Q: What do I get for my monthly management fees?
A: Among other things, your management fee buys:
1. The market presence and reputation of Long & Foster
2. Exposure on the web, MLS systems, and our network of agents for your rental property.
3. Rent collection and tenant relations
4. 24 hour access to accounting information and bookkeeping
5. The expertise of one of the most experienced property management teams in the country
6. Access to a wide array of licensed, insured maintenance vendors at preferred rates
7. Professionally crafted and legally tested leases and related documents
8. Access to competent, effective landlord/tenant attorneys
9. Knowledge that when an issue arises we are close enough to get involved immediately
10. Peace of Mind
Q; How long will it take to rent my property?
A: Many factors affect the speed with which a property rents including supply/demand, time of year, location, and condition. Your property manager will recommend a market rent based on these factors.
Q: Why do property management companies charge leasing commissions? How are these different from management fees?
A: Management fees pay the managing company and your property manager for the day-to-day tasks associated with conducting your rental business. Leasing commissions are offered as an inducement to get the property marketed and shown. Our goal is to maximize exposure for your property and encourage all real estate agents to bring qualified tenants to the table. This is accomplished by offering a "finder's fee" to the agents who market the property and bring a tenant to the table.
Q: Can Long & Foster make my mortgage payments?
A: Yes, provided the following conditions are met:
1. A minimum of one month's mortgage payment is held as a "minimum balance" or "funding" in your property account.
2. You agree to pay an additional fee equal to 2% of the monthly rent for handling of the transaction.
3. Sufficient funds are available to us when the payment is due.
Q: Will Long & Foster pay vendors or my condo fees if my account balance is insufficient when the bills are received?
A: No. Real Estate regulations preclude any real estate company from advancing its own funds to settle an owner's expenses. Bills are paid when the available balance in the property account is equal to or exceeds the amount(s) owed. For this reason it is important to ensure your account balance is always sufficient to pay all anticipated expenses.
Q: I interviewed several managers and found a lot of variation in fees. Why is that?
A: Real estate companies operate completely independently of one another and set their fees according to what they consider reasonable returns for their efforts. There are no "standard" fees for particular services. At Long & Foster the emphasis is on quality and we work hard to attract and retain the best management talent. We believe our program provides an excellent return on investment to our landlord clients. We gain market share by consistently delivering an exceptional range of services and delivering value to our landlords and tenants.
Q: My property manager has suggested that I paint, replace a few rooms of carpet, and have the house power washed before placing it on the rental market. I'm not selling - why should I go to all this trouble and expense for tenants?
A: A well-maintained property attracts better tenants, leases in a shorter time, and generally brings higher rents. Well qualified tenants realize they are sought after and shop homes that are in good condition and offer the best value for their rent dollars. The money you "save" by not having the property in top condition will be spent on longer vacancies and the problems associated with attracting lesser qualified tenants.
Fair Housing and Rental Laws
Department of Housing and Urban Development (HUD)
Fair Housing Law Site
Virginia Fair Housing Law
Virginia Residential Landlord & Tenant Act (VRLTA)
Washington, D.C. Fair Housing Law
Washington, D.C. Landlord/Tenant Law
Maryland Fair Housing Law
Pennsylvania Fair Housing Law
New Jersey Truth in Renting
Lead Based Paint Info Pamphlet
Delaware Fair Housing Law