Many assumptions about the best ways to make stable, passive, and long-term income have been shaken by the events of the past year or so. Major economic and cultural changes in our modern world have created risks that property owners may not have considered in past decades.
Property management companies Virginia Beach investors can trust have watched with just as much consternation as the property owners they serve experienced some significant economic bumps in the road throughout 2020. Here at Renters Warehouse, we've continued to apply our proven approach to the Virginia Beach rental market to support our property owners and weather this storm together.
While the situation for many renters around the country is indeed grim, the news media also highlights elements of the current situation that may inflame our worry more than it needs to. While yes, there will be times when renters fall on hard times and cannot pay rent, many of the tried-and-true principles for running successful rental properties still apply in the 'new normal' of owning rental properties.
It's important to remember that having Renters Warehouse by your side is a significant asset, even as some uncertainty about the future of renting property remains.
Changing Laws and Changing Times
One of the major rental law change-ups in 2020 was the introduction of eviction bans that inhibited a property owner's ability to evict renters who weren't paying their monthly rent.
This was helpful for the overall stability of the housing market and of renters who were temporarily out of a job, but as the economy began to pick back up and adjustments were made to proceed economically. Still, with safety precautions, more of these renters regained employment and started paying rent again. This made having a level head throughout the crisis a crucial element of excellent property management services.
Through all the uncertainty, one of the few property management companies Virginia Beach investors could turn to was the trusted team of experts at Renters Warehouse. We're still here to help you understand the legal ramifications of new legislation, just like before COVID-19.
We've been paying attention to rental-relevant legislation for years and know how to inquire about unclear elements of new laws in order to make sure that we keep your rental homes up to code and our property owners informed. When eviction bans are modified and lifted, we can help guide you through that next chapter of rental property ownership as well.
Understanding the Risks and Rewards in Rental Properties
One of the ways that many property owners manage risk in even the best of times is by having a diversified portfolio of rental properties: some may be riskier, such as finding an inexpensive multi-family fixer-upper and taking on the risk of doing the 'house flip' themselves.
Others should be ready for move-in, straightforward, single-family homes that will quickly attract great renters. Working with your property manager to look at your overall portfolio and ask a few questions about the local Virginia Beach rental market may help you to ensure that, even if a crisis brings some insecurity to some renters, it will not sink all of your properties at once.
The benefit of this diversified portfolio also surges in good times: when you've spread out the risk, you also reap rewards when all the different sectors of housing are booming.
Property Managers Help Draw in Great Renters
While the 'new normal' may result in some months or years of having a harder time finding stellar renters, the principles of tenant screening remain the same as they were before 2020.
When you work with Renters Warehouse, you get a property management team that is looking carefully at the red flags that can lead to infrequent rent payments, late payments, or altercations with owners and managers. They review references carefully, check backgrounds or credit for relevant information, and avoid discrimination even as they avoid renting to someone who can't demonstrate the ability and track record to pay the rent.
Our Rent Estate™ Advisors are also experts in finding great pockets of renters in a market; even when there are fewer steady renters to go around, they have resources related to where they list properties and have information on past renters who may need a new place to live that they can bring to the table when filling vacancies.
You'll Always Have a Home With Renters Warehouse
We know the difficulties of the 'new normal' don't stop existing just because you have the opportunity to work with excellent property management companies, Virginia beach investors.
However, there are major benefits to keeping us by your side; let us handle the hard day-to-day work of running a rental and finding you great people to rent your properties. Plus, you can even get started for free by using the many resources we offer property owners in our resource library, like our free Collecting Rent in a Crisis Handbook!