Northern Virginia Property Management Fees

PROPERTY MANAGEMENT
FEE STRUCTURE OVERVIEW & FAQs

Discounts are considered for multiple properties and also for active duty military and Foreign Service personnel.

1. Tenant Procurement with Property Management

Procurement Fee 90% of first month's rent

Management Fee 8% of monthly rent

Includes Consultation, Market Analysis and Plan, Virtual Tour, Bright MLS Advertising, Tenant Application Processing, Lease Preparation, Lease Orientation and Pre-Occupancy Inspection, Financial and Administrative Services, and Professional Representation 7 days a week.

2. Leasing without Property Management

Procurement Fee 100% of 1st months rent

Includes Consultation, Market Analysis and Plan, Virtual Tour, Bright MLS Advertising, Tenant Application Processing, Lease Orientation, Lease Preparation, and Pre-Occupancy Inspection.

3. Property Management Without Tenant Procurement

Property Management fee 9% of monthly rent

Includes Consultation, Maintenance and Care Program, Financial and Administrative Services, and Professional Representation 7 days a week.

4. Other Services and Fees

Lease Renewal 25% of 1st month's rent (negotiable)
Owner procured tenant 25%
Processing Fee (for owner-procured tenants); offered only with property management. Includes Tenant Application Process, Lease Preparation, Lease Orientation, Pre-Occupancy Inspection, Financial and Administrative Services, and Professional Representation 7 days a week.

As a property owner thinking about property management,

you probably have a lot of questions.

We have put together a list of the questions homeowners most frequently ask us.

1

How is my property marketed for rent?

PROMAX provides professional marketing photos with virtual tours and utilizes multiple ways of marketing. All properties are listed in Bright MLS, the local multiple listing system. Once listed in Bright MLS, properties are automatically listed on websites such as www.mrishomes.com, www.homesdatabase.com, www.realtor.com, and www.zillow.com. Depending on the property’s location we can also advertise on Military by Owner.

Over 80% of properties are rented through the services of Real Estate Agents who represent the tenant and have access to Bright MLS.

2

May I see the prospective tenant’s application and credit report?

PROMAX does not provide the owner with a copy of the application or credit history. This is to protect the owner as well as maintain compliance with the Federal Fair Credit Act.

To protect the owner, PROMAX will not disclose any applicant’s race, color, sex, religion, national origin, mental or physical handicap, familial status, age, sexual orientation, or any other classes protected by law.

3

What areas does PROMAX service?

We service the entire Northern Virginia area including Springfield, Arlington, Alexandria, Fairfax as well as Washington D.C.

4

How are prospective tenants vetted?

Approval of a prospective tenant is based on three objective criteria:

Satisfactory Credit History-Report through Eqiufax Credit Services.
Ability-to-pay-income requirements and proof of employment.
Satisfactory reference from previous landlord or mortgage payment history.

Prospective tenants must agree to all other terms and conditions as set forth in the property management agreement, such as no pets or no smoking.

Vetting processes are performed in-house by our own licensed real estate agents and property managers.

ABOUT YOUR PROPERTY

1

How do you maintain my property?

A cross-trained team handles every aspect of property management, with a designated home care coordinator and a property inspector to respond to and handle routine maintenance and care. Property inspections occur every 6-9 months. Staff report the results and corresponding photos via a cloud-based file. Two PROMAX staffers also provide an after-hours call center as back-up for critical emergencies. We use only professionally-licensed independent contractors, many of which we have worked with for 10+ years.

2

What is the average time on the market before rental?

On average, it takes 30-60 days to rent a residential property in this region. There are many factors to consider when determining how long it may take to rent. Time of year is the most important, with spring being the most favorable. Pricing and property condition also have a direct impact.

3

Does Promax provide a move-in condition report?

At Tenant Orientation or within 5 days of tenant occupancy, our team provides a detailed written Preoccupancy Inspection Report as required by VRLTA as well

as a photo condition of interior, exterior, appliance specifications, and identification of essential property components.

4

How does PROMAX handle delinquent tenants?

We will notify you by the 10th day of the month if the rent has not been received . We will provide your tenant with a Default notice (5-Day Notice to Quit or Pay).

If your tenant does not respond to the Notice, we will peruse legal action with your permission.

5

May I set reasonable restrictions on the number of occupants living in my home?

Yes you may set reasonable restrictions on the number of occupants. In most cases we recommend a maximum of no more that 2 incomes to qualify and no more than 2 unrelated adults.

6

Do I have to allow smoking in the property? How about pets?

You do not have to allow smoking in the property. All of our homes are marketed as such. You do not have to allow pets, however, we recommend that you consider pets on a case by case basis.

7

What type of insurance coverage should I carry and how much?

You will need "Landlord Coverage". We recommend a minimum of $500K for general liability, at least $5K for per occurrence medical, and a minimum of $5K for tangible property coverage.