Many real estate investors know from the beginning that they’ll be working with a professional Charleston property management company. They understand that in order to save themselves time and money, it’s better to partner with professionals.
If you’ve been successfully managing on your own, you may have something to gain by handing over the day-to-day duties to a professional. Today, we’re taking a look at six very good reasons to hire a professional manager for your Charleston rental property.
1. You’re Out of State or Too Far Away from Your Rental Properties
Being physically close to your rental property is an important part of managing it. When there’s an emergency, you need to be there. Distance can keep you from quickly showing the property when it’s vacant or responding to maintenance needs. Out-of-state landlords often don’t understand the local rental market, and it can be difficult to accurately price a property if you’re not aware of the recent trends and price points.
Always hire a property manager if you’re not in or around Charleston.
2. Your Portfolio of Properties is Growing
Managing one or two rental homes on your own is probably easy enough. However, if you have plans to increase your portfolio and you want to continue acquiring new rental homes, you’ll need some professional help. Not only will a professional property manager work more efficiently, you’ll also be able to get some advice on new opportunities in the market that might fit your investment goals.
3. Vacancies are Getting Expensive
Rental property vacancies cost you money each day they’re vacant. It’s money you’ll never recover. That hurts, and if you’ve noticed that it’s taking longer than it should to attract good tenants to your property, it may have something to do with your marketing strategy or the limits that many landlords face when it comes to marketing, advertising, and leasing. If tenant retention is a struggle, you’re going to keep losing money on vacancies.
Property managers advertise online and on their own website. We also network with the local real estate and property management community, bringing more attention to your property from well-qualified residents.
4. Managing Risk Has Become Complicated
Risk management is an important part of renting out a Charleston home. You need to know the federal, state, and local laws because mistakes can be expensive. Fair housing, for example, is changing all the time. If you don’t know the difference between a pet and an emotional support animal, you could find yourself in legal trouble.
Property managers understand what is needed to protect your property. We help with insurance and evictions and the proper processing of security deposits.
5. Tenant Relations Are Difficult
Many great tenants have few demands and understand the expectations of their lease agreements. They won’t bother you with nonsensical questions and the threat of conflict or disputes is low. Other tenants, however, can be difficult and demanding. They’ll call you for minor cosmetic repairs or they won’t pay rent on time or they’ll take issue with every boundary in their lease agreement.
Tenants will often try to get away with whatever they can when they’re renting from an independent landlord. With property managers, they understand that they are working with professionals who have seen and heard it all before.
6. You Aren’t Earning any Money
When you find your rental income isn’t quite what you expected, or you’re losing money on expensive maintenance, routine tenant turnovers, and other problems, it’s time to call for help. An experienced property manager can evaluate where you are and where you want to go. We’ll come up with an action plan to get you there.
If you’d like to talk more about the importance of professional property management in Charleston, please contact us at ROG Coastal Property Management.