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Owner Services

Our Commitment to You:

Our personalized involvement permits realistic commitments to our clients, resulting in our property very well maintain, with long-term tenants, and extremely satisfied property owners and tenants with repeat clientele.

We treat your property like it is our own, as we have been landlords, investor and tenants and understand the stress it takes so we offer a customize plan to each owner's property to fit their individual needs, with attention to detail; we do this so we can be relieve of your worries as we handle the stress for you quickly and efficiently.

We are known to have a trusted name in the property management industry as we offer an unparalleled customer service by using effective communications, maintaining a mutual relationship between all parties; provide honest answers, to a strategic approach. We provide liaison services for landlord tenancy situations; with modern technology.

We continue to stay up to date on continuing education classes; and the Virginia Residential Landlord Tenant Act (VRLTA); so we can maintain the best level of service by keeping up with the ongoing legislatives changes, and updates on the real estate industry changes and align our policies and procedures to these changes; We believe in giving back and helping others, and are involved in numerous volunteering organization and hold positions, in civic outreach and in our community church programs.

Property ManagementServices include a comprehensive list of duties, just to name a few:

  • For the Owner, we handle the collections of rent, managing of security deposit(s), maintain financial records & monthly and yearly accounting statements.
  • For the Property it includes inspections, to negotiating repairs estimates, scheduling repairs to the property as necessary, risk management, by inspecting the property on a regular basis, for preventive maintenance; Procurement of tenancy; robust exposure for advertising the property, extensive prescreening of applicants, preparing leases and appropriate addendums, seeking appropriate and if necessary legal recourse should the tenant fail to pay rent or cause damages to the property.

We hope our website of information, will spark an interest after you have conveniently reviewed how intensive and robust we are to attention to detail; and don't forget to go check out the Frequently Asked Questions Section “FAQ” for a free consultation for Professional Property Management & Sales Services feel free to reach out to us anytime as owners, Brokers; we are here to assist you, so do not hesitate to call us, and it's at No Obligation to you.

Our Free consultation has (3) parts to it and are outline below!

1) Phone consultation about your goals, explanation of our customize services, including our fees, we will give you a practical and honest approach of your duties and expectation for your property, from preparation of the property, marketing campaign, repairs needed, procedures on tenancy selection, repairs, move in /out inspection process, pets regulations, evictions process, etc. These discussions will determine readiness for Professional Property Management Services.

2) We will also send you a follow up email of the market rent/sale analysis; comparable to your property and a copy of our property management agreement outlining details of our services and our fees.

3) In addition we will schedule a site inspection and to confirm the rental price analysis, of the property, Then once we execute the property management agreement we will create a customize service plan based on your individual needs and departure schedule. We will obtain estimates for repairs, cleaning etc., as well as coordinate on your behalf to ensure completions, this levels of service are offered to our clients, to make things seamless, so you can focus on packing and relocating.

Don't forget to click on the “SERVICES” tab As it outlines in details what we will do for you!

Full Service Property Management

We provide the following personalized services to ensure all of our clients have a Great Experience with these benefits:

Acquisition: For Rent or For Sale

  • Free Property Management & Sales consultation
  • Provide Realistic & Competitive Fair-Market Rental & Sale via email
  • Follow up In person or phone meeting at no obligation to determine if Property Management is suitable for your property
  • Pre-Acquisition Inspection & suggestions to bring the property to rentable condition
  • Free estimates for repairs by our license vendors
  • Discuss Lease, Property Management & Internet Marketing Strategies for your property

Marketing:

  • Provided creative Advertising & Marketing
  • Prescreen each prospect/consultation Service
  • Provide ongoing marketing activities & suggestions
  • Collaborate with Real Estate Agencies to ensure full property exposure
  • Schedule appointments to show your property to prospective Tenants
  • Appropriate Tenant, selection: screening/verification process
    • Credit Check with FICO Score
    • Rental History
    • Employment Verification
    • National Eviction Check
  • Email owner for Acceptance or denial decision
  • Negotiation Lease & Execution Services

Lease Administration:

