Did you know that not all property management provides the same level of service? Deciding to hire a property manager is a step in the right direction toward growing your long-term wealth. However, choosing the right rental property management, Virginia Beach landlords, is a critical decision.
Property investors hire management services to reduce the amount of work they put into the day-to-day tasks of a real estate portfolio. They also choose property management to get more out of their investments and boost their bottom lines. That means knowing what to look for in an expert property manager becomes an important process before turning your investment assets over to a third-party manager.
What are the critical things to look for when choosing your property manager? It's more than just a team to "do the work." You need experience, expertise, and proven processes to grow your wealth!
Property investors need a property manager that minimizes downtime in between tenants. When your property sits vacant, you lose money!
However, your full service property management team must also prioritize choosing the best quality tenants—not picking just "any" tenant to quickly fill your property and start collecting rental payment. A thorough tenant screening process helps property managers choose the best tenants to protect your investments!
When interviewing property management companies, have them walk you through their tenant screening process. The best rental property management Virginia Beach offers doesn't leave out any detail! An expert tenant application review process includes:
That might seem like a lot, but property management experts have the resources to perform a tenant screening quickly without missing any critical steps. In most cases, this process takes only 24-48 hours. It's time well-spent to avoid placing a potentially troublesome tenant into your rental property.
Choosing quality tenants helps protect your rental properties—literally! Terrible Professional Tenants often cause damage to a single family home townhouse or other types of rental properties. They're also known to vacate properties without notice, leaving property owners with expensive damage—and no tenants to pay for it.
However, that's not the only way your professional Virginia Beach property management company protects you while screening potential tenants.
Property owners must follow fair housing regulations by avoiding anti-discriminatory practices when choosing tenants.
We also follow privacy laws!
Investors can eliminate the risk of lawsuits or unknowingly violating the law when trusting your rental properties to professional property management!
Having a good tenant in your property doesn't do any good until you collect the rent! In a perfect world, we could depend on our carefully-screened tenants to pay the rent on time every month. Most of the time, they do!
However, sometimes, collecting the rent can be a challenge—even with the best tenants in your properties.
The first step to collecting the rent on time every month is setting the right rental rate for your property. With the ideal monthly rent, your properties attract tenants who can afford to pay it every month.
The tenant screening helps verify that a tenant has the income to cover the monthly rent and all deposits. With the ideal rate and tenant, property owners improve the chances of receiving the rent on time every month.
If you've ever experienced the challenges of chasing down late rent checks, you probably wonder if there is a better way to get paid every month. There is—but it could require changes to your rent collection process.
Expert property management services know the most effective ways to help tenants pay their rent on time. Paying the rent every month isn't an option for tenants who sign a lease to live in your property. However, if collecting paper checks isn't working well, an online payment system makes it easy for tenants to schedule payments with a credit card or bank account.
What if late payments aren't an issue. Your tenants pay the rent on time every month, but you're still losing money on your investment properties.
Your property manager can run a rental price analysis to find out if the rental market confirms that the monthly rental rate is too low! Even with on-time payments every month, when the rental rate is too low, investors lose money.
Raising the rent is simpler when your property manager handles it. They communicate with tenants and adjust the rent according to the lease agreement. Property owners never have to deal with the delicate conversations or enforcement of a new rental rate. Your property manager is your buffer!
Property investors, real estate agents, and property management work well together! Realtors can offer investors a package solution when helping them grow their portfolio in Virginia Beach, Chesapeake, or Hampton Roads.
For out-of-state investors, this is a preferred solution! Property investors don't have to live near their properties to benefit from owning rental homes in the area. They work with a Realtor they trust to add more properties to their portfolio. When investors are ready to put a new rental on the market, our professional property management services find a tenant, collect the rent, and maintain the property.
Our Realtor Referral program also helps real estate agents keep their clients when home owners struggle to sell their homes right away. Turning a home into a rental property until the market for sale improves helps sellers make money on their home while it's off the market.
You're the boss! When property investors choose the right property management services, you have experts working hard to make sure your portfolio meets your long-term financial goals. The Renters Warehouse Hampton Roads team is the expert rental property management Virginia Beach landlords need to support the success of your investment plans!
That's why we prioritize customer service. Our property owners are our customers—and to meet your expectations, we also have to provide the best service for your tenants. With our expert tenant screening, rent collection, and our full suite of property management services, we make sure you see the income you need through your investment property portfolio.
Let's get started with a free Rental Price Analysis!