If you’ve inherited a rental property in the greater Williamsburg area, you have an opportunity to earn some short-term rental income as well as long-term returns that can establish real financial wealth or set you up for a growing real estate portfolio.
The best way to really maximize this opportunity is with the help of a Williamsburg property manager. Your property management partner can help you lease, manage, and maintain your home with less frustration and higher rental returns.
Here’s how we can help.
Preparing the Property for the Williamsburg Rental Market
Before you can find your tenants and start collecting rent, you need to make sure your inherited property is ready for the rental market. A good property manager will evaluate the home and make some recommendations on what may be needed to meet habitability and safety standards.
Your property manager will also make some recommendations on cosmetic updates and upgrades that will help you rent your home to great tenants and for the most amount of money. Older appliances, for example, may need to be replaced with newer, energy-efficient models. A fresh coat of paint always helps attract good tenants, and you’ll get some advice on landscaping and cleaning.
If you’re not sure where to turn for these services, your management company will take care of hiring licensed and insured vendors and contractors.
Pricing the rental property is also an important part of getting it ready for the market. After conducting a comparable market analysis, your management company will provide an estimate of how much you can earn in rent.
Property Management Protects Your Property
You need a good property manager to protect your inherited asset. Some important things that an experienced management company can best provide such as:
- Rigorous and careful tenant screening
- Routine inspections
- Preventative maintenance
- Responsiveness to emergency and routine repairs
- Lease enforcement
You want to know that your tenants are paying rent on time and not destroying your property. A management company can do that with the systems they have in place to hold your tenants accountable and protect the condition of your property.
Property Management Technology in Williamsburg
A professional management partner has access to tools, resources, and technology that individual landlords cannot access on their own. For example, most tenants prefer online rental payments. Without a good property management software system, that’s hard to provide securely. Tenants also appreciate being able to submit maintenance requests online. They want contactless lease signings and property showings.
Property management technology allows for an easier, more efficient process when it comes to leasing, management, and maintenance. Since you don’t have thousands of dollars to invest in good software, utilizing the platforms of a property manager can be extremely beneficial.
Property Management Saves Money
If you’ve inherited a property and you want to rent it out, you’ll find you have more income and fewer expenses when you work with a property manager. Professionals can keep your vacancy and turnover rates down. We can access preferred pricing from maintenance vendors. We can also offer on-time rental payments, protection against eviction, and a more profitable experience for you.
If you’d like to hear more about how property management services can be good for you and your inherited rental property, please contact us at Berkeley Realty Property Management. We’d be happy to serve as your Williamsburg property management resource.