(703) 463-9715

Owner FAQs

Answers to your common questions

Am I required to make my property available to Section 8?
No, you can choose if you will accept Section 8 applicants.

Are you licensed?
We are licensed Realtors.  In Virginia, there is not a separate property management license required.

Can I reach you after hours?
If it is something urgent or an emergency then yes, absolutely.

Can you put the money directly into my account?

Yes, we do an ACH deposit on the 10th of each month to into your account with your net proceeds.

Do I get to see the lease or sign it?
Yes, we will send the lease out to all parties to sign.  We do not sign the lease on your behalf.

Do you sell real estate too?
Yes, we do.  We have been selling real estate since 1998 and know the Northern Virginia market very well.  By combining both real estate sales and property management, we have a good pulse on the trends in our marketplace.

How and when do I get my checks?
Once we collect all rents, we process the payments and apply them to your account.  We do not mail checks and instead, we use ACH to deposit your monthly proceeds into your bank account.

How is rent collection handled?
We encourage all tenants to pay their rent online through their Tenant Portal.  They do, however,  have the option of mailing a check.  Either way, rent is due on the 1st of each month.

How long of a lease do you sign?
We can do as long as you want.  We like to start with a one year lease to make sure the relationship and situation is working for everyone and then we can always do an extension.  Many clients, however, will take a 2 year lease from the start.

How much security deposit do you charge the tenant?
Generally we collect an amount equal to one month’s rent as the security deposit.  Some circumstances may make it necessary to charge an additional amount but that wouldn’t be more than two months of rent in total.

How soon can you start managing my property?
We can take over management immediately.  All you would need to do is sign our management agreement and complete our new owner paperwork.  If there is a tenant in place, we can notify the tenant of the management change.

What type of properties do you manage?
We manage residential single family properties including detached homes, townhomes and condominiums.

What type of reports do I get and how often?
You will get a monthly owner statement showing the rent received and the monthly expenses incurred.  That will be available through our dedicated Owner Portal.  At the end of the year, we will provide a Year End Statement as well as a 1099 for your taxes.

Who holds the tenant security deposit?
We hold the security deposit in a separate Escrow account.  It is illegal to comingle funds and security deposits must be in a separate account than rents and other revenues.

Richey Property Management
11870 Sunrise Valley Drive #201
Reston, VA 20191

(703) 463-9715

Contact Us

Richey Property Management, LLC
11870 Sunrise Valley Drive #201
Reston, VA 20191

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(703) 463-9715

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