Northern Virginia is one of the best places to own investment properties, with high demand placing Virginia among the states with the highest rental prices in the country.
The trouble is, you won't benefit much from these high prices if your property management isn't on point. The truth is, bad tenants who don't pay on time aren't much better than no tenants at all.
If you want to maximize this lucrative rental market, keep reading for some property management tips on what to avoid.
1. Failing to Screen Tenants
The most important property management advice you can ever have is to screen each tenant thoroughly before signing a rental agreement with them.
There is no way to tell if you can trust a new tenant without a thorough background check. Step one is to get their permission to look into their background and ask them to fill in a rental application.
Once you've received this information from them, you should verify their identity, request a criminal background check, confirm their employment, and check their credit history.
2. Foregoing Routine Property Inspections
Small maintenance issues can quickly turn into major repairs unless you deal with them promptly. In this way, regular property inspections can save you money down the line.
What's more, keeping your house or apartment in good condition ensures your tenants stay happy and safe while in residence.
If you don't live in the same area as your investment property, it's best to hire a property management firm to conduct these vital inspections for you.
3. Ignoring Fair Housing Laws
Any property management expert will tell you that renting your property to tenants is a legal minefield. You may not select tenants based on criteria such as marital status, gender, race, and more.
You may only use criteria like credit worthiness when selecting tenants. Likewise, you'll need to tread lightly if you ever need to evict tenants for any reason.
4. Haphazard Rent Collection
If you're lenient or lax about collecting your rent, it's easy for your tenants to do the same. You must insist they pay their rent on time every month and remind them several days before it's due.
This is the best way to guarantee you get your rent on time and maintain cordial relationships with your tenants. Enforcing extra charges for late payments is one way to ensure they pay on time.
It's easy for tenants to adopt bad habits if you don't enforce your rental agreement.
The Best Way to Navigate Property Management in Northern Virginia
If you work with an accomplished and experienced property management firm, you needn't worry about any of the stumbling blocks mentioned in this property management guide.
With an expert team on your side, you can count on thorough tenant screening processes, timely rental collections, and regular property maintenance. You can rest assured that every interaction with your tenants is legally sound and in the best interests of your investment.
Don't waste time learning how to manage your property through trial and error, get in touch today for efficient and effective property management services in Northern Virginia.
