Fairfax County General :
Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
How hard is it to rent out your property in Fairfax?
Posted by:
Moving
()
Date: November 03, 2011 06:32PM
I have a 2 br 2 bt Condo is Fair Oaks. How hard would it be to rent it out? Do you think it will turn over quickly?
Re: How hard is it to rent out your property in Fairfax?
Posted by:
Depends
()
Date: November 03, 2011 09:34PM
Probably depends mostly on pricing it right and marketing. Put it out on Craigslist and maybe some of those rental websites with good pictures.
I just say that from my own experience hunting for a rental in the past. If there weren't good pictures, I just skipped over it.
Once it is rented, you'll probably want to have someone you trust in the area to watch the place.
The way I look at renting a place out is that it can be great, or it can be a complete nightmare. Even a clean cut, "responsible" looking renter could end up trashing the place and stiffing you on rent. You'd have to hope you get lucky and get someone normal.
I just say that from my own experience hunting for a rental in the past. If there weren't good pictures, I just skipped over it.
Once it is rented, you'll probably want to have someone you trust in the area to watch the place.
The way I look at renting a place out is that it can be great, or it can be a complete nightmare. Even a clean cut, "responsible" looking renter could end up trashing the place and stiffing you on rent. You'd have to hope you get lucky and get someone normal.
Re: How hard is it to rent out your property in Fairfax?
Posted by:
Pancho Villa
()
Date: November 03, 2011 09:37PM
And just make sure you don't rent to me, mang!
'Cause I'll tell you it's just going to be me living there...and then after a few weeks? I'm subletting that bitch to 6 other people from my cunt-tree who will turn it into a crackhouse, mang!
'Cause I'll tell you it's just going to be me living there...and then after a few weeks? I'm subletting that bitch to 6 other people from my cunt-tree who will turn it into a crackhouse, mang!
Posted by:
chuckhoffmann
()
Date: November 03, 2011 09:43PM
Edited 3 time(s). Last edit at 04/17/2013 09:57AM by chuckhoffmann.
Edited 3 time(s). Last edit at 04/17/2013 09:57AM by chuckhoffmann.
Re: How hard is it to rent out your property in Fairfax?
Posted by:
Hoffman's #1 Fan
()
Date: November 03, 2011 10:02PM
Hoffman's on it, as usual.
As to paying a management company's fees...figure out what you want your place to rent for if you were renting it yourself. Then take THAT figure and add any management company fees to it. That way your take home on that deal is the same whether you're handling it or a management company is.
Make sure the property is kept up...plumbing, electrical, landscaping, mowing. It won't look as nice with renters there as when an owner lives there but, don't let it go to shit. If something has to be replaced don't buy the best to fix it, buy something mid-grade. Finally, increase the rent as often and high as you can. Don't buy into the bullshit argument of "well, I have a tenant that regularly pays his rent so, I'm not going to raise his rent..." Do NOT form emotional attachments of ANY kind to your tenants. Keep an eye on surrounding rentals so you know what the market is and take that rent through the roof at ANY opportunity! If you lose a tenant, so be it. Even in this market, there'll be 10 more behind the previous tenant ready to move in.
None of that works however, if you don't respond timely to problems or keep the property looking good. No matter WHO is managing it day-to-day. And finally, whether you use a management company or not...PERSONALLY inspect the property inside and out at least EVERY year and every 6 months if possible. And do NOT allow pets. At all.
As to paying a management company's fees...figure out what you want your place to rent for if you were renting it yourself. Then take THAT figure and add any management company fees to it. That way your take home on that deal is the same whether you're handling it or a management company is.
Make sure the property is kept up...plumbing, electrical, landscaping, mowing. It won't look as nice with renters there as when an owner lives there but, don't let it go to shit. If something has to be replaced don't buy the best to fix it, buy something mid-grade. Finally, increase the rent as often and high as you can. Don't buy into the bullshit argument of "well, I have a tenant that regularly pays his rent so, I'm not going to raise his rent..." Do NOT form emotional attachments of ANY kind to your tenants. Keep an eye on surrounding rentals so you know what the market is and take that rent through the roof at ANY opportunity! If you lose a tenant, so be it. Even in this market, there'll be 10 more behind the previous tenant ready to move in.
None of that works however, if you don't respond timely to problems or keep the property looking good. No matter WHO is managing it day-to-day. And finally, whether you use a management company or not...PERSONALLY inspect the property inside and out at least EVERY year and every 6 months if possible. And do NOT allow pets. At all.
Re: How hard is it to rent out your property in Fairfax?
Posted by:
EIi 2
()
Date: November 03, 2011 10:09PM
i would do it professionally and not through craigslist.org you will get non-payers
Re: How hard is it to rent out your property in Fairfax?
Posted by:
Condo Owner
()
Date: November 04, 2011 05:11AM
Craigslist is hit or miss. Been lucky and been screwed over. Property management is the way to go if you can afford the services when the property is vacant. There are web sites to allow for credit history and such for landlords to use.
Re: How hard is it to rent out your property in Fairfax?
Posted by:
you are idiots
()
Date: November 04, 2011 07:03AM
rental market is hot, you should have no problem, craigslist is fine, where most people looking to rent look, do not use a realtor, they charge a fee and basically do nothing, when I rent mine myself I rent immediately,when I use a realtor, because it is not a priority for them, takes forever. Property management companies are corrupt and inept, stay away.
Re: How hard is it to rent out your property in Fairfax?
