One of the toughest choices you will have as a rental property owner in Virginia is to choose a property management company. The 2019 property market in Virginia translates to a lucrative asset. The monthly average typical rental income is around $1,500, with a return of investment of 1.8%.
Most homeowners handle estates on their own or with an assistant. However, sometimes, the landlord needs additional support where Fairfax, Virginia property management comes in. Property management companies can contribute massively to your business, particularly as the new corporate headquarters for Apple and Amazon are announced to be in Virginia.
Thoroughly review the reasons listed below to decide if contracting a Fairfax, Virginia property management is the next best step for you and your business.
What Does a Property Management Company Do?
Property managers directly engage with potential clients. They save you resources and stress over advertising leases, collecting payments, addressing repair and maintenance problems, listening to resident concerns, and even enforcing evictions. Besides, a competent management firm applies its expertise to your estate, offering you the freedom and security that comes with knowing your property is safe. A property manager is an independent contractor, so you do not have the responsibilities of an employer.
When Should You Hire a Property Management Company?
Whereas using a management company has several benefits, using one can also be costly. Besides the expenses, it is not for everybody to depend on a property management company. Consider these aspects to decide whether contracting a property management company is a wise move for your business.
Consider hiring a property management company if:
- You have multiple rental properties. The more rental units you have, the more likely you are to profit from getting a management company.
- You do not live near the rental property. If the rental unit is far from where you live, having a management company may be helpful when struggling with several problems that you cannot deal with from afar.
- You are not willing to engage in hands-on management. If you regard rental property ownership only as a source of income and do not want the daily tasks that come with managing your properties, think about getting help.
- You have limited time. If you prefer expanding your business, such as seeking new investments and coordinating renovation finances, then getting a property manager is a reasonable decision.
- You can afford the expenses. Using a management company is also an appealing opportunity when you can afford to pay the costs. While interviewing companies, you will probably receive quotes varying from 5% to 10% of your earnings from rent.
- You are overwhelmed with management duties. If the business is expanding, you will realize at a certain point that you will need a significant amount of help to handle it efficiently.
- You do not want the responsibilities of an employer. A property management company is not your employee, nor are the staff who work for their company, and you can escape the burdens of becoming an employer.
- The estate is part of an affordable housing program. So, you can continue receiving help; a landlord should adhere to a specific set of rules. With everything at risk, it is often worth trusting a property management company for knowledge and expertise in the particular assistance program.
Where to Find a Good Property Management Company
Exercise discretion in choosing a property management company. Check for professional directories online. Check the Institute for Real Estate Management website and click “Find a Specialist.” You can also visit the National Association for Residential Property Managers page and check for property managers.
Proactively and adequately handle a rental property, just like any other investment. If you have a rental unit, working with the best property manager could save you money, improve your bottom line, guarantee regular maintenance, and risk-free.