While some real estate investors struggle with whether or not they should work with Charleston property managers, others wouldn't dream of doing anything else.
It isn't uncommon for property owners to want to take a 'Do-It-Yourself' approach to their properties. However, once they learn the kind of burdens they can offload (and the success they can enjoy) from working with the kind of property management Charleston investors need, solo property owners are usually ready to make the switch!
Working with property management companies means you can trust them to handle every detail: from tenant screening to rent collection. This reality is particularly beneficial for investors who own multiple properties in the Charleston area.
There are specific responsibilities these companies have to ensure they're filling vacancies and maximizing the return on your investment. However, without knowing exactly what it is that your full-service property management partner will be doing to serve your interests, you might not be getting everything you think you've paid for!
Today, we'll cover some of the key details of what expert Charleston property managers do to serve investors.
Charleston property management companies are responsible for knowing, following, and enforcing South Carolina rental laws. If you own multiple rental properties, understanding and adhering to these laws on your own can be an overwhelming task. That could lead to mistakes that are not only frustrating but also costly.
The first step a full-service property management company takes when setting rental rates in Charleston is researching the property's neighborhood. When making these assessments, your property manager typically performs the following tasks:
Each of those factors impacts how they're going to set rental rates. The manager you're working with is also responsible for making recommendations regarding upgrades or any other changes the property might need with the insight they have into the Charleston rental market.
Taking these steps ensures the property's rent is at a fair market price and not based on gut instinct.
There's a professional barrier that must be between you and residents. By acting as a 'go-between,' Charleston property managers create that professional barrier. They achieve this goal by:
The management company acts as the buffer between you and your renters, which means they're maintaining your investment by attending to property or renter issues directly. That includes handling phone calls and managing makereadies.
It costs property investors money each time their rentals remain vacant. Charleston property managers work to eliminate or reduce this loss by marketing the property or proactively attempting to renew current leases. They spend time generating leads through social media and other avenues of marketing to maximize the likelihood of showing properties to potential renters.
Up to 61% of property owners indicate that maintenance is their biggest pain point. The idea of earning passive rental income isn't as appealing when you have to let residents inside who lock themselves out in the middle of the night or have dishwashers leaking all over the kitchen. Your property manager handles these calls, which allows you to make money from your rental without losing any freedom.
In addition to responding to maintenance requests, property managers are also responsible for maintaining the outside of the property when you operate multi-family units. They're also responsible for overseeing all contractors and crews working on landscaping or performing inside work. If the property you own is large or if you have multiple properties, the manager might handle these tasks with a third party to make things more affordable and efficient.
The biggest task Charleston property managers tackle for you is collecting rent on time from all residents and depositing those payments. If a resident is late, they pursue lost income by assessing late fees, accepting partial payments, and handling any other financial issue that might arise.
Other financial responsibilities include:
There might also be instances where rental rate increases must occur, particularly if your property doesn't match market rates. If that's the case, the property management company facilitates appropriate and legal communications with residents regarding this increase.
We understand the frustrations and complexities of property management and how overwhelming this can be for some property owners. Choosing to work with Charleston property management companies is one of the best ways to ensure you're maximizing your investment and maintaining your freedom! However, the partner you choose matters just as much as the investment you made!