Ready, set, grow!
It's not easy knowing if a property is the right addition to your portfolio or if it will generate enough income to make a profit. However, there's no need to run the numbers on your own or hope that a property will make a good investment! Working with professional property management, Virginia Beach investors, is one of the best ways that investors reduce the risk of choosing a bad property!
When you have your eye on success and growth, you don't have time—or resources—to choose the wrong properties to add to your portfolio. Our Rent Estate™ Advisors right here in Virginia Beach can help you protect your current portfolio when adding your next property.
Why the Right Properties Are Important
One bad apple can spoil the bunch! The same is true for an under-performing property in your portfolio. When a rental doesn't generate enough income or continues to lose money, the profits from your other properties have to support that loss.
There's never a guarantee that a rental property will be successful. Plenty of unexpected things can go wrong and derail the income from what should be an excellent investment. However, smart investors know that putting time and research into choosing properties that show excellent promise of success is worth it.
Investors should grow with properties that:
- Aren't overpriced
- Appeal to Virginia Beach renters
- Make financial sense when running the numbers
- Don't require too many expensive renovations to be rental-ready.
You don't need to be a rental property finance mastermind to know which properties are the right choice for your portfolio and which properties to avoid! Expert property management Virginia Beach investors can trust makes it possible for investors to build a portfolio without doing the legwork to compile the information you need. The property managers at Renters Warehouse have access to critical rental market research to help you understand how a property will perform as a rental.
With their resources and experience, property managers take the guesswork out of the equation by providing you with everything you need to make an informed decision on your next property!
The Right Mindset Equals Success
Expert management insight also helps investors get into the right mindset to choose investment properties. If you approach your next rental as though you're looking for a private residence you would enjoy, you could end up with a property that renters don't want.
Put Your Preferences Aside
Choosing an investment property means thinking like a renter and a business owner. The amenities that renters prioritize might not be the same things you want in your own home. In many cases, expensive upgrades don't translate into a price point that renters are willing to pay to live in a Virginia Beach rental home.
- The property's location (close to retail, restaurants, parks, excellent schools, and access to highways)
- Smart home features (video doorbell, learning thermostat, and keyless entry)
- Excellent property management service
- Functional appliances
When you combine an excellent property with the best property management and marketing in Virginia Beach, you have a winning, profitable combination! Plus, you can skip things like granite countertops, lavish light fixtures, and costly bathroom or kitchen renovations. Even if you would enjoy these touches in your own home, these high-end upgrades don't often translate into profits for investors.
Make Sure the Numbers Make Sense
Will you be able to charge enough rent to cover the expenses of a new property—with profits leftover to put money in your pocket? Understanding the numbers is critical before buying your next property.
A property manager will gather the rental market analysis necessary to help you estimate what a specific property will add to your portfolio. While projections aren't guaranteed, with the experience and resources of professional property management, Virginia Beach investors, you have everything you need to make the right financial decision.
Your expert comes to the table with:
- The property's rental value
- Estimates for income vs. potential expenses
- Comparisons to similar properties in the market
- Recommended renovations to make it rental-ready.
A reputable property manager will steer you toward properties that are the best fit for your portfolio. They will also guide you away from a property that won't benefit your bottom line.
Grow Your Way to Success With Renters Warehouse!
The professional management services from Renters Warehouse provide a bookend approach to your success as an investor. We help you start with the right properties, then manage them with the best services to help you get the most of your investments!
Choosing Renters Warehouse Hampton Roads means you have the best experts in Virginia Beach to guide you to the best properties when growing your portfolio. Our expert Rent Estate™ Advisors also handle every detail of managing your properties to meet your financial goals.
Learn more about why the right experts matter with your free download of our Guide to Finding the Best Property Manager in Hampton Roads, Virginia!