When you invest in real estate, you’re building wealth and a future of truly passive income, allowing you to live out your golden years enjoying the activities you wish on your terms. However, purchasing the best deal in Virginia Beach doesn’t guarantee continued success with the property. The calculations for your returns on the investment, or ROI, are based upon results created by the previous management policies and systems.
While property management fees are easy to compare, the costs of poorly managing your real estate investments can far outweigh the monthly fees of a professional property management team. Read on as we explore how much it costs to manage a property in Virginia Beach.
Missed Opportunites
One downfall of real estate investors taking the time out of their day to carry out all of the duties to manage a property in Virginia Beach is that you aren’t spending that time managing your real estate investment business. A significant part of investing is keeping abreast of local economic changes, zoning plans, and significant market trends. You’re also being distracted from furthering your education in real estate. The precious time you dedicate to staying on top of your holdings in your portfolio allows you to make necessary adjustments in real-time.
Tenant Rights
As a landlord, you are required to follow certain laws when it comes to marketing your rental property and treating potential tenants. These laws exist at the local, state, and federal levels, so it’s important to stay up-to-date on any changes.
Some of the key laws that you need to be aware of include the Virginia Fair Housing Law and the Virginia Residential Landlord Tenant Act. The Fair Housing Law prohibits discrimination in housing based on factors like race, color, religion, national origin, sex, disability, or familial status. This means that you cannot advertise your rental unit in a way that excludes certain groups of people. For example, you cannot say “No families with children” in your ad.
Costly Tenants
When you professionally manage a property in Virginia Beach, you should have a system to screen tenants that you follow to ensure the best experience and highest returns on your real estate investment. Tenants are the backbone of your real estate investment business, and poor tenant screening equates to poor returns.
Property Integrity
Regular maintenance and immediate attention to repairs are required to protect your asset when you manage a property in Virginia Beach. Otherwise, what may begin as a minor fixe, like a roof leak, could become a series of highly costly repairs from the damage that spreads with the water across the roof, walls, flooring, and possessions, not to mention the dangers and expense of remediating mold.
Unhappy Tenants
Understanding the importance of building a solid team of industry pros to fulfill the needs of managing property and meeting you cannot understate the needs of your tenants. Otherwise, the outcome of unattended repairs and maintenance issues will become glaringly apparent. In addition, if a landlord should fail to manage a property in Virginia Beach to the tenants’ satisfaction, your turnover rates will be high and out of sync with the market average.
Stressful Situations
Regrettably, when you manage a property in Virginia Beach, you may find yourself with tenants that you must hunt down to retrieve your rent payment or deal with the stress and legal red tape of evictions.
If you are spending your investment time managing property in Virginia Beach, Wise Choice Home Buyers has a full-service team of professionals that helps you earn the highest profits on your investment. Furthermore, Wise Choice Home Buyers‘s highly attentive management team has the know-how to screen for the best tenants and handle problematic situations while you relax and enjoy your retirement. In addition, the pros at Wise Choice Home Buyers and their team of service providers have years of experience creating an environment of trust and a mutually respectful relationship with your happy tenants. Call Wise Choice Home Buyers at 757-800-1870.