The Richmond rental market is a very rewarding place to invest in real estate. However, there are also plenty of challenges, especially for real estate investors and landlords who are new to renting out property. You need to know that things change quickly here, whether we’re talking about rental values, tenant demands, legal requirements, or supply and demand. Investing in Richmond rental real estate requires knowledge, capital, and at least a basic understanding of the market and how it works.
Whether you’re new to investing or building a large and diverse portfolio, success requires relationships and partnerships. We’ve never met a successful investor who has done everything themselves. You need access to solid, proven resources, and you also need to surround yourself with professionals who can help you identify the right opportunities and close the most lucrative deals.
As local Richmond property managers, we love helping investors save time and avoid mistakes. We see ourselves as a major resource for anyone who wants to buy investment property or is renting out a home. Today, we want to take a look at some of the most valuable tools and services that you’ll find locally in Richmond in order to have a better - and more profitable - investment experience.
Professional Associations and Networks in Richmond
Smart investors are always learning. They’re always increasing what they know about the market, the industry, and the best practices around investment and asset protection. This is a good reason to join professional associations on the local level. The local chapter of the National Association of Residential Property Managers (NARPM), for example, is an excellent resource.
The Greater Richmond Chapter of NARPM will connect you with some of the smartest and most innovative property managers in our market. You don’t have to be a professional property manager to join, either. You will have access to networking opportunities with other investors, you’ll find referrals to local vendors, contractors, and service providers, and you’ll get to learn about new technology that can make managing properties easier and more efficient.
There are also groups such as the Richmond Property Owners Association and the Virginia Apartment and Management Association. Look around for the groups and resources that will help you grow your own investment portfolio. You’ll learn a lot, meet new like-minded people, and find opportunities that you might not otherwise have had access to.
You can also see what’s available in terms of investing groups. There are several in Richmond, and joining a local investing group helps you reach your existing investment goals and those you may have in the future. You’ll network. You’ll gain some good experience. You’ll even make some deals, especially if you stick around long enough and show a willingness to participate.
Local Government Resources for Richmond Real Estate Investors
Plenty of tools and resources can be found with your government partners and networks. While a city planning office isn’t necessarily going to help you find your next investment property, you’ll want to have connections at various government buildings, courthouses, and offices to help you when you have a question about habitability, housing codes, and eviction.
Get to know the local laws and requirements. Visit the Office of Housing and Community Development. If you’re interested in renting out affordable homes, you’ll want to educate yourself on Section 8 and other programs. The Virginia Department of Housing and Community Development can be a useful partner.
Technology Tools Provide Efficiency and Progress
We can’t talk about local tools and services without highlighting the technology that’s available to you as a property owner, and strongly encouraging you to use it. You want to leverage these technology tools for efficiency and consistency.
Online Rental Platforms
During the marketing and listing process, you’ll want to use the platforms that cater to Richmond tenants. Some of the most popular rental sites that local tenants are using include RentCafe, Rent.com, and HotPads.
Invest in Property Management Software
Collecting rent online and encouraging maintenance requests to come in electronically can be a huge benefit to rental property owners. There are plenty of tools available to independent landlords who are only renting out one or two homes. Software will allow you to track rental payments, manage those repair requests, and keep detailed accounting records for your investments.
Smart Home Features are Popular and Necessary
Smart home tech is becoming huge, and tenants are demanding it more and more from their rental properties. You can benefit from this trend by providing some smart home tech features in your own rental properties. This will increase your property value and attract qualified tenants. Consider installing features such as smart locks, smart thermostats, and automated lighting systems.
Richmond Property Management Resources for Smarter Investing
As you think about maximizing your Richmond investment potential, you need to think about the partnerships that can help you succeed. Smart investors will tell you that the best way to strengthen and protect your investment portfolio is with the help of a local Richmond property manager. We always provide the best tools and the most relevant resources to the owners, landlords, and investors who work with us.
If you’ve ever worked with a property manager before, you know that you can rely on us to place residents, establish the right rental value, collect rent, and respond to maintenance. But, we can do much more for you when you’re willing to tap into our expertise. We can help you build a strong investment portfolio in two specific ways:
Earn More Money
When you think about leaning into the opportunities in the Richmond rental market, you might think this means adding to the number of properties you currently own. Certainly, this is one way to do it. But, it’s not the only way. You can also increase the size and strength of you portfolio by making the properties you currently own more valuable.
Property management helps you earn more rent. This starts with pricing your property both competitively and for profit. We know the market better than you do as an independent investor. We also have unique strategies for understanding the rental values and evaluating the competing properties. We follow the changing demands and preferences of residents. The data we gather is reliable and timely, and it’s far better for pricing strategies than a cursory check of online rental sites.
All of this expertise and all of our tools and technology helps us establish a rental price that doesn’t leave you playing catch-up. That leads to a stronger position inside this competitive market.
Protecting your Richmond Investment
Property managers do more than collect your rent and find good tenants. We can be a great resource for investors because of the asset protection that’s provided. You want to know that your property’s value and condition are protected.
Avoid overpaying for maintenance. Avoid placing bad tenants.
Avoid all the risk and liability that comes with renting out properties. Protecting you and your property is an important part of a property manager’s role in helping you succeed as an investor.
We understand all of the local, state, and federal rental laws that pertain to your property. We understand how to properly return a security deposit and what to do when a resident doesn’t pay rent. We’re always following the new laws, and we know how to navigate them.
Property managers have the tools to protect you from unqualified residents and expensive legal mistakes. This is essential to maintaining and growing a strong portfolio. Property managers are an invaluable resource because we save you money on maintenance and repairs. We avoid vacancy and turnover. We already have qualified partners to take care of cleaning, landscaping, pest control, snow removal, and other services your property might need.
Put Together a List of Maintenance Vendors and Contractors
Another great resource that any real estate investor in Richmond needs is a preferred network of vendors and contractors. This is another great reason to partner with a property manager: we provide this for you.
Make sure you know who to turn to when you need rehab work done, preventative maintenance, or cosmetic turnover work. A good maintenance team is an essential tool when you invest in Richmond real estate. There are going to be repairs that are needed, and those repairs will occur while a tenant is in place and between the tenants who are leaving and arriving. You’ll need a list of preferred vendors and contractors who can work quickly.
There’s maintenance and then there are also improvements. If you find yourself dealing with longer vacancy periods, you may want to take those opportunities to make some upgrades and updates. Those renovations will increase the rental value of your property and help you attract good tenants. They may also be necessary to compete with other seasonal rentals in the market. You’ll need a maintenance team that’s available, trustworthy, and affordable.
We can provide you with all of the tools and resources you need in order to effectively invest in Richmond properties and manage them. Contact us at PMI Presidential, and we’ll talk about how we can help you have a fantastic investment experience.
