Owning investment property is a tried and true way to build wealth. After all, they’re not making more land, as the saying goes. Northern Virginia, especially, has a thriving real estate investing community.

But owning an investment is still a business, with numerous roles to fill. Are you going to be able to run them all? And will you be able to get up to speed on them before something else goes sideways?

Most people are not enamored with the day-to-day realities of being a landlord. Investment vehicles are meant to be hands-off — not to become another job.

The solution here is a property manager. A property manager handles all the day-to-day operations of your rental properties, allowing you to spend your time tracking down and purchasing other undervalued properties. What will a property manager do?

Property Managers Fill Vacancies with High-Quality Tenants

When people contemplate a rental property, they generally think of it as being filled with reliable, friendly, and stable tenants. They don’t think about the huge headache it is to find those reliable, stable tenants. Not only are these renters hard to find, but you have to filter for them in such a way as to not run afoul of Fair Housing laws. You might find it surprising what sorts of things can be seen as discriminatory.

A property manager is a pro at filling vacancies, and he or she will know the laws inside and out. Property management companies also often have superb marketing reach when it comes to advertising for new tenants, reach that the average landlord is unable to match.

Property Management Firms Keep The Books for You

Did you know that the first hire most businesses make is for a bookkeeper? Nobody likes to do bookkeeping. And the receipts for your investment property will proliferate unless you stay on top of them — or someone else does.

Most property management companies, like Real Property Management, offer a specialized portal for their clients. All the landlord has to do is log in to see detailed expense reports about his or her property. And, all the tax forms are prepared by the management firm as well. It couldn’t be simpler.

Property Managers Make Tenants Pay — And They Know What To Do When They Don’t

One of the biggest problems owner-landlords run into is being soft-hearted when tenants don’t pay on time. Nothing drives landlords from the business faster than constantly having to hassle tenants for the rent. But when a property manager comes knocking, the dynamic changes. Tenants know the PM is just doing their job, and moreover, that they don’t have the authority to authorize paying late. And so they pay in a more timely manner.

In the unlikely event that they don’t, property managers know the proper way to handle it. Evictions — even the threat of eviction — has to be handled in a very specific way in order to be lawful. A property manager can handle all that for you.

Why not let Real Property Management handle your rental properties? Give us a call today!

Why You Need a Property Manager