The Virginia housing market has fewer active and new listings, yet prices are still on the rise. New listings saw a 25% drop between 2022 and 2023. The number of active listings fell by 17%.
You need a plan if you're new to real estate investing in Richmond, VA. Otherwise, you may struggle to find an available property that suits your needs.
Want to become successful at navigating real estate in Richmond? Read on!
Explore Real Estate in Richmond
Consider the type of Richmond real estate you're looking for, such as:
- Tiny houses
- Studio apartments
- Enormous estates
- Single-family homes
Calculate your price range and start eliminating properties that don't suit your budget. Consider relevant taxes and HOA dues. Taxes and fees can stack up, eliminating certain properties on your list.
Pick Areas With High Rent
Build a profile for your ideal resident. Consider where they work, live, and shop. Determine how much they make a year and what they do with their spare time.
A resident profile will help you choose a neighborhood that meets their needs. Consider what your ideal residents would prioritize during their search. They may consider:
- The local school district
- Local employers and employment rates
- The age of the home
- Crimine
- The neighborhood's potential
- The property's potential
- Nearby commercial property
Expansion in the local job market has added 4,000 new jobs to the Richmond area. Recognize where people are working and choose homes in those areas.
For example, Wakefield is on the edge of the Richmond metro area. It's an hour away from Virginia Beach, making it ideal for residents who enjoy the ocean.
If you're targeting students, consider property in Tuckahoe. Many faculty members and college students at the University of Richmond consider it home. Choosing the right area will make finding tenants easier.
Hire Property Managers in Richmond
For help navigating Richmond real estate, hire a property management company. The best property managers in Richmond can keep property management from becoming overwhelming. They can handle:
- Tenant screening
- Marketing
- Rent collection
- Maintenance and repairs
- Evictions
The best Richmond property management team will help you problem-solve. Ask for help before you need landlord rescue services.
Compile Richmond Real Estate Data
Gather as much research as possible before making any final decisions. Understand the potential returns on your real estate investment.
Consider current market behavior. Research recent rent costs and compare them to the properties you're considering.
Make the Property Appealing
Once you find your Richmond real estate investment property, make it more attractive to renters. Add a fresh coat of paint and add modernized systems. Consider energy-efficient features and smart home technology.
Let a professional staging company arrange furniture to make the property look lived in. Hire a photographer to capture your stunning property for your listing.
Begin Your Richmond Real Estate Investing Journey
If you're new to real estate investing in Richmond, don't do it all alone. Instead, work with the best property managers in Richmond. They'll help you gain a better understanding of the Richmond real estate market.
Renters Warehouse has helped investors like you since 2015. We pride ourselves as leaders in property management and local real estate communities. We stay current on the latest industry trends.
We can make renting your new investment property a worry-free experience. Contact us to meet your property managers.
