Investing in residential property management can be a great way to generate income over time or increase cash flow. However, especially for first time landlords, the process can be overwhelming. Nonetheless, Choice Property Management has experienced staff specialized in residential property management to serve as your best partner throughout. The key to becoming a top property management company in Northern Virginia, undoubtedly has to due with the fact that we manage every property as though it is our own. Keeping with our client-first philosophy, we have curated a list to help with Northern Virginia property management and making it seamless. Continue reading below for our residential property management tips to hassle free property management.

Step #1: Find a Property

Before becoming a landlord, it is important to figure out which type of investment property will work best for you. Residential properties such as condos or single-family homes are the most common, but commercial properties can also be lucrative. Determine which route works best with your style of management and go from there. It is also important to scope out the property before investing to understand if it is in a profitable location, if it will need any renovations, etc.

Step #2: Understand the numbers

With becoming a landlord, you need to know the financial basics that go into renting out a property. It is important to consider how much profit you expect the investment to make, and base your calculations on that. Factors to consider in determining your rental properties profitability are things such as insurance rates, taxes, maintenance cost, HOA fees and occupancy rates.

Step #3: Stay Organized

Being a landlord is hectic, to make things easier in the long run it is important to stay organized. This looks like staying up to date on local, state, and federal property laws. Vetting a neighborhood, collecting payments online, making sure important financial documents are backed up, or budgeting for unexpected costs.

Step #4: Create a screening process for tenants

Its vital to create the most effective screening process to ensure you can sort out potential disruptive or difficult tenants. This can look like requiring a rental application, renters insurance, or a credit and background check. You should also make sure to thoroughly think through your rental agreement or lease. Will pets be allowed? When should payments be made? Rules regarding property damage, etc. Making your lease as clear and specific as possible will lead to a strong landlord-tenant relationship.

Step #5 Consider a Property Management Company

A property management company can alleviate stress if being a landlord becomes daunting, or if you don’t live near the property. Property management companies in Washington DC, Northern Virginia & Maryland work as a third-party to ensure peace of mind property management. They find the right tenants by following the Virginia rental application, foster a landlord-tenant relationship free of conflict, and are quick and efficient. They are experienced in setting the right rental rate for the property, knowing how to effectively market. Lastly, management companies have expertise on the law and keep up with the latest regulations all while maximizing profitability. If you do decide to work with a property management company, please learn more..

Step #6 What do Property Management Companies Do?

Have any questions about residential property management tips? Let us handle the burden, contact Choice Property Management  for available professionals who specialize in commercial and residential management. We are small enough to customize the process to get to know you and your needs, but as the top residential property management in Northern Virginia, we have the experience and bandwidth necessary to help.