  • Aggressive Lease administration
  • First Month's Rent & Security Deposit Collection
  • Detail Property Inspection Report with Pictures
  • Administer up to Date Document Package
  • Review & Negotiate Annual Lease Renewals
  • Enforce & Established Tenant Rules and Regulations
  • Annual Safety & Preventive Inspection Report w/Pictures
  • Rent Collection and timely processing
  • Provide high quality "Digital" photographs of all available rentals on the internet and our website

Maintenance:

  • Supervise Capitol Maintenance & Repairs
  • Negotiate vendors For Best Rates
  • Pay Maintenance & Repair Invoices from Owner Account
  • Oversee Annual State-Mandated Smoke Detector Inspection & Certifications
  • Property Manager personally handles emergencies 24 hour/ 7 days a week
  • We use Reliable, Licensed and Insured contractors

Accounting:

  • Electronically Deposit Owners Monthly Proceeds directly into owner's Bank account
  • Provide Annual Statements & EOY 1099's
  • Complete Security Deposit Adjudication
  • Professional Financial Management and Accounting Reports
  • Provide easy-to-read online computerized monthly Financial Owner statements/reports via Owner Portal
  • Owner access to online portals-Documents etc.

Tenancy/Legal:

  • Liaison between tenant and Landlord
  • Mediate Tenant Issues & Concerns
  • Facilitate Civil Action/Unlawful Detainer Evictions/Collections against Tenants when Necessary-Using Attorney
  • Administer Property Management under the Virginia Residential Landlord/Tenant Laws (VRLTA)...
  • Fair Housing Practices

Professional:

  • Assist With Owner Insurance Claims
  • Personalized Full-Service Owner & Property Management
  • Professional and Friendly staff
  • Provide effective Email Communications
  • Offer flexible Weekends and after hours Appointments
  • Annual Update to owners on Legislation policies: The VRLTA

We do have a reputation for managing exceptional properties; realtors/agents from other companies seek out our rentals as our rentals are characteristically in excellent condition.

Lease Only Services:

We understand all homeowners/landlords have different approaches to handling their properties, so we have expanded our services to work with Landlords who need help in finding a qualified tenant and will manage their owned rental property.

Through our lease only service we will do the following For a Reasonable Fee:

  • Site Inspection: We conduct a site inspection to evaluate the property needs, before listing your home for rent this inspection is to determine if the property is in “market ready” condition and make recommendations for any necessary repairs.
  • Internet Advertising Marketing: We will perform a detailed analysis of competitive rents in your neighborhood and suggest rental prices for your property. We will advertise your property “For Rent” using the Metropolitan Regional Information Services MRIS/Multiple Listing Services “MLS” and on our website that filters on Zillow.com and Trulia .com etc. We also will list the property on the www.ahrn.com this is a free military website
  • Property Photos: We will include in our advertisement, interior and exterior digital pictures of the property along with an attractive description of amenities, features and owner objective.
  • Lockbox/Sign: We will place a lockbox on your property at the front of your door so the house is easily accessed to agents. Only realtors/agents have access to these lockbox by electronic key control. We will also place a FOR RENT sign in the yard.
  • Property Showings: We will provide flexible property exposure through scheduled appointments. We monitor the marketing activities and provide you with frequent market updates, and changes, in addition to a revised marketing analysis if need be.
  • Our Reputation: We do have a reputation for leasing and managing exceptional properties, realtors/agents from other companies seek out our rentals as our rentals are characteristically in better condition and cleaner than most others on the market. A home that doesn't rent quickly may be overpriced or may need some painting or cleaning. The greatest cost in renting residential property is normally VACANCY; therefore, we endeavor to avoid that situation. We will also update you on the marketing activities and suggest rent adjustment accordingly. Note all utilities, and maintenance of the property interior and exterior will need to be maintained during this time.
  • Tenant Screening: We qualifying perspective tenants this involve a credit check employment verification, and rental/mortgage reference, Further, we will evaluate any additional risks associated with a prospective tenants. These would likely include such issues as frequent job changes, high credit balances, pets, etc.
  • Presenting the Application to you for Acceptance: Once our application process and review are completed we will present our finding and our recommendation's to you to make the final decision. This is usually done by email or phone and must be documented on file.
  • Fair Housing: Realtor®Equal Housing Under the Fair Housing Code: we cannot and will not discriminate against any applicant that falls under a protected class: this includes but is not limited to race, color, sex, national origin, religion, handicap, or elderliness.
  • Section8: we also work with the VHDA housing program with the Central Virginia Housing Coalition and suggest that Landlords consider section 8 rentals. This is a federal assisted program and is a guaranteed rent income, the housing office will conduct an onsite inspection to ensure the property meet compliance from a Federal housing standpoint, and if any items are found in need of repair they will let you know.
  • Pet/s: All pets are case by case should you allow a tenant to have a pet you may charge a pet deposit or you may negotiate a non-refundable pet fee. NOTE A Service animals is not a pet and does not require a fee.
  • Security Deposit: We will collect the security deposit please note this is equal to one month's rent, in cases where credit is weak; owners may accept up to two months' allowed by statue.
  • Move in Inspection: The tenant will be given a move in inspection form to fill out and return to you within 5days of occupancy.
  • Lease: The lease is a legal contract between you and your tenant. We will prepare the lease for you and the tenant and meet with tenant to sign off on the lease and to collect the funds and security deposit
  • Keys: We request a minimum of one (1) set of keys be given to the tenant If garage is present we ask that the key control be left in the kitchen cabinet along with any other home information you wish to provide your tenants i.e. HOA documents/Warranty information etc.

