Property Management Services
Nomadic provides its clients with full scale management services that aim to rent, protect, operate and increase the value of your real estate asset. Our Management Process is best broken down into two phases; Leasing and Management.
The Management Process
Nomadic provides full scale Leasing services with one goal in mind: secure our clients the highest quality tenant at a maximum rent level. We take great pride in providing our clients industry leading services and levels of support and communication throughout the entire Leasing Process.
Click to view all our Leasing Services in detail: The Leasing Process
A Nomadic Representative meets you in person at the property. After viewing the property, Nomadic analyzes private (MRIS/MLS), public and internal databases to derive a sample set of comparable product that have rented within the last 270 days. A Market Rent is suggested from this data. Once our client approves a Market Rent level, our ad campaign is implemented within 24 hours.
Nomadic creates an online profile of your property that includes neighborhood, building and interior descriptions with top of the line photos. These profiles are posted 3 times per week across 10 websites.
A local outreach campaign is also developed with property listings being distributed to our extensive database of embassies, corporate employers and universities.
Nomadic offers top of the line lead management, handles the entire showing process and typically rents properties within a 4 week period.
Nomadic diligently screens all applicants to ensure you have the highest quality tenant. When a prospect shows interest in your rental, they submit an application. Nomadic performs Credit, Criminal, Resident History and Employment Verifications for all applicants. The results are summarized and provided to our clients along with a recommendation.
Nomadic has worked with Real Estate Attorney’s to ensure our Lease Agreement provides the utmost protection and safeguards for our clients. When an applicant is approved, they are delivered a Lease Agreement. They sign, deliver a Security Deposit and then our client executes the Agreement.
Nomadic details the condition of the property at move-in using a detailed checklist and condition statement. If applicable, photos are uploaded of areas in which damage is noted. This form is signed and dated by both a Nomadic representative and the tenant at the time of move-in and is referenced at move-out to ensure any items damaged above normal wear and tear are itemized from the tenants deposit.
Cost of Service
Nomadic charges a Locator Fee at the conclusion of its Leasing Process:
The locator fee is a percentage of the first month’s rent collected. The percentage is to be determined by the length of the lease signed. The formula is:
(Length of lease (in days) / 365) X First Month’s Rent = Locator Fee
Nomadic is extremely proud of its leasing track record. Please click on the link below to read Client Testimonials on their experiences during our Leasing Process. Testimonials
The Nomadic management phase incorporates a series of extensive services and an online platform that provides our clients terrific peace of mind and a complete understanding of how we operate.
Click to view all our Management Services in detail: The Management Process
Nomadic utilizes an advanced Banking System that allows us to auto-debit our tenant accounts and collect rent on the first business day of the month. In turn, we have the ability to take all rent received and provide our clients a direct credit on the third business day of each month.
Nomadic creates a Property Ledger for each asset under management. The ledger stores all income/expenses per month and generates an annual statement perfect for tax purposes.
Property Spot Checks
Nomadic performs semi-annual property spot checks. These checks allow Nomadic to ensure the value of the home is being preserved. After each spot check, a condition statement is delivered to our clients that provides an accurate assessment of the home. The statement also outlines potential trouble areas and affords our clients additional time to budget for future property expenses.
Nomadic handles all tenant relations and property issues. Most commonly, these issues revolve around property work orders, when an item, appliance, etc. within the home breaks down. Nomadic inspects the issue, provides multiple estimates from top of the line contractors, schedules repairs and is present to pay vendors at the time of service. Quality work is ensured and the approved work order costs are itemized from the following month’s rent. Nomadic prides itself on having one of the fastest response times in the industry.
Nomadic requires a 60 day Notice to Vacate from its tenants. This ensures we have 2 months to market the property while occupied and minimize vacancy loss. All cleaning costs are supplemented by the tenant and any damage above normal wear and tear is itemized from the security deposit on file. If tenants do vacate, we minimize turnover costs and vacancy loss. If they opt to stay, they are presented renewal terms based on real time local market data.
The District of Columbia requires all rental properties to be registered with the Department of Consumer and Regulatory Affairs (DCRA). Nomadic handles this entire process for its clients. This includes properly filing all associated paperwork, equipping the home for inspection and obtaining the property’s Basic Business License.
Nomadic is proud to provide its clients an online web portal that represents cutting edge technology for the industry. All Nomadic clients have an online account that allows them to view real time Banking information. In addition, clients can obtain updates on all open Work Orders, view a history of all closed Work Orders, view all property forms (Management Agreement, Lease, Move-in Inspection, Property Spot Checks, etc) and view a snapshot of all lead and showing activity if the property is in the leasing phase.
Cost of Service
Nomadic charges an 8% monthly Management Fee (8% of rent received). Please note, no fee is owed if the property is vacant. In addition, no Management Fee is assessed during the same month a Full Locator Fee is charged. Nomadic prices its services in line with the local competition and is confident it provides its clients superior services and levels of customer support.