A Norfolk property owner recognizes that there will be some upfront time needed to get his or her business up and running. Still, after a while, there may be a desire for the business to essentially 'run itself,' providing valuable income without requiring 24/7 vigilance.
Thankfully, Norfolk property management companies are equipped to support property owners with much more than just time savings—though those are substantial. Here are just a few ways that your Coastal Virginia property manager is creating value for your investment property portfolio while freeing your time up as well.
Property Managers Streamline for Low Vacancy Rates
When you own one or even just a few rental homes, the renewal date for a single property can occasionally sneak up on you. This creates a scramble to implement one's application process and cut short the time that your rental property is vacant.
With a Norfolk property manager, there is always someone frequently working to find prospective tenants. Since an expert Norfolk property management company manages so many local properties, there are almost always some that need a new resident.
This 'round-the-clock work leads to a streamlined system that starts each property's search for a new renter in time to turn the rental around quickly. No one likes for high-quality rental properties to sit unrented, so property managers pride themselves on quickly turning an investment property around and welcoming someone new.
New Potential Residents Receive a Professional Greeting
Appearance matters so much in business transactions—and as a part-time or even full-time property investor, you may not be interested in maintaining some of these more 'formal' elements of a client-facing business.
Norfolk property managers have the logo and letterhead, the office where they can meet with potential renters, uniforms to distinguish their employees, and even online renter and owner portals to assist those they serve. While you can undoubtedly get these things yourself, when you work with a Norfolk property management company, you get them as part of the experience—adding an air of professionalism that renters trust, and 'Professional Tenants' avoid.
Liability Insurance That Fits the Situation
Coastal Virginia property managers have worked with their insurance companies already to determine the right kind of liability coverage for their workers and that the properties they manage are covered correctly.
You can also carry liability insurance, but the process of acquiring it is time-consuming if you don't want to have that liability on your shoulders in the first place. Enjoy the support that your property manager brings to the table when they protect your properties from the start.
Plus, if you need additional coverage, your Rent Estate™ Advisor can provide insight into what kind and how much.
Benefit From Our Established Maintenance Team
Many property owners in the Hampton Roads area find that getting reliable maintenance and repair help is much more than typing what you need into search engines.
You can go through multiple attempts at finding an excellent service professional before you find someone who is the right combination of skilled, reliable, and affordable. Make handling maintenance requests a breeze when you work with a Norfolk property manager! Not only have we been building a treasured list of reliable vendors for years, but we can make reporting maintenance issues a snap with online accessibility.
Most property management services should include dedicated employees who work on things like your landscaping (for multi-family rental properties) or having the right specialists on hand and on-call. Your property manager can offer a more attractive 'deal' to repair professionals, with more potential work and the promise that such work can be steady rather than intermittent.
This is thanks to the effect of economies of scale in Norfolk property management. Ultimately, all of this adds up to savings for you—and less time spent finding yet another electrician or plumber when you need one right now. That equals happier residents who renew year after year!
Established Protocols Take Advantage of Years of Experience
While many property investors have done the 'homework' necessary to put together a plan for how they want to handle everything from interactions with renters to the terms of their lease, others balk at how much work it is to create your own policies and procedures.
Creating these documents is time-consuming, and it can be a challenge to balance the needs and rights of residents with your needs as the property owner.
Property managers are experts at navigating the happy medium where both renters and owners are satisfied with their fair policies. They've seen enough situations happen that they've come up with a plan for many of the unusual scenarios that you might not think of yourself. Frankly, having established protocols that you can work from (modifying or tweaking if you have a strong opinion otherwise) saves you time and gives you peace of mind, knowing that your bases are covered.
Renters Warehouse Hampton Roads wants to be your Norfolk property management team! We provide a wide variety of supportive services that make owning investment property more manageable and accessible to you. One of these many valuable resources is providing support to property owners to ensure they've found the best property management provider.
Download your copy of our Guide to Finding the Best Property Management Company in Hampton Roads, Virginia, to get started!