Have you splurged on an investment property in Charlotte, NC? You've made a smart move as the city's population has grown by 5% since 2020.
However, you'll have a lot of competition with other landlords eager to find tenants throughout the city. You have to find a way to offer the best deal to tenants and you'll want to keep them for the long run.
To protect your real estate investment, you need to consider a property management company. This guide will show you how they can assist you.
Here's what you should know:
They'll Help Find Tenants
You can have the best property in town, but even then, finding tenants can be a major strain! The property management company will screen the right tenants for you.
This process involves finding tenants who meet your criteria. This includes tenants who have a record of paying the same or around the same rental fee. If you're looking for a tenant type, such as a student, family, or professional, a property manager can help you.
This step alone makes working with a property manager worth your time. You'll have an easier time finding a tenant who'll be responsible. One of the key investment property strategies is to buy a property that'll attract a wide range of tenants.
They'll Collect Rent
You'll soon find that a task as simple as rent collection can be strenuous. You might not always have time to commute to your investment property to collect cash.
If your tenants don't pay on time, you might not have the time or energy to send them regular reminders. Rent collection is one of the essential tasks for property managers.
They'll make sure that the rent gets paid on time. They'll transfer the money to your account promptly. They can also keep track of all payments and provide these records for your accounting purposes.
Property Maintenance
Your tenants want a roof over their heads. It's up to you to keep that roof from crashing down! Among your legal obligations as a landlord, you must ensure your property is maintained at all times. After buying investment property, ensure that it's fit for human habitation every single day.
Property management services can arrange for rental property inspections. These inspections look for any damage or potential issues within the property. After these inspections, the inspectors will tell you if you need to make any repairs or renovations.
This is no doubt one of the most stressful aspects of being a landlord. As a result, it's always best to delegate this task to a property manager. They'll lessen your responsibilities so you can run your rental business as a form of passive income.
Build Income With Your Investment Property
Once you've got your investment property, you have to work hard to make it a great home for your tenants. You'll have many responsibilities but you can delegate most tasks to a property manager. This is the best way to build a sustainable business.
PMI Charlotte has over 20 years of experience working in the property management industry. Get on a call with us and we'll tell you how we can help you build your rental business.