You will receive:

  • A copy of the Signed Lease Agreement along with the
  • Security Deposit and the
  • Prorated rent or first month rent from your tenant.
  • Tenant confirmation on Utility Connection
  • Tenants copy of Renters Insurance

****Then property is now turned over to you for management and you will compensate us for the tenant's procurement or leasing fee.

We look forward to helping you with this service.

Our Technology Advantage

We invest in advanced technology systems so we can provide you with the best service and manage your properties efficiently and effectively. We have chosen property management and accounting software called AppFolio Property Manager. Some of the benefits that we are able to pass on to you:

  • We can respond faster and provide better service to both owners and tenants.
    We can securely access information about all properties at any time and from anywhere. Sensitive data is securely housed in a state-of-art data center, backed up regularly and automatically.
  • Monthly statements can be delivered to your email inbox, saving time and paper.
    The statements are easy to read and provide you with a quick snapshot of your property history in detail.
  • We can address property maintenance issues much faster and more efficiently.
    We can create electronic work orders and communicate with Vendors & Tenants so we quickly solve all issues.
  • You will receive your Owner payment much faster and more securely.
    We are able to use electronic payments (ACH) to deposit funds directly into your bank account.
  • We can more effectively market your properties to fill vacancies sooner.
    We can quickly and professionally advertise your properties on our Web site, and vast array of other Web sites.

Owner Statements Available Online

You can access your monthly financial owner statements online.

To View your Statement Online-This is how it works:

Access information about your property from anywhere with an internet connection, In order to keep your financials secure, we use a state of the art portal system which communicates with your email.

Access Your Owner Portal: Once you have setup your owner portal, you can access it anytime from anywhere!

To Access Your Owner Portal:
Open your Internet Browser program and go to the owner portal for your property management company

On the login page, enter your Email and account Password and click the Login button
Click on the report you wish to view or save to your computer, on the pop-up dialog box select to either view or save the file

  • If you select to view the file it will open in your .PDF file viewer window where you can read the report and chose to print it if desired
  • If you select to save the file you will be prompted to select a download location and save the file to that location, to view the file simply go to the download location and click to open and view the file.

You will be logged into your owner portal and able to view and access your owner reports will be emailed a single-use link where you can view your statements. This link does not have a time limit; however, it will only work once.
Note: Each time you wish to view your reports, you must visit the portal and enter in your email address. Remember the great Benefits:

  • Concise statements covering the performance of your property for the previous month
  • All data on your property is stored in a state-of-the-art data center
  • Access information about your property 24/7

If you are a current owner, simply login to your Owner Portal here:

Log In

Owners Can Make “Owner Contributions” for Repairs & Capital improvements online!! Anytime.

How it Works for Owners: Once enabled, owners will be able to make payments through their owner portal at any time and from any device.

