Owning rental properties in Chevy Chase, Maryland, means investors generate passive income in an area known as the "home suburb for the nation’s capital." Located only six miles outside of Washington, D.C., residents enjoy the quiet and historic village with quick access to everything the larger city offers.
Known as a safe, family-friendly community, about a fifth of the population rent their homes. The area is a mix of suburban and urban living with plenty of tree-lined streets, brick sidewalks, and open parks. Residents also enjoy the and centrally located Village Hall experiencing public transportation, theaters, restaurant, and shopping within walking distance of almost anywhere in the Village.
When investing in this small community, local and long-distance rental property owners need the best Chevy Chase, Maryland property management company! Here's how we help real estate investors maximize their income.
Start With the Right Properties for Sustainable Growth
Chevy Chase is one of the wealthier communities in the D.C.-area. However, that doesn't mean that every available property is a smart addition to your real estate portfolio—even if it's a really "nice" house.
Knowing what makes a good investment property applies to any rental market in the country. Successful real estate investors must conduct and understand rental market research to choose properties with the best potential for long-term income and sustainable portfolio growth.
Even if you're a local investor, finding the information you need and running the numbers can be challenging without the right experience. The best Chevy Chase, Maryland property management company has everything you need to make smart decisions when evaluating a potential property or analyzing the profitability for a rental currently in your portfolio.
We help investors review:
- Current rental market analysis, including comps and other similar rentals
- Competitive monthly rent prices to make sure your new property can generate the income you need
- In-demand amenities or upgrades to help your properties attract quality renters
- Vacancy rates, locations, and estimated budgets for renovations before a property is ready for market
When considering a real estate investment in Chevy Chase, Maryland, your success starts with the right property. Work with a property manager to maximize this market's potential and research a home you have your eye on—before closing!
Place Quality Renters to Maximize Income
Empty rentals in Chevy Chase, Maryland mean less income for investors. Every day that your property sits empty is another day without rental income—and another day that you must cover the expenses of a property with less cash flow.
However, bad renters are worse than an empty rental property. Successful real estate investors understand that ending a lengthy vacancy with a poor-quality renter—just to get someone in the door to pay the rent—can be a costly mistake.
It might seem like finding good renters in a wealthy community should be easier than in other areas around D.C. However, without a thorough screening process, investors can't be sure that a potential resident will be a good fit, pay the rent on time, follow the rules, and take good care of the rental home. Just because someone can pay the rent doesn't make them the right choice for your investment property.
Before putting your properties at risk, work with a Chevy Chase, Maryland property management company to screen every applicant. Our process includes:
- Requiring a valid ID
- Credit check
- Criminal history
- Employment and income verification
- Prior rental history
- Reference checks
An applicant can look excellent on paper. However, without reviewing these critical background checks and applying your criteria, investors risk placing bad residents in their properties. Chevy Chase, Maryland, is known as a safe community where residents raise families and retirees love to be outside of the busy city. Keeping the community safe while protecting your properties is easier with a screening process in place.
Deliver Professional Maintenance for Renters and Property Values
Quality renters need quality rental homes. When properties fall into disrepair and renters have to deal with a lack of response to critical maintenance requests, they won't stick around for long.
Maximizing your real estate investment income means letting go of DIY repairs and maintenance. Investors might be able to keep up with these tasks for one property. However, if you find yourself losing renters or exceeding your maintenance budget—despite "saving" money by doing repairs yourself—DIY becomes more expensive than hiring the right professionals to maintain your rentals and keep renters happy.
The right Chevy Chase, Maryland property management company takes a proactive approach to rental property maintenance. When we prioritize routine upkeep and prompt, professional repairs, investors spend less on costly maintenance problems while retaining more long-term residents.
A professional approach to maintenance includes:
- Scheduled property inspections to look for potential problems (and keep an eye on renter behavior and care for your property)
- Preventive maintenance throughout the year
- A vetted list of contractors to deliver quality repairs
- 24/7 availability to respond to resident requests or emergencies
- Local knowledge of building codes and maintenance requirements for historic homes and new builds
Since Chevy Chase, Maryland is a historical area, many residential properties require specific types of maintenance to uphold their historic qualities while meeting modern needs. When investing in this area, make sure your property manager understands these requirements and can handle quality maintenance services for historic homes, as well as new builds in the area.
When it's time for property updates, your property manager must also have an understanding of smart upgrades that maintain the integrity of historic properties. Local renters look for homes with the features they need to raise families, work from home, and feel safe. The right Chevy Chase, Maryland property management company helps investors invest in upgrades that pay off, keep their rentals competitive, and help maintain property values.
Maximize Income With the Best Chevy Chase, Maryland Property Management
Your investment properties and renters in Chevy Chase, Maryland need the best management to maximize your income! Choosing to invest in this area is a smart way to build a profitable real estate investment portfolio. With the right experts helping you find the best properties, maintaining your rentals, and placing quality renters, investors experience more income—without losing their valuable free time.
Whether you choose properties here while living in the D.C. area or as a long-distance investor, the best Chevy Chase, Maryland property management company is already here and ready to serve. EJF Real Estate has long-standing roots in this community. We understand what renters want in a quality rental home and how to make sure your investment properties meet their needs and stay in demand.
Our property management experts protect your most valuable assets, including your time. If you're ready to become a real estate investor or continue growing your portfolio, contact us now and let us help maximize your income with a Free Rental Analysis and our Happiness Guarantees!
