The Balance – Tenant Commitments & Landlord Protections
Property owners’ expectations and tenants’ realities – never a perfect world.
KRS Holdings ensures that both landlords and tenants live up to their contractual obligations. The unexpected happens, whether it is financial setbacks or illness that may delay tenants from maintaining their end of the bargain, can endanger your investment.
When a tenant’s performance issue surfaces, KRS immediately acts to protect your assets as the property owner. Always with consideration, respect and professional conduct, KRS will initiate all legal methods to enforce breach of contract and seek appropriate compensation for you.
It is our goal to get your investment rented quickly. However, it is important that we get the RIGHT tenant, not necessarily the FAST tenant. Spending time up front and finding the BEST tenant for your rental creates a good experience all around, versus one that is stressful and frustrating.
Often times people think they just need to do a quick credit check and verify employment but there’s more to it than that. Our high-quality tenant screening process digs deeper. We gather extensive information on the following:
- Credit check
- Employment verification
- Debt to income ratios
- Eviction history check
- Criminal history check
- Unlawful Detainer check
Not only that, we also ensure that our tenants’ income is three times their monthly rent. This process has proven to be extremely successful.
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Richmond’s residential rental housing market has been a boon for investors. In large part this continues as a function of a diverse economy hosting a stable mixture of government, financial, education and manufacturing sectors.
Additionally, a welcoming temperate climate plus access to a variety of outdoor activities along with social, cultural and educational offerings prove to be major attractions to retirees and millennials … two major sources of renters.
As the capital of the Commonwealth of Virginia, Richmond boasts a historically low unemployment rate of less than 3 percent and an annual household income of $50,000 … both evidence of a strong job sector. These robust figures have persisted in recent years resulting in residential real estate landlords enjoying current monthly rents hovering around $1,100 … reflected in annual rate increases of about 2.3 percent coupled with an enviable vacancy rate approximating 5.5 percent.
KRS Holdings, Inc. has specialized in Richmond property management for almost two decades. Be sure to talk to one of our local property managers before you purchase your next property to get rental analysis. Our team of dedicated agents are devoted to helping fill your vacancies, reduce turnover, and protect your investment of your rental property. Our guiding principle has always been to maximize the value of our clients’ residential assets, while we minimize their time commitment. It is because of this passion for property management that we now manage over 4,000 units over the commonwealth.
Areas We Service
If you have a real estate investment property in any of these areas, contact us today! Our property management team would love to offer you our services and help you increase your ROI, while decreasing your stress.