6 Tempting Reasons for Hiring a Property Manager in Falls Church, VA

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6 Tempting Reasons for Hiring a Property Manager in Falls Church, VA 1

When you start looking for passive sources of income, one option people often consider is renting out real estate properties. In other words, you let someone rent out and live in your extra space as you collect rent on a monthly basis, and spend your days strategizing how to acquire your next property.

But, then the realization hits you. Each one of your Falls Church, VA properties requires time, attention and, depending on the age and quality of the home and it’s essentials, maintenance. Being a property manager means handling rent, fixing leaky sinks, waking up in the middle of the night with flooded water heaters, arranging inspections, and keeping up with rental laws.

This “passive” form of income can quickly become laborious and extremely hands-on.

Fortunately, you don’t have to give up your whole life to become a landlord. Instead, you should hire a Falls Church property manager who can handle all those concerns for you. Let’s uncover the many benefits of hiring a property manager to take care of your Falls Church rental properties.

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1. Management of Monthly Rent Payments

One of the most demanding parts of being a property manager is managing rent. You have to set rates, figure out a payment methods, and keep up with due dates. You have to track which of your tenants have paid their rent, who’s behind, and who owes late fees and make sure all of those get paid appropriately.

A Falls Church property manager can handle all those rent concerns for you, leaving you free to collect the profits. They’ll do a market study to help you find the right rates to charge for rent. They’ll also take care of collecting rent payments, handling late payments, and getting you your cash in plenty of time.

rent sign

2. Advertising to & Attracting the Right Tenants

Trying to find the right tenants for your rental properties can prove to be difficult. You need to make sure you can find the right renters. With the right vetting process on your residents – your property should and will make you money. You don’t want to rent to anyone who walks in the door and is going to mistreat your property, constantly complain and then never pay rent on time… if, at all.

Part of the advantage of hiring a Falls Church property manager is that they can help you find the right tenants. They can run criminal and background checks, check credit, look at references, and make sure you get the best tenant. They also know how to advertise so that your listing reaches as many potential renters as possible.

3. Managing Tenants

Once you have the tenants, you’ll need to manage the day-to-day concerns of your renters. If you think managing routine maintenance and emergency repairs are hard on one house, try doing it on multiple homes. You’ll have to be “on-call” at all hours for emergencies, not to mention handling inspections and dealing with tenant conflicts.

A property manager takes all those worries off your shoulders. They’ll sort out any conflicts that may arise and will handle those inspections on time and with ease. They can also take care of maintenance calls when they come in with less hassle than you would go through.

4. Managing Property Maintenance

Part of the reason it’s easier for a property manager to handle maintenance issues is they’ll have pre-established relationships with plumbers, contractors, electricians, and other repairmen. These professionals will be licensed and insured so you won’t have to worry about the quality of their work.

Because your property manager will have those relationships in place already and will be working with them on a variety of accounts, they’ll be able to negotiate for the best prices. These savings mean you get to take home more of your rent payments. And you won’t have to worry about a tenant calling you at three in the morning when a pipe bursts.

5. Ensuring Your Property Follows Local Laws & Regulations

If you’re going to be a property owner, there are a lot of rules and regulations you need to be familiar with. You’ll need to follow fair housing regulations, including the Americans with Disabilities Act. You’ll also need to have an eye on state and federal regulations for how to maintain your property; failing to do so can mean costly lawsuits.

Property managers can keep you out of court and make sure your properties are up to code. They’ll be familiar with all the regulations and will have the resources to make sure they get met. They can also make sure your rental policies follow regulations to avoid suits from tenants on that front.

6. Make the Most of Your Resources

When you’re renting property, the name of the game is making the most of the money you get from rent. You have to handle taxes, insurance, inspections, maintenance, and a variety of other expenses. If you aren’t smart about managing those costs, your property can wind up being a sinkhole instead of a source of revenue.

Falls Church property managers can help you optimize your expenditures to make sure you’re getting the most out of your money. They usually charge between 6 and 10 percent, which is far less than the amount they can save you with smart business practices and bulk discounts. And that’s not saying anything of the emotional weight they can lift off your shoulders by taking over some of the overwhelming responsibilities of being a landlord.

Discover the Benefits of Hiring a Falls Church Property Manager

Renting properties can be a lucrative business that seems like it should provide passive income. But the only way you can really make that dream work is by hiring a property manager. From taking maintenance responsibilities off your shoulders to making sure you’re following all the regulations you need to, they can make your life as a landlord much easier.

If you’d like to get help managing your rentals, get in touch with us at Nomadic Real Estate. We handle leasing, management, and sales so you can have peace of mind. Learn more about our property management services and start making your rentals more profitable today.

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Enhanced Reporting

Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

Owner Portal Reports
  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

Enhanced Rent Roll Report
  • The Enhanced Rent Roll Report will show the rent amount, last payment date, move-in date, lease expiration date, and security deposit amount for each of your tenants. 
  • It will also show a portfolio summary with occupancy percentage, vacancy loss, and more!

Unit Comparison Report:

Unit Comparison Report
  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
  • This report enables you to quickly compare financial performance between your units at a glance without toggling between individual reports. 

Income Statement Month-Over-Month:

Income Statement by Month Report
  • The Income Statement Detail – Monthly Report serves as a month-over-month record of portfolio performance. You’ll see itemized income and expense categories and can track monthly. This report will update with fresh data every time you view it. 

Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

Owner Portal Documents
  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

Owner Portal Property Statement

You'll also find a month-over-month operating statement:

Month over Month Statement

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

Commincation Dashboard Screenshot
  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Owner Portal New Message Screenshot

Responses will show up in the conversation ticket:

Portal Conversation Response Screenshot
  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Owner Portal Comment

Each conversation will be logged in its entirety:

Portal Conversation Snapshot

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

Owner Ledger Dates
  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

Ledger Property Column
  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

Owner Ledger Description Column
  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

Owner Ledger Amount Column
  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

Owner Ledger Account Balance Column
  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

PW Portal Filters

View a snapshot of income and expenses on your dashboard:

PW Owner Dashboard View

See every transaction in real-time on your ledger:

Owner Portal Ledger View

Statements and forms will be posted to your documents library:

Owner Portal Document Library

View a suite of real-time financial reports:

Portal Reports View

See a running list of all bills, and drill down for more detail:

Owner Portal Bills View

Under Bill Details, you'll find dates/descriptions/amounts and more:

Portal Bill Details

You can also communicate with your Account Manager through the portal:

Owner Portal Communication Tools

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

Net Distribution

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.