Owning an income property can be a very appealing option for people looking to earn extra income without having to dedicate a lot of extra hours - at least that’s what most people think. The truth is, without a property manager to oversee and manage your tenants and property, an income property can actually be very time-consuming. Trying to manage your income property on your own requires a lot of attention to detail, knowledge of housing laws, managing your tenants’ payments and more.
With the right property manager though, you can save yourself the headache, hassle and time that managing your income property requires. Some property owners are reluctant to commit to a property manager, though. There are some common misconceptions about property managers and the worth that they can provide, but it’s important for property owners to remember that not all property managers are created equally. With the right property manager, property owners have a reliable and trustworthy person to leave the management of their property to. The right property manager will keep your income property running smoothly and handle any issues that might arise so you can rest easy knowing your investment is in good hands. At Home Town Real Estate Management we provide value to property owners by providing a variety of benefits to them - making it easier than ever to enjoy the perks of an investment property.
1. Marketing
In order for people to rent your property they have to know about it! Getting your property in front of prospective tenants early on is key to running a successful income property. The longer your property sits without tenants the longer you’re stuck paying for an empty home. The right property manager knows how and where to market your property to get it rented quickly and for the right price. The right marketing copy can help your property stand out among the many other rental properties on the market and standing out among your competition is key to earning interest among prospective tenants.
2. Screening
Property managers have the experience and know-how to handle all of the screening that’s required to find the right tenants for your property. For an average individual, handling documents like background and criminal checks and credit reports can be confusing and leaves more room for error or for something to be missed. This is the step where it’s critical to ensure all of the information from a prospective tenant is gathered and reviewed correctly, one mistake here can end up causing you a lot of problems down the road. A property manager will handle all of this for you and ensure people are properly screened.
3. Collecting & Depositing Rent
The reason you sought out an income property is to receive that regular rent check, afterall, so you don’t want this to become a cumbersome and stressful process that you dread every month. If you’ve ever worked in any kind of billing department then you know that sometimes requesting payment from people can be a hassle, not to mention a bit awkward. Property management companies handle all of this for you and they’ve been in the business long enough to have processes and systems in place to collect rent from tenants efficiently and maintain on-time payments. Without a property manager, you run the risk of having to do this process yourself. Too many missed or late payments from your tenants can put your investment property at risk and interrupt your cash flow.
4. More Flexibility with Location
If you choose to manage your own property be prepared to make frequent visits. Managing your own property will often require you to select an income property that’s within a tight radius to your own home. If you have an income property that’s further away from where you live it could be tricky to do property tours, perform maintenance and any of the other things property owners acting as landlords regularly have to do. Having a property manager removes the need for you to personally visit your property. Since you no longer have to physically go to your property, having a property manager makes it possible to purchase income properties where you otherwise wouldn’t have been able to. With a property manager you don’t have to live close to your investment property and you can instead select an investment property that works best for you or is in a better market.
5. Ensuring Compliance
To be a successful income property owner you have to make sure that you are following all of the applicable laws and regulations in your area. For most property owners, keeping up with the ins and outs of housing regulations and laws is a very time consuming and sometimes confusing process. While you may think you know and understand the laws that are applicable to being a landlord in your area, even the smallest mistake could end up costing you your profits, or even worse, your reputation. Having a property manager handle your property and relationship with tenants helps ensure that you’re always abiding by federal, local and state regulations as well as any and all fair housing and ADA regulations and requirements. With a property manager you can rest easy knowing that your property is always in compliance with housing laws and regulations because the last thing you need as a property owner is the risk of a lawsuit.
It’s important to go into the world of investment properties armed with the tools and knowledge you need to be successful. Having a property manager on your side will not only help ease your mind throughout this process, but it will even help your property’s profitability by speeding up the process of securing tenants, efficiently collecting payments, avoiding costly lawsuits and more. At Home Town Real Estate Management we provide you with comprehensive property management - from screening tenants, managing maintenance requests and services, collecting payments and more. With a property manager you can enjoy the benefits of your investment property - not the stress.
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Kevin McLemore is a second generation real estate broker, having grown up in the business. The McLemore Group is centered around the strong bond that Kevin has with his father, Dan McLemore. They have been working together selling land, homes, and commercial projects for over 20 years.
Kevin specializes in helping sellers of unique properties get maximum value for their property with as little headache as possible. He has brokered transactions throughout the greater Charlotte region including the upstate of South Carolina.
Copyright © 2024 The McLemore Group - All Rights Reserved.