With over 280,000 households being rented each year in Washington, DC, we know it can be tough to manage your properties, especially when you don't know what you're doing.
From making sure the rent is set to a fair price and ensuring you never have any vacancies, there's a lot that goes into rental property management.
Here's our list of the five more essential tips for property management in Washington, DC.
1. Know the Home’s Maintenance Needs
Rental properties in DC tend to be a bit older, requiring more maintenance compared to newer homes. These homes are perfect for renting to the type of people that live in DC since they're usually not there year-round. Still, since they are older, you need to be prepared if something significant needs repairing.
You should save at least 1% of the property value each year for maintenance. If the property is worth $200,000, you should be saving $2,000 annually for maintenance on it.
2. Look for New Tenants Early
The worst thing you can do as a landlord is let your rental sit empty. When no one lives there, you can't make it anymore. Pay attention to when your leases end and don't be afraid to ask your tenants if they plan to renew their lease.
If they do, then it's perfect; you can raise the rent a bit and get them a new lease to sign. However, if they do plan to leave, you need to take action. Start looking for new renters as soon as possible so you can start tours the week after your current tenants move out.
3. Write a New Lease for Each Business
Not every home is alike, and neither should your leases. Take the time to customize your lease for each building to ensure that you and your renter are protected.
Be sure to consider whether you'll allow pets, any utilities that are or aren't covered, and the maintenance agreement.
4. Hire Help
Don't think you can do everything yourself. DC is a busy town with many old buildings. It doesn't matter how handy you are at construction or if you always have your phone by you. You're eventually going to get overwhelmed and need help.
Instead of waiting for that to happen, partner with property management companies to help you run your business more efficiently.
5. Protect Your Parking
Parking in DC can be a nightmare, and whether or not your tenant has a place to park can make or break them renting from you. Take special precautions to protect the parking you provide for your tenants, so random people don't steal it.
It's easy to do with gates, paint, signs, or a tow truck ready to take action.
Use These Tips for Property Management in Washington, DC Now
Now that you know our top tips for property management in Washington, DC, it's time to put them to good use! Remember to write a lease for each building and hire help when the work starts to get too much.
If you still need help with managing your properties, contact us today! We've been providing personalized property management help for years and are eager to help you too!