35% of Bethesda's 66,000 population are renters.
This isn't a high number of renters, but if you're a property investor, it's a good opportunity to get in on a small market. Buying an investment property in Bethesda has countless benefits, with the most obvious being passive rental income.
That said, Bethesda has a competitive rental market that requires expertise to navigate. Many of Bethesda's investment property owners hire property management to help.
In today's post, we'll explain some of the benefits of property management and tell you how they can protect your investment. Keep reading and get the investment protection tips you need to thrive in Bethesda's real estate market.
Property Marketing
Every rental property owner knows that vacancies are your biggest adversary. If you have a vacant property, you're hemorrhaging money. You need to keep quality tenants in your investment property to keep the income flowing into your account.
The best way to do that is with property marketing. One of the biggest property management benefits is that they'll market your vacant units to cast the widest possible net for renters.
Using enticing property descriptions, professional real estate photography, and digital marketing tactics, your property manager will find qualified applicants. You can determine the value of property management by their marketing practices alone.
Tenant Screening
The other big fear for property investors is poor tenants. Marketing your property to get applicants is one thing. Making sure you get someone reliable who will care for your property is quite another issue.
Tenant screening involves looking into an applicant's financial and personal background. This will tell you if there are any character issues and whether or not they can afford rent each month.
Once you have a great tenant, owning investment property becomes much easier. As long as you do everything you can to keep them happy, you'll have stable returns for the foreseeable future.
Property Maintenance
Rental properties go through wear and tear. Professional property management has to maintain your property to maintain its value.
Failing to perform regular maintenance will decrease your property's value over time. It'll also alienate renters, which will cause them to leave, resulting in more rental vacancies. Always make sure you find a property manager who can handle maintenance or has vendor contacts who can.
Eviction Protection
One of the challenges every rental property owner faces is eviction. If you have a poor tenant, it can put your investment property in jeopardy. You need to act swiftly to protect your investment.
The only problem is that evictions are difficult to navigate. Fortunately, a good property manager will offer eviction protection. This will ensure that they handle all aspects of the eviction and protect you financially should one happen.
Get the Best Management for Your Investment Property
A good property manager can protect your investment property for the long haul. Finding the right property manager for your needs can be tricky, but we make it simple at PMI Capital Region.
We're Bethesda's top option for professional property management, offering all of the services mentioned here and more. Contact us today to learn more about how we can help you and your investment.