Owner Process: The Owner and Property Manager agree that a contribution is needed
Just Log into the Owner Portal (pmcompany.appfolio.com/oportal) with your email address and password,

Click Make a Contribution. If you see more than one owner record (e.g., you personally own properties and are part of an LLC which owns properties) click the button next to the owner of the property the contribution is intended for Enter Contribution Details Select the property you wish to contribute funds to using the Property drop-down menu Enter the contribution amount

NOTE: The maximum permitted contribution amount is $15,000.Select your payment method - E-Check or Credit/Debit Card - from the Method drop-down menu

Note: Only US based personal or business/commercial bank accounts are accepted for E-Check payments. Domestic and international credit/debit cards are accepted if they are Visa, Mastercard, Discover, or JCB branded. Click Continue

Enter bank account or credit/debit card account details and click Continue Confirm payment details and click Submit to complete the payment

Note: If you need to edit any payment details, use your web browser's back button to backtrack and make changes

Success! Your contribution will be processed and you will land on a confirmation page. You will also receive a confirmation email from your property management company containing payment details. Please retain this email for your records.

Note: The contribution and fee will be processed as separate transactions on your bank or credit card statement. Fees appear as transactions from AppFolio, contributions may take 2-3 business days before Property Management accounting are able to use the funds.
Now, Don't keep us a secret, as we love our client's referrals when it comes to assisting homeowners, investors, with residential Sales, purchases, Property Management & Leasing Services around Stafford, Spotsylvania, Fredericksburg, King George, Colonial Beach, and Prince William Counties.

As always please contact our office at 540-372-7272 or send an email to merlyn.banks@bankspropertymanagement.com anytime.

Log In

Owner Frequently Asked Questions

Please be take a moment to review The Most Frequently Asked Questions, with Realistic and Honest Answers, just let us know if we can answer any additional questions for you by emailing us at merlyn.banks@bankspropertymanagement.com

What services does a Property Manager provide?

Property Management services include collection of rent, managing of security deposit(s), maintaining financial records and providing monthly and annual statements to the owner, arranging for repairs to the property as necessary, inspecting the property on a regular basis, advertising the property to obtain a tenant, screening applicants, writing leases and appropriate addenda, and seeking legal recourse should the tenant fail to pay rent or cause damages to the property. Your property manager is the first person a tenant will call should there be maintenance issues of any type of emergency at the property.

How long will it take to rent my property?

We will give you realistic approaches as it is impossible to predict exactly how long it will take to find qualified tenants for your property. A number of factors are involved: the size, location and overall condition of the property, the asking price relative to that of comparable properties in your neighborhood and the time of year. However, the market time for renting is generally much shorter than the time required selling the same property, and landlords can usually expect to have tenants within 30 to 60 days. If a property does not rent within this length of time, it is generally a sign that it is overpriced relative to its size and condition. Pricing your property competitively and having your property in the best condition possible are crucial to effective marketing. Once your property is rented, "we maintain a 99.9% the tenant lease renewal retention rate".

How much rent can I expect to get for my property?

We will evaluate the market and determine what your potential property is worth, also each time a property lease comes up about 90 days prior to we will conduct and sent you a Comparative Market Analysis (CMA) is done to determine the appropriate fair market rental and sales amount; just as you would for the sale of a home.

What is the minimum/maximum term of a lease?

There is no minimum term for a lease, but generally we recommend 12 month minimums. The exception to this would be if a lease were ending between October and February, at which time we would recommend considering a lease term that would get the cycle back into the more active time of the year. Two year leases are common and save both sides money. Any lease extending beyond 5 years must be recorded on the deed, so we do not recommend leases longer than 5 years

What reports can I expect?

Your monthly statements will be posted on-line and viewed via your "Owner Portal". These reports reflect receipt of rent, any maintenance expenses incurred during the month and the amount deposited into your account. You also receive a consolidated statement at the end of the year.

Is the tenant required to have insurance?

We require proof of personal property and liability insurance from all our tenants prior to move-in. As well as proof of all utilities in their names, too.

I am a First Time Investor, Is Investment Property a get-rich-quick business?

NO! It is a long-term approach to financial success. Typically, a minimum time-frame of 5 years is required before significant gains are realized. With a little patience, you will most likely be very pleased with the results. Is it easy? NO! Owning and managing Investment Property is not for the faint-of heart. There will surely be problems. However, with an experienced, professional Management Team on your side, the problems will be minimized. Over a period of time, the small backward steps should be far outweighed by the forward steps.

