While long-distance real estate investing is an excellent opportunity for many investors, there is plenty of work involved to ensure such a venture is profitable. However, with some support and guidance from the right DC property management team, a dive into investment property elsewhere can be well worth the effort.
For many, owning lucrative real estate in the form of valuable DC rentals can prove to be the ideal move, providing you with a way to grow your property portfolio with more opportunities outside of your own market. The DC area is also unique in that our largest employment draws (the federal government and the military) have staying power.
To maximize the DC rental market, you should definitely be employing professional property management services if your goal is growth as a long-distance investor! There's no reason to ignore the profit potential of properties abroad.
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Investing in a Strong Market Makes Financial Sense
It is no longer necessary for today’s investors to live close to rental property. The right rental research offered by professional property management groups makes it very easy to find valuable property across the nation. If you are currently living in an oversaturated rental market with little demand—or the area does not offer the access you need to affordable single-family and multi-family homes—expanding your horizons elsewhere can be a very good move.
It is important to know as much as you can about any rental market in which you intend to invest. As of September of 2020, the median rental price in this area is $2,700 for a single-family home. That is higher than the metro area, which is about $2,200. At the same time, you also need to know the median home value in this area is over $640,000. Of course, many neighborhoods outside of this range in the NOVA area offer exceptional opportunities for rental buyers in addition to hosting big names like Amazon.
Property Management Makes Long-Distance Delightful
Working with an expert DC property management company can alleviate many of your frustrations and open the door to new opportunities. Working with a company like this allows you to pick and choose the property management services you need while getting all of the support necessary.
As a property owner and investor, you may find you even love the long-distance life of passive real estate investing! A skilled property manager can handle all of the following in the DC area—and so much more.
Find Properties Within Your Budget
A skilled property manager will work closely with you to find rental property that fits your parameters. Once you develop investment strategies that fit your overall financial goals, they'll be on the hunt to find affordable real estate in hot neighborhoods for rentals.
Professionals know which DC neighborhoods demand more rentals; they can help run the research to find the best deal and opportunity available to you. This is just one element of full-service property management!
Support for Setting Rental Terms
Our Rent Estate™ Advisors can also help you to set your 'bullseye' rental price as part of our leasing and management services. We then create a solid lease that outlines your criteria for renters and alleviates any concerns related to legal matters. Our experience as locals also gives us insight into DC area rental law, for assistance on everything from business licenses to tenant screening.
Marketing to and Screening Potential Renters
At Renters Warehouse, we know how to help you to find the best renters by creating property listings for your single-family home, condo, or rowhome. Marketing your rental property where potential renters are looking for their next home is just the first step.
Once we find your next potential renter, our Certified Tenant Match & Warranty Process kicks in to protect your investment property, allowing you to enjoy your income from afar hassle-free.
Maintaining Your Property and Your Resident Relationships
When you invest from a distance with a DC property management group, you'll never have to worry about finding a plumber in the middle of the night or handling disputes between residents. Instead, you sit back and let your team do what they do best!
They will give you information as you need it (you can always check your owner's portal if they offer one), but they do the hard work of ensuring your property is well maintained through preventative maintenance. This includes handling renter requests as they pop up to boost resident retention.
However, There's Just One Catch
All of the above is only possible when you partner with the right DC property management partner. You still need to do your due diligence to learn as much as you can about the property management team you decide to work with to grow your portfolio.
The good news is there is help available to you! Our Rent Estate™ Advisors makes it easier for you to find the right property management partner with our free resources. You should be able to grow your portfolio with confidence in a powerful rental market like the DC area!
To get started, learn more about how property management should be working for you when it comes time to grow with our free resource, Real Estate Investing: Grow Your Portfolio!