How Much Will My Northern Virginia Home Rent For

“How Much Will My Northern Virginia Home Rent For?” It’s a question I’m asked many times each week–and in reply, I prepare a complimentary rental market analysis. I offer this service as a courtesy to Northern Virginia landlords (as well as those trying to decide whether to become landlords) who are trying to determine how much their Northern Virginia home will rent for. Since visitors to the WJD Management website have asked what goes into one of these local rental market analyses, I thought I’d give our readers the step-by-step process I use.

There’s no magic to it, but it is time-consuming and sometimes takes a “feel” for neighborhoods and market demand. It’s a service I’m proud to offer homeowners in our region, and our determination of rent is objective and numbers-based.

We pull in a variety of factors, including location/neighborhood and the size, features, and assessed value of your home relative to your competition. Here’s what a WJD custom rental market analysis comprises:

Search.

There are many considerations you have to ask yourself when searching for the right rental property.

If you are going to get a management company to have somebody to help you look after your property, your proximity to the property will be less of an issue.

I search the subdivision where your property is located for everything that has been listed over the past 12 months. This will include properties that are currently for rent, properties that have applications registered, properties that have rented, and listings that didn’t rent and have been withdrawn.

Sort by property type.

You must understand where you stand relative to your competition. Sorting out the list by property type will help you see the advantages and disadvantages you can implement or you can improve with your property.

We sort the resulting list by property type and eliminate those that are not comparable to your property. For example, if you have a townhome, I’ll eliminate garden style apartments, duplexes, single family detached houses, etc.

Sort by stories.

One main thing renters ask is the story behind every home. The more bizarre, the more it will click. It is a plus factor to a home.

We then further refine the list by sorting according to number of stories and eliminate those with fewer or more stories than your home.

Sort by bedrooms.

Renters look for homes that will definitely fit the size of their family. Bedrooms are also on the list of searches people look after a house. Bedrooms is the second most important factor in the decision to lease a property.

We sort the list according to the number of bedrooms and eliminate those with fewer or more.

Sort by bathrooms.

The bathroom is one of the most considered rooms. It equals the kitchen in its aspirations. It would be like these: if you would have two properties of equal features, the one that has gussied-up bathroom is not only likely to be snapped up quicker, it’ll be able to sell faster.

We sort the list according to the number of full baths and eliminate those with fewer or more. Then, I’ll sort according to the number of additional half-baths and eliminate those with fewer or more.

Examine current status and prices.

A must-know term should be the market’s current status and price. The rent to value can be a valuable guide and a requisite part of a thorough investigation of an investment opportunity. Next, we’ll take the refined list and eliminate the properties that are currently for rent, have applications and have been withdrawn, noting the prices of all of these.

Examine assessed values.

Determining assessed values is a good factor to give you the confidence and peace of mind that you are asking for/ paying the right amount of rent. It gives advices to what is going around the rental market, and gives idea of what people are looking for in a rental accommodation.

We then do some research from the refined list. I’ll look at the assessed values, noting which listings are similar, more and less in value.

Factor in square footage.

The square footage of your property is a top consideration that people look after to, because of the size of their family, or whether it is because of their dream house. But not just renters, but everyone in the real estate world. It is a measure of any home’s value.

Using the same list, we then look at square footage, noting which listings are similar to your home, which have more and which have less area.

Get some visuals.

People prefer visuals to have some idea of what the property was like, it’s position and it’s calculated size.

We look at virtual tours (where applicable) and determine if any upgrades are present in any of these listings.

Determine length of time on market.

Just like canned goods, property expires. It’s important that listings should always be fresh and updated.

We look to see how many days each of these listings took to rent.

Determine the property’s management status.

Many properties are managed by real estate companies or direct agents. Coordinating with the person involved with the property would be an easy and legal way to do some transactions if needed.

We look to see which if any are professionally managed, the assumption being that if they aren’t then they have been listed by a sales agent who may or may not have a handle on the rental market in that subdivision.

Run the final analysis.

Comparing assessed values, square footages, upgrades, days on the market and if the homes are professionally managed, we calculate an average of what they have rented for. And then I’ll have to implement everything on the market and compete with those on the same market.

Beat your competition.

