There are more than 23 million landlords in the United States alone. But being a landlord is a lot harder than you think - and many slip up when it comes to managing their properties.
You can't do everything. You've got a busy life, a social life, and a career to think about. And that's where property managers come in to pick up the slack.
What Does A Property Manager Do?
Many landlords rent out properties as a second source of income. And unless you're willing to put in a lot of legwork yourself (and give up most of your free time), you'll need to hire a property manager.
Property managers do a lot of the heavy lifting. They'll handle tasks like:
- Marketing your property when it's vacant
- Closing deals when renters are on the fence
- Conducting tenant screening checks
- Managing the day-to-day tasks associated with your properties
- Evicting tenants in worst-case scenarios
Prioritize Local Experts
Knowledge of the local property market is vital. Local experts know how rent fees fluctuate, they know when the best time to find new tenants is, and they know how to tell the good neighborhoods from the bad.
What's more, they understand the local law. Legislation, taxes, and licensing mandates are crucial elements of property management that can incur heavy fees if handled poorly.
Choose A Good Communicator
When choosing a property manager, opt for somebody who is professional, upfront, and doesn't sugarcoat the details. You're trusting them with your hard-earned cash, after all.
A manager who communicates well is one who will keep you up-to-date at regular intervals. You'll never be in the dark about property vacancy or costly problems like required maintenance.
Clear communication is key with your tenants, as well, to avoid unnecessary hiccups.
The best property manager has an impressive list of accreditations and credentials. But that doesn't mean they're up-to-date. This is something you need to check well before signing any management agreement.
The required certification to work in property management varies by state, so be sure to read up on the trade organizations that provide them.
In North Carolina, managers must have an NC-specific real estate broker's license to operate.
Opt For The Full Package
By a wide margin, you'll save yourself the most trouble by working with a management firm that covers all the bases.
That includes marketing and tenant management (as we mentioned above), but also extends to legal protection and property inspections. Experienced managers have seen it all - and that experience pays off in droves.
Look For A Proven Track Record
Your properties are no good to you if they're empty - in fact, they're costing you money.
The best indicator of a quality property manager is one who is able to fill vacancies fast. But don't take that as the sole metric. Remember, the quality of tenants is important, as is the means by which a manager finds them.
Poor quality tenants damage properties, don't pay their rent on time, and leave their agreements early. And you definitely don't have any use for a property manager who finds tenants by offering cut-rate rental prices.
Eliminate The Hassle Of Property Management
Property managers handle the unsavory tasks so that you don't have to.
With a manager on your side, you can lie back and enjoy the benefits of a near-passive income while the day-to-day is handled by trained, proven personnel.
If you're looking for a professional property management company in Charlotte, NC, look no further. Contact us today at Wilkinson Property Management so we can discuss our shared future together.