Owning rental homes is challenging. With repairs needed, collecting rents and finding qualified tenants, landlords can become stressed out if one of the following conditions exist
- Limited or no experience as a landlord
- Having a full-time career, reducing your available time
- Having many rental units, creates property management challenges
How to Reduce Stress with Rental Properties
The solution to reduce stress caused by rental properties: Hire the best property management company for you. But how do you select the best company? Consider these questions to narrow the field of property management companies in Charlotte, NC or anywhere else.
- How many rental units do they manage? The more experience and units they manage, the more expertise they may (emphasize the word “may”) have.
- What is the number of employees who are managing the units and how many units doeseach staff member manage? Having sufficient experienced personnel is important toreducing the firm’s stress levels as well as your own. Properly trained, seasoned staff can manage around 30 to 40 units each if given the right technology tools.
- Does the company own units? Owning and managing units could pose future problems for you. Which vacancies do you think will be filled first?
- Do personnel visit the units and conduct the inspections? Inspection visits ensure your tenants are taking care of your property and identify unacceptable renters.
- Does the firm use automated tenant management system software? Investment in and training for the best systems is vital for efficient property management.
- How are the fees calculated? Common percentages are 7 to 10 percent, based on collected rents, not maximum rent that could or might be collected. Only pay for rent actually collected
- How do they handle maintenance requirements? Be strict with allowing the firm to spend your dollars without consulting you first. Put a maximum amount of $250 to $275 to correct issues, before getting your written permission to spend more.
- When are monthly reports ready for your examination? Put an actual deadline of six or seven days into a new month to view your printed or online reports.
Getting satisfactory answers to these questions can help you evaluate property management companies in Charlotte, NC. Don’t be shy. Keep asking until you get the answers you need to hire the best company for you, reducing the stress of managing rental properties. When you want the best in Charlotte, consider T.R. Lawing Realty, Inc., successfully managing area properties for over 50 years.