As more and more Northern Virginians figure out their new post-COVID work schedule, most are finding one common theme: the inevitable return to the office, or at the very least, a little tug. However, those who want to move closer to the office, or have decided that maybe living out in the exurbs of NoVA really wasn’t their thing after all, are finding it hard to part with their newly acquired digs, due to one thing — recording-breaking low interest rates.
In fact, if you bought a new home before spring of 2022, you probably bought it with an interest rate of less than 5 percent — likely somewhere in the neighborhood of 3 percent. This made the mortgage payment for your home dirt cheap.
The era of lower-than-ever mortgage rates is now long gone, and it’s been replaced with rates hovering around 7 percent, which is the historical average. Homeowners who locked in these historically low interest rates aren’t selling. In fact, a lot of them are becoming “Accidental Landlords,” simply because they don’t want to lose their low rates of the past.
The thought of becoming an Accidental Landlord is enough to stop even the most ardent do-it-yourselfers dead in their tracks. Dealing with demanding tenants, late rent, and state laws surrounding tenancy can be overwhelming. One local Northern Virginia company has stepped up to help these new Accidental Landlords become “Accidental Investors.”
With offices in Arlington, Herndon, and Gainesville, RentSimple Property Management simplifies being a landlord by eliminating the risk and time it takes to become one. “We wanted to create something brand new for homeowners that is unique to Northern Virginia,” says its principal broker and owner Will Austin. “We have been in the property management business for 15 years and we know what rents and what it takes to keep great long-term tenants. So one day we woke up in February of 2020 and decided to guarantee rental income for our properties. Our timing couldn’t have been more perfect for our clients, but I must admit it was a stressful few months at first.”
RentSimple is the only real estate company in Virginia that focuses only on rental property management and offers a service that 100 percent guarantees the rent coming in each month. They will also cover pet damage, damage done by a tenant, and all eviction costs, all while handling every aspect of being a landlord. They also market your home with professional photography and HD video.
“We really want to help, not only landlords, but also just get everyone to raise their standards of what they expect when renting a property in NoVA,” says Austin. “Our core philosophy is ‘Great Spaces + Great People = Lasting Returns’ and that is the simple principle we live by.”
If you are interested in what your property would rent for and to see if your home is a good fit, please get in touch with the staff at RentSimple. They are currently accepting a limited number of qualified properties for 2023.
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