The final step is to reduce it by at least $25 so as to undercut the currently active competing listings for rent. People love freebies! But no, it’s not freebies. It’s just part of the marketing strategy. The lower your price in comparison with the competition, the more likely it is you’ll have your home rented out quickly. Want to find know “How Much Will My Northern Virginia Home Rent For”? Get a free no obligation rental market analysis today.

free custom rental market analysis

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5 Ways to Increase your Arlington Property Value this Year

Are you looking for 5 ways to increase your Arlington property value this year? With the immense changes happening in Arlington VA due to the development of National Landing, Ballston, Clarendon and more, if you own a rental property in Arlington VA, you have plenty of reasons to make 2020 the year you reinvest in your property–and work to increase its value. Because Arlington is such a prime rental market, improving your property will make it more attractive to the high-quality, long-term renters you are looking for. And of course, should you decide to sell at some point, your property will be in a good position to do so. In this article, we’ll review 5 ways to increase your Arlington property value.

1. Start by taking care of the essentials

Before you invest in upgrades to your Arlington property, zero in on utility first. Your primary focuse should be ensuring that the property has no looming maintenance or upkeep needs. These include significant repairs or replacements that eat into your revenue, put your existing lease at risk, and have the potential to lead to costly property damage. Some examples include:

A failing roof: If not promptly repaired or replaced, this can lead to roof leaks, water damage, and mold growth in the property that costs you thousands to repair.

An older water heater: A water heater could fail, leaving your renter without hot water until you have the unit replaced. Worse, a corroding water heater has the potential to leak or burst, leading to water damage in the property.

Aging HVAC systems: A new air conditioner or furnace is a significant investment for any property owner. A furnace that fails in the winter or an air conditioner that stops working in the summer can also lead to renter frustration and lost rental revenue.

We recommend that you work with licensed Class A Contractors in your area to ensure that your property’s roof, plumbing, and HVAC systems are in good shape. Once you’ve shored up the essentials and taken care of necessary preventative maintenance work, you can move onto making value-adding improvements.

2. Remodel the kitchen and bathroom

As it turns out, what’s generally true for the home sale market is not necessarily true for rental properties. However, there is a reality that both homebuyers and renters prefer updated kitchens and bathrooms that pair superior utility with fresh, modern design. If your rental property’s kitchen looks like it belongs in a ‘80s sitcom, it might be time for a refresh and re-imagining of the space. Doing so can greatly improve the property’s value and its appeal to a wider group of renters.

In fact, kitchen and master bathroom remodels can offer a solid return-on-investment especially when the update brings a 1980s kitchen or bathroom up to the taste standards of today’s consumer. To get the most long-term value for your remodeling dollar, choose durable materials—such as granite countertops and tile floors—that will stand up to the wear-and-tear renters put on the property.

3. Make the property more energy-efficient

In addition to a remodeled kitchen and bathroom, buyers and renters are also both interested in saving money. By making your Arlington rental more energy-efficient as a whole, you’ll make it that much more attractive to those looking to keep their utility costs down in the coming year. Many property owners are beginning to advertise energy-conserving features when listing their rental, because they know renters and buyers are attracted to properties with low cooling and heating costs.

Even relatively low-cost efficiency improvements—such as adding weatherstripping and sealing around windows and doors—can make an impact. You should also look into having the property’s HVAC systems maintained every year, sealing leaky air ducts, and adding additional attic insulation to cut down on energy waste.

4. Improve the first impression your property makes

The odds are good that your next Arlington renter will find and view your property online long before they see it in-person. This first impression is everything: while scrolling through multiple properties, yours needs to make an immediate, positive first impression on the prospective renter. If it doesn’t, chances are that it’s going to get passed over again and again.

So, how can you improve the first impression your home makes? You may want to start by reworking your front yard landscaping. Whether they visit in-person or view your property online, this will probably be the first thing a prospective renter sees. Overgrown trees, bushes, or grass sends the wrong impression. Since Arlington is a competitive rental market, we highly recommend professional photos and videos for online listings.

5. Make small, impactful changes

Not every rental improvement project needs to be a major renovation. You can also add value to your property through small upgrades and changes. A few common examples include:

  • Repainting the interior and exterior
  • Switching out older lights for brighter, energy-efficient bulbs
  • Replacing or deep cleaning carpeting
  • Changing out older appliances for new ones
  • Extending the backyard patio with pavers or flagstone

One of the best ways to perform research about your own property is by taking a look through rental listings and seeing what other property owners in your area are doing to make their rentals more appealing.

If you would like to learn more about WJD Management, please review our comprehensive Management Program guide. If you are ready to rent your Arlington home, feel free to take advantage of our exclusive FREE Rental Market Analysis. Finally, don’t forget to connect with us on social media! Follow us on FacebookTwitterLinkedInInstagram, and Pinterest for tips, ideas and updates.