The best way to ensure the rent is always paid on time is to lease the property to a responsible Tenant. Our PMA Applications Specialist screens potential tenants by examining their credit, verifying their employment and income, and reviewing their rent history. Although a thorough screening is performed it still doesn't guarantee performance of the Applicant -- but it is a good indication. 

Of course PMA endeavors to locate the best, most well-qualified Tenants, but there are quite a few risks associated with Tenancy. Every Tenant/Applicant is unique and comes with their own set of circumstances. PMA provides the answers, but it is ultimately the Landlord's responsibility to select or reject.

Of all the questions PMA receives from Landlords, there are two that rise to the top in importance: Will the Tenants take care of my property? The answer depends on how responsible the Tenant(s) is/are. Good credit/income/job/rental history are never a guarantee, but they are, in fact, an indicator. Ultimately, it's the Tenant's responsibility to properly maintain their rented home, but a measured dose of accountability and communication between Tenant and Property Manager seems to be the best way to ensure compliance. Occasional in-person visits, periodic check-in calls, and seasonal drive-bys also provide PMA with important details. As relevant condition and cleanliness information is gathered and assessed, PMA passes along this knowledge to the Landlord, and then waits for direction.

Randy Huntley -- Associate Broker, can market the property even though it might still be resided in with current tenants. The Commonwealth of Virginia allows the Landlord to market the occupied property beginning within 60 days of the end of the current lease. (The Landlord is allowed 90 days if he/she intends on marketing the property for sale.) However, just because Landlords are provided the 60-day opportunity to market the property, it may not make sense to do so. The reason is because the property may not show well. After all, the property is still someone's home. (Some tenants just don't live cleanly.) The marketing time frame may serve as a waste of time and 'days on market' if the property is dirty, dis-organized, or worse. It might make more sense to wait until the current tenant completely vacates, has the house cleaned. Sometimes extensive cleaning, yardwork, and/or repairs are needed in order to properly market the property.

Oddly enough, in the the Commonwealth of Virginia, property management licenses are not required; however, Realtors, who subscribe to the NAR Code of Ethics, are required to work and provide services in areas that they have actual expertise in. For example, Randy is licensed to practice any type of real estate-related brokerage in Virginia, but is still precluded from working in the commercial level, unless he is supervised by an experienced agent. Randy's expertise covers residential listings, sales, and residential rentals. Currently Randy is pursuing licensure in Maryland and continues to provide services in the District of Columbia. For clarification, companies that hold funds in a security deposit account must hold a business license. Finally, real estate-related activities such as drafting leases, discussing homes, negotiating, and consulting all require licensing.

PMA maintains normal office hours, in addition to emergency hours 24 hours a day.

Owners who convert their homes to rental must check with their current homeowner's insurance company for any added requirements or premium updates. It's imperative that Owners are properly covered for liability and personal property. Can you put the money directly into my account? PMA requires that tenant/residents pay their rent into our portal by the 1st day of the month. PMA's goal is to deposit the Owner's disbursement between 5 and 7 days after rent is paid.

It is important for Owners to be aware of the lease terms, in addition to the associated addenda, if applicable. After all, there are promises made by each party that must be fulfilled. Once both Landlords and Tenants review and agree to the terms, PMA will provide them the entire set of forms to initial and sign. After all parties have signed the lease is considered EXECUTED.

Randy Huntley is a licensed real estate Broker in Virginia, associated with KW Metro Center, and is able to assist buyers and sellers with their real estate-related plans.

Randy takes the marketing of rental property very seriously by placing it on the Bright multiple listing service, in addtion to including it on Zillow, Realtor.com, Military By Owner, Rentpad, KW.com, and many other rental-related sites. If possible and permitted, Randy will have a post sign installed and will provide professional-caliber photos in order to position the property in the best light.

PMA will inspect the property at the beginning of the lease term employing a state-of-the-art Initial Narrated Walk Through Video series in addition to providing the tenants a customized PCR (Property Condition Report). These promote accountability among the principals from the very beginning. PMA will perform occasional drive bys and also will schedule in-person periodic property reviews, as needed. Toward the end of the lease term PMA will schedule a comparison video walk through with the tenant/resident and a consultation review describing move-out procedures and standards.

Problems occur -- some are minor such as drips, or leaks, and yet, some seem insurmountable such as storm damage or flooding. PMA will begin repair protocol on the minor issues and alert the owner, while during major ones PMA will alert the Owners first before taking action. Please know, however, that PMA will exercise ALL due diligence to protect the tenants first, then closely followed by the house. PMA maintains close, professional relationships with vendors who can handle the minor issues in addition to taking care of the major ones.

Monthly rent is due in PMA's account by the first day of the month. On the second day it is considered late, but PMA provides a 5-day grace period before late fees are installed. Paid rent instantly becomes Owner's funds, and it is PMA's responsibility to transfer those funds into the Owner's account through ACH (bank) transfer. The rent payment must cleared in order for funds to be sent to the Owner. Normally, PMA transfers funds to Owner's account within 24 hours of clearing. Exceptions may occur because of weather, holidays, government shut downs, calamities. etc.

PMA employs a state-of-the-art portal system for Tenants to pay, in addition to reporting repair requests. The PMA portal access information will be provided to the Tenants within 24-hours of lease EXECUTION.

Depending on the Owner's and Tenant's preferences, leases are usually one year in length, but they can vary from short-term (month-to-month) to multi-year lease periods. However, it is important for leases to end in favorable seasons in order to adequately prepare for re-marketing.

Usually Tenants are charged the equivalent of one month's rent as a security deposit. In extreme cases an increased amount may be required. Pet owners can expect additional 'pet' deposit, and possibly added 'pet rent' to compensate on added wear and tear.

PMA is equipped to begin as soon as the Owner wishes. We follow protocol that includes lease consultation, HOA/CONDO ASSOC coordination, utilities, insurance, parking and elevator requirements, fees, management agreement, and many other considerations, when applicable. Hurrying through the early stages tends to cause mistakes.

PMA manages individually owned units that include detached homes, townhomes, condo units (not apartments, buildings, or commercial). We can refer other types of rentals to agents/or property managers who specialize in those fields.

PMA will provide monthly statements in addition to annual balance sheets and 1099 Miscellaneous income forms for your tax preparer. Our PMA Chief Financial Officer is always available to consult.

Every Owner has the opportunity to review their monthly statement for rent deposits, repair deductions, Landlord's proceeds. This occurs after the 15th of each month. At the end of the year, PMA will issue all Owners form 1099, Misc Income stating the amount of rental income they received through PMA.