The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-05-12
USES OF AN AGENT
FOR REAL ESTATE
Carefully Selected Expert in Bet
ter Position to Manager In
vestments Than Owner.
BUSINESS OF AGENT AsClENCE
BUSINESS OF AGENT A5sClENCE
Richmond Offers Inducements to
Realty Investors-Now the
Time to Build.

Aside from the erection of modern
mercantile buildings by private cor
porate capital, the Investment Of many i
millions Of dollars In realty enterprises,
on the basis OF the ordinary rates OF
interest received from other highly
rated securities. IS the best possible
proof Of the growing favor with which
the modern office, mercantile or apart
ment buildings nre looked upon by
many Of the wealthiest and most con-
Sservntlve individuals and estates hav-
ing funds seeking Investments.
With every high-class modern invest
snent property, whether y be Office, loft
or apartment building the difficulties
of management Increase with exact
proportion to an investors ability to
deal with his tenants and employees, the
number Of tenants to be dealt with and
the number of offices, lofts or apart
ments to supervise and keep rented and
In proper condition of repair.
The gross income received from
modernRproperty should determine its
value. but as the net income is the
vital point Of interest, and as this can
DO lessened or Increased according to
the knowledge. capability and honesty
o. Its management, experience in this
branch Of business. combined with
honesty Of purpose and justifiable
economy in the administration OF af-
fairs of an investment property, are the
determining factors In tho question
Of It's final value to an investor who
Is usually willing to wait a term OF
years for his increase in land value,
pnovided he obtains q fair and suita-
BILE income meanwhile.
Comparatively few Of the owners
I.
critics attempt the management Of
hands OF q trusted and capable local
agent, to whom authority is given as
agent, to make and execute leases, coll
lGct rents, employ all labor. order re-
pairs and supplies. audit and pay all
bills, adjust differences with tenants
and attend to all matters in connection
with the property. having nll the
powers Of sole and absolute agent,
excepting In tho matter OF mortgaglng
and otherwise disposing Of the prop
| erty.
Agent Is Important.
| The choice OF an agent Is a most
| important matter. and as an honest
and capable managing officer can
readily save the owner many times
tho amount OF the commissions paid
| FOR services. 1t Is never the part OF
wisdom to squeeze" this reward down
to n low percentage.
Depending upon tho character
and value OF the property. such com
missions usually vary from between ;
ana s per cent. on tho total amount OF
rent actually collected each month.
An honest and experienced agent car
afford TO take charge of these pro-
perties at these rates. An unscrupu.
| lous agent can cut these rates ia
practically nothing and procure larger
rewards than his higher priced ana
more particular competitor--for many
opportunities are offered an agent tC
create unnecessary supply bills for the
for the sake OF personal ommisslo.
offered him. Wherever this practice Is
| stopped to It cannot be too severely
condemned,
Negligence Not Excusable.
owners who refuse to tako ndvnn.
tage of their ability to visit and ex-
anime heir@propertes at least once Q
month. and also 60 carefully audit the
statements of rents and vacancies
supply and repair bills rendered eacl
i month are guilty Of gross careless
ness and overconfidence, Therefore,
! they should not e4tack the merits oil
u Well -Illttllil6eu Ieui eS'hte iHcielS po-
cause OF personal Indifference OF thell
/ own interests. which they can aid and
i safely guard with a Very little at.
tention. Negligence In such matters
is never eXcusable.
\ While this question of agency and
4 management Is OF vital Importance tC
! tho value OF all Investment properties
\ 1T is a matter to Which many owners
Il give but little attention. often pre-
\ ferlng TO trust the management to q
resident superintendent or janitor
\ VINO, while he may be a good mechanl,
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