Can I say No to Pets & Smokers?

Yes! Pets and Smokers are not protected classes; unless the Pet is a service animal. We work with each owner individually on a case by case basis of accepting pets. All our properties are strictly non-smoking properties and we include this rule in the lease. Also Families are a protected class and we do not discriminate based on family structure or size. We are a very fair and professional management company and take pride in our knowledge and practices. We abide by all Federal, State and Local Fair Housing Laws.

What are the Pros and Cons of accepting pets?

The down-side of not accepting pets is that it limits the pool of potential tenants available to you. Another down-side of accepting pets is the increased risk of damage to your property. If you choose to accept pets, we strongly recommend that they be accepted on a "case-by-case" basis. There are several breeds of dogs which make liability insurance coverage more difficult to obtain and our Company has adopted the policy of not accepting dangerous breeds such as Pit Bulls, Rottweilers, etc. Snakes are not allowed under any circumstances. Please be reminded, however, that properly certified service dogs (such as Seeing Eye) are not pets and must be allowed.

How much money can I require as a pet deposit?

The advertised property listing will be specify pet fees, weight restrictions and considered on a case by case basis for the property. All tenants will be required to sign a Pet Addendum. The authorized pet fee is a non-refundable fee per pet. If any animal becomes a nuisance to neighbors, destroys the interior or exterior of the property, or becomes a danger to anyone, you will receive written notice and the pet must be removed within five (5) days of receiving the notice.

What happens when the tenant doesn't pay rent on time?

If rent is not received in our office by the 5th of the month the tenant is called immediately and the default notice of rent is sent the same day. We will send you a copy of this notice via email delivery, too. If the tenant does not pay the rent within five days of the notice period, we will communicate and advise you on your right to proceed with the unlawful detainer/eviction process. Also, we will explain the process and the attorney fees, etc. You will make the decision whether to proceed with civil legal action for eviction. We do maintain a 99.9% monthly status of on time tenant rent payment track record.

When should I expect my monthly report and owner proceeds?

We process all monies upon receipt. We do have a closing cycle for our monthly bookkeeping that is on or before the 12th of each month. If the 12th falls on a weekend or holiday, payments and statements will be processed on the next business day. Please note electrically transfers can take up to three (3) business days to be processed this is based on the bank and the National Clearing House which we have no control over.

Will I need to change my insurance coverage?

Yes! We advise all our property owners to consult directly with your insurance agent to be certain they are carrying adequate insurance for their property. I.e. rental dwelling, fire etc. We require current proof of insurance to be on record in our office for all properties we manage. We also require BANKS Property Management and Sales to be named as "Additionally Insured". We also inform your tenants during the move in process to obtain renter's insurance and require a copy of this as well.

What methods do you use for tenant selection?

Feel free to browse our Rental Application Packet. We are very thorough in our tenant selection process, as we verify rental references, employment, military orders, review credit history landlord verifications. Our specially designed tenant criteria and financial guidelines will determine whether each applicant meet our criteria particularly on the income level, for the rental property.

Do you pay mortgage, HOA, Taxes, Insurance payments?

No, we avoid taking such a huge responsibility, since rents are not guaranteed. The obligation of the mortgage, HOA fee, taxes, insurance, is the owner responsibility.

How often will you inspect the property?

We do fours inspections, 1) During the marketing and vacancy period 2) At the time of tenant occupancy 3) At the time of tenant move out 4) Annually preventive and safety inspection in February/March of each year. We also have our vendors conduct a brief visible site inspection while making repairs to your property. Q&A #17 explains the annual safety inspection in dept.

Annual Inspections?

There are Two (2) other types of Annual Property Inspections conducted for your property at NO CHARGE! Once this is accomplished we will notify you by estimate and pictures, if any repairs are needed. This inspection will include the below items:

A. Smoke Detector "Safety Inspections": There will be a $30 minimum charge to the owner for the annual testing of all Smoke detectors in the home. This is required under the Virginia Residential Landlord Tenant Act (VRLTA). We must also issue a "Smoke Detector Inspection Certificate" upon this inspection for proper functioning. If replacement or repair is needed then the additional cost and labor will be billed to the owner.

