Overview

Property Evaluation and Inspections

We are selective and undertake the management of properties that meet the habitability standards as set by the Virginia Residential Landlord Tenant Act and applicable Housing and Urban Development inspection standards. We inspect all properties before entering into a management agreement with the Owners.

A well maintained property will rent faster, demand a higher price, and attract high quality tenants. Once a property is under management contract we continually inspect both formally "in-house" and routinely with "curb-side" inspections on a continuous basis.

Owners are kept informed of all aspects of the physical conditions of their property.

Marketing

Our marketing efforts begin with a complete evaluation of your property and your objectives. A rental rate is determined either by us, by you, or by agreement after consultation.

We list your property on our website, www.figenterprises.net. This site allows us to feature your property by description as well as pictures. The web site is heavily used by potential tenants from both our area, new-comers, and students planning on relocating.

There are links to our web site from the Wise County Chamber of Commerce web site and other sites as well. We maintain connections and links with all area HUD offices, college housing offices, real estate agents, and others who come into daily contact with potential tenants.We periodically run ads in local papers directing inquiries to our web site and/or listing specific available properties.

We maintain an office with flexible hours to handle rental inquiries, process applications, and monitor tenants.

Your greatest cost in renting residential property is VACANCY. It is the only thing that you pay for, that in-fact, you receive absolutely nothing in return!

Tenant Screening

Properly screening applicants is one of our most important functions. We thoroughly evaluate each applicant for your property, matching potential tenants with the properties that best suit their needs and those of the property owners. As an Owner you can delegate this responsibility to us completely or remain involved in the selection process. The choice is yours.We strive to eliminate vacancies; however, "A VACANT PROPERTY IS BETTER THAN A BAD TENANT."

Every property owner engaging our management services has had bad tenant experiences. If the rental business was problem-free there would be no need for a management service. Once a "bad tenant" occupies a property you are on the "down-hill slide" both in terms of aggravation and money. It takes money and time to get rid of a bad tenant and the landlord ALMOST NEVER recoups this loss!!! In the operation of our own units we are selective when it comes to who we rent to. By being very careful in this area we have been able to remain profitable when some others have not. Our units may stay vacant for a longer time than may be standard in the area but that is fine with us. We know from experience that "you never fully recover financially from a bad tenant!"

Rent Collection and Deposit Management

We will candidly inform you up front that we are aggressive to the point of being obnoxious in the collect of rents. We have an absolute "NO EXCUSE" policy regarding the late payment of rent. Our best description of a tenant who pays late is an "EX-TENANT."

Rents are due on the 1st of the month, are late on the 6th (with collection efforts beginning and late fees assessed) and delinquent tenants are served court eviction papers on the 12th, without exception. It is difficult for an owner to adopt this same policy due to the hassle of going to court and the legal costs involved. We waste not time here. Once a tenant gets behind in his rent he almost never gets caught back up.

The Virginia Residential Landlord Tenant Act is a mine-field of possible pitfalls for the unwary landlord. The Act, as adopted by the Virginia General Assembly is full of landlord-required duties, many with provisions for complaining tenants to have their costs and attorney fees paid "by the defaulting landlord!"

Working within the framework of these laws requires a thorough understanding of the laws and how they affect both landlords and tenants.We require at least one-month's rent amount as a performance deposit. This amount is almost always required to be paid in full "up front" at the beginning of the lease term. Tenants are required to keep Performance Deposits paid "in full."

Repairs/Maintenance

One of the property managers primary functions is to insure that the property is maintained. As we expect and demand that tenants pay their rent on time, tenants expect and deserve that maintenance concerns are addressed timely, completely and professionally. The maintenance and repair of rental units is a major expense for landlords. This also is a problem for which WE CAN OFFER SOLUTIONS.

We hold a Class "C" contractor's license and can contract with owners to perform many repair, maintenance duties as well as renovation work. We can do this much more economically than hiring an independent, outside contractor.We offer repair/service contracts only on properties we have under management contract. We don't contract with non-clients. A sample contact is available elsewhere in this information packet.

Should you elect to engage our maintenance service, we can provide repairs and maintenance in a very timely manner and at substantially less cost than engaging an independent contractor. We do not "mark up" repair parts, do not charge "trip charges" or "mileage" and charge a very competitive hourly rate. Ordinary repairs, such as faulty faucets, bad electrical outlets, etc. are addressed during the normal work day. If a repair is $200 or less we will move forward with the repair as quickly as possible. If the repair is thought to be more costly we will obtain your approval before proceeding.

We maintain a list of independent area contractors for those repairs for which our contractor license does not cover.

Legal Fees, Virginia Residential Landlord Tenant Act

One of the greatest benefits we can offer our property owner clients is legal fees related to the eviction of delinquent tenants, without additional cost to the owner!!!

This is an almost "unheard-of-benefit" in the property management industry. In the operation of rental property the question is not "if I ever have to go to court." The question is "when I have to go to court" If you stay in this business you will be going to Court to either evict delinquent tenants or for other rental related matters.

We can offer this service because the owners are attorneys practicing Landlord-Tenant Law.Specifics are found in our "Management Agreement". The Virginia Residential Landlord Tenant Act (VRLTA) is a body of law in Virginia that has many regulations concerning the operation of rental property. The act can be a mine-field for the unwary landlord. There are many provisions of the VRLTA that require a landlord to pay the legal expenses of the tenant should the landlord be found to be at-fault in some way.

The best protection here is to fully understand the law and how to apply it in the management of your rental business. We work, study, and apply this body of law everyday in our management business.

To be fair, the VRLTA is not completely one-sided for the benefit of tenants (although it may certainly seem so to landlords). The secret is to understand the law and how to use it to the advantage of property owners instead of falling victims to its provisions through mis-understanding or lack of knowledge.

Costs

While each property and situation is unique, our fee structure is based on a percentage of the monthly rent (with a minimum rate). We are paid from the rents that we collect. Rates currently are 10% of the monthly rent per unit, with a $50 per unit minimum. We collect the rent, deduct the management fee and any repair or other costs, and remit the balance to the owner by the 20th of each month.

Communication is the cornerstone of effective property management. You should be informed and, if you desire, actively participate in decisions regarding your property. We will provide you with a constant flow of information regarding your investment.Our goal is to develop and maintain a long-term relationship with clients such as you. We look forward to adding clients who can benefit and profit from their business relationship with us.