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How Property Management Works: A Brief Guide for Inquisitive Landlords

System - Tuesday, November 14, 2023

It's astounding that more than one-third of North Carolina residents are renters.

This means that starting a rental property business in cities like Charlotte can be brilliant. You'll never run out of eager tenants.

Property management isn't always a walk in the park, though. Read on for a full breakdown of what landlords have to do.

Landlord Responsibilities

First, it's essential to grasp the core responsibilities that come with being a landlord. Your role goes beyond collecting rent. You're also accountable for the following:

  • Maintaining the property
  • Ensuring it complies with safety standards
  • Addressing tenant concerns in a reasonable amount of time
  • Doing regular property inspections
  • Staying informed about Charlotte housing laws

Advertise Vacancies

What happens when your rental property becomes vacant? The process of finding new tenants begins. Effective advertising is crucial to attract the right applicants. Use these tools to get the attention of a larger audience:

  • Online platforms
  • Local classifieds
  • Signage

Providing clear contact information will make it easier for potential tenants to reach out. You should also highlight the following:

  • Key features of the property
  • Its location
  • Any amenities that make it stand out

Screen Tenants

Once inquiries start rolling in, the next step is to screen potential tenants well. This process helps ensure that you choose people who are reliable and a good fit for your property. Request rental applications that include information about the following:

  • Employment
  • Rental history
  • References

Conduct background and credit checks. This is to assess the financial security and trustworthiness of applicants. This step is crucial in preventing future complications and fostering a positive professional relationship.

Handling Maintenance Requests

Maintenance is an inevitable aspect of property management. Tenants will encounter issues, and it's your responsibility to address them right away.

You'll need simple communication channels for maintenance requests. This could include a dedicated email or an online portal. Be sure to prioritize urgent issues to maintain the property's habitability.

Effective communication is key when addressing maintenance concerns. Let your tenants know about the status of their requests and give them realistic timelines for resolution. If a professional service is required, coordinate fast to minimize disruptions for your tenants.

Being proactive will improve your professional relationships with tenants. They'll know that you're 100% committed to their comfort.

Getting a Property Management Team

Getting a property management team can be a game-changer. They help landlords who are seeking a hands-off approach to rental property ownership. These professionals handle these everyday tasks:

  • Tenant interactions
  • Property maintenance
  • Rent collection

With their expertise, you can get the most out of your rental income. You can lower vacancies and steer clear of legal troubles. This makes it possible for landlords to enjoy passive income.

Do You Need Help With Property Management in Charlotte, NC?

Sometimes, property management can be too much to handle on your own. Understanding your role will help you know when it's time to get help.

Could you use the help of a talented property management team in Charlotte, NC? Wilkinson Property Management has been helping property owners since 1999. Contact us to discuss our solutions.