Property Management Blog

Why hire a Williamsburg property management company?

KRS Holdings - Tuesday, January 11, 2022
Property Management Blog

Why hire a Williamsburg property management company?

If you own one or several properties in Williamsburg, then the question you should be asking is "how do I hire the right manager for the job?" Indeed, property management is a specialized field, one that should not be taken lightly. 

Why hire a property manager?

There are many landlords who choose to do the job themselves; these are the ones who enjoy dealing with the nitty-gritty of this job including tenant handling, maintenance and repair, rent collection etc. If you do not see yourself in this category, you would certainly do a lot better by hiring a professional. The first rule in hiring a reliable manager for your property is to ensure he has the necessary training as well as licensure in the field. A face-to-face interview with the potential candidates is also very important. This will give you an insight into his/her previous work experiences and you can also ask the candidate to provide references.

A rule of thumb is to choose a candidate who has been in this field for a minimum of three years. There are many real estate agents who might offer to run your property on a part-time basis. This might save you a great deal of money, but is not recommended. Managing a property is a full time job and it definitely requires investment of time along with special skills.

How much can I charge?

One of the questions we get get asked most frequently by landlords is, "How much should I charge for rent on my property?" This is not an easy question to answer, as there are a number of factors that go into deciding on a rental price. Read on to learn more. 

The first thing you want to consider is the square footage of your rental property. Keep in mind that sheds and garages do not contribute to the overall square footage of a home. After you have determined how much space you're offering, find out the rent on comparable homes in your area. This should give you a general idea of what ballpark you are in. You will also need to figure out what amount of rent will turn you a profit. After all, that is why you are renting out property in the first place. Take into account your mortgage, the cost of upkeep, and property taxes.

Remember, while it is important to make a profit, you must also set a reasonable rental amount; you don't want to price yourself out of the market. An unrented house will make you no money, so be realistic. If you'd like to charge more in rent, add extra amenities that apartment-seekers will pay for gladly such as a washer and dryer, a dishwasher, and stainless steel appliances. There are many cost-effective ways to raise your rental property's worth, so do your research!

 As you likely know, being a landlord involves much more than simply relaxing and enjoying a steady monthly income from a smart real estate investment. In addition to collecting rent, you are responsible for a large number of tasks, including screening potential tenants. Why should you hire the agents of Williamsburg, VA property management to screen your tenants for you? When you let the professionals do the heavy lifting, the following are possible. 

Other options for the savvy investors

Alternatively, you can also hire a property management company like us to find you the right tenant!

Instead of fielding dozens of calls and emails from prospective tenants, setting up meeting times to show the property, reviewing applications, and performing background checks, you can simply turn your attention to other tasks or just unwind.

Picking a tenant who is responsible, respectful of your rules and property, and timely with the rent and bills can be extremely time-consuming, not to mention harrowing. You may not even be sure of how to perform a correct background check, rental history confirmation, or employment verification. Let a leasing agent take care of all the drudgery of renting out your property for you.

Relax knowing that the right tenant will be selected. Even if you manage to get all the screening done, you may wonder if you've missed something important. What if you've chosen the wrong tenant? The wrong choice could lead to trouble down the road, including your property being damaged or even a lawsuit.

However, the experts in property management screen tenants for a living and are qualified to make these decisions. Simply call one of the finest Williamsburg, VA property management companies and inquire about what these experienced leasing agents can do for you.

Get started today with a FREE rental analysis for your Williamsburg home.