According to US Census data, landlords earn an average of $97,000 annually. As a real estate investor, you could earn even more by applying the right real estate investment strategies to multiple properties.
Leveraging technology, tracking market trends, and outsourcing tasks can ensure you operate efficiently. As you attract and retain renters, your ROI will rise.
Not sure how to set yourself up for success? Read on for our effective first-time property owner tips!
Explore Richmond Property Market Trends
Before applying the rest of these real estate investment strategies, research the local market. Current Richmond property market trends include:
- Rising property prices and rent increases
- High competition
- Increased demand for rental units
After gathering this research, complete a rental analysis. Avoid setting your rental rates too high or low. You could scare away potential tenants or lose income.
For help, consider consulting a property management company. Their years of local experience can help you make informed decisions. Leverage their expertise when expanding an investment portfolio.
Review Virginia's landlord-tenant laws before selecting tenants. These laws cover:
- Small claims lawsuits
- Bounced check fees
- Required landlord disclosures
- Tenant protections against retaliation
- Landlord rights to access a property
- Tenant rights to withhold rent
- Termination and eviction rules
Consider federal laws, including your responsibility to disclose environmental health hazards. For help navigating these regulations, consult a property management company. They can help you avoid legal consequences for failing to comply.
Prioritize Maintenance
After exploring Richmond property market trends, consider your rental property. How does it compare? Making a few upgrades can make the property more attractive to potential renters.
Consider:
- Smart home technology
- New light fixtures
- Backsplash
- Energy efficient windows
- Fresh paint
- Bathroom renovations
- New kitchen appliances
- New countertops and cabinets
Schedule regular inspections to ensure the property remains in good shape. Before renters move in, have a list of local maintenance companies prepared.
You can outsource this task to a property management company. They'll use an online tenant portal to accept and track maintenance requests.
Find and Screen Renters
Develop a property marketing strategy to attract potential tenants. Effective strategies include:
- Search engine optimization
- Content marketing
- Paid advertising
- Email marketing
- Social media marketing
Develop a tenant screening process to select reliable renters who will pay on time and respect your property. You can outsource both tasks to a property manager to boost your occupancy rate and ROI.
Outsource for Real Estate Investment Strategies
Instead of applying these first-time property owner tips alone, outsource. Hire a full-service property management company that can handle:
- Rent collection
- Accounting
- Maintenance
- Marketing
- Tenant screening
With their help, you can gain a competitive edge in Richmond's real estate market.
Excel as a Richmond, VA Real Estate Investor
The secret to becoming a successful Richmond, VA real estate investor is to ask for help. Our team at PMI James River has years of local experience helping owners like you succeed.
Trust our state-of-the-art technology, comprehensive services, and Results Guarantee (we don't get paid until you get paid!). Contact us now for a free rental analysis.
