Whether you’re actively growing your real estate investment portfolio or simply looking for ways to manage it better, you need to leverage all of the resources and expertise that’s available to you. Smart investors understand the value in gathering experts close and leaning on their experience and knowledge to build better returns.
Arlington property managers have a unique way of looking at your properties. We’re evaluating what they earn in rent, and whether they could or should be earning more. We also look at them from the perspective of a tenant. Will desirable residents want to live in your rental home? Property managers understand the local market, the latest trends, and the impact that local economies and sales markets can have on your portfolio of investments.
Whether you are working with a single property or a growing collection of rental units, make sure you’re partnering with an Arlington property management company to maximize what you’re earning and to inspire a better investment experience.
Savings: How Arlington Property Managers Save You Money
Earning more on your investment portfolio is the goal of most investors. What you have to remember is that the money you save can be counted as earnings. When you manage not to lose money on a long vacancy, you’re protecting the money you do make, for example. Here are a few key ways that property managers save you money as an investor:
- Accurate rental values. You have to price your property accurately and competitively when you’re listing it on the Arlington rental market. Good tenants are smart. They know what homes are renting for and they know they’re qualified to rent whatever property they want. They won’t overpay. But, you don’t want to give up profit. A property manager has thousands of data points that can be studied and analyzed to ensure your property is priced exactly where it should be to attract the best tenants and limit vacancy. All while earning you consistent monthly income.
- Less vacancy and turnover. Vacancy is expensive because you’re not bringing any money in, but that investment still has expenses that need to be covered. Turnover costs are even more dreadful because you have to improve the property between tenants, clean it, and make sure it’s ready to rent. Property managers keep these costs to a minimum. There’s better tenant retention because of strong relationships, and the maintenance and marketing process is far more efficient thanks to the tools and resources of a property manager. Don’t let your investment portfolio suffer from long, expensive vacancies and turnovers.
- Cost-effective repairs. Maintenance is always another huge expense that most real estate investors avoid. Property managers in Arlington can keep your maintenance costs lower in a few ways. First, we invest in and prioritize preventative maintenance. We avoid deferred repairs. We also have a great network of handymen who work for us, and relationships with vendors and contractors who do reliable work for more affordable rates. Property managers are able to negotiate discounts because of the volume of work that’s provided to plumbers, landscapers, cleaners, etc.
Saving money needs to be a priority when you own investment property. Property managers have the processes, relationships, and systems in place to manage your property cost-effectively.
Property Management and Portfolio Value
What kind of value can a property manager provide to you and your investment portfolio?
Quite a bit. When you work with a property manager, you’re not only getting all of the leasing, management, and maintenance services that they provide, you’re also tapping into a deep well of expertise and knowledge. This helps with:
- Tenant selection. Property managers know how to screen rigorously but fairly, and within all the requirements of fair housing laws. A better resident leads to a better – and more profitable – rental experience. There’s no chasing down late rent, filing for eviction, or cleaning up property damage.
- Laws and legal requirements. It’s so easy to make a legal mistake, and those mistakes are always expensive. As property managers, staying on top of the laws and the legal changes that impact your property is part of what we do. We take care of compliance around fair housing, security deposits, eviction laws, and habitability standards.
Lean on your property manager to offer advice about updates and improvements that might make your rental property worth more. We’ll also talk about market trends and tax benefits. Utilizing the skills, expertise, and even relationships that your property manager has will allow you to do more with the properties in your existing portfolio.
Growing a Real Estate Portfolio with Property Management Help
If you’ve decided to acquire additional rental properties, you’ll need a long list of professionals to help. You’ll be looking for brokers and agents. You’ll need a lender and help with insurance and legal issues.
Make sure you work closely with a property manager.
Arlington property managers will be able to tell you what a home you’re considering will rent for in the current market. We’ll evaluate its condition and age and tell you how much you’ll have to budget for maintenance. We can talk about the repairs and improvements that may be necessary before it’s even ready for the rental market, and how much those will cost. We will let you know what kind of tenant would be most interested in renting your property.
Growing a portfolio can happen in a number of ways. Your property manager will talk through all of your options with you, and help you make decisions that will get you closer to your investment goals.
We love working with real estate investors. Whether you’re new to the market or you’ve been building your portfolio over the long term, contact us at Comfort Property Management. We can discuss opportunities and strategies and lend all the support you need for your investment journey.
Comfort Property Management leases, manages, and maintains investment properties throughout Northern Virginia, in Arlington, Alexandria, Fairfax, Falls Church, McLean, Ashburn, Sterling, Springfield, Reston, Chantilly, Manassas, Centreville, and Herndon.
