The Washington D.C. area has one of the most dynamic real estate markets in the country, where homes priced in the top 5% actually sell the fastest. This is promising for property owners and investors, but it also can mean greater competition and risk.
Fortunately, there are some basic things a real estate investor can do to increase their chances of success. This article covers the first steps you should take after buying your first rental property in Bethesda, MD. Keep reading for some tips on how to get the most out of your investment.
Make Necessary Repairs and Improvements
One of the first things you should do after purchasing a rental property is to move forward with any needed repairs. Ensure all HVAC, electrical, and plumbing systems are in good working order. Make repairs to flooring, windows, and infrastructure, as well as minor features, like door knobs and faucets.
Also, consider upgrades that could make the property more marketable. For instance, if it lacks features or amenities that are prevalent in the neighborhood or area, consider addressing those.
Do Market Research
The next step is to determine an appropriate monthly rental amount. This is important because, going too low means lost potential revenue, but going too high could make the property less competitive (which also means lost income).
Consider similarly sized homes in Bethesda, but also look at amenities and proximity to desirable attractions and offerings. These include parks, restaurants, nightlife, and public transportation. These things also can inform the demographics to which you should market the rental.
Market the Property
The next step is to list the rental. There are many avenues for doing so, including online real estate listing websites and social media. Be sure to include high-quality photos and an accurate description of everything the property has to offer.
Leverage Professional Expertise
If any of the above tasks seem overwhelming to you, consider enlisting professional assistance. This can alleviate a lot of hassle and work, not to mention loss of revenue.
Consider a professional cleaning service to get the property ready to market. Hire contractors with a reputation for solid work.
Think about enlisting professionals to market investment properties in Bethesda, MD. They will be able to make recommendations on ways to reach prospective renters and make the property more enticing (such as staging empty homes or units).
A rental property management company in Bethesda can handle permits, leasing, and rent collection. If shifts the amount of work and responsibilities to professionals who can ensure tasks are completed satisfactorily.
Get More Real Estate Investor Advice
Being a real estate investor can be difficult, but it also can be extremely rewarding--both personally and financially. Following the Bethesda real estate tips above will help get you pointed in the right direction.
PMI Capital Region is a comprehensive property management company specializing in residential and commercial services in Bethesda and Maryland's capital area. We are part of a national network of real estate experts but with a local focus.
Reach out today for assistance managing Bethesda rental homes.
