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Why Own Property in Northern Virginia?

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Why Own Property in Northern Virginia?

This area has some unique demographics that makes it especially lucrative to invest in real estate. Our economy is based mostly on high tech and government jobs. We have an economy that holds up well compared to a Rust Belt city with many cyclical manufacturing jobs, for example. We also have many people with well paid jobs who may be working in the area for a short period of time and do not necessarily want to set down roots.

All of that leads to a housing market with high rents and an abundance of well qualified renters. Owning rental properties in any area is a challenge, but it can be quite profitable here in Northern Virginia.

Property Appreciation in Northern Virginia

Properties have a history of appreciating faster in Northern Virginia relative to the national average. Again this is due to the strength of the local economy and the high quality of life the area offers. Looking back several years, single family homes in Northern Virginia have appreciated about 20% faster than average. The numbers are similar for townhomes and condos.

Residential real estate is quite simply a fantastic investment in this area. Perhaps the best statistic that shows how lucrative it can be is that 51% of households in cities like Alexandria and Arlington are rentals. That is a phenomenally high number for a city with this type of economy. Not only do property values appreciate quickly, but rents are high and there are an abundance of high quality renters always coming and going.

It has been this way for decades, simply put, our economy makes this just about the best area in the country to become a landlord.

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Property Values in Northern Virginia

If you have spent any time at all in Northern Virginia, you know what a spectacular place it is to live and work. We truly are blessed to live here. We get to experience the best of all four seasons, we are surrounded by natural beauty, and the cost of living is quite reasonable relative to the abundance of high paying jobs.

If you live in Northern Virginia and have ever thought about getting into the real estate business, you may be pleasantly surprised to learn of some other advantages that come with living in this area as well.

Taking Advantage of Real Estate Investment Opportunities

Even though this is a superb area to invest in the real estate market, there are always challenges. Owning a managing a property does take a special skill set that not everyone has. That is why finding a qualified property manager is crucial.
Taking advantage of the quickly appreciating housing market is probably a lot easier than you may think. With the right property manager, you really don’t need any of the skills that are required to be a successful landlord.

We have been in this business for a long time and have put together a highly qualified team of professionals to make things easy for our clients. If you are a rental property owner or are thinking of becoming one, we can provide you with everything you need to be successful and can take care of all the details.

what sets promax management apart from the competition?

  • 34 Years of Service to Northern Virginia

  • Expert ratio of property management homes to property managers

  • Our property managers are licensed real estate agents

  • Our property managers are employees

  • Our phone lines are not outsourced

  • We hold weekly round table in person staff meetings and training

  • We provide In-house property management training for all of our employees

  • We carry errors and omissions insurance

  • We are bonded and insured.

  • We don't pay for fake online reviews

  • Promax believes that having in-house maintenance contractors and vendors is a conflict of interest

  • We do not receive kickbacks, referral fees, free services, or any other consideration for use of their preferred vendors

  • We welcome due diligence! We believe when you hire a PM, you should check with the Virginia real estate board for history of complaints and disciplinary actions

  • Our years in business number IS NOT conflated

  • Our property management documents, including leases, property management agreements, prepared by and reviewed by licensed attorneys in the commonwealth of Virginia

  • We do not display and promote fake or made-up awards

What else Sets Us Apart

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  • Experience and an impeccable reputation in the industry

  • Full-time, dedicated property management teams

  • Property Managers are available 24/7 including weekends and holidays

  • Professional after hours emergency service call center

  • Direct link to Rent-Track, facilitating rent payments electronically and securely.

  • Pre- Occupancy tenant orientation

  • Extensive digital photographic record of home conditions

  • Maintenance and repair services at competitive rates, performed by independent, licensed, and insured vendors

  • Legal oversight and tax services from our corporate attorney and CPA

  • Electronic distribution of owner funds, and monthly E-statements

  • Secure Owners Portal for access to statements and documents

Our 5-Step Approach To Successful Property Management

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  • Evaluate your real estate goals

  • Preview your property

  • Review Management and Lease agreements

  • Discuss local and state housing law and Fair Housing compliance

  • Plan a marketing strategy with market analysis

  • Review long-term planning and budgeting for repairs

  • Discuss tax implications and insurance requirements

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  • Employment verification and landlord reference

  • Credit history from our direct link to Equifax

  • All vetting done in house, never outsourced

  • Comprehensive tenant orientation session

  • Detailed move-in and move-out inspections with pictures

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  • Pre- and post-occupancy inspections

  • Periodic inspections

  • Digital picture history

  • 24/7 dedicated emergency response line

  • Seasonal news letters for tenants

  • 24/7/365 accessibility

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  • Centralized accounting

  • Collection of rents

  • Disbursements of property expenses

  • E-mail or paper monthly statements

  • End-of-year summary and Form 1099

  • Direct deposit of rent proceeds into your bank

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  • Professional representation for you seven days a week throughout the year.

  • Live after-hours emergency property management services

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7007 Kilworth Lane

Springfield, VA 22151

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