Thinking about turning your Richmond area home into a short-term rental income property? Your property can provide an easy way for you to earn passive income that covers the ongoing costs of property ownership and maintenance — and then some. Quality rental homes are in high demand in these areas:
- Glen Allen
- West End
- Short Pump
- Church Hill
- University of Richmond
- Fan District
- Ginter Park
- Jackson Ward
How do you attract the quality tenants every landlord is looking for? And how do you help your property stand out from other available rentals? Here are six ways to find great tenants and keep your property occupied with them:
1. Maintain curb appeal. An attractive-looking Richmond rental property is more likely to be treated with respect by its tenants. Make sure your property looks nice online and in person. It may sound simple, but a clean and freshly painted front door, a welcome mat and wreath, flowers, new mulch and attractive outdoor lighting all set the stage for a successful landlord-renter relationship. Your goal is for prospective renters to see an attractive-looking and well-maintained property.
2. Ensure all safety devices are working properly. An ideal tenant is going to pay attention to locks, smoke detectors and other safety items such as alarm systems or special locks on your windows or doors. It’s important to them and it should be important to you. Make sure any security measures, such as motion-activated lighting, are working as they should. We can help.
3. Keep up with all repairs and maintenance. You need to make sure that your home is well-maintained and up-to-date on all repairs. No tenant wants to live in a home with cabinets that don’t shut quite properly, a squeaky door or a bathroom sink that goes drip, drip, drip all night long. We can help with a wide range of critical maintenance tasks.
4. Inform them of area amenities and things to do. A high-quality tenant is likely interested in your community as a whole and the area in which you live. They’ll want to be involved in activities and are generally curious about what they can do in the Richmond area. If they are new to the community and/or neighborhood, provide them with the information they can use to settle in.
5. Be openly communicative. This starts with a well-written advertisement, which includes everything your home offers, and continues through a tenant’s stay in your home. Market your property, but don’t oversell it and make it sound better than it is. A tenant wants to know that they can rely on open communication and honesty. We can market your investment property for you, honestly and effectively.
6. Be detail-oriented. Have you ever lived in a home that had a lot of small things that weren’t right? Annoying, isn’t it? That’s why partnering with PMI Richmond is such a great way to go. We can help with some or all of the details required to successfully manage an investment property.
Becoming a landlord and managing a rental property can be challenging. Finding a skilled Richmond residential property manager can help make that job easier and save you a lot of time and money. We can make owning and managing an investment property simple by helping with the ever-important tasks of marketing, tenant screening, rent collection, maintenance and financial reporting.
With PMI Richmond, you get a full team of skilled professionals with the expertise to provide you with the highest level of service and the maximum return on your investment. We’re focused on your and your investment and providing the very best service to help your real estate venture succeed.