How to Find the Best Property Management Companies in Arlington, Virginia

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So you have decided to hire a professional property management company for your Arlington rental home.

It’s the right choice to make, but, how do you go about finding one?

There are plenty of real estate agencies and property management companies that offer residential property management. Choosing the right management partner who understands your needs as an investor is vital to the success of both parties.

Make sure that they are committed to helping you earn more on your property so that you can have a better investment experience.

It is also important to make sure that your property manager gives you the peace of mind that you’re looking for.
This way you can earn truly passive income as a landlord, without the stress and headaches that typically accompany property management.

As a landlord, you should never feel like you need to “manage your property manager.”

Let’s take a look at a few of the things you can do to find the best possible property management companies in Arlington for your rental home.

Ask for Referrals & Recommendations

How to Find the Best Property Management Companies in Arlington, Virginia 1

Talk, Talk, Talk. What’s the word on the real estate industry in Northern Virginia?

Ask other real estate investors about property management. Find out if they have any companies to recommend.

Usually, landlords are willing to tell you if they’ve had a good experience or a bad experience with a management company. Most probably have experience working with multiple property management companies.

This is an industry that is built on relationships.

If you talk to a fellow investor that has been in the business for a while and is willing to speak highly of the company managing their properties, listen to what they have to say.

It is a good idea to ask for referrals from real estate agents, mortgage brokers, and even vendors who work with management companies all the time.

Look for an experienced property management company, and remember to never short change yourself on exceptional customer service!

Check Out Online Reputations & Reviews

customer testimonials of Nomadic Real Estate

Everyone is reviewing products and services online these days. Property management companies are no exception.

When you find a few companies that you’re willing to consider working with, hit the computer, go to Google and start doing your research.

You can read reviews and testimonials on sites like Google, Expertise and more. Also, don’t forget to check out social media pages to get a better idea of what the company represents and how they work.

An Arlington property management company with a good online reputation is key. If you have questions about their online reviews, don’t be afraid to reach out and ask them about it. Your questions are just one phone call away!

As a pro tip remind yourself that property management companies deal with two parties on opposite sides of the table–landlords and tenants.
So It is essential to read the reviews themselves and not just look at the star rating. This way you can figure out where the reviews are coming from on both sides.

Specifically, look closely at their reviews from landlords, because those will be most relevant to your situation.

Property management companies should always represent their client’s best interests. This is first and foremost, and if their clients (landlords) are speaking highly of them in online reviews, it is a good sign for how they will handle your Arlington property.

As a reminder, do your due diligence! You are trusting someone with the management of one of your largest assets.

Schedule Interviews with Property Managers

Once you have conducted a little of your own research, set up a time to talk with property management companies.

Calendar meetings

This will be useful in a number of different ways. First, when you reach out to them, you’ll see how long it takes them to respond.

If you leave a message and don’t hear from anyone for three days, that’s not a great sign. If a company isn’t eager to earn your business, they probably won’t be so invested in keeping it, either.

When you receive an immediate response, you’ll know that they probably handle calls from current clients and tenants with the same sense of urgency.

Ask About The Technology They Use

Property Management Companies use a wide variety of technologies to best serve their clients. The company’s approach to technology can have a major impact on the results and experience for their clients.

Online rental applications are preferable, due to better efficiency and reliability. Find a company that avoids paper applications, because they take longer to process and are less efficient than online systems.

Do they have an online client portal? This is important for accessing banking information in real-time, and can be a very helpful resource for keeping records on your property. How do they handle work orders from tenants? Do they have technology to assist in fulfilling these work orders, and ensuring that they don’t get missed? What other technology does the property manager employ to benefit a client like you?

It is important to ask about property management technology, because it will give you an indication of the company’s approach to servicing your property.

Remember how we talked about not having to manage your property manager? Providing a superior experience for both you and your tenants should be the main goal!

If a company still uses old school paper and pencil, it could be an indication that they are content with the status quo and are not proactively keeping pace with the competition.

That’s a Wrap

Remember to talk to other investors when looking for the right property manager in Arlington.

team work

Make sure the company you choose has an online presence, and lastly conduct an interview and make sure you ask the right questions.
It’s good to know who is behind the doors of your assets, and whether or not they are reliable. If you have questions or concerns, contact Nomadic Real Estate today. With these tips and more, you are on your way to finding the best property manager in Arlington VA!

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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.