Dependable Homebuyers has issued an advisory for owners of rental properties in Washington D.C. The We Buy Houses company is a nationwide real estate investor and has been buying residential properties in Washington D.C. for half a decade. The cash investor also buys rental properties, including standalone houses and apartment buildings. The company has several real estate consultants, some of whom are specialized in managing and dealing with rental properties.
The article published on the official blog of the company highlights the key issues experienced by owners of rental properties that keep them from sustained profits. One of the major issues discussed in the article is the rental amount. It is not uncommon for rental property owners to ask for a monthly rent that is higher than the rates prevailing in the market. It is unwise to ask for a higher rent unless there is good reason. If a property is in a sought after location and there are unmatched amenities on the premise, then tenants may be tempted to pay a bit more. Ordinary properties or houses that are identical or similar to others in the area cannot have a steeper rent. This will only deter more potential tenants. If owners of rental properties are wondering why their premises are remaining vacant and longer than usual then the rent amount may have to be reviewed.Read the recent press release they published at https://docs.google.com/document/d/1eOapzAq7WohQyP2pjPibOFchUUQXdkkSkq1oVcu2hs8/preview.
The article further adds that like the rental amount, the security deposit may also be an issue. Most rental property owners ask for a security deposit. It is a norm in the industry. Tenants are well aware of this reality and they are prepared as well. However, most tenants will have a stringent cap on how much they can afford to pay as security deposit. This is an upfront payment. Owners of rental properties often try to safeguard their interests by increasing this upfront deposit. This may work against their best interests as more potential tenants may explore other options. No one likes to have a substantial sum of money getting locked straightaway. The deposit remains inaccessible and yields no return for the tenant. Reducing it a bit may entice more potential tenants and the vacancy period can be effectively reduced. Owners of rental properties can maximize their profits by prolonging the periods of occupancy than trying to secure a bit more upfront and then having the property vacant for months.
Property owners often do not realize the importance of location and the appeal of a particular premise. Every property cannot be in the most desirable location. However, all rental properties can have desired amenities so tenants find them worthwhile. If a property does not have many amenities to impress potential tenants, then the owner should respond with a proper plan and initiate the changes necessary to make the unit just as desirable as others in the area, if not more. Such amenities often secure a better rent. If enough potential tenants show up and make an offer, then an owner can always raise the rental and make more money. More of Dependable Homebuyers services can be found here.
SOURCE: Press Advantage [Link]
Dependable Homebuyers is a local home buying company in Washington, DC. We buy houses in any condition and any situation. If you want to sell your house fast, give us a call at (202) 503-2783 and we’ll provide you a cash offer within 24 hours.