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.
The summer rental season is the most active time of year, according to our experience at Propman Property Management. People are moving in between school sessions and using the nice weather to look for new lodging.
This summer’s rental market has already shown to be hotter than last year’s. The rental demand rose in May, and more potential tenants are active in their rental research, contacting the listing agent directly rather than using a leasing agent.
People are Using Technology to Find Homes
We contribute this increase to the development of user-friendly real estate websites (like ours) directed at the rental market, and easy access to the Internet through mobile devices. In one case, we even “showed” a property to the wife of a serviceman who could not make the showing using Facetime as a live video feed. He was able to view the entire property while asking questions about the unit, and we were successful in renting the unit without the need of an additional showing.
At Propman, we like to contract with our property owners before the busy season, often in winter or early spring. This gives us time to prepare the property for incoming renters to make them most attractive before the market heats up. After all, a desirable property can earn you more monthly income.
Preparing a Property for Summer Rental
To prepare a home for rental, we suggest that owners overseed and fertilize the lawn, powerwash siding, and perform spring maintenance, like cleaning gutters and inspecting chimneys. We also recommend that they repair or replace broken or damaged appliances. For example, a 25-year-old rusty appliance can show lack of interest in your rental property and in almost all cases, be reflected in your tenants’ attitude toward the property during their tenancy.
Owners should also deep clean their unit, professionally cleaning the carpets and painting if needed. Wood cabinets and floors should be cleaned and treated.
In our experience, the biggest mistake a homeowner can make is to place their property on the market when it does not show well. It is a big waste of time for rental agents and applicants, and if you do get a tenant, they will likely not respect the property as you would like them to.
Propman Property Management tries to make it easy for potential tenants to learn about our rental properties. They can search online through our “Available Rentals” and even answer questions (FAQs) and submit an application online.
Our property owner clients rely on Propman’s expertise in preparing properties for rent, and in finding the right tenants. If you have a property to rent, or are looking for a rental home, please contact Propman.
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