Investing in rental properties is one of the most effective ways to earn money. Leesburg is one of the best places to invest in rentals. It is home to more than 50,000 people, and its population is growing steadily. Plus, it has a thriving economy.
To be successful in real estate, landlords should be prepared to take on the responsibilities of owning and managing a rental property. If you’re a new rental property owner in Leesburg, it’s important to know the tips and tricks of becoming a profitable landlord. After all, being prepared is key to every landlord’s success.
Here are the important things that you should know to become a successful landlord in Leesburg:
Understand the Responsibilities of Being a Landlord
Being a landlord comes with many duties and responsibilities, including
Most of these are legal responsibilities that are clearly provisioned in the landlord-tenant laws. It’s essential that you understand things like security deposit laws, the state legal eviction process, and proper leasing procedures before you decide to invest in a rental property.
While this investment is a good source of extra income, you also need to spend time doing the day-to-day tasks that are associated with rental property ownership before you can enjoy its benefits.
One of the most crucial duties of being a landlord is to ensure that you provide a habitable place for your tenants. This means that you’re required to do regular property inspections and perform repairs and maintenance to maintain the condition of the property. With this, you should set aside a budget for repairs and maintenance.
Maintain Good Relationships and Rent Collection
As a landlord, you should also maintain a good relationship with your tenants to encourage them to stay longer. When your tenants stay longer in your rental home, you wouldn’t have to worry about filling in vacancies from time to time.
It’s also part of a landlord’s duties to collect rent, deal with tenants’ concerns, address issues, and pay for utilities unless it’s clearly stated in the rental agreement that this is your tenant’s responsibility.
Understand the Landlord-tenant Law
As previously stated, when investing in rental properties in Leesburg, there are rules and regulations that you need to comply with.
As a landlord, it’s your responsibility to understand the provisions stated in the landlord-tenant law to avoid violating your legal duties. For example, Virginia landlords should address the repair requests within 30 days. Urgent repairs that are needed to prevent health and safety dangers should be fixed within 24 hours.
As a landlord, you should also be aware of the rules regarding the security deposit. In Virginia, landlords are prohibited from charging a tenant more than two months’ worth of rent as a security deposit. After the lease, the security deposit must be returned to the tenants within 30 days. If you fail to return this to the tenant, you may be charged with penalties and other fees.
You should also be aware of the rules and regulations under the federal Fair Housing Act. This law prohibits landlords from discriminating against tenants who belong to the following protected classes: race, color, religion, sex, nationality, disability, and familial status.
In addition to these federally protected classes, Virginia landlords are also prohibited from discriminating against tenants because of old age (55 or older).
Market the Property Effectively
As a rental property owner in Leesburg, you want your property to have a high occupancy rate so it can generate income and continuous cash flow. Remember that even if your property is unoccupied, you still need to pay for your financial obligations and other expenses associated with owning a property.
To minimize your vacancies, you have to prepare your rental home to make it appealing to prospects. Marketing your rental property extensively is a great way to attract tenants. There are several listing sites where you can market your rentals on. You should also make use of rental signs, and your local network to spread the word.
Choose Tenants Carefully
You also need to screen your tenants carefully because problematic tenants are a source of stress for many landlords. Creating a rigid tenant screening process can help you eliminate potentially problematic tenants.
When choosing a tenant, make sure that they are financially capable of paying their rent on time. Also, perform background checks so you will know their rental history and other possible issues you may encounter if you were to accept them.
Work with a Professional Property Manager
Since being a landlord comes with many duties and responsibilities, working with a professional property manager in Leesburg is a great alternative to self-management. A professional property manager can help you manage the day-to-day tasks of being a landlord, so you can focus on other endeavors.
Some of the things a property manager can do for you include marketing your rental property, screening applicants, and making sure only highly qualified tenants are accepted. Property managers can also deal with rent collection, as well as property inspection, repairs, and maintenance.
When choosing a property manager, it’s important to check their expertise and make sure that they are specialized in managing the type of property that you own. Also, it’s best to check how many properties they manage and read authentic reviews from their customers. This allows you to choose a reliable one.
Know you have a better understanding of what you need in order to rent out your house and become a landlord. If this seems daunting, you can also contact a trusted property management company for help!
If you're looking for a property manager in Leesburg, VA, get in touch with DRP Management at 571.641.0588, and we’ll be happy to be of service!
Disclaimer: This blog should not be used as a substitute for legal advice from a licensed attorney in your state. Laws change, and this post might not be updated at the time of your reading. Please contact us for any questions you have in regards to this content or any other aspect of your property management needs.