B. Any "Visible Signs of Moisture". We will also check all bathrooms, under vanity sinks, tubs and showers and determine if caulking is needed.

C. Preventive Maintenance: We will conduct a physical walk thru of the interior and exterior to determine if any preventive maintenance is needed, i.e. deck/house, power washing, trim repairs, safety rails, etc. Also we will provide you with a report and our recommendations regarding recommended maintenance/improvements with the most reasonable estimate. In addition we conduct drive by inspections and schedule owner visits with the tenants, too.

What does the Property Manager do if they see property damage?

When damage or situations constituting breach of lease come to our attention, we estimate the damages, and obtain an estimate and present it to the owner of the specifics of the situation. In some circumstances, the owner may choose to waive any action being taken. If the situation requires remedy, we notify the tenant of their breach of lease and establish a date for re-inspection, by which time the damage or breach must be remedied. This is especially important in cases of pet damage. If not remedied or the damage is non-remediable, Tenants will be given a 21/30 Notice to remedy the damage within 21 days or move out in 30 days. Owners will be consulted should the need arise to proceed with civil action.

Will I be informed before work is done on my property?

When a tenant places a work request, our first determination is whether this is a repair that is required by the lease or if it is optional maintenance. Mandatory repairs (safety or system issues) are done immediately, consulting with the owner if there are decisions to be made concerning which repair option to choose. If there are no options, or if the Property Manager feels the repair is an emergency situation, the repairs are done and the owner is notified as soon as practical. We obtain estimates for all nonemergency repairs, and present to the owners for approval.

Can I do repairs to the property myself?

While we do not promote. Repairs not requiring licensed contractors (plumbers, electricians, etc.) may be made by the owner between tenants only. During a tenant's occupancy it is our policy to arrange for repairs by using our own vendors for liability reasons.

Can I continue to use preferred vendors?

If you have preferred vendors, we will make reasonable efforts to use those vendors. However, in an emergency or if your vendor will be unable to effect a repair within a reasonable length of time, we reserve the right to utilize our own vendors.

After the tenant move out what should I do as an Owner to re-rent the property?

We will make suggestions to you, such as preventive maintenance punch list i.e. caulking, smoke detectors inspection and repair/replacement, re-painting, carpeting, etc.

Do I need to be present to sign a lease?

No, your agreement with our firm will authorize us to sign the lease on your behalf, "As Agent for Landlord".

What happens if there is an emergency at my property?

Tenants are given the appropriate orientation and action to take, which is included in the Tenant Handbook. Our website directs the Tenant(s) where to contact the Property Manager 24 hours a day to personally handle the situation.

Who arranges for maintenance and repairs?

The tenant will report any maintenance issues to our office or on our website. We will then follow up with arranging for the necessary repairs using licensed vendors. We will then notify you about this occurrence.

Can I utilize any service contracts and/or home warranties I may already have in place?

Warranty companies are no longer reliable. We have seen a huge lack in responsiveness resulting in unhappy tenants. We do not rely on them to make the repair, however we will attempt to use your warranty company. We will notify you upon the repair claim to your warranty company and their action taken. In cases of emergency such as no heat, no a/c, plumbing, issues, etc., we may make other suitable decisions toward getting the repairs done. You may then seek reimbursement with your warranty company.

Will your company do an Inspection of My Property?

Yes. After the free phone/email consultation, we will also conduct a free onsite pre-acquisition inspection of your property and make suggestions on maintenance items you may need to accomplish before listing the home for rent. This consultation can be a true benefit to you while making decisions about property management services. Our Property Management consultation service is offered to you at no charge.

How soon can I begin advertising my property for sale or rent?

Properties are typically marketed For Rent 60 days prior to the end of a lease and For Sale 90 days prior to the end of a lease. The property can be shown "by appointment only" to an investor who is willing to purchase the home "subject to the lease" at any time. However, this is negotiable.

When will I know what the current tenant plans to do at the end of the lease?

