How (Most) Property Owners Spend Their Time
In a market that has grown significantly, despite the pandemic-driven recession, property owners agree that real estate investments provide an excellent opportunity for steady income and portfolio appreciation. Choosing to run a rental property without the services of a Charleston property management company, though, can be very time-consuming. This gets exponentially more complex if an investor has expanded their portfolio to include multiple properties in various locations. Owners who choose to do it all themselves can:
- Increase stress and anxiety
- Lead to a loss of income or waste of resources
- Negatively affect health and wellbeing
Many investors prefer a “hands-on” approach, and this is understandable, so reviewing some of the time-wasters which may lead to the aforementioned situations can help to provide a clear view of the pros and cons of handling all property management responsibilities personally.
Very few people relish paperwork. But managing a property generates huge amounts of clerical work, such as bookkeeping and accounting, billing and invoicing, vetting and contracting, etc. The amount and complexity increases with each property added to the portfolio. One of the services provided by a Charleston property management company is to manage such paperwork on behalf of the owner/investor.
Comprehensive Screening of Potential Renters
Vetting potential renters is not about merely performing a background check and a credit check. It actually includes much more.
- Marketing the property
- Advertising vacancies
- Conducting background checks
- Verifying income
- Requesting references
- Drafting contracts and agreements
- Processing evictions
Obviously, hiring a Charleston property management company would avail the owner of all of these services and more.
Maintenance and Repairs
Choosing to perform DIY maintenance and repairs would require certain skills and equipment, and would rapidly become overwhelmingly time-consuming. But even hiring out such maintenance and repairs can take considerable time,
- Advertising for contractors and vendors
- Vetting and hiring contractors and vendors
- Programming seasonal maintenance
- Performing inspections and assuring quality control
Competent property management companies offer these services to property owners, often with some sort of guarantee.
Laws and regulations constantly change on a federal and state level. Merely staying abreast of the legal requirements is a prodigious task in itself. Not only do they take time, but they can also cost the owner valuable resources.
- Ensure buildings comply with local codes and regulations
- Generate vendor/supplier agreements, rental contracts, eviction notices, maintenance contracts, etc.
- Provide required safety measures on the property and in the facilities.
- Determine the legal responsibilities of the owner or the renter for maintenance or in cases of emergency
Responding to Emergencies
Responding to emergencies professionally includes fielding and returning telephone calls, contracting dependable emergency response services, dealing with customer complaints, and responding to legal issues. The stresses incurred are reason enough to consider hiring a Charleston property management company.
Advantages of Hiring a Property Management Company
Hiring a Charleston property management company turns property investment into a creative process rather than a tiresome burden. Instead of an investor being consumed by the endless day-to-day, mundane tasks of running an investment property, they can focus on appreciation of the value of the property by improvement, or even expanding their investment portfolio to include other properties. As a quick review, here are some of the services a property management company would provide:
- Advertising and marketing
- Comprehensive vetting of potential renters, vendors, and contractors
- Repairs and maintenance, both seasonal and emergency
- Legal compliance
- Inspections and evaluations
- Accounting; billing, collecting and invoicing
- Processing of evictions
So what are the benefits to hiring the services of a property manager? Benefits are both physical and financial, as follows:
- Steady income flow. Hiring out billing and collection to professionals ensures uninterrupted income flow. Aggressive marketing and advertising on multiple platforms ensures negligible vacancy rates.
- Timely and preventative maintenance. Seasonal preventative maintenance limits emergencies and adds to the value and appeal of the property
- Increased customer satisfaction. Prompt, professional customer relations lead to fewer vacancies and an improved reputation for the owner.
- Improved legal compliance. Compliance with current laws and regulations reduce or eliminate fines and other legal issues, providing owners and renter alike with peace of mind.
- Reduced stress. Entrusting operational tasks to professionals provides the owner with peace of mind and the contentment of knowing their investment is in good hands
- Increased time. With a reduced workload, investors can choose to use more time for exploring additional investment opportunities, spending time with their family and friends, taking a well-deserved vacation, pursuing a hobby, or running a charity.
Clearly, running an investment property is not a source of passive income. Successful investors value hard work, diligence, and an active interest in their investment. But such traits are not discarded if one makes the decision to hire a Charleston property management company. Rather, such valued traits come to the forefront when an investor chooses to place their cherished investment in the hands of professionals who have the interests of the owner at heart.