question for landlords in DC
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Anonymous
| We live out of town and rent out our old apartment. Per DC law, we have a property management company that oversees the rental. We pay the management company 8% of each month's rent. It seems like easy money, since our unit hasn't required many repairs in 3 years. Wondering if it could be a lower percentage... if anyone has a property management company, what percent do you pay them each month? |
Anonymous
| There is a law that requires you to have a property management company? |
Anonymous
If the landlord lives outside of DC, she (or he) is required to have a DC-based agent to facilitate the rental. You have to list this agent when you apply for a business license to rent your place out. (This is assuming the rental is on the books. I'm sure there are plenty of people who do off-the-books rentals.) |
Anonymous
| We live in MD and have a DC unit we rent out. On the BL application, we listed our friend as the DC agent. |
Anonymous
OP here. Interesting. Does your friend have to do anything? (i.e. does DC send him/her paperwork at all?) I wonder if we could be our own agents. How frequently do you get emergency calls? We're about 50 miles outside of the city, so not terribly far, but far enough that I don't want to have to run in 2x a month. |
Anonymous
| We pay 8% -- I think that's pretty standard. You might get a friend to charge less, but I think 8% is totally fair. |
Anonymous
| Do you need a business license if you're still living in dc? |
Anonymous
Pretty sure you do. You just don't need the agent. |
Anonymous
| OP, in the 3 years we've been using our friend, she's never been called or sent papers to. I;m not sure why we need an agent, because even the paperwork DC sends out comes to our home address in MD. When there is a repair to be done, the tenant calls my husband and my husband goes in to fix it. THis too has been rare, since the tenant lives in a condo. |
Anonymous
| I didn't think an agent was the same thing as a management company. I know that no matter what you do need a business license. |
Anonymous
|
All you need is a registered agent so if you are sued, they can file suit on you in DC. It has nothing to do with property management.
Your registered agent has to willing to accept service of process should it come to that point. |