Posted by:
slumlord
()
Date: November 04, 2011 08:25AM
you are idiots Wrote:
-------------------------------------------------------
> rental market is hot, you should have no problem,
> craigslist is fine, where most people looking to
> rent look, do not use a realtor, they charge a fee
> and basically do nothing, when I rent mine myself
> I rent immediately,when I use a realtor, because
> it is not a priority for them, takes forever.
> Property management companies are corrupt and
> inept, stay away.
Good points. Chances are it'll be empty much longer with a realtor handling it. When you sign an exclusive contract with a rental agency you'll be on the list behind all the other agents and co-workers properties who will have their properties shown first. Sure, this goes against the "ethics" published by realtors but that how it is.
-------------------------------------------------------
> rental market is hot, you should have no problem,
> craigslist is fine, where most people looking to
> rent look, do not use a realtor, they charge a fee
> and basically do nothing, when I rent mine myself
> I rent immediately,when I use a realtor, because
> it is not a priority for them, takes forever.
> Property management companies are corrupt and
> inept, stay away.
Good points. Chances are it'll be empty much longer with a realtor handling it. When you sign an exclusive contract with a rental agency you'll be on the list behind all the other agents and co-workers properties who will have their properties shown first. Sure, this goes against the "ethics" published by realtors but that how it is.
Re: How hard is it to rent out your property in Fairfax?
Posted by:
ogie33
()
Date: November 04, 2011 10:24AM
Take pictures prior to turning over the keys to your tenant. Wear & tear is a very vague term that tenants like to throw around. And don't forget to document EVERYTHING. It's really hard to evict someone in the state of Virginia as well in case it ever comes to that, FYI.
Re: How hard is it to rent out your property in Fairfax?
Posted by:
Landlord
()
Date: November 04, 2011 12:12PM
Hoffman's #1 Fan Wrote:
-------------------------------------------------------
> Hoffman's on it, as usual.
>
> As to paying a management company's fees...figure
> out what you want your place to rent for if you
> were renting it yourself. Then take THAT figure
> and add any management company fees to it. That
> way your take home on that deal is the same
> whether you're handling it or a management company
> is.
Respectfully disagree. You need to determine FAIR MARKET VALUE by researching what comparable properties have rented for (not what their owners wanted them to rent for). I'ts like selling a house - buyers don't care how much you need or what the real estate commission will cost you; they want to pay a fair price.
> ...increase the
> rent as often and high as you can. Don't buy into
> the bullshit argument of "well, I have a tenant
> that regularly pays his rent so, I'm not going to
> raise his rent..." Do NOT form emotional
> attachments of ANY kind to your tenants. Keep an
> eye on surrounding rentals so you know what the
> market is and take that rent through the roof at
> ANY opportunity! If you lose a tenant, so be it.
> Even in this market, there'll be 10 more behind
> the previous tenant ready to move in.
Sorry, wrong again. I factor potential rent increases into the contract if they choose to renew, but I rarely exercise them, and I let the tenants know that upfront. You want to hold onto good tenants, not piss them off. It doesn't do any good to unreasonably raise the rent, have good tenants vacate, and then have the place sit there unrented while you incur ongoing costs. That's not an emotional decision - its a business decision.
> Property management companies are corrupt and inept, stay away.
That has not been my experience. The going rate is one months rent to find a tenant, and its well worth it. Do you really want to have to deal with the never-ending flakes from Craigslist, many of whom don't show up, "misunderstand" the rent, aren't qualified, have questionable backgrounds, etc.
On the other hand, I manage the property myself during the contract. A good tenant won't bug you unnecessarily, especially if you live in a condo.
If the property shows well (and it ought to), make sure you're agent takes lots of MLS photos. And - as others have noted - DOCUMENT EVERYTHING.
-------------------------------------------------------
> Hoffman's on it, as usual.
>
> As to paying a management company's fees...figure
> out what you want your place to rent for if you
> were renting it yourself. Then take THAT figure
> and add any management company fees to it. That
> way your take home on that deal is the same
> whether you're handling it or a management company
> is.
Respectfully disagree. You need to determine FAIR MARKET VALUE by researching what comparable properties have rented for (not what their owners wanted them to rent for). I'ts like selling a house - buyers don't care how much you need or what the real estate commission will cost you; they want to pay a fair price.
> ...increase the
> rent as often and high as you can. Don't buy into
> the bullshit argument of "well, I have a tenant
> that regularly pays his rent so, I'm not going to
> raise his rent..." Do NOT form emotional
> attachments of ANY kind to your tenants. Keep an
> eye on surrounding rentals so you know what the
> market is and take that rent through the roof at
> ANY opportunity! If you lose a tenant, so be it.
> Even in this market, there'll be 10 more behind
> the previous tenant ready to move in.
Sorry, wrong again. I factor potential rent increases into the contract if they choose to renew, but I rarely exercise them, and I let the tenants know that upfront. You want to hold onto good tenants, not piss them off. It doesn't do any good to unreasonably raise the rent, have good tenants vacate, and then have the place sit there unrented while you incur ongoing costs. That's not an emotional decision - its a business decision.
> Property management companies are corrupt and inept, stay away.
That has not been my experience. The going rate is one months rent to find a tenant, and its well worth it. Do you really want to have to deal with the never-ending flakes from Craigslist, many of whom don't show up, "misunderstand" the rent, aren't qualified, have questionable backgrounds, etc.
On the other hand, I manage the property myself during the contract. A good tenant won't bug you unnecessarily, especially if you live in a condo.
If the property shows well (and it ought to), make sure you're agent takes lots of MLS photos. And - as others have noted - DOCUMENT EVERYTHING.
Re: How hard is it to rent out your property in Fairfax?
Posted by:
Moving
()
Date: November 04, 2011 05:45PM
Can anyone recommend a good property management agency?