What a Property Manager Does for First-Time Rental Property Owners

June 20, 2023 | By Charleston Property Company
Man wearing suit, best property management companies Charleston, SC, offers concept

Did you know? Turning your home into a rental property makes you a rental property owner!

If your Charleston home becomes your first rental property, you may wonder how to start and make your investment profitable. The key to a successful rental property is to have a good understanding of the local rental market, effective pricing strategies, and a comprehensive property management plan. 

That's where a property manager comes in! A property manager can handle everything from setting a rental price to managing tenant relationships and handling maintenance issues. If you're considering turning your home into a rental after moving, keep reading to learn about the various roles and responsibilities of a Charleston property manager and how they help first-time rental property owners maximize their investment.

1. Conduct a Rental Analysis

One of the first things a property manager will do is conduct a rental analysis to determine "how much can I rent my house for" and set the ideal rental rate. 

This analysis takes into account factors such as the property's location, size, condition, and amenities, as well as the current rental market trends in Charleston. By accurately pricing your rental property, you can attract potential tenants and ensure a steady stream of rental income.

2. Perform Property Updates or Repairs to Comply with Local Regulations

Your home might need some repairs or updates that you've been okay with not making (or weren't necessary) while living in the home. 

However, renting out a property involves adhering to various local regulations and building codes. A property manager can help ensure that your rental property is in compliance with all the necessary regulations. They can assist with identifying any updates or repairs that need to be made to meet safety standards and attract quality tenants. 

This may include making sure the property has functional smoke detectors, carbon monoxide detectors, and proper electrical and plumbing systems.

3. Help with Permits, Paperwork, and Insurance

Navigating the paperwork involved in renting out a property can be overwhelming, especially for first-time rental property owners. 

The best property management companies can handle all the necessary permits, lease agreements, and other legal documents on your behalf. They can also help you understand and obtain the appropriate insurance coverage to protect your property and mitigate any potential liabilities.

A woman shows property to a family, do property managers find tenants concept4. Take Professional Photos and Market the Property

Your home-turned-rental won't make money for you until it has a renter paying rent!

To effectively market your rental property, it's crucial to have attractive and professional photos that showcase its best features. A property manager can take high-quality photos of your property and create compelling property listings. They also have experience in highlighting the unique selling points of your property and creating engaging descriptions that appeal to potential tenants. 

By leveraging their expertise in property marketing, they can increase the visibility of your rental property and attract a larger pool of interested tenants.

5. Find Quality Tenants

Do property managers find tenants? Yes! One of the primary responsibilities of a property manager is to find suitable tenants for your rental property. 

Experienced property managers apply various strategies to advertise and promote your property to potential renters. This includes listing the property on relevant rental websites, leveraging their network of real estate professionals, and conducting thorough tenant screenings. 

Additionally, your rental manager will perform background, credit, and reference checks to ensure prospective tenants have an excellent rental history and are financially responsible.

6. Collect the Rent

Collecting rent in a timely manner is essential for maintaining a consistent cash flow from your rental property. 

Your property manager handles rent collection on your behalf, ensuring tenants pay their rent on time. The right professionals have streamlined systems in place to handle rent payments, including online payment platforms that make it convenient for tenants to pay their rent promptly. 

If any issues arise regarding late payments or non-payment, your Charleston rental management company will take the necessary steps to resolve the situation and enforce the lease agreement.

Female hands with calculator, how much can I rent my house for conceptThe Best Property Management Companies Charleston, SC, Offers Help First-Time Owners Succeed

As a first-time rental property owner in Charleston, enlisting the services of a property manager can greatly simplify the process of renting out your property and maximize your investment's profitability. By leveraging the expertise and resources of a property management company in Charleston, such as Charleston Property Company, you can alleviate the stress and challenges associated with managing your rental property.

If you're considering professional property management and turning your home into a rental property, reach out to Charleston Property Company. Our team of experienced property managers is well-versed in the Charleston rental market and can help you transition your home into an investment property that generates passive income. 

Start with a Free Rental Analysis from our experts to learn how much your home could rent for!

GET A FREE RENTAL ANALYSIS

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