Why should I use a professional to manage my home?
While the reasons our clients choose professional management vary, here are some of the key reasons many people elect professional management over self-management:
We know the local market. This allows us to effectively market your vacant home to prospective residents to get it filled.
We handle maintenance and emergency repairs, allowing you to sleep at night. We enforce collection of rents and serve the proper notices upon failure to pay. You'll often make more money than if you managed the property yourself!
Please click on the Owner's Manaul for additional information:
Can you manage my property if I already have a tenant on a lease? Will you sign the new lease with the tenant?
Yes, we will inform the current tenant of the change in management and provide them with all information needed for paying rents, contacting us for maintenance issues/repairs, etc. We will not sign the new lease agreement with the tenant the lease is between the owner/landlord and tenant however, we will amend the Lease to indicate us as property manager and where rental payments, maintenance request are to be sent.
What type of insurance do I need for my property? You will need to have Landlord/ Dwelling policy naming Norman Investments, LLC as additional insured, additional interest or have a provision that covers the property manager.
How long does it take to lease my property?
At the time you turn over your property to us to handle, we will inform you of current market conditions, which will give everyone a better idea of market time. Generally, your property may lease within 30-60 days. However, some homes will lease quicker and some homes will take a little longer to find a qualified tenant.
How do you qualify the applicants?
We accomplish this by following a strict set of tenant selection criteria plus performance of a national credit report on each applicant(s), verification of their rental history from their previous landlord, verification of their employment and a criminal background check.
Can I choose to disallow pets, smokers, large families, etc.?
You can choose to disallow pets and not permit smoking in your home. However, you cannot deny a service animal. We comply fully with the Fair Housing Act. This means that you cannot choose to disallow anyone that is a member of a protected class under the act.
If you have additional questions on the specifics of the Fair Housing Act? Visit:
Have additional questions not covered? Visit:
What happens to security deposit? Are they sent to me?
No, we place the security deposit in our non-bearing escrow account. At move out, we complete a thorough inspection, document the condition of the property and prepare a security deposit claim if necessary. Any damage expenses beyond normal wear are deducted from the security deposit along with any other money owed then to disburse to tenant within 30-45 days of move-out.
When should I expect my rent payments?
Some owners ask us: "Why is it taking so long?" Answer: The rent payment is due on the 1st of each month. Most of the tenants pay the rent payment on the 5th of each month. It takes about 3-5 banking business days for the bank to clear the deposited funds. Unfortunately, we cannot pay out funds that have not been cleared by the bank. Deposits are usually in your account by the 10th-15th of each month. If your rent has not been collected, you will be notified by the 6th of the month.
What is your eviction process, and who pays for it?The owner is responsible for eviction costs. If necessary and with your approval, we will proceed with an eviction process. Approximate eviction costs can be $500-$1,000 and the fee is paid directly to the eviction attorney. We work with attorneys specializing in real estate and property management law. We refer any cases to them to insure they are handled as efficiently and expediently as possible.
Will tenants ever contact me? No, Tenants are not given your contact information and we ask that you not contact the Tenants, except thru us.
Do you give out keys to prospective tenants to view the property alone? No, all prospective tenants are accompanied to the property by us or by their real estate agent.
Do you report my rental income? Yes, we prepare year end 1099-Misc. A copy of the Form 1099-MISC must be sent to the payee by Jan. 31 and to the IRS by Feb. 28. The 1099-misc shows the GROSS collection rather than the net amount. See Treasury Regulation 1.6041-1(f)(1) pg 206 as well as Example 5 under 1.6041-1(e)(5) pg 206-207. The management fees and repairs, maintenance, etc are rental expenses for you.
Do I need to have Norman Investments, LLC named additionally insured or additional interest on my Dwelling Policy? Yes, we requires owners to name Norman Investments, LLC as additional insured, additional interest or have language in the policy covering the property manager due to the great cost of litigation, should it arise.
Are you licensed by the Commonwealth Of Virginia? Yes! Benita Norman is a license estate agent: Va. License #0225065167
Warrior Realty of Va LLC License #: 0226024093 Steve Dalton Broker,4795-D Bethlehem Rd Richmond VA 23230
Errors & Omissions Policy # UDC-2167188-EO-18
Do property management companies need a license?
Leasing and collecting rents are included as real estate brokerage services under the state's brokerage licensing requirements. However, if a person is acting as an agent for an owner or a broker while managing or leasing property for the owner or broker, that person is exempt from the requirements.
Transitioning Homeowner to Being a Landlord
The transition from home dweller to investment property owner can be emotionally difficult – especially when the owner plans to return and live in the property. Our employees understand this and work to guide owners through decisions that might be made differently for a rental property than for a personal home.
What happens if I decide to sell my investment property? We require an exclusive arrangement to broker your properties with 6% brokerage rate and minimum 6 month term with restrictions please refer to our Management Agreement.
What if the tenant decides to purchase? In the event that a tenant ends up wanting to purchase the property they are occupying our brokerage rate varies typically 4-6%, please ask for details.
We focus on property management and work to make our services are efficient and effective, your success leads to our success. Let’s partner together in helping you reach your goals. Contact Norman Investments, LLC today!
Have additional questions? For quickest response click on Contact Us and complete the inquire form.
TOP 10 THINGS TO DO WHEN RENTING YOUR HOME:
1 CALL ME TO MANAGE YOUR PROPERTY!
2-10 I'LL TAKE CARE OF THE REST!
Post Office Box 6, Gum Spring VA 23065
(804) 339-6529 direct
(804) 309-4172 e-Fax
Residential We've got all your leasing needs covered we take the hassle out of handling rental property.