We will contact the owner and the tenant in writing 90 days from lease termination inquiring as to what each party's plans are at lease termination. If we do not get a response from the owner within 60 days of termination of the lease, we will allow the lease to go "month-to-month" until we receive written instructions. If the owner has requested that the property be marketed for rent for another year and we have not received a request from the tenant to extend the lease, the tenant will receive 60 days-notice that we will begin marketing the property for rent to obtain a new tenant at the end of the lease. We will not make any changes without the owner's written consent.

Can the tenant use the tenant's security deposit for rent?

The tenant's security deposit is held against damages to the property. It may not be used for rent unless there is unpaid rent at the end of the lease.

What can I use the tenant's security deposit for?

The tenant's security deposit may be used for unpaid rent at the end of the lease, physical damages to the property, general or carpet cleaning or other expenses necessitated by the actions or inactions of the tenant.

Can I sell the house during the lease period?

No, it is difficult to sell a residence during the leasing period unless it is to an investor, as the tenant has "leasehold" right to occupy the property. However, a property can be listed for sale as much as 90 days from the termination date of the lease and the tenant is required by the terms of the lease to allow showings of the property for the purposes of acquiring a buyer. The property may be sold "subject to the lease" to an investor at any time during the lease. This means that the lease terms and conditions will remain the same (to include the lease termination date). The tenant must allow the property to be shown "by appointment only" to potential buyers at any time. BANKS Property Management and Sales has full-time sales Agents to assist with the sale of your property.

What can we do if the tenant doesn't cooperate in showing the property?

Tenants have the right to restrict showing opportunities to "reasonable" times. This is usually defined as day-light hours with a phone call the day before the scheduled showing. If it becomes clear that they are not cooperating, we remind them verbally and/or in writing that their lease requires such cooperation and failure to do so constitutes breach of lease with possible financial damages due to loss of rental income.

Am I obligated to use BANKS Property Management and Sales to facilitate the sale should a tenant buy the house?

Should the tenant desire to purchase your property, a separate brokerage agreement will be required. It is our hope that you will be sufficiently happy with our services that you will want us to assist in facilitating the sale; however there is no legal obligation to do so. If the tenant has a broker agency then you may be liable to compensate that agent.

What commission is due to BANKS Property Management and Sales if I decide to sell the house?

We keep the fees/commissions reasonable for our Property Management clientele, as Real Estate transactions are always negotiable. The commission to the buyer's agent will reflect the most commonly occurring percentage at the time of the listing so as to encourage agents to show your property. The listing commission will be reduced in consideration for your ongoing business relationship by an amount to be determined at the time of listing.

Can I continue to market the property For Sale with another company and use BANKS Property Management and Sales for management?

Yes, BUT sometime this poses a conflict. It is very confusing to the consumer to have two separate companies simultaneously representing the property. In this situation, it is best to either take the property off the sales market first, or for one company to offer the property for sale and/or rent and have BANKS Property Management and Sales process any rental applications for potential tenants, i.e. run credit checks, write the lease, and begin management at the time the tenant is procured, accepted and moves in.

What is the difference between "Property Management" and "Tenant Only" services?

"Tenant only services" include listing the property in the MLS, arranging for other advertising as requested by the owner (such as MilitaryByOwner.com), screening and presenting applications to the owner and writing the lease. "Property Management": Is typically a full services that for a nominal fee, that provide and owner with on-going tenancy and lease management, rent collection, repairs, inspection, etc. during the term of the entire lease.

What is a "repair escrow"?

A repair escrow is an amount of money deposited by the owner of the rental property with the Property Management Company. This money allows the Property Manager to make repairs promptly and without having to go to the owner each time a repair is required. Any deduction from this escrow is replenished from the next rental payment.

What is the VRLTA?

The VRLTA is the Virginia Residential Landlord and Tenant Act. This is the document which sets the rules by which individuals (natural or legal) owning more than 10 rental units in the Commonwealth of Virginia are governed for the protection of both the Landlord and the Tenant. (There are exemptions and exceptions to this general rule, when in doubt, consult the Act.) If the individual does not fall under the Act by law, they may opt to be governed by the Act rather than the Common Law of the Commonwealth of Virginia. We require Landlords to "opt in" to the act because of its clarity when compared to Common Law, judges are much more familiar with it and it offers and affords greater protection for all parties involved.