Virginia home prices are currently up 8% from last year, making the market more competitive. If you own a building in Richmond and want to make money in the current housing market, rental property management services are a must-have. Read on to learn why.
Better Tenants
Tenant screening is a core part of professional property management. Experts have high-quality tools and resources to check the background of potential renters. You won't need to shell out money for software that may not even get the job done accurately.
PMI's team looks into tenant's criminal backgrounds, credit scores, eviction histories, and past landlord references. This lets us choose tenants who will pay rent on time and take good care of your unit while residing there.
Lower Vacancy
Good tenants mean a better environment, which translates into lower vacancy rates. People will be more willing to re-sign their leases when they like their neighbors and location.
You also won't need to contend with long wait times after a tenant's departure. Property managers start looking for new tenants early to reduce the turnaround time between rentals.
You'll get a consistent income without worrying about vacant properties losing rent. You also won't need to pay utilities and taxes on a building that's standing empty.
Avoiding Legal Issues
Richmond, VA property managers are also versed in the local real estate market. They understand the rules and regulations they must follow when searching for and communicating with tenants. They have a thorough knowledge of rent and security deposit laws.
Plus, property managers are well-versed in drafting binding leases and contracts. This can get you out of trouble later if you become embroiled in a landlord-tenant dispute or need to contend with an eviction. You'll never be left on your own to flounder because you'll have the chance to avoid legal problems easily.
Simple Maintenance
Professional property managers already have connections with maintenance and repair teams. You won't need to spend weeks looking for someone who suits your needs to resolve maintenance issues.
Instead, you can rely on others to use reputable contractors who have already proven themselves as quality maintenance professionals in Richmond.
Less Stress for Virginia Landlords
Without outside help, your landlord job would take several draining hours from you a day. This defeats the purpose of passive income because you'll need to tackle issues head-on even after getting home from your day job.
With property managers, you wouldn't need to do much to resolve tenant problems, deal with maintenance requests, or draft documents. All you would need to do is communicate about issues to resolve with the outsourced property management team.
Find Rental Property Management in Richmond
Now that you know why it's important to get rental property management for your residential or commercial building, it's time to begin carving out a place for yourself in the housing market.
We're committed to offering Richmond, VA landlords services like tenant screening, lease drafting, and maintenance issues. Request a free rental analysis from PMI Presidential to learn the potential of your property.
