Are you managing a property that's away from home?
Charlotte, NC, is full of rental properties and has a high demand for them. In fact, there are 720,000 single-family home rentals in this city.
Rental properties generate income, but managing them is difficult if you don't live nearby. This situation is one that might require a landlord rescue.
Managing properties from afar increases the potential for fraud and abuse. For this and other reasons, you need to consider hiring a property management company.
Not sure if you need this service? Keep reading to learn the signs you need professional property management.
You Don't Live Near Them
Landlords can live far away from their rental units for two reasons. Consider the following:
- You move to a new city after buying rental units.
- You purchase them in a different city to make more money.
In either case, managing properties while living far away is challenging. You can perform tenant screenings online or collect rent payments in the mail from afar. However, you won't be able to monitor the daily activities.
If you live far away, consider hiring a property manager. The property management firm can rescue you from this situation. But do it before you encounter major problems.
Your Vacancy Rate Is Too High
How often do you calculate your vacancy rate? Having an occasional vacancy is normal for landlords. But you lose money when the rate gets too high.
A high vacancy rate is a sign you need a landlord rescue.
Property management firms offer excellent property rent collection techniques. They simplify the lease renewal process. They find great tenants.
Your profits depend on collecting rent. A high vacancy rate impedes this, though.
You're Slacking on Repairs and Maintenance
Slacking on rental property repairs and maintenance signifies you need a landlord rescue. After all, you'll experience many issues if you do this, including:
- Good tenants will move out
- Tenants might stop paying rent
- Reduction in property values
- Reduction in rental property rates
- Loss of income
- Legal issues
Landlords slack on these things for many reasons, but nothing good comes from it. Instead of ignoring the issues, look for a reputable property management firm to hire.
You Don't Have Time
One additional sign is a lack of time. You might not even move away from your properties. You might have the money and skills to handle all the repairs.
The downside, though, is you might not have the time to manage the properties. Your properties require effective management activities regardless of how much time you have.
That's why hiring a property manager is the best solution when you need a rescue.
Need a Landlord Rescue?
You'll need a landlord rescue if you move away from your rental units. You might also need a rescue for other reasons.
We have good news! We're an established property management firm in Charlotte, NC. We provide 24/7 services for landlords and are here to help.
Contact us today to learn more about how we can help you with your rental properties.