Is it possible to increase your investment properties’ profit margin by spending money to hire a Northern Virginia property management company? It may not seem likely—but investing in a team like Renters Warehouse could significantly reduce your operating costs and end up being exactly what you need to boost your portfolio’s value. How does this work?
Several factors play a role in how full-service property management can save you money. In every situation, it’s important to first look at how you’re managing your business and how it could be improved. This will not only help you troubleshoot where you’re bleeding funds but make your partnership with a Northern Virginia property manager all that much more effective!
Consider some of these key aspects of how expert property management services can help property owners like you!
Are You Getting the Most Out of Your Time?
- How much time do you put into managing your property?
- Do you find yourself working long hours on projects and constantly answering the phone?
- The question then is: Are you paying yourself fairly for this time?
Determining how much time is worth isn’t something you may have done previously, but it is worthwhile. If you’re working on your single-family homes or multi-family properties, you should be counting that time. Here are some examples you may overlook.
- Answering calls may take five minutes or 20 minutes, depending on who you are talking to—and what their needs are.
- Are you handling repairs? Chalk in another two hours plus, depending on the work itself! That should include the time to troubleshoot, purchase necessary materials, and do the work (it may be less expensive to hire a handyman instead).
- Inspecting a rental property can take an hour or more. Even if you drive by a few times a month and just check things out with a short visit, you’re still spending time making the trip.
- Responding to routine maintenance requests for rental homes can amount to an hour or more each week, depending on the type of work you need to do.
Property owners spend a significant amount of time working their business—often without even realizing it. If you’ve been gifted reliable renters you don’t worry about, you’re still working your business. Most often, though, you aren’t paying yourself as a property owner for that time.
The more properties you have in the Northern Virginia rental market, the more that time adds up.
Do You Have the Expertise You Need?
Another factor to consider when determining if you should turn to a Northern Virginia property management company is the value and expertise they bring to the table.
Our Rent Estate™ Advisors work hard to ensure your business is running well. We do this by meeting your daily needs but also by offering insight to improve your operations, profitability, and opportunities for long-term wealth.
Our team can offer insights on how you can reduce costs as well:
- We’ll spot where you can reduce costs paid to vendors, such as overpaying for repair services, maintenance, or landscaping
- Our expertise can help you save when selecting high-quality renters for your property, which can help shelter you from costly evictions or legal problems
- We know how to suggest the right upgrades and updates for your rental properties: we’ll steer you towards which upgrades matter—and which may not be worthwhile
- Let us handle your renter-facing operations smoothly and professionally, ensuring you aren’t faced with fines for renter discrimination claims
- Let our skilled team help you avoid problems related to poor workmanship or ineffective maintenance and repair services that end up costing you more down the line.
These are just a few of the ways the expertise of Rent Estate™ Advisors can save you money. Sometimes, just having someone to call when you need to ask questions can make a big difference in the outcome of your decisions, too.
Reducing Costs by Way of Economy
Yet another way full-service property management saves you money is by handling the back-end operations of your business. Because we have efficient methods and manage more than one rental property for property owners in the Northern Virginia area, we can reduce costs across the board. Things like collecting rent and managing legal costs become more affordable as a result.
Not only do we reduce the amount of time you spend handling these tasks, but we can minimize the actual cost of them. How does this work?
- We ensure your renters are paying the rate your property deserves in the Northern Virginia rental market
- Our bulk marketing and value pricing help you to cut costs when it’s time to attract new applicants
- Our online resident and owner portals make professional communication and rent collection simple
- This same system makes providing professional paperwork and documentation a snap—not to mention maintenance requests!
By utilizing Northern Virginia property management, you consolidate systems and reduce overhead across the board. In many situations, this leads to a better return on investment for you! When the time comes to grow your portfolio and increase your properties, having guidance and expertise to help you every step of the way further improves outcomes.
If you’d like to get started for free, tap into our expertise with our free resources! We recommend beginning with our free guide to real estate investing to help you grow your portfolio!