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According to the Internal Revenue Service, about 10.6 million Americans earn income from rental properties. If you're now one of them, congratulations! As a new real estate investor in Richmond, VA, it's important to have a plan.
Otherwise, you won't maximize your new investment's earning potential. Instead, your property will sit vacant and start costing you money.
Not sure what beginner investor advice you need to succeed? Read on for our first-time property owner tips today!
Research the Richmond, VA Rental Market
Before finding renters, research the Richmond, VA rental market. What are renters in the area looking for when selecting properties? For example, perhaps they're interested in smart home technology or open floor plans.
Researching the local market will help you complete a rental analysis. Make sure you don't set your rental rates too high or low.
You'll lose revenue if you set it too low. Set it too high and you'll scare away prospective tenants. Instead, set competitive rates to attract renters.
Don't forget to research Virginia's landlord-tenant laws. Key laws cover:
- Required landlord disclosures
- Security deposit limits and returns
- Bounced check fees
- Small claims lawsuits
- Termination and eviction rules
- Tenant rights to withhold rent
- Landlord rights to access a property
- Tenant protections against retaliation
Federal laws cover landlord responsibilities to disclose environmental health hazards and housing discrimination. If you need help navigating these laws and regulations, hire a property management company. Their real estate tips for Richmond will help you remain compliant.
Complete Maintenance
Start building an emergency fund to cover taxes, repairs, and other expenses. Consider making renovations to the property before renters move in. Attractive upgrades include:
- New floors
- Energy efficient windows
- New kitchen appliances
- Smart home technology
- Fresh paint
- Backsplash
- Bathroom renovations
- New light fixtures
Schedule routine inspections to keep the property in good shape. Otherwise, renters won't give it a second glance.
Market the Listing
Leverage digital marketing to start finding Richmond renters. Optimize your listing with fresh photos and a detailed description. Add a strong call to action to encourage people to schedule a tour.
Once you receive applications, develop a tenant screening process. Screening applicants can help you avoid problematic individuals.
Check their credit scores and determine if they have a history of evictions. These renters may pay late or damage the property. A property management company can handle this process on your behalf.
Request Property Management Advice
Work with a property management company to operate more efficiently. Choose a full-service company that uses property management software. They can automate tasks and ensure tenants receive immediate help.
Ask for help scaling your property portfolio. They can help you expand your investments. Rely on their beginner investor advice to discover new opportunities.
Succeed as a New Real Estate Investor
The best way to succeed as a new real estate investor in Richmond is to ask for help. Partner with an experienced, full-service property management company. Leverage their expertise to excel in today's competitive real estate market.
Renters Warehouse is the top residential leasing and property management in Richmond, VA. We can make renting your property a worry-free experience.
Our services and ability to stay current on industry trends can increase your profits. Contact us now for a free rental analysis.
