Category: Property Management

Considering Buying a Rental Property? Here’s What You Need to Know About Property Managers

If you’re considering purchasing a rental property, here’s the good news: they can be a great investment. But they can also be a lot of work, and some homeowners don’t have the skills or desire to put in the work necessary to both take care of their property and ensure it brings in steady income.

That’s where property managers come in.

A good property manager can bring a ton of value to rental property owners, so if you’re considering buying a rental property, you may also want to consider hiring an experienced, trustworthy property manager.

But what, exactly, do property managers do—and how does that help the property owner?

A recent article from realtor.com outlines some of their main responsibilities, and the value they can deliver to property owners, including:

  • Market your property. Finding new renters can be a hassle. Property managers leverage a variety of channels (including social media, paid ads, and the MLS) to get your property in front of qualified potential tenants.
  • Vet potential tenants. Once they’ve marketed your property and generated interest, property managers will vet all potential tenants (including running a credit check, checking for past criminal history, verifying employment and income, and calling former landlords for references) to ensure you rent your property to qualified, responsible tenants.
  • Perform property checks. If you live in a different area than your rental property, it can be hard to stay on top of the home’s maintenance and condition. Most property managers do regular home checks (typically, once per quarter or twice per year) to ensure the tenants are taking good care of the property—and will report back if any major repairs or maintenance tasks are necessary to keep the property in good condition.
by megpachas

100 Potomac Place, Winchester, VA 22602

Detached home for rent in Winchester! Great location, backs to Frederick-Heights Park, easy access to grocery stores and Winchester City. 

Four bedrooms, two full baths. Spacious fenced backyard features in-ground pool (opening/closing) included in rent. Offered for $2000/month

Pets considered case by case with deposit. Listed by Meghan Pachas 

by megpachas

214 Spring Place, Strasburg, VA

_PJL0684-Edit
_PJL0686
_PJL0690
_PJL0693
_PJL0695
_PJL0696
_PJL0698
_PJL0702-Edit
_PJL0718-Edit
_PJL0726-Edit
_PJL0733-Edit
_PJL0745-Edit
_PJL0752-Edit
_PJL0759-Edit
_PJL0766-Edit
_PJL0773-Edit
_PJL0780
_PJL0783
_PJL0785
_PJL0786
_PJL0788-Edit
_PJL0793-Edit
_PJL0797-Edit
_PJL0802-Edit
_PJL0807-Edit
_PJL0811-Edit
_PJL0818-Edit
_PJL0823-Edit
_PJL0833-Edit
_PJL0838-Edit
_PJL0845-Edit
_PJL0853-Edit
Previous image
Next image

Brand new three bedroom end unit townhome for rent in Strasburg! Great commuter location close to Rt 81

Easy access to downtown Strasburg, shopping and restaurants. Enjoy living in a brand new community while being surrounded by history

Home is offered for $2175/month. Pets are considered case by case with deposit. No smoking please  **RENTED**

Listing presented by Meghan Pachas, MAP Property Solutions LLC 

by megpachas

303 Starry Way, Stephenson, VA 22656

Newer townhome in desirable Snowden Bridge! Four bedrooms, primary bedroom features private bathroom with soaking tub. Large closets in bedrooms, three full bathrooms. Spacious open kitchen and living room floor plan. No smoking and no pets Enjoy all the Snowden Bridge amenities: Basketball Courts, Common Grounds, Jog/Walk Path, Party Room, Picnic Area, Pool – Outdoor, Tennis – Indoor, Tot Lots/Playground

Offered for $2300/month

by megpachas

Being a Landlord Is About to Start Paying off Big Time

Being a landlord hasn’t been easy over the past couple of years. Not that it’s ever entirely easy, but local and federal pandemic mandates and eviction moratorium made it harder to even collect rents, let alone raise them.

But according to recent survey data highlighted in this Realtor Magazine article, landlords plan to substantially raise rents this year, and all signs point to tenants being willing and able to pay higher rents.

Here’s a look at how much surveyed landlords are planning on increasing rents by in the coming year:

  • 38% plan on increasing by 5% or less
  • 45% plan on a 5-10% increase
  • 9% are planning on a 10-15% bump
  • 5% are seeking a 15-20% hike in rent
  • 3% are asking for an increase of 20% or more

The amount your market and tenants will be able to bear has to be taken into consideration, but overall the article cites that 82% of renters have not missed a payment in the past 12 months, showing that the majority of tenants are able to pay regularly and stay current. Seventy-seven percent state that they do not anticipate missing a payment in the next three months to a year.

Coupled with low supply of houses for sale (especially in the entry-level markets) and rising interest rates, demand for rentals should be high.

The Takeaway:

If you’ve struggled to collect rents and pay your mortgage over the past few years, and are thinking about selling your rental property, you may want to reconsider. If you can, hold on to your rental property and raise your rents as much as the local market will bear.

If you haven’t been struggling, but you’ve been hesitant (or unable) to raise rents in the past couple of years, consider raising the rent as leases come up for renewal, or when accepting a new tenant.

And if you haven’t already invested in rental property, now may be the time to buy one, before rents are raised which will increase the market value and cost to buy one.

by megpachas