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11160-C1 South Lakes Dr. #173
Reston, VA 20191

MNM Property Management LLC Blog

10 Reasons you should hire a professional Property Manager

System - Sunday, October 4, 2015
1. Advertising and marketing your property: An experienced property manager knows where and how to best market your property, and will be there to handle prospective buyers or tenants, a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
2. Finding the right tenants: Securing criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references require resources that a professional property manager has and will use to help you find good tenants. 
3. Managing tenants: A property manager will manage all aspects of the tenant-landlord relationship, including routine and emergency maintenance, routine inspections, and any situations where conflict resolution is required.
4. Setting the right rental rates: The right property manager will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
5. Collecting and depositing monthly rent payments on time: Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow
6. Managing repairs and renovations: Your property manager should have long standing relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that he will use to provide you with options to maintain and upgrade your property. He will oversee any necessary maintenance projects, and take care of any renovations you choose to undertake.
7. Ensuring that you're in compliance with HOA, condo and real estate laws: There are a number of local, state and federal regulations, as well as fair housing regulations (such as the ADA) you must abide by as a landlord. A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations. 
8. Managing your property when you are not there: A local real estate and property management expert can handle your investment purchase and rental wherever you are-- out of town, out of state, or out of country. 
9. Real time info on investment opportunities: Property managers don’t just take care of the day-to-day aspects of running your income property; they will also keep you up to date on changes in the rental market, investment opportunities and other info you can use to maximize the profitability of your investments. 
10. Maximizing the profitability of your property: As an experienced professional, your property manager will enhance your tenant retention, rent collection, property maintenance and therefore property value, and marketability. 

Landscape Maintenance and Rental Properties

System - Tuesday, September 29, 2015
While Tenants want to rent a nice looking home, they often have no interest, time, or knowledge on how to maintain the property. They may agree to landscape maintenance in the rental contract but it can be difficult for a property manager or owner to enforce. The owner can charge the tenant for maintenance or include landscape maintenance but it is not always practical to increase the rent with the full cost, particularly if the landscaping on the property is extensive.

Welcome to our new responsive website!

System - Friday, September 18, 2015
Welcome to the new MNM Company Property Management Website! 

Our new website is fully responsive and uses the latest technology, allowing you to have a better browsing experience on any device no matter if it is a desktop, tablet or cellphone!

Why is this a big deal? Well, it allows you to have access to our site anywhere, at any time. Tenants - you will be able to easily find and apply for your next rental home, as well as submit maintenance requests online! 

We hope you find the site useful and easy to use!

How to get the best tenants for the highest rent

System - Wednesday, September 16, 2015
The process really starts with setting the rental price. Setting the right price is critical in getting a quality, A+-type tenant for your property. In order to set the rental price, you need to study the competition. Find out how many properties similar to yours are available for rent in the area, how much they cost and if there are any rental incentives offered by landlords. Knowing your competition and their prices will help you establish a fair and competitive price for your own home. 

Property Condition  
The condition of your property is essential. It has to be in immaculate condition. Make sure it is clean, ready to go and everything is looking sharp. You don’t want any pending repairs; everything must be in full working condition. The condition of your property has a big impact on attracting the right tenants and charging the highest dollar amount. 

Respond to the inquiries expeditiously and take each inquiry seriously. If you miss a call, return it immediately. Remember that someone who is looking to rent is probably at their computer and they have pulled up your listing on Craigslist or or or one of the other sites. They make the call and if you don’t answer, they’ll go to the next listing. As soon as they get a response, they make an appointment, visit the property and if things go well - they take it. So you’ve lost that opportunity by not answering your phone or returning the call. 

Fair Housing Act
The Fair Housing Act is an important part of finding a tenant. You must know this law and follow it religiously. It’s in place for your benefit and the tenant’s protection. Know what the law is and make sure you don’t violate it.  

Municipality Requirements
Finally, make sure you meet the municipality requirements. For example, smoke detectors and carbon monoxide detectors are necessary. Know the requirements and keep those detectors in working condition. Train your tenants on how to use them and how often batteries need to be replaced.  

There is a lot more involved in finding a great tenant, but these items will help you get a great tenant at the highest rent amount possible. If you have any questions or you need help screening your tenants, contact us at MNM Property Management, LLC..

The most common mistakes that landlords make when managing their properties

System - Friday, July 31, 2015
Inadequate Screening  
Some property owners may decide not to screen their prospects. This is the biggest mistake you can make. It’s important to screen anyone over the age of 18 who will be renting your property. Screening can be costly, usually between $10 and $50 per applicant. We recommend that you ask the tenant to pay for the cost of the screening, which is called an application fee. Make sure you do a thorough tenant screening without any exceptions. 

Income Requirements  
Have a reasonable financial qualification guideline in place when you’re reviewing your tenant applications. This establishes the amount of money that the tenants will need to earn in order to afford the rent on your property. You need to know your renter’s income level, how they get paid, how frequently they get paid and whether they are hourly, salaried or paid through commissions. Ask this during the screening process and then verify the information you receive. 

Reasons for Moving
It’s important to know why they’re moving. When you’re verifying a rental history, remember that not every landlord is going to give you accurate information. You have to look closely at the application and ask tough questions. Find out why they’re moving and make sure the answer makes sense. You don’t want to make the mistake of ignoring this information or neglecting to find out the tenants’ reason for leaving their current rental. 

Proper Pricing
Landlords often make mistakes when they’re pricing their property. Always set the price for your property according to the market and the neighborhood. You should have a fair market rent value for your rental home. Setting the price too high or too low will cause problems when it comes to getting your home rented, and it will cost you money. Know the market so you can set the price correctly to find a qualified A+ tenant. 

Fair Housing Laws  
Making a mistake with fair housing laws can get you into legal trouble. This is a very important law and you need to follow it religiously. That law is in place for your benefit and you should know it. 

There are a number of additional mistakes we can talk about, but these are the most important errors to avoid. If you need any help or you have any questions, contact us at MNM Property Management, LLC..

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MNM Property Management
11160-C1 South Lakes Dr. #173
Reston, VA 20191