Virginia Beach is a promising rental market that countless investors are looking into.
Around 38% of the city's housing is renter-occupied. If you're looking to purchase a rental property in Virginia Beach, you'll have plenty of opportunity to fill it with great renters. For your property to become profitable, however, you need to do some market analysis.
The more work you put into market analysis, the easier it will be to maximize your rental income. In today's post, we'll give you some tips for finding and managing profitable rental properties. It starts with smart rental pricing, but there's plenty more to think about after that, so keep reading and let us help you with every aspect of property management.
Start with a Property Valuation
Start your search for the perfect investment opportunity by doing property valuations. These help you analyze an investment property to find the most profitable rentals in the area.
A thorough analysis takes various factors into account. The most important thing is to compare the property you're looking at to other similar properties in the area to get a sense of typical rental pricing.
After that, you'll need to look at what sets your property apart. Finally, look at your investment numbers to figure out what you need to charge to start making money ASAP. Combine all of these factors to generate a fair rental rate that'll attract renters and put money in your pocket.
Market Your Rental
Once you've settled on a rental rate, you can start marketing your vacant unit. Write a thorough description of your property and complete the listing with plenty of professional quality real estate photos.
If need be, consider using digital marketing practices like SEO to put more eyes on your property. The wider you cast your net, the better chance of finding the perfect tenant.
Screen Tenants
Having a lot of applicants is great, but you need a way to separate the best from the rest. Strong tenant screening practices will look into applicants' financial and personal backgrounds to tell you whether a tenant is a good fit for your rental.
Good tenants make being a landlord simple and easy. They'll look after your property and let you know when you need to perform maintenance. Bad tenants degrade your property faster and cause you more stress daily.
Tenant Management
Good screening practices will secure you a great tenant. Now the ball is in your court to satisfy that tenant so that you can retain them over the long term.
Make sure you're caring for your property with strong maintenance. Implement a tenant portal so that it's easy for them to make requests, pay rent, and store important documents.
Get Help with Rental Properties in Virginia Beach
Owning rental properties in Virginia Beach can provide you with helpful side income, but if you take these tips to heart, they can also create a career in real estate investing. Maximizing rental income from your investment property isn't a hands-off job.
If you don't have the time to dedicate to your rental, a property manager can help. PMI Virginia is the city's top property management service, offering comprehensive assistance for all types of landlords. To learn more about our services, don't hesitate to contact us today.
