Not sure whether you want to self-manage your
investment property or hire a professional property management company? A lot of rental property owners face this decision.
The best option will depend on the amount of time you have and your own knowledge about what’s required in the leasing and management of a rental property. Smart investors know that professional Arlington property management can protect you and your asset and increase what you earn.
State, Local, and Federal Landlord and Tenant Laws
Virginia has strict requirements when it comes to rental housing, and you’ll need to be familiar with
security deposit laws, eviction requirements, and how to go about raising the rent on your tenant. There are also habitability laws you’ll need to understand and follow. Lease agreements require a set of disclosures.
Federal laws require attention and compliance as well. The Fair Housing Act dictates how you market your property, screen your tenants, and lease your home. You’ll need to know the difference between a pet and a support animal.
Keeping up with the constantly changing legal landscape is important. Self-managing landlords make a lot of costly errors without intending to violate the laws they aren’t aware of or don’t understand. Your property management company can protect you from these mistakes and ensure you and your property are in full compliance.
Leasing Arlington Rental Properties
Self-managing landlords sometimes struggle with the marketing of their homes and the showing process. It can feel impossible to even set the right rental price.
To effectively market your home, you’ll need:
- High quality photos
- Well written descriptions
- An understanding of online rental sites
- A way to protect yourself against scams and scammers
You’ll need to manage the application process, screen your tenants thoroughly, and execute a lease agreement. You’ll need to collect a security deposit and move-in funds, and you’ll need to do all of this in compliance with federal and state fair housing and landlord/tenant laws.
Professional property managers have systems in place that allow for quick tenant placement, fast and reliable screening, and a compliant lease agreement that’s designed to protect you and your property. With the well-screened tenant your management company places, there’s less of a chance you will have to chase down late rent, address lease violations, and worry about eviction.
Maintaining Your Arlington Rental Home
Maintenance is expensive, and it can be difficult for self-managing landlords to find vendors.
A property manager will have a maintenance plan in place and can respond swiftly to both routine and emergency issues at the property. If you self-manage, you’ll need to be on-call 24 hours a day and seven days a week in case there’s a leak in the middle of the night or a tree that comes through the roof over the weekend.
You’ll also need a reliable list of vendors. Property managers either have in-house vendors who can respond to maintenance or they contract with a preferred list of vendors who offer discount volume pricing and a high standard of workmanship.
Arlington Rental Property Accounting
