Do you dream of buying an investment property somewhere in Virginia? If so, you’re not alone.
The Virginia Association of Counties reports the state has 95 counties and 38 independent cities. So, there are plenty of areas across Virginia to buy a rental property, whether a single-family home, a duplex, or something else. It’s about finding the right real estate for you.
According to Redfin, home prices in Virginia climbed 6.7% year-over-year in July. Meanwhile, the number of residences sold was up 8.5% and the number of homes on the market increased 15.1%. Zillow adds that the average residence value in Virginia is $395,685.
The price to get an investment property is cost-prohibitive for many people who would otherwise love to build a rental property portfolio. But where there’s a will, there’s a way. If you accomplish your dream by saving money or getting loans, you should ask yourself, “What next?”
Many new rental property owners don’t understand the demands of being a landlord. They think it’s as easy as 1-2-3 until reality hits like a tidal wave and washes away the misconceptions. That’s when they’re ready to consider hiring a property management firm for their real estate.
Here are three reasons why retaining a property manager is the best investment after buying a rental property in Virginia.
1. You Won’t Have to Do It Alone
Do you know the Virginia real estate market inside and out? Do you understand what things to consider when setting the rent for tenants? Do you know what would-be tenants in the area prioritize when seeking rental accommodations? While you might answer these three questions with a resounding “no,” property management firms can answer “yes” just as decisively.
Depending on where your rental property is in Virginia, there may be intense competition for tenants. So, simply having a rental property might not be enough. You may need help effectively targeting the demographic you’re after — and you need help identifying that demographic. A property manager can give you the answers to find the right people for your units.
You can avoid the missteps many new and experienced investment property owners make to their detriment. And that can ensure your dream doesn’t devolve into an unmitigated nightmare.
2. You’ll Get Help Finding Quality Tenants
Another reason to consider hiring a property manager is you’ll get help finding the right tenants.
People invest in rental real estate for various reasons. For instance, they do so to earn rental income, enjoy property value appreciation, and monetize their investment by selling the rental property in the future.
The first reason, namely earning passive income monthly, won’t be possible if you don’t find good tenants. If you rent out your units to bad tenants, you’ll question whether it was a good idea to get into investment property ownership in the first place. You’ve probably heard stories about tenants who pull out all the stops to stay in their rental units without paying a cent in rent. That nightmare scenario scares people who own rental properties.
But a property management firm can reduce the odds of you getting horrible tenants. It’ll screen applicants and look at things like proof of income, criminal history, employment history, and even previous landlords to weed out candidates likely to present problems.
3. You’ll Get Help Maintaining the Property
Another reason to hire a property manager is to get help maintaining the real estate. It’s a mistake for property owners to stretch themselves too thin and end up with a piecemeal approach to property upkeep. A property manager will spearhead maintenance and repairs by outlining what should be done, sourcing equipment and materials, and finding qualified contractors to do the work. You’ll get help safeguarding your investment and meeting the needs of tenants.
As an investment property owner, you want the real estate to appreciate so you can sell it one day or pass it on to a loved one. But proper upkeep is needed to make that possible.
If the goal is to purchase a rental property in Virginia, consider the benefits of retaining a property manager. While going it alone as a property manager-landlord is possible, it could potentially jeopardize the overall success of your strategy. Getting some help can make sense.
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