Did you recently inherit a residential property in Virginia Beach? Congratulations! Unfortunately, the rental vacancy rate in the US is over 6%.
Without a plan, your newly acquired property could remain vacant and become an expense. Before that happens, use these tips to thrive as an accidental landlord in Virginia Beach. Ensure your rental property success with this first-time landlord guide today!
Understand Local Laws
Before marketing your rental property and choosing tenants, review the state's landlord-tenant laws. These laws cover:
- Small claims lawsuits
- Bounced check fees
- Tenant rights to withhold rent
- Security deposit limits and returns
- Virginia termination and eviction rules
- Landlord rights to access properties
- Tenant protections against retaliation
To ensure you comply with these rules, partner with a property management company. They'll help you follow state, federal, and local laws. Remaining compliant can help you avoid stressful situations, including fines and lawsuits.
Market Vacant Properties
A long-term vacancy can turn a source of passive income into a new expense. Market your rental property using digital strategies to maximize the listing's visibility. These strategies include:
- Staging the property
- Making property upgrades
- Content marketing
- Real estate photography
- Video tours
- Virtual tours
- Search engine optimization
- Email marketing
- Paid advertising
- Social media marketing
Cater your marketing messages based on your target audience. For example, you can reach out to business professionals or families. Personalized marketing will help you connect with a niche audience.
Screen Tenants
Establish your tenant screening criteria to ensure compliance and consistency. You can review:
- Criminal background checks
- Eviction histories
- References
- Rental histories
- Employment verification
- Credit scores
Screening tenants can help you avoid individuals who may damage the property or pay rent late. Try to talk to their most recent landlord. Confirm that the renter doesn't have a history of evictions or troublesome behavior.
Automate Processes
Save time and money by automating routine processes. You can use a tenant portal to:
- Communicate with tenants
- Schedule and monitor maintenance
- Collect rent
Automation can minimize human error. You can spend more time working on more complex tasks.
Ensure Your Rental Property Success
To ensure your rental property success, consider partnering with a property management company. Choose a full-service company that offers services that align with your needs. These services can include:
- Property marketing
- Tenant screening
- Rent collection
- Inspections and maintenance
- Evictions
Their beginners' property management tips can ensure your success. Follow your property manager's best practices to maximize your profitability.
Thrive as a Virginia Beach Accidental Landlord
Becoming an accidental landlord can feel stressful. Before making any costly mistakes, use these unexpected landlord tips. This first-time landlord guide can ensure your success in today's competitive market.
Remember, you don't have to apply these best practices alone. Instead, partner with an experienced property management company.
Our team at PMI Virginia is part of the fastest-growing property management franchise in the US. We have 20 years of management experience helping landlords like you thrive.
Trust our state-of-the-art technology, award-winning services, and proven strategies. Discover what makes us the top property management company in the US. Contact us today for a free rental analysis!
