Are you a new real estate investor who just purchased property in Rockville, Maryland?
If so, smart move. This bustling city is a great place to start your investment journey! Located close to Washington, D.C., and filled with lots of hip restaurants and shops, it also boasts plenty of green spaces and family-friendly spots.
Now that you've made this move, you might be wondering what to do next. Today, we're sharing a few steps to take to help you maximize your earnings and jumpstart this journey.
1. Insure Your Property
The first step of Rockville rental property management is insuring your new place. Connect with an agent and set up a landlord insurance plan to protect yourself and the home.
Your policy should cover the following:
- Physical damages to the property
- Loss of rental income
- Liability concerns
While this is an essential part of real estate investing, it can be a little expensive. Expect to pay around 25% more for a landlord insurance policy than you'd pay for a standard homeowner's policy.
2. Make Repairs
If your property needs any kind of repairs, go ahead and take care of this step quickly. However, one of our top first-time property investor tips is to be strategic about your spending.
Instead of purchasing the supplies to perform all the work yourself, consider hiring professionals to take care of these projects. While it might cost a little more up-front, the work should be safely and professionally finished the first time.
This will help you conserve money in the long run and will make your property sturdier for future tenants.
3. Advertise Online
One of the smartest property management strategies is to get the word out about your rental as soon as it's ready. Use the power of the internet to your advantage, and share information about the home across social media platforms and online listing sites.
Be sure to include a detailed description of the space and clear images so prospective renters know what to expect. Remember that it's important to have a good tenant screening process in place once you begin getting offers!
4. Hire a Property Management Company
Of course, one of our favorite real estate investment strategies is to allow a property management company to take the reins.
Owning a rental can be a great source of income, but it can also be stressful and complicated. This is especially the case if you're just starting out in the industry. A company like ours will handle every aspect for you, from marketing and tenant screening to property repairs and accounting.
Succeed as a Rockville Real Estate Investor
Rockville is filled with residential and commercial spaces that would make great purchases for a new real estate investor. As you start this exciting chapter, our team is ready to help.
We offer full-scale property management services to take the guesswork out of each process. We'll handle all of the logistics, so you can focus on enjoying your property and maximizing your returns.
Get in touch with us today to learn more about the services we offer and get started!
