Manassas Investment Property – How Owners Can Appeal to More Renters
In Manassas, VA, about 32.8 percent of the population is renters. Plus, the average rent for homes comes in at $2,580 per month. That creates exceptional opportunities for investors who want to boost their income. However, you need to make sure your rental is as appealing as possible, making it easier to secure top dollar. If you aren’t sure where to begin, here are some tips.
Making Your Manassas Rental as Appealing as Possible
While focusing on aesthetics is more fun, you need to start by focusing on the basics. Virginia landlord-tenant law has strict requirements regarding habitability. Ensure the structure is sound and that the electrical and plumbing are in great shape. Check the HVAC system, too, ensuring tenants can remain comfortable year-round. You’ll also want to tackle any mold issues using an approved approach that meets professional remediation standards. In most cases, that means hiring a mold removal specialist, ensuring it’s addressed wholly and correctly.
Overall, a well-landscaped home is worth 1 to 10 percent more than houses without landscaping. Since higher value properties typically command higher rent prices, investing in your landscaping is a great way to ensure you get top dollar from tenants.
Plus, renters want usable, beautiful outdoor spaces. The pandemic really spurred that desire, and it remains a top request for many aspiring tenants. Find out how Landscape Pros can help you achieve this.
Today’s renters have specific features in mind. Having designated parking is critical to many, as well as in-unit washers and dryers. With more people working remotely, home offices are increasingly popular, too.
If you want to attract young professionals or families, consider adding smart technology. App-based door looks, programmable thermostats, smart lighting, and similar options appeal to the tech-savvy, making your rentals stand out.
Finally, don’t overlook the power of storage. Showcase kitchen cabinetry and pantry, mention walk-in closets, and tap on similar details to ensure potential tenants know there’s plenty of room for their belongings.
Having a website is a critical part of marketing property since so many renters head online first to explore options. If you want to boost the visual appeal and make essential information easy to find, consider creating an eye-catching flyer for the property. While you can hire a graphic designer, you could save money by using free flyer maker that’s easily customizable. After selecting a template, add your text, adjust your colors, update the background, and sprinkle in other design elements to make your flyer pop.
Social media is another critical part of the equation, particularly if you operate multiple properties or have a multi-family property. You can secure low-cost, targeted ads and highlight the best of what the units offer, making your rentals more attractive.
Generally, you have two choices for managing your Manassas rental. First, you can operate as a landlord. With this approach, you’ll screen tenants, handle leases, schedule maintenance, manage repairs, address complaints, and tackle everything else that may come up.
Second, you can hire a property manager. While this costs a bit of money, it significantly reduces your burden. The property manager tackles all tenant management, including challenging situations like evictions. Plus, they’ll assist with marketing.
Which approach is best really depends on the number of properties you’re overseeing and how hands-on you’d like to be in the end. If you have the time and want to personally capture all the earning potential, then going the landlord route may work. If you prefer something closer to passive income, a property manager makes that possible.
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