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Northern Virginia Property Management

Northern Virginia Property Management Pitfalls

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.

The Pitfalls

So many problems can derail your investment train before it even picks up speed. Here are a few:

Bad Renters

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.

Legal Issues

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 Solution

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.

This Post Has 3 Comments
  1. Hey guys. Thanks for posting these tips on property management pitfalls. I know investment properties can be a good source of income and I’ve even heard they’re a good way to invest money in a tax-friendly way. Quick question. Is a property management company bonded so you don’t have to worry about getting your rent in a situation such as the company going out of business?

  2. It sounds like property management companies can be a big help. Do you know if property management companies help evict tenants in the unforeseen event they stop paying rent or would a property owner hire an attorney separately for this?

  3. If a property management company doesn’t get back to you promptly, what good are they? One of the reasons for hiring a property management company is to save you the time involved with managing your investment. If they’re wasting your time, they’re failing you.

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