For real estate investors seeking to mix up their portfolios and capitalize on the burgeoning real estate market, Hampton Roads stands out as an alluring destination ripe with potential.
But once you've bought your first property, what do you do? We can help. Let's go through how to get started with an investment property in Hampton Roads, VA.
Hire a Property Manager
Begin by researching property management companies in the Hampton Roads area. Look for companies with a strong reputation, positive reviews from property owners, and experience managing properties similar to yours.
Narrow down your list of property management companies, and schedule interviews with multiple candidates. During the interview process, ask questions to assess their knowledge, professionalism, communication skills, and approach to property management.
Inquire about their fee structure, services offered, tenant screening process, maintenance procedures, and financial reporting practices.
Set Rates
You'll need to decide what you're looking at in terms of rental rates.
Compare your property to similar rental properties in terms of size, location, condition, and amenities. Look at recent rental listings for other real estate in Hampton Roads to see what other landlords are charging for properties similar to yours.
Adjust your rental rate based on factors such as property condition, upgrades, or additional amenities that may differentiate your property from others.
Invest in Marketing
Work with your property manager to develop a marketing strategy to attract Virginia tenants to your investment properties in Hampton Roads. This may include advertising on rental websites, social media platforms, local newspapers, and through signage on the property itself.
Discuss the target market for your property and any specific features or amenities that should be highlighted in marketing materials.
Participate in real estate websites, forums, and online communities to promote your rental property and connect with potential tenants. Websites and local real estate groups on Facebook can be valuable platforms for networking and marketing your property.
Host open houses and property showings to allow prospective tenants to view the property in person and ask questions. Your property management team can help you pull off these events successfully.
Pay Attention to Tenant Screening
Discuss and agree upon the tenant screening process with your property manager.
Make sure they understand your criteria for selecting tenants, including creditworthiness, rental history, income verification, and any other factors that are important to you. Ensure that the screening process complies with fair housing laws to avoid discrimination.
Consider all the information gathered during the screening process to assess the overall suitability of applicants as tenants. Look for tenants who meet your screening criteria, have a stable income and a positive rental history, and demonstrate good character and responsibility.
Go through everything with your Virginia property management to help you figure out what sorts of tenants will work best for your real estate.
Get Started With Your Hampton Roads Investment Property Today
There's a lot you need to do to get your new investment property set up for success.
Are you looking to hire property management help? Renters Warehouse has been committed to helping Hampton Roads property owners like you since 2007. Contact us today.
