Investing in real estate is one of those things that comes with little risk and sometimes high rewards, especially in the current economic conditions. As the low-inventory competition rages on and interest rates continue to rise, many who were in the market for a new home will soon be priced out and looking for a place to live while they wait out the not-so-perfect storm. A rental property can be a great way to accumulate wealth, but only if you have someone manning the ship. So what does a property management group in Charleston do? Essentially, these are the three agreements they make to landlords.
Financials and Marketing
The crux of what you expect your property management company in Charleston to oversee is budgeting and operating expenses. By using rental data, they can set rental rates and adjust to what the current market says. A good property management group is continually updating to balance vacancy rates against peak rental prices. It takes a savvy financial expert to know how to get you the most while not pricing out the market! Along with pricing comes marketing. The more competitive your rental looks, the more you can command due to competition. A property management company must know its audience and speak to it loudly!
Occupancy and Tenants
It isn’t just about marketing to get people into your rental. Once there, someone needs to be monitoring who is living under the roof. The property manager is responsible for responding and communicating with tenants regularly and being abreast of things like rent collection, lease requirements, and tenant satisfaction to keep ratings and reviews high. They also occasionally have to deal with more complex issues, like tenant non-payment, late payments, and evictions when necessary. There are legal boundaries when it comes to occupancy terms. One wrong move can land both your finances and legal issues in hot water!
Management of the Facility
Your rental property is a huge investment, so you need someone watching to make sure that it is taken care of. Just like a home, you need to continually be looking at things like roofs, walls, plumbing, electrical, and landscaping. Maintenance is critical for your reputation and renter satisfaction. One of the advantages of renting is that someone else is taking care of maintenance and repairs – unless they aren’t. A good rental management company has a network of contractors who will not only be responsive; they will be cost-competitive due to their relationship with your property management.
Having a rental property can be incredibly profitable, but only if it is run correctly. If you are ready to take advantage of the multiple streams of income that can come from being a landlord but don’t want the associated headaches, then hiring a company for property management in Charleston is going to be your ticket to freedom from the hassles and headaches that come with managing a rental. At Sea Turtle Properties, we have the experience, industry expertise, and networks to make sure that your rental is marketed well, taken care of properly, and expertly maintained for the long term. Contact us today to get started!