Our nation’s capital has a lot to offer everyone. From young political science graduates looking to make their headway in the wide world of politics to the happy couple that is looking for a great place to retire to, Washington, DC seems to tick all the boxes for most.
With that being said, what should you do if you are already there, but you are planning to leave? You could simply sell your spot and move on, or you could use that prime location to make money in the process without actually having to be there. How could this even be possible? When you work with a DC property management group, you don’t have to be there to take care of issues at hand. Instead, your management group will take care of the issues your tenants have, and all you have to do is enjoy the extra money you get each month from your place.
Let’s take a look at what you really get when you work with a property management group in Washington, DC, and see what sets the best managers apart from the good ones.
Free Consultation Is a Must
When you start looking into the process of renting your home, you need to know how much your place is worth. Like all housing markets, it’s important to price competitively for your area, but you have to make sure you aren’t selling yourself short on pricing.
If you have no idea what to set your rent prices at, you could always look around the local markets to get a better idea, or you could find a property management company that will give you a free appraisal of your property. These teams are trained to look through the ins and outs of a property, and in turn they can give you an idea of what you could get each month on your property.
Some places will try to charge you for this appraisal process, so be aware of this potential. Generally, if you are getting in with a property management group that is really good at what they do, this appraisal will be free.
Flexibility for Vendors
Property management groups will take care of your tenants’ concerns throughout their stay in your rental property. The vendors are normally provided by the management company as trusted vendors who can take care of your property the right way.
Although it’s nice to have these resources from the management company itself, you want to make sure they can be flexible with your preferred vendors. Many people have companies that they are dedicated to when it comes to taking care of plumbing, walls, and other important parts of a home. If your vendor can’t work with your preferred maintenance personnel, it’s probably not the right company to work with.
No Upfront Repair Costs
When you work with a management company, most of them will require some type of down payment in case there are repairs that are needed. The is generally seen as an escrow down payment on repairs. Although this is the norm, not all property management groups operate like this, so make sure you know what you are getting into before you work with management services.
The really great companies won’t charge you up front for the repair budget. Instead, the smart management groups will pay for the repairs up front for you, and then they simply take the repair cost out of the money you normally get each month from the tenant. This is a great way to save money in the long run as you don’t have to worry about the budget left in the repair account.
This method is typically the best for both parties as well. Tenants don’t have to wait on your account to fill up for a repair to take place, and that instant repair looks way better for you as a landlord. Make sure you talk to your property management service to understand how repairs and services need to be paid for. It can lead to a big difference in the initial cost and overall cost of your management services.
Property Management Companies Make You Money
If you aren’t a landlord already, working with a property management company is the way to go. This is especially true if you aren’t going to be living in the area anymore. Since you don’t have to worry about your tenant’s needs, you are free to collect money from the renters of your property. Many of these companies offer amazing warranties and deals that cover people should tenants break into a home or ditch before the contract expires, so you don’t have to worry about not getting your money’s worth.
If you are leaving the Washington, DC area, but you don’t want to get rid of your property, working with a property management group is the way to go. You make money by owning the property, and they handle everything your tenants need.
