Whether you're a new real estate investor or you're a seasoned owner of investment properties in DC, every investor can benefit from expert tips and tricks to increase revenue! From managing renters to keeping up with maintenance and listing vacant rentals, there's plenty to juggle when working toward your long-term financial goals.
Learning from experts is an excellent way to hone skills and become familiar with best practices that can help you cut costs and improve ROIs. The best property management DC offers is here to help you with insights into some of our best tips and tricks for real estate investment success! Keep reading for some of our most helpful property management insights.
Renters Are Not Your Friends
It's essential to build positive relationships with the people renting your properties. However, if your priority is to become friends with your residents, you're putting your properties and income at risk.
Friends find it hard to say "no" to friends or enforce the rules—but sometimes, saying "no" is a critical aspect of working with renters to care for your properties and stay up to date on rental payments. As a DC rental property owner, it's important to treat every renter the same without showing partiality to a resident you consider a "friend" vs. a different resident whom you don't see as someone you want to spend time with.
Be friendly—without striking up friendships with residents who come and go from your rentals. Good landlord-tenant relationships remain professional and polite. If you struggle to find the balance between "property owner" and "friendship," the best property management DC can manage renters professionally and enforce the lease for you!
"Forms" Can Leave You Without Protection
It's tempting to download a pre-fabricated lease form and use it as the documentation for renters and properties. If you're starting as a new investor, a free download can be a good place to start as your guide to create a lease. However, relying only on a free download leaves your lease with potential loopholes and puts your investment property (and income) at risk.
Partnering with a property manager is a better way to generate legal forms for the operation of your rental properties. We have the experience and resources to make sure you have airtight leases that follow all local and federal laws. The right property manager makes sure your lease is a reliable legal document to guide renter behavior and outline penalties for lease violations. We also consult with legal counsel to keep leases up to date and follow the law.
If you've relied on a free lease template up to this point, it's time to let the best property management DC offers to review the document and ensure that it provides adequate protection.
Don't Guess About a "Good" Monthly Rent Price
How much do you want the rent to be for your DC property? To generate the income you need and attract quality renters, the price you "want" might not be the best rate for your rental.
When the rental price is too low, investors lose money every month—even with a renter who pays the rent on time! However, raising the rent too high can increase resident turnover and make it difficult to find a new renter willing to pay such a high price for your property.
The ideal rental rate is the best price for your property, but without rental market research and expert experience, you might never find that rate. Work with a property manager to analyze market data and price your rentals at a rate that covers expenses, finds and keeps quality renters, and builds your long-term income.
Never Place Renters Without Screening
There's no "perfect" screening process to identify quality renters and help investors avoid bad residents. However, placing a renter in your property—without screening at all—can lead to a lousy resident with a history of not paying the rent and leaving rental homes with severe damage as they walk out the door and break the lease.
A thorough screening process helps protect your properties and minimize the risk of expensive mistakes like "professional tenants." If you're not sure how to conduct credit checks, prior rental history, or employment and income verifications, the best property management DC delivers can do it for you! It's worth the effort to minimize costly problems that come with bad renters.
The Best Property Management DC Delivers is the Best Tip for Success
No tricks! Partnering with the best property management DC offers is the best tip to own and operate successful rental properties in the area. With a property manager applying best practices and expert strategies to your investment properties, investors minimize risk, maximize income, and enjoy more free time.
EJF Real Estate Services delivers the best experience and property management services in DC. If you're ready for an expert to deliver these tips and tricks (and more), let's talk about how we can help.
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