Working with experienced property management, D.C. investors, can bring your portfolio to the next level. Of the many services such experts proffer, the ability to properly market your rental property—especially a rental property located within a community, co-op, or HOA—is one of the most significant. Marketing is such a crucial indicator of your success as an investor that it is one of the key reasons you might wish to engage the services of property management. Taking advantage of their marketing savvy is certainly near the top of the list.
Of course, there are other advantages as well—streamlined rent collection, fast and reliable maintenance and repairs—but none of them matter much if you can't keep your units filled. That's where exceptional marketing services pave the way. As a provider of association management services, we know that a chain is only as strong as its weakest link. This means that providing excellent services for even one rental property in a community strengthens that community.
What marketing services can—and should—you expect from a skilled property management partner in the D.C. area? Only the very best to keep your rental units profitable.
The Advantage of a Full Portfolio
One of the key benefits of hiring a professional property management company is that they come with a deep arsenal of resources that a solo investor simply does not have. Property managers almost always have a bigger list of prospective applicants on hand, which is the natural result of having been in business for a considerable length of time and managing a tremendous volume of properties.
Property managers usually also have access to a full portfolio to provide to prospective renters and a customer database which makes marketing more effective across the breadth of the properties they serve. However, this is not the only element of marketing a rental property in which technology plays a role.
A Better Value for Listings
You know you can save money in the long run by buying things in bulk; this is how major industry players slash costs. Advertising is no stranger to this concept. However, as the owner of just one or a handful of properties, it might not make sense to buy advertising on a scale that would add up to significant savings. That's where expert property management, D.C. investors, can step in to provide you incredible value.
A property management company with a large portfolio can tap into economies of scale—especially in advertising dollars. More listings on major rental sites per month mean they pay less per listing, and those savings then get passed on to you. Additionally, high-quality, professional property management companies will also advertise listings on their site to enhance visibility.
Enjoy Professional Photography and Listing Descriptions
For an experienced property management company, taking exceptional listing photos and writing captivating descriptions is practically second nature. They do it all the time, and they understand how to visualize your property in a way that will highlight its best assets and make it more attractive to your target audience. That's a competitive advantage in a world that is increasingly driven by online marketing!
Not only will you benefit from an effective and targeted marketing strategy, but you can avoid the hassle and expense of hiring photographers and copywriters. A professional photographer may seem like a 'small' expense for a one-time photography session—but that cannot compare to the overall value of a professional property manager.
Avoid Becoming Overwhelmed
As your rental business grows, so do the responsibilities that come along with it. This is especially true if you have condos, rowhomes, or similar properties for rent that exist within the expectations of a community. You can probably handle marketing for one or two units, but when your business grows to include more (and increasingly varied) rental properties, the task of properly marketing those properties can become overwhelming.
Working with dedicated and experienced property management, D.C. investors, means you have an ally in your corner you can trust. Allocating tasks to the right person or team of professionals also frees you up to focus on other things knowing that the marketing portion of your business is managed.
Optimized Rental Rates
One of the biggest challenges of owning rental properties can be deciding how much you should charge for rent. Pricing a condo just right can be tricky, and depends on a wide variety of factors (like the amenities your community association might offer). It's also a high stakes game:
- Price your rental property too high, and you might chase off savvy renters.
- Price too low, and you're essentially taking money out of your own pocket.
An association management company well-versed in property management best practices knows that pricing your property correctly is the number one factor to ensuring that it will rent. This requires a deep understanding of the local market, along with the resources necessary to perform a rental analysis. In-depth research guides your property manager to the ideal price to target your marketing accordingly.
Professional Management Is a Must for D.C. Rentals
When you have a property located within a community, such as a condo or rowhome, you can't afford to settle for anything other than exceptional management services. This is precisely why we understand at EJF Real Estate Services that choosing the right property management company is no small task. As an investor, it's crucial to weigh your options carefully. The wrong choice could end up being little more than an expense that weighs down your business.
As you're comparing property management options, be sure to choose a company that:
- Understands the particular challenges faced by D.C. rentals.
- Values open communication and customer service.
- Is upfront about their fees and pricing structure.
- Has a proven track record of retaining and delighting renters.
- Offers the resources you need to take your business to the next level.
The best of the best in property management, D.C. investors, will offer you access to their extensive resources for free.
At EJF Real Estate Services, we're proud to offer you access to our rental research to price your rental properties at no charge. Correctly pricing your rental is the first step towards successful marketing.