Property Management Blog

Tips for Rental Property Accounting Records in Richmond, VA

In the US, where, according to MoneyGeek, 72% of properties are owned by individual investors, keeping your books in order is essential to staying up-to-date and competing with other investors. Mastering rental property accounting is crucial for success. Whether you're a seas...

Decrease Vacancy With Creative Leasing Strategies in Richmond, VA

Richmond's rental market is competitive, and with Virginia's rental vacancy rate sitting at 5.71% as of January 2025, according to Statista, property owners can't afford to leave their units sitting empty. A vacant property isn't just lost income; it's mainten...

Legal and Optional Tenant Maintenance Responsibilities

According to a June 2024 article by Bankrate.com, the average annual cost to own and maintain a single-family home in the U.S. has jumped by 26% from four years ago. As a result, home ownership and maintenance expenses in 2024 exceeded $18,000.As a landlord in Richmond, VA, your ...

What's Next After Buying Your First Rental Property in Richmond, VA?

Embarking on your journey as a real estate investor can be both thrilling and daunting, especially in a vibrant market like Richmond, VA, where, according to ZipRecruiter.com, landlords earn an annual average of $86,375.With the potential to build wealth and achieve financial fre...

Understanding Owner Disbursements for Richmond Property Management

Have you ever wondered how your rental property income is managed, or why certain deductions appear before your earnings are deposited? Owner disbursements are a key part of property management that every landlord should understand. These payments represent your share of rental i...

4 Solutions to Improve Rent Collection in Richmond, VA

Have late payments or inconsistent cash flow left you frustrated as a landlord? Rent collection is one of the most critical aspects of property management, yet it's often the source of the most headaches. Whether you're a seasoned landlord or just starting out in Richmond...

Managing Pets in a Rental Property in Richmond, VA: Key Tips

Landlords have no say about allowing service and support animals in their Virginia rental homes. You can decide whether to allow regular pets in a rental property, though.Most landlords advertise their homes as pet-free simply because it's easier and less risky, but they'...

5 Steps to Successful Lease Renewals in Richmond, VA

According to Steadily, the national average of rental retention rates is around 48%. Are you struggling with tenant turnover and want a more reliable approach to keeping your renters?Today, we're taking a closer look into five steps for successful lease renewals in Richmond, ...

Is Outsourcing Your Tenant Screening Process a Good Idea? A Richmond, VA Guide

According to Eviction Lab, Richmond, Virginia, saw 13,538 eviction filings in the past year (as of September 1, 2024). It's a significant drop of 44% from the average, but it still puts the city's eviction filing rate at 15%.As a Richmond landlord, one of your primary goa...

3 Tips to Attract Tenants in a Tough Richmond, VA Market

According to Virginia REALTORS, rental vacancy rates in Richmond, VA, increased to 8.7% in Q4 2023 from 6.9% in the same quarter of 2022. It's considerably higher than the statewide average of 6.4%.If you're also having difficulty getting tenants into your Richmond rental...