As a property owner, you're likely enjoying the income from your rental property—but you're also tired of dealing with renters and things that 'conveniently' break at two in the morning. Maybe you're thinking of buying another rental property, but you're not sure how to make it work with your busy schedule and current time commitments.
There's a way to have it all: your free time and more income from rental properties! You just need expert Hampton Roads property management services that meet the needs of investors just like you throughout the Coastal Virginia area!
- A professional property management team makes it possible to focus on the things that matter most to you while enjoying passive income from your real estate investments.
- You'll see more revenue from your current rental property, and adding new rentals to boost your income is easy—with the right property manager.
However, not all property management companies are the same—or the best fit for your needs. How can investors find the best Hampton Roads property management firm? Follow these tips from the expert Rent Estate™ Advisors of Renters Warehouse Hampton Roads!
What to Look for in a Partner
The right property manager in the Hampton Roads area has some key traits and the right experience to benefit real estate investors in the best possible ways. Any property manager can find renters and tackle rent collection, but the best property management company doesn't settle for bare-bones services or subpar quality.
When looking for your property manager, keep an eye out for some essentials that denote excellent full-service property management.
Professionalism
A potential Hampton Roads property manager should impress you from the start. From the look and functionality of their website to the quality and consistency of their reviews and reference feedback, everything about a property manager should indicate professionalism in all that they do.
Growth
Are they set up for your growth? The right property management company has the personnel and infrastructure in place to support your portfolio and income growth.
If they can't handle new properties with ease or provide the service level you need to support your long-term financial goals, they might not be the right Hampton Roads property management company for you.
What makes a professional property manager 'professional?' Click these links to learn more about what to look for when looking for your ideal property management team.
- What Skills Work in Property Management, Newport News, VA, Investors?
- Grow Portfolios With Property Management, Virginia Beach Investors!
Expert Renter Management Matters
We mentioned finding renters for your properties. Without people living in your rentals and paying the rent, you don't make any money.
However, the quality of your renters is a significant factor in your success. Placing bad renters in your property doesn't do you any good. Difficult renters can cause expensive problems like property damage and loss of rental income.
Problem Renters
When you hire a property manager, you rely on them to place the best, high-quality renters in your properties. They need the tools in place to avoid renters with:
- A history of rental problems, like evictions, late payments, or defaults
- Bad credit that indicates they can't (or won't) pay the rent
- No job or verifiable income
- Signs indicating they're a 'Professional Tenant' or 'Serial Squatter.'
Can you spot a Professional Tenant—before they move into your rental? Your Hampton Roads property manager must be able to apply a tenant screening process that helps identify problem renters before they're allowed to move into your investment properties.
Choosing 'any' renter to fill your rental is not the right way to shorten vacancy cycles. Make sure your property manager applies the best marketing and screening practices to reduce vacancy times the right way.
Reasonable Accommodation
Your Hampton Roads property management company must also understand the law when complying with reasonable accommodation requests from your residents. Violating these laws can lead to a lawsuit—and the loss of your rental property business.
Property managers must know how to respond appropriately while protecting owners from frivolous requests for adjustments to rental properties. Ask about reasonable accommodation when interviewing potential property managers to care for your portfolio.
Managing renters well is critical for your success! Use these resources to learn more about how the right property manager should handle your residents.
- Renter Tips From Property Management Virginia Beach Investors Need
- Got 'Serial Squatters?' Get Rental Property Management, Virginia Beach!
- Achieving Shorter Vacancy Cycles With Chesapeake Property Management
- Reasonable Accommodation | Norfolk Property Management Tips
Maintenance Must Be a Priority
Even with well-managed renters, there's still plenty of maintenance and repairs required for success as a real estate investor. The best property manager understands the importance of excellent maintenance services and responding quickly to maintenance requests. Without a priority on maintenance, your properties fall into disrepair—and those carefully-chosen renters will leave for better-quality rental homes.
Explore maintenance offerings when looking for the best property manager to handle your Coastal Virginia properties. Expert maintenance is more than fixing things when they break.
Your property manager must:
- Schedule routine inspections to keep a close eye on your property: Inspections help identify potential maintenance issues (and repair them) before they become expensive problems. When your property manager visits your rentals throughout the year, they also keep an eye on how your residents are (or are not) following the lease rules.
- Perform seasonal preventative maintenance: Avoiding costly repairs is one of the best ways to reduce your property maintenance costs. Your property management company should schedule seasonal maintenance tasks to prepare each property for weather changes.
- Respond promptly to emergency calls: Your property manager must be available 24/7 to handle those late-night emergency maintenance requests from residents. They also need the resources on hand to fix a problem after hours and on weekends.
When renters know they can rely on the best professional maintenance services, they are more likely to renew their lease—and the opposite is also true. Poor maintenance is one of the top reasons why renters don't stay in a rental home.
How vital are high-quality maintenance services? It's a top priority! Click these links to learn how Hampton Roads property management services must support rental property owners with professional maintenance—and more!
- You Need Pro Maintenance That Chesapeake Property Management Provides
- How Norfolk Property Management Supports Property Owners
Professional Perks You Need for Success
Have you made any mistakes as a DIY rental property owner? If you haven't, you are probably one in a million!
Every real estate investor makes mistakes along the way. Being a property owner is a learn-as-you-go type of job with plenty of pitfalls that lead to lost income and lengthy recovery efforts to get back on track toward your long-term financial goals. Unless you can devote full-time hours to taking care of your properties, it's tough to avoid mistakes without help.
The best Hampton Roads property management company helps investors avoid costly mistakes that can ruin your income. At Renters Warehouse Hampton Roads, we can help you skip many of the rookie mistakes that plague new investors and achieve your goals with fewer side-steps along the way.
Rookie Mistakes Can Have Lingering Effects
What could go wrong? Plenty! Sometimes investors don't realize they made a mistake until they review their numbers and realize they've lost significant income.
Rookie mistakes happen when you don't know what to expect. Your property manager helps you avoid things like:
- Setting the wrong rental rate: If the rent is too high, you won't find a renter willing to pay that much. If the rent is too low, you lose money every month. Either way, you'll struggle to cover your property's ongoing expenses and generate profit.
- Not screening renters: We talked about the importance of avoiding bad renters. A thorough tenant screening process is the only way to do that consistently. Placing a bad renter can be an expensive mistake with a long recovery.
- 'Fixing' maintenance issues that are above your skill level: In most cases, investors aren't saving money to attempt a property repair on their own. Bad repairs often lead to more repairs—and repeated renter complaints about the same issue.
Any of these mistakes can damage your bottom line. The right property manager helps you avoid these problems—and many more!
Tax Benefits
Managing costs and generating enough rental income help boost your net income and long-term wealth—but more profit isn't the only benefit of hiring a property manager.
We are also a tax deduction! As a professional business service, investors can apply our fees as a deduction at tax time. We also help Hampton Roads investors find more legitimate business items to deduct than you might find on your own.
