Tips for First Time Williamsburg Real Estate Investors

Tips for First Time Williamsburg Real Estate Investors - article banner

If you’re investing in Williamsburg rental property for the first time, you have a lot of opportunity waiting for you. Well-maintained rental homes are always in high demand, and when you buy the right property you can count on reliable rental income as well as long-term ROI. 

But, you have to do it right. There are a lot of mistakes waiting to be made, and the better you avoid them, the more profitable your first investment will be. 

Today, we want to share a few tips we have for first-time investors like you to help you avoid those expensive mistakes that many other property owners have made before you. 

Establish Your Investment Goals 

Diving right in is one way to do it, but you’ll have a lot more success as an investor if you take the time to establish some investment goals. Decide why you’re investing and what you hope to gain. Maybe it’s some immediate rental income or a long-term plan for appreciation. Perhaps you have some money and you want to invest it in a tangible asset. Perhaps it’s part of your retirement plan.

Once you have your investment goals established, be consistent about sticking with them. 

Look for the Right Opportunity 

Invest in a property that’s going to attract the tenants you will hopefully place there. You don’t have to be an expert in real estate to understand the importance of location. Location is important, and so is property condition. 

Homes in desirable neighborhoods and near good schools, commuter routes, parks, and recreation are going to rent for more than homes in remote or busy areas. The location of a rental property also has an impact on how quickly you’ll be able to rent out your property and the types of tenants you’ll attract.  

The wrong property might be a fixer-upper. It could be in a remote location with a terrible commute for most tenants. Stay away from those. Trust your goals and get to know the market so you’re buying the right Williamsburg rental home.

Price Your Williamsburg Rental Property Correctly

New investors are often confused about how to price their rental property. You probably have an idea about what you’d like your property to earn every month, but the rental price is really market-driven. It doesn’t matter how much cash flow you’re after or what you’ll need to make your mortgage and tax payments. Evaluate the market thoroughly and check the prices for competing properties that are similar to yours. 

Make Rental Property Maintenance a Priority

One of the things new investors often under-estimate is maintenance. 

Make sure that routine and emergency maintenance issues are a priority for you. Any deferred maintenance will only damage your home and drag down its value. It will also create frustrated tenants who feel like their landlord isn’t taking care of their responsibilities. When a tenant makes a maintenance request, respond to it right away, or at least let the tenants know when you’ll be able to take care of the problem. 

Handling problems while they’re small will save you money and avoid headaches. In our years of experience, we have never heard of a maintenance issue becoming easier or cheaper with time.

Choosing a Williamsburg Property Manager

Unless you have the time, knowledge, and experience to manage an income-producing property on your own, hire a professional Williamsburg property manager. You need someone who knows the local market and understands the property management industry. 

Find a company that can accurately price the home, market it, and screen for highly qualified Williamsburg tenants. Look for a management company that has good relationships with local vendors and has a reputation for helping owners earn more and spend less on their investment. A local management company will also understand all the laws, requirements, and best practices in Williamsburg property management. You need local expertise when it comes to lease agreements, code compliance, and reporting. 

highly qualified Williamsburg tenants

We’d be happy to help you get started as a real estate investor in Williamsburg. Contact our experienced team at Berkeley Realty Property Management.

You might also enjoy

Technology Makes Managing Providence Forge Rental Properties More Efficient - article banner
Technology Makes Managing Providence Forge Rental Properties More Efficient

Effective leasing, management, and maintenance of rental properties in the greater Williamsburg area require an investment in technology. When you’re looking for a property manager, make sure you’re choosing a partner that’s innovative and automated. Our experience has shown us that using the best available technology provides a number of benefits not only to our team, but also to our owners and our residents. 

Landlord & Tenant Laws Explained By A Virginia Property Manager - article banner
Landlord & Tenant Laws Explained by a Virginia Property Manager

When you’re renting out property in the greater Williamsburg area, it’s important to be compliant with the local, state, and federal laws that govern your rental home and the way you treat your tenants. These laws change all the time, and staying up to date is critical. Even an unintentional legal mistake can cost you tens of thousands of dollars in penalties, fines, and lawsuits. 

How to Market Your Home to Avoid Long Vacancies in New Kent - article banner
How to Market Your Home to Avoid Long Vacancies in New Kent

New Kent and the greater Williamsburg area has a competitive rental market, and if you’re getting ready to rent out your own investment property, you’ll need a strategic marketing plan in place. With good marketing, you can limit your vacancy time. That puts more money in your pocket because vacancies are expensive. Not only is rent stalled; you’re also paying for things like maintenance, cleaning, and utilities.

Call Now Scroll to Top


we are doing our part during this health crisis, but are still here to serve you

Our office is fully operational but closed to the public for the safety of our staff, contractors, and clients due to the COVID-19 virus.  Emails and telephone calls are addressed during our regular business hours.  In case of an after hours emergency, please call our office for the 24 hour answering service.

Rent payments may be made online through your portal or you may drop rents/and association payments in the secure drop box at our office.

It's still not
too late!

Happy Valentine’s Day to all of our friends, clients, tenants and partners!