Questions to Ask When Hiring a Professional Property Management Company

The Charlotte area is booming with opportunities and those opportunities are attracting new residents of every age, profession, and familial status. For those who have invested in real estate, this makes now an outstanding time to own rental properties. But owning rental properties and effectively operating them are two very different kind of things and many owners of rental properties find that operations go a lot smoother when they work with a professional property management company.

A professional property management team takes charge of all those nitty-gritty aspects of operating rental properties that most owners don’t have the time, knowledge, or capacity to handle on their own. These tasks include showing the property, tending to current tenants, managing and recording all finances, interviewing and hiring contractors, and so much more. It’s no wonder why so many real estate investors work with a professional property management company in Charlotte.

But before you just pick the first professional property management company listed on Google, be sure to ask prospective services the following key questions:

  • Do they have an Owner’s Manual? One of the first things a professional property management company will offer you is an owner’s manual that details how their company runs their operations and what property owners can expect to occur in certain scenarios, such as dealing with late rents or move out procedures. An owner’s manual provides both parties with clear, written expectations of how operations will run. Any management service that does not offer this and instead runs on assumptions and ambiguity should be avoided.
  • How often are formal inspections performed? Conducting routine, formal inspections of your real estate properties should be considered a normal part of a property management service package. If a management company starts to balk at the request or demand a higher price for regular visits, then it’s time to walk away. It’s no secret that rental properties in the hands of poor tenants age fast, a good rental management service will do those routine inspections necessary to ensure your investment is and stays in good condition. Additionally, new property managers should complete a full inspection of the property and produce a ‘building file’ for both their records and yours before the first tenant moves in.

For more information about property management and best traits to look for when hiring a service, contact us.

Online CE: Property Management in Today’s World

Recently, an online real estate education company, Real Time Learn, produced and is offering a 4-hour CE class which our Vice President, Joe Rempson wrote and conducted.  This is an excellent course by an experienced, hands-on property manager and we are excited to tell you all about it!

4 hours of elective credit from a hands-on, experienced CPM & CCIM.   What is a good investment property?   How to determine rental rates?  What you should know about tenant screening, security deposits, service animals, escrow accounts, leases, management agreements and the NCREC rules & regulations.   Learn from a true subject matter expert!

Get your CE credit in your pajamas at home!   Register today at http://realtimelearn.com/courses/nc-approved-electives/property-management/

What to Look for in a Real Estate Property Management Company

When you’re considering renting out your home, condo or a townhouse that you own, the expertise of a great property manager can save you time, money and headaches. Here’s how to identify a reliable real estate property management company. Choose a company that provides:

  • Thorough tenant screening: Experienced property managers know the latest background check techniques and can access the most reliable information about tenant applicants. Dedicated property managers check credit, rental histories and more. They are familiar with the hallmarks of terrific tenants. If eviction or disputes should arise, your property management company can save you the stress of dealing with the issues personally.
  • Legal compliance: The best RE property managers are well versed in local, state and federal regulations on housing discrimination, proper eviction procedures, collecting rents and deposits—and much more. Housing and landlord-tenant regulations are often complex for individual property owners to sort out. Get peace of mind by letting a property management expert handle it.
  • Contacts for maintenance efficiency: Your real estate property manager, if well-established in the community, has relationships with the best local renovation and repair professionals. This allows your property manager to negotiate money-saving contracts for repairs, cleaning and more.
  • Local area experience: The ideal property manager knows the area very well, from the county and city level, down to details about the specific Charlotte neighborhoods. This helps leasing agents fit the right tenant to the right property, which leads to stable and happy tenant relationships.
  • Marketing know-how: Top property management firms know how to get the word out and find the best renters, quickly. In addition, pro-active property managers and leasing agents can bring you innovative rental property marketing ideas to ensure you receive the most value from your property. Ideas like marketing/renting your property as corporate housing or making minor home upgrades that attract today’s renters.
  • Excellent communication skills: Be sure to choose a real estate property management company that is able to clearly explain their methods for managing the above duties and responsibilities. Your property management company should provide monthly rental property statements and address any questions or concerns you may have promptly.

T.R. Lawing is the leading Charlotte real estate property management company–in business for 60 years–and well known throughout the Carolinas. If you’re considering turning your property into a unique investment opportunity by renting it out, call on us for expert advice. Contact T.R. Lawing today.

5 Ways to Get Involved in Your New Community in Charlotte

Moving to a new city is seldom easy. You have to learn the ropes, starting with finding a place to live, learning which local spots speak to your style, and finding friends to help you enjoy your new journey.

If you’ve recently decided to call one of North Carolina’s most popular cities home, here are five ways to get involved in your new community in Charlotte:

1. Volunteer

Volunteering encompasses tons of different types of people and places. What’s important is finding something you enjoy doing so you’ll have a good time for a great cause as you learn about your new home. As an added bonus, you’ll probably meet some like-minded folks who can turn into great friends if you’re open to the possibility.

Here are some volunteer options to consider:

  • Animal shelters
  • Youth organizations
  • Hospitals
  • Nursing homes
  • Adult literacy programs
  • Helping with landscaping at senior living facilities
  • Food kitchens

2. Join a Club

Do you have a hobby you’re passionate about? Perhaps there’s something you’ve always wanted to learn how to do, but you never made time. This is the perfect opportunity to spread your wings and find a club or two where you can spread your wings. Consider:

  • Book clubs
  • Photography groups
  • Writing sessions
  • Walking or jogging with neighbors

Check out NextDoor or Meetup for ideas and easy-to-join groups!

3. Take a Class

From fitness to fine art, classes are a great way to meet people and put yourself out there. Keep your eyes and ears open, and take any class that may be of interest to you. You don’t have to go back if you don’t like it, but, chances are, you’ll find a few things you really enjoy doing.

Be sure to check out rec centers, colleges, and any online interest groups that fit your fancy, as these folks will lead the way to fun events around town.

4. Get Out!

Take yourself to brunch. Make a list of coffee shops, and hit one each Saturday. Talk to the bartender at your local dive.

5. Engage with Neighbors

Whether you’re walking your dog or wandering through a garage sale, there are plenty of people waiting to meet you!

We hope have you found these five ways to get involved in your new community in Charlotte to be helpful. If you have any other advice, please feel free to share it on our social media pages!