For military families who have been reassigned and are leaving the Arlington, VA area, the idea of managing their rental property from hundreds or thousands of miles away can be daunting.
That’s where a property management firm in Arlington VA comes in. But is the investment in this service worth the money? For first time landlords—especially those military families who are planning to move far away from their current residence, the money may well be worth it.
It goes without saying that for rental property owners, there are definitely a few pitfalls to be avoided. These may include:
Undervaluing your property and asking too little rent—This can be easy to do. Rent values are often more than a monthly mortgage payment, so it can seem difficult to ask for the true monthly rental value. However, so much needs to be considered in the rental ask.
Not properly screening tenants—Spending too little time, or not taking the proper steps to check a tenant’s background can lead to damaged property, late rent and even legal ramifications. Better to head off those headaches through proper screening upfront.
Falling behind on maintenance—For an out of town landlord, out of sight, out of mind could easily become the way of things. Unfortunately, even the best intended tenants shouldn’t be relied on to keep your property up to date and well maintained.
Fortunately, with the right property management professional on your side, many of these pitfalls can easily be avoided. So, while it may seem like an added expenditure to hire someone to manage your rental property in your absence, you may find that it is worth the peace of mind that your property is not suffering these nightmare scenarios.
There are other benefits to hiring a property management firm in Arlington VA that go beyond damage control.
One benefit is a tighter rent collection process, according to the site, managemyproperty.com.
The article says, “The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable.
The site goes on to say that, “By hiring a property manager, you put a buffer between yourself and the tenant, and allow them to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property.”
Another plus is that you have someone to help you address renter concerns right away, keeping your tenants happy and thus reducing turnover. This means less time wasted while looking for someone to rent your property—time where no money is coming in and you may be forced to pay two housing payments.
Also, keep in mind that while using the services of a property management firm in Arlington, VA would be an investment, it may also be tax deductible.
According to smallbusiness.chron.com, “You may claim the entire cost of the services, but you must keep all of the invoices or statements the property management company issues you as evidence of the deduction’s eligibility.”