Property investors face a plethora of challenges on the road to building a successful business. Growing your portfolio requires time, dedication, and, as Liam Neeson would say, 'A particular set of skills,' all of which are areas where experienced property management, D.C. investors, can be a considerable asset.
The property management experts at EJF Real Estate Services can help you with the bevy of tasks that comes standard with building your real estate portfolio. From identifying profitable properties and neighborhoods to guiding you through offering rowhomes and condos for rent in D.C., our team is here to help!
We have extensive experience in property management and association management, which gives us unique insight into how to integrate and successfully operate a rowhome or condominium rental in the D.C. market.
Perhaps most importantly, property managers of our caliber oversee time-consuming tasks like maintenance and rent collection with insight that comes from having long-established roots in D.C. As a property investor, that frees you up to do what you do best: invest further in your portfolio—and your financial future.
Guidance in Identifying Excellent Rental Potential
Not every rental property owner became one on purpose. Sometimes you find yourself caught by surprise with a potential rental property you weren't expecting to possess—but that doesn't mean you can't grow to become a successful property investor.
If you're ready to exponentially grow your business, you need to know how to identify your next investment—and an experienced property management company can be a vital resource in this area.
What Makes a Good Investment
Remember the 'why' behind investing in a property. It's important to remember that looking for a great investment property is different from buying a home for yourself—or buying a home to flip and sell. You need to identify the characteristics that will make the property profitable in the long run:
- Location: There may be no more important consideration than location in a market like D.C. The property should be located in a neighborhood where properties of its kind are in demand. Ideally, the neighborhood should also offer good schools, low crime rates, manageable property taxes, and access to the types of amenities your potential renters would want.
- Maintenance: The best investment properties are low maintenance and have durable amenities (i.e., tile flooring and granite countertops), which will withstand the test of time while being attractive to residents. You also don't want to have to sink a lot of time and money into renovating the property before it can be rented out.
Know Your Neighborhood, Know Your Renter
To some degree, identifying your ideal renter is an equally important part of identifying your ideal property. Once you've picked out a neighborhood that has growth potential, you need to consider who would want to live in that neighborhood—and what they would want in a rental property. That could mean looking for properties with fenced-in yards (or no yards at all), modern amenities, low-maintenance landscaping, easy access to shops and cafes, or all of the above.
One of the advantages of working with local property management, D.C. investors, is that we've been in the area long enough to understand the unique character of every neighborhood in D.C. This generates an understanding of how to appeal to renters in each one. Once you know what your renters want, you can purchase a property with your renter's needs in mind.
Staying on Top of the Market
- Knowing which properties and which neighborhoods to invest in isn't always clear.
- An appealing property listed at a low price doesn't necessarily make it a good investment.
- Seeing the difference between a profitable investment and a money pit requires considerable knowledge of the real estate market—on both a macro and micro scale.
Excellent research requires comparing rental prices on similar properties in the area, tracking vacancy rates, resident turnover, and other trends.
Neighborhoods change and transition constantly: this requires highly-detailed tracking of these variables for months or even years. These are all challenging and time-consuming tasks for an individual—but skilled property management, D.C. investors, often has access to this kind of data.
How EJF Real Estate Services Can Assist
- Maybe you own a single condo and want to make the leap from owner to investor.
- Perhaps your property investment business is already growing, and you need help managing its growth sustainably.
- Either way, the D.C. property management team at EJF Real Estate Services is here to support your endeavors.
We'll deploy all our resources to help you understand the local market, identify properties that have the greatest earning potential, and run detailed rental analysis to maximize your profits. We'll also oversee all the ongoing day-to-day management of your properties with our diverse array of services, so you'll be free to focus on making your next investment.
Contact us today to learn more about our team, our values, and how our expertise at EJF Real Estate Services can help make your property investment business more profitable! If you're still on the fence about whether professional management services are right for you, be sure to download our free Guide to Finding the Best Property Management Professional in Washington D.C.