Investing in Northern Virginia rental real estate properties is exciting. All those dreams and plans look so good on paper, building a financial future and watching your returns coming in every month, but in reality, it can become a nonstop nightmare. For the inexperienced, tackling the management of rental properties can be exhausting and overwhelming.
So many problems can derail your investment train before it even picks up speed. Here are a few:
The worse thing that can happen to a landowner is the bad renter. They may be slow to pay, violate the terms of the agreement, or do serious damage to the property. Collections can be time-consuming and often ineffective. You need your return on your investment, not a neverending chase for the check. And if your tenant gets behind or causes damage, you may need to process an eviction, which is a delicate and difficult process in itself. Screening and verifying financial data during the application process is crucial to avoiding the problem renter.
With so many federal, state, county and city governments involved, it’s easy to overlook a permit or other requirement for your rental home. You don’t want to get hit with fines, penalties or other legal processes because you missed a step.
Repairs and Maintenance
Even a new home will develop some problems along the way. Your tenants may contact you in middle of the night if your house has an urgent problem, and you’ll need to take care of it. Some issues can wait for a more convenient time, but others are more critical and will require immediate attention. Contractors aren’t cheap, and most are busy and hard to schedule. Making the necessary arrangements to keep your tenant happy can be a challenge.
The best solution for most owners is a property management company. These management companies are teams of professionals who are trained and experienced to handle all the aspects of a rental. They can screen applicants, select a stable tenant, collect payments each month and forward your money to you, take tenant calls day and night, coordinate repairs and maintenance as needed, and process evictions as necessary. They also know the local laws and can assure that your property meets all requirements for your purpose, and keep your rental machine running smoothly.
For property management Northern Virginia has an experienced, well-established company ready to take over your rentals and free you from the hassles. Click ManagementPros.comtoday for the answers you need.