Home-Buying Resources. The Guide helps with financial strategies, rules and resources for military families are often very different from those for civilians. The 20-page guide provides comprehensive guidance on a wide range of timely personal finance topics, including:

Special Home-Buying Resources. Military families, who tend to move frequently and sometimes with little notice, have been hit particularly hard by the housing downturn. But they also have access to special mortgage programs and tax breaks. The guide addresses these valuable resources and some key investing decisions to protect them from housing troubles that can jeopardize their financial situation.

Investing for the Future. Members of the military have access to special investing plans that can help them save for the future, but they’re also frequent targets of scam artists and identity thieves. The guide shows them how to make the most of their special savings plans, make smart investing decisions, and avoid the new generation of scams

Protecting Investments and Family. Military families have some unique risks–especially when they’re deployed–but they also have access to special programs to help them protect their savings and their families. The booklet guides them on how to make the most of these resources in areas such as insurance, estate planning, and new tax rules.

Protecting Investments When Leaving the Military. Service men and women need to make some key investing decisions after leaving the military. The booklet provides guidance to help ensure that the savings they have built throughout their service lasts through retirement – which is particularly timely as they enter a challenging civilian job market.

Special Benefits for Military Families. Members of the military have special legal rights and access to other valuable benefits, such as a GI bill that can help service members, their spouses and their children pay for college. The guide shows them how to make the most of those benefits to help protect their savings.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Hampton Roads…What do you think about the National Mortgage Settlement?

By: Williamsburg Military Insider

State and federal officials this morning announced a $26 billion settlement with five major U.S. banks regarding their shameless treatment of distressed homeowners and borrowers in foreclosure. This should make life easier for people currently in the pipeline or who face default down the road.   You can read all about the settlement at http://www.nationalmortgagesettlement.com/

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

 

The White House Announced a Plan to Help Underwater Homeowners Refinance on Their Mortgages; Do You Think This Will Help Active Duty in Hampton Roads?

By: Williamsburg Military Insider

The president announced his “Plan to Help Responsible Homeowners and Heal the Housing Market” initiative saying it would “give every responsible homeowner in America the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates.” Basically a plan yesterday to help underwater homeowners refinance their mortgages — which they can’t do currently — and take advantage of historically low-interest rates. The $5-10 billion plan would be paid for by a fee levied on large banks. What do you think? Should the government be helping underwater borrowers? Would you utilize this program in order to get your head above water? Curious to hear your thoughts and reactions.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763 e-mail me at jenniferhernandez@lizmoore.com

Active Duty Military in Hampton Roads, and Want to Play the Housing Game and Win!

By: Williamsburg Military Insider

Today’s military consumers face a real estate market that’s drastically different from the housing boom of just a few years ago.

But while the go-go days of soaring prices, bidding wars and fast transactions may be over, that doesn’t mean there aren’t good options for buyers and sellers. If you are planning to buy or sell a house soon, you still can develop a winning strategy and master the housing game.
If You’re Selling

Avoid sentimentality. You need to emotionally detach from your home when you begin contemplating selling. You don’t want to be thinking about all that went on in the home over the years. Today’s consumer needs to be logical about what they are doing so they can part with the home more easily.

Be realistic about pricing. Find a Military friendly agent and do evaluations of comparable properties that have sold nearby. Your Realtor can make recommendations for pricing your home.  You want to be careful and not overprice. There are a lot of choices out there, and you don’t want buyers to cast your home aside right away because of the price.

Think like a salesperson. Market where the people are: real estate and social networking websites. Be aware that potential buyers are judging your home from the street or from photos on the Web long before they get a closer look. You want to have good curb appeal and no clutter.  You want to make your home look inviting. Compare it to the competition — the other homes for sale in your area — and do what you can to make it better than the other homes the buyers are seeing.

Be flexible. Be willing to offer incentives, such as paying for closing costs, moving expenses, new appliances or upgrades. You don’t necessarily want to deeply discount your home. But  you do want to  keep in mind that you want to sell. Some things are worth holding out on, but don’t stand so firm on everything that you lose the deal.

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763  e-mail me at jenniferhernandez@lizmoore.com

The Time is now to Purchase a Home in Williamsburg, VA!

By:  Williamsburg Military Insider

Although in the past 12 months real estate inventory levels in Williamsburg have begun to shrink somewhat slightly, historically we still have an excellent selection. The best time to purchase your home is now, while the Williamsburg market provides the best combination of price and selection.

One of the most attractive benefits of purchasing a home today is the above average number of choices available.

If you are buying a new car, computer, lap top, refrigerator or any other consumer good, you can delay the purchase while looking for a lower price. Whether you are right or wrong about the future price of an item, you are still able to purchase that same item later. A home purchase is unlike any other acquisition a family can make. Homes are very personal. Your home is where your family lives. Different upgrades, the location, lot shape and size, orientation on the lot, and a host of other details are unique to the locale.

When more choices are available, you have a much better chance of finding the right home with more of the features you really want at an excellent price. As real estate prices rise again, buyer demand causes home inventory levels to drop. This makes it very difficult to find a home with the features you desire. Do not be left out of the booming home market. Check out the Williamsburg Listings today!

I am a REALTOR with Liz Moore & Associates Also; I am part of the Liz Moore & Associates’ Military Team which specializes in homes for sale in James City County, Newport News, Hampton, York County, Poquoson, and Williamsburg, VA as well as surrounding markets. I offer Active Duty friendly support to families relocating to Langley Air Force Base, Ft. Eustis, Yorktown Naval Weapons Station, and Cheatam Annex. When you PCS to Hampton Roads, VA you will find that I understand that when a family member joins the military, the entire family belongs…thank you for serving our Country, and I look forward to serving your real estate needs!

When you are transferring to Langley AFB, Ft. Eustis, Yorktown Naval Weapons Station or Cheatam Annex, if you’re interested in buying a home for sale call 757-651-3763  or e-mail me at jenniferhernandez@lizmoore.com