How are your working relationships with all of your residents across your portfolio? A growing portfolio in the D.C.-area rental market means more real estate investments—and more residents to manage.
If you haven't considered the additional work that comes with an extensive portfolio, we don't mean to alarm you. However, the work involved to manage one successful property must then be replicated for every rental property you add to your portfolio. That means tasks like managing your marketing, leasing, rent collection, maintenance requests, and renters multiply with every new investment property.
We believe the financial benefit to rental property owners is worth it to grow a real estate investment portfolio; we've seen firsthand the freedom the right portfolio can bring.
You don't have to do it on your own, either: More properties require more help, and successful investors with significant portfolios understand that the right help is the only way to sustain growth and build long-term wealth.
Here's what investors need to know about managing a growing portfolio from the best property management Washington D.C. offers.
One Property = Multiple Renters
The rental property to renter ratio isn't always one-to-one. In the D.C. area, more than half of the households include two or more people. While the requirements to keep single-family homes, condos, or rowhomes in excellent condition includes standard maintenance and repairs; every renter situation is different. You'll receive one rental payment every month per property, but that payment could represent a full house.
How you handle your residents is a significant factor that determines the success of your rental properties and portfolio. If the 'people' part of owning rental properties isn't your favorite part of the job, you need an expert to handle tenant screening, leasing, maintenance requests, and difficult renters.
The best property management Washington D.C. offers can handle more properties and renter concerns with ease. Our processes make it simple to:
- Put every potential renter through a thorough screening process—even if there is more than one applicant
- Consistently confirm that every resident in a rental property is following the rules of the lease
- Ensure that only approved residents call your investment property 'home'
- Handle resident requests and maintenance issues without delay.
Building positive working relationships with your residents takes time and experience. If your portfolio grows without enough support to manage the rental experience, you'll have trouble convincing renters to stay.
Choose the Right Support
We already mentioned that you don't have to manage your real estate portfolio growth on your own. However, what is the right type of help? Property owners in the D.C. area have a bevy of options to gather the best support to take care of their properties and renters for success.
Assemble Your Team
If you have the time and inclination, you can be the boss and assemble your own team to handle a growing portfolio. It's one way to make sure you hire people you trust and can manage them in a way that works best for your goals.
Think through everything required to maintain properties, including:
- Inspections, routine property maintenance, and emergency repairs
- Marketing, leasing, rent collection, and resident management
- Accounting, financial reporting, and budget management
- Renter move-in and move-out processes
- Legal paperwork and taxes
- Vendor management.
Building a team requires overhead costs as well: consider the additional expenses you'll face in equipment and employee benefits. It also takes time to interview and find the best employees to ensure your growing portfolio succeeds.
If you have a full-time job, hiring your own team might not be feasible for you. Unless you plan to press pause on your career or change your path to real estate investing full time, building your own staff can be a time-consuming and costly option that hinders growth.
Work With Property Management Services
Where can you find help with every task we mentioned above—and more? The best property management Washington D.C. offers does it all.
- At EJF Real Estate Services, we're already equipped with everything investors need to grow a successful real estate portfolio.
- Our professional staff has years of experience and expertise in specifically aiding investors to find the best properties—then managing them to profitability.
- Hiring a property manager reduces the time and expense of assembling your own team.
- Investors aren't burdened with overhead costs or time management challenges when our experts handle every detail.
When you're ready to grow, look for a company that knows how to maximize the ROI of large portfolios. You'll need that expertise as you add more properties and work toward your long-term financial goals.
Don't Settle for Less Than the Best
Not every 'full-service' property management company can provide the range and quality of services you need for success when building a broad portfolio. However, the wrong help can delay your success and income.
EJF Real Estate Services is the best in the business for supporting investors with their eyes on growth. From managing multiple rentals to handling the challenges that come with more renters, we're the D.C. area's best property management partner to build your future wealth through real estate.
Save yourself from the headaches of managing a team of people. Let's talk about how EJF can help you grow, make more money, and make sure you're happy with your portfolio.
You can also learn more about the benefits of a professional partnership when you download our complimentary Real Estate Investing Guide.