If you don’t live in the area where property you rent out is located, you are what we call an “Absentee Landlord.” And although it’s wonderful to have rental properties, not being nearby can cause challenges. Who is looking after your property? What are the current Landlord/Tenant laws? How do you find not just a qualified, but a GOOD tenant?
Here are three things every absentee landlord needs to do.
Hire a Professional Property Manager
Your first step is to hire a professional property management firm that specializes in the region where your rental property is located. Don’t hire one that works where you currently reside; it will be difficult for them to be responsive to issues or to really know the marketplace. A good property manager, like Propman Property Management, adds a real estate professional to your team and can provide many services that can make your life easier, like finding the right tenants, handling repair issues, and protecting your property.
Provide Complete Information
Once you have chosen a reliable property manager, provide as much information as you can about the property, your expectations, and your current situation. The more your property manager knows, the better they can represent you and your wishes. Keep an open flow of communication going and be responsive. Sometimes issues come up that need your immediate attention. On our part, Propman also lives by these rules of communication. We keep our owners informed with regular reports and monthly statements, and contact our owners immediately in case a situation arises concerning their property. We can be reached 24 hours a day for emergency situations.
Keep Your Property Maintained
Properties that are in tip-top shape tend to attract and retain the best tenants, so keep abreast of not only repair issues, but regular maintenance as well. Select a property manager that performs regular inspections, as well as offers suggestions for ongoing maintenance. Let them be your eyes and ears on the ground. At Propman, our owners benefit from our dedicated service teams who provide Propman with discounted service costs for repairs, replacements and maintenance – which we pass along to you.
We cannot stress enough the importance of having someone nearby to look after your property. When tenants know a property manager is nearby, they are less likely to take advantage of an absentee owner. In addition, with regular inspections, thorough tenant screening, and a network of service professionals, you can rest assured that your property will retain its value for years to come.
If you have questions about the benefits of a property manager here in Northern Virginia, call Propman. We’ll be glad to help.
As a property management company, Propman is often asked, “How’s the rental market in Northern Virginia?” We can almost always answer, “It’s great!”
Since our region is so close to Washington, D.C. and the governmental operations and its contractors, there is a plethora of government work in this area. And since the government is always in operation, the area experiences some of the best employment stability in the nation. When the rest of the country goes into a recession, you don’t really feel it here.
We also find that government employees and military personnel are very good tenants. We have several military bases nearby, including Ft. Belvoir, Ft. Myer and Marine Corps Base Quantico, and we are practiced in the intricacies of working with government and military employees.
Northern Virginia is also a higher-income area, meaning that you can generally receive a higher rent on your investment property than if it was located in another region of the state.
If you have an older property to rent out, you can particularly benefit because your mortgage is typically lower, or you may have paid off your house. This means you can start reaping benefits from your rental investment immediately.
To understand more about the Northern Virginia rental market, give us a call here at Propman Property Management. We’ll be glad to review the marketplace and give you advice on how you can rent out your property or properties safely and securely with our professional property managers. Our region includes the counties and cities of Arlington, Alexandria, Fairfax, Falls Church, Loudoun and Prince William.
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