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Norfolk Property Management

Let Us Manage Your Norfolk Rental Property

We manage safe, well-maintained homes that attract good quality renters. We oversee residential, single family homes as well as duplexes and small properties from 5 to 100 units. In the cities of Chesapeake, Norfolk, Portsmouth, Suffolk and Virginia Beach VA.

We like to keep the majority of our portfolio in tidewater area, although exceptions can be made for properties in the Peninsula.

WE ARE VERY COMPETITIVE WITH OUR FEE STRUCTURE

Norfolk Property Management Companies

We have found turnover and vacancy to be the biggest expenses for property owners. While most companies profit from your loss, we have set up our pricing to be not only affordable, but owner-friendly. We make money when your property makes money. We are therefore motivated to find good, long-term tenants, as shown by our fee structure.

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OUR GOAL

At our company, property management is our business, not something we do on the side. It is completely, 100% our main focus. We believe that you hire a property manager to manage your rental home, not to assist you in managing it yourself. We offer a turnkey style of property management service which is most appreciated by those property owners who prefer to have their focus on other personal matters. We make it our goal for owners to secure long-term tenants and residents who will pay their rent on time, help maintain the properties, and act as good neighbors.

If you are a tenant or resident, our goal is to provide you with a clean, well-maintained living space. We will always respond to your maintenance requests within 48 hours and develop a long-term relationship in which we can participate in a happy, successful tenancy.

For tradesmen and vendors, we will pay promptly at a competitive rate, for a high level of workmanship with the focus on doing it right the first time. The property will remain available and welcoming, with the least amount of intrusion to the resident and the least hassle for the tradesman.

We focus on giving both owner and tenant peace of mind. All of our daily activities, procedures, and operations are focused toward the following goals:

  • To reduce the Owners risk as a Landlord
  • To maintain the integrity of the property
  • To maintain the cash flow/increase value of the property

HOW WE IMPLEMENT PRICING IN A CHANGING MARKET

Each time your home comes up for rent, we will perform a market analysis to determine how much homes similar to yours have been renting for recently. Once we determine a starting value, we add or subtract based on the time of year, competition from other available rentals near yours, the condition of the property (older vs. newer carpet, age of appliances, floor plan, etc.), and other relevant market factors.

We then track the number of calls, showings, and applications we receive and review the listings and prices weekly to make adjustments as needed. This way we are able to get the property rented quickly and at a good market price. If your property is listed too high then it will take longer to rent and in most cases the extra rent you were trying to get was lost in the time the property was vacant.

Some owners want to increase the rent to cover their mortgage. It is great when we are able to do this but please understand that your mortgage payment has little to do with the rental market. Our system is set up to make your renting experience as lucrative as possible in current market conditions, NOT to waste time sitting vacant.

If a property is not rented within 30 days it is typically due to rent, show ability, or marketing.

In order for us to manage the vacancy issue with the property we go over these details:

  • Rent:
    We will review comparable properties in the current market and recommend a rental price based on that information. We also track the number of calls, showings, and applications, and adjust the price as needed.
  • Showings:
    We will make recommendations based on our experience as well as feedback from showings. If the property needs improvements such as cleaning or repairs that will aid presentation, we will discuss these items with you.
  • Marketing:
    Our management program offers extensive exposure through many vehicles. In addition to using internet sites, including our own top-ranked website, we use local media, a tenant-referral program, and yard signs. For even more exposure, ask about our premium marketing plan, which we highly recommend. More exposure gives us time for extensive screening, increasing the bottom line. Most of our new owners that have converted to our system have noticed a decline in vacancies, which increased their bottom line.

ADDITIONAL INFORMATION

  • HOW WE ACHIEVE LOW-VACANCY RATES

    When possible, we target leases to end in spring or summer, when the market is the best, rents are higher and homes spend less time vacant. For homeowners who plan on eventually selling their property, a lease expiration date at this time will allow them plenty of opportunity to evaluate the market and put their house up for sale.
  • DETAILED PROPERTY INSPECTIONS

    Our comprehensive inspection program protects your investment and holds the tenant accountable for damages and lease violations. Even good tenants can sometimes unintentionally let a small problem, like a drip under the sink, get out of hand. If small problems are not addressed, they can become expensive.

    Regular inspections are essential to identifying potential problems before they progress. We have found that routine maintenance can save thousands of dollars. Our property inspection program consists of:

    • Routine drive-by inspections
    • Detailed spring and fall inspections
    • Full inspection before and after each tenant
    • Additional inspections as needed or upon reasonable request
    • Inspection if tenant fails to pay rent or respond to communications

    For a small fee, typically $30-$45, a preventative maintenance survey can be performed during the fall and spring inspections, or more often as requested. We highly recommend this optional service and have received positive feedback from our homeowners. Items like a drip can lead to expensive sub-floor and cabinet damage, our inspections help in keeping costs down.

    Tenants are given three days following inspection to repair any damages found (including lawn care and other exterior maintenance issues.) If they do not comply, we will line up the repair and bill the tenant.

  • WE ARE FIRM WITH COLLECTING RENT

    We strictly enforce the lease agreements, including late fees, pet policy, unauthorized occupants, vehicle limits, lease term, and all other stipulations and conditions. If we become aware of a violation, we will promptly issue a violation notice. If the tenant does not correct the violation, we will then take further action.
  • OUR MARKETING PLAN INCLUDES:

    • A Virtual tour of the entire property posted online
    • Property advertised on over 150 high-traffic rental websites such as Homes.com, Hotpads.com, Trulia.com, Zillow.com, Realtor.com, Facebook marketplace, rentalhouses.com, and many more
    • Increased exposure to out-of-state prospective tenants
    • Potential tenants can view virtual tour and submit applications before the current tenant moves out—this means less vacancy time between tenants

Norfolk Area Information

Norfolk Property Managers

Norfolk is an independent city in the Commonwealth of Virginia in the United States. At the 2010 census, the population was 242,803; in 2015, the population was estimated to be 247,189 making it the second-most populous city in Virginia after neighboring Virginia Beach.

Norfolk is located at the core of the Hampton Roads metropolitan area, named for the large natural harbor of the same name located at the mouth of Chesapeake Bay. It is one of nine cities and seven counties that constitute the Hampton Roads metro area, officially known as the Virginia Beach-Norfolk-Newport News, VA-NC MSA. The city is bordered to the west by the Elizabeth River and to the north by the Chesapeake Bay. It also shares land borders with the independent cities of Chesapeake to its south and Virginia Beach to its east. Norfolk is one of the oldest cities in Hampton Roads, and is considered to be the historic, urban, financial, and cultural center of the region.

The city has a long history as a strategic military and transportation point. The largest Navy base in the world, Naval Station Norfolk, is located in Norfolk along with one of NATO's two Strategic Command headquarters. The city also has the corporate headquarters of Norfolk Southern Railway, one of North America's principal Class I railroads, and Maersk Line, Limited, which manages the world's largest fleet of US-flag vessels. As the city is bordered by multiple bodies of water, Norfolk has many miles of riverfront and bayfront property, including beaches on the Chesapeake Bay. It is linked to its neighbors by an extensive network of Interstate highways, bridges, tunnels, and three bridge-tunnel complexes, which are the only bridge-tunnels in the United States.
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