Owner Resources For Richmond Property Owners

Owner FAQs

Communication and Reporting

• How quickly do you respond to owner emails and calls?

  We return owner emails and calls within 1 business day so you stay informed about your property and never feel left in the dark.

• How often will I receive financial reports and performance summaries?

  Owners receive monthly statements with income, expenses, maintenance costs, and other activity for the period. Year-end tax statements are also provided for easier reporting.

• Do you have electronic and automated systems set up?

  Yes. Owners and residents have access to online portals for payments, statements, maintenance requests, documents, and communication.

Leasing and Resident Screening

• How do you screen tenants?

  We run full background checks, including credit, criminal history, eviction records, rental history, and income verification. Our goal is to place qualified residents who pay on time and take care of your property.

• What is the average length of time a resident stays in a property?

  Resident retention can vary by property, pricing, and market conditions, but our process is designed to attract qualified long-term residents and reduce vacancy whenever possible.

• What happens if a tenant doesn’t pay?

  We follow Virginia’s legal process. Late notices go out promptly, and if needed, we escalate to eviction proceedings. PMI Richmond handles the process and keeps you updated at each step.

Maintenance and Property Care

• How do you handle maintenance requests?

  Tenants submit maintenance requests through their online portal 24/7. We triage requests based on urgency, coordinate with our vetted vendor network, and keep owners informed throughout. Emergency issues are handled immediately, day or night.

• How quickly is maintenance scheduled?

  Maintenance is prioritized by urgency. Emergencies are handled right away, while standard repairs are scheduled promptly with qualified vendors.

• Can I use my own vendors?

  Yes, as long as they are properly licensed and insured. We are happy to work with vendors you trust. Just provide their information and we will coordinate from there.

• What is your philosophy on repairs and replacements?

  We focus on protecting your investment while managing costs responsibly. When repairs or replacements are needed, we evaluate the issue, consider long-term value, and recommend practical solutions.

Financials, Deposits, and Owner Funds

• What do you charge and what’s included?

  PMI Richmond offers flexible service plans with no hidden fees. Management fees are based on your property’s rent and include services such as tenant communication, rent collection, maintenance coordination, lease enforcement, owner reporting, and online owner portal access.

• How do I get paid and when?

  Owner distributions are processed monthly by direct deposit. You will also receive a detailed statement showing income, expenses, maintenance costs, and account activity for the period.

• Who holds the security deposits?

  Security deposits are collected and held in a dedicated trust account, then handled according to Virginia law during move-out.

• How is rent pricing determined?

  We analyze local market data, comparable rentals, property condition, and current demand to recommend a rental price that supports strong occupancy and return on investment.