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Washington DC saw a population growth rate of 14.6% over the last ten years, which is the seventh highest in the country. With a surplus of renters and a hot real estate market, it’s an ideal location for real estate investment.
If you decided to take the plunge into DC real estate but don’t want to deal with the hassle of managing a rental property, it’s important to find a good property management company. Keep reading to learn how to choose the best property management company in the DC area.
Find a Company With Local Experience
When choosing a property management service to manage your DC rental property, you want to find a company that has local experience. That local experience and understanding of the market will help maximize your investments. With their knowledge of various DC neighborhoods, they’ll be able to optimally price your property.
A local company will give you peace of mind that your property manager understands the market and will stay up to date on local laws and regulations. They’ll be familiar with DC trends and will know what renters are looking for. They’ll also have long-standing relationships with quality contractors that they’ll use on your behalf.
Ask About Marketing and Filling Vacancies
The whole point of a rental property is to realize rental income and hopefully make a profit. The best way to do that is to have a high occupancy rate for your property.
Finding a property manager that is well versed in marketing and filling vacancies is critical to your success. The best property management companies should have a pipeline of qualified renters. They should also have experience garnering interest in properties. They should waste no time in finding you a new renter after
Learn How They Communicate and Work
Understanding a property manager’s communication style is important. It's even more important if you live far away from your DC rental property. You want to make sure that they’re available when you need them and will communicate in your preferred channel, whether that’s phone, email, or text.
Check Reviews and Get Referrals
Since they’ll be interfacing with renters on your behalf, you want to choose a property management company that has a good reputation. Check online reviews to learn more about the property manager and to get a feel for experiences other owners and renters have had.
A great way to find the best property management company in an area is to get a referral. Asking your real estate agent for recommendations is a great option. If you know any other real estate investors or renters in the DC area they may have some suggestions for you too.
Ready to Choose Your DC Property Management Company?
Now that you know how to find the best property management company in DC, are you ready to choose one for your rental property? By finding a company with local DC experience and great reviews, you’ll be on your way to maximizing your investment.
If you’re looking to enter the DC market and don’t want to take on the huge responsibility of managing a property, we’ve got you covered! Contact us today at Home River Group Washington DC for help with managing your properties. Our team of experts is ready to help!
