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.
- If for example my refrigerator stops working, or my washing machine starts making noises , is it going to be covered? They’re probably going to say no, and that it’s better if you get an Appliance repair immediately before it get’s worse.
- 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.