As a Greenville landlord, the nature of your job requires you to wear many hats. The question is: how many hats are too many?
Let's say you know your landlord-tenant laws and don't mind the paperwork. What about dealing with emergencies, damages, and rent collection? At some point, these (and other) tedious tasks may take away all your free time.
The solution: hire a property management firm to protect your interests. Here are the most common benefits of appointing a property manager!
Short Vacancy Periods
For every day your unit stays vacant, you're losing passive income. A property manager will help you avoid this by determining the optimal rental rate. They'll also know which cosmetic updates to make to your property.
Most importantly, a good manager will be able to market your unit effectively. They've likely written all sorts of ads throughout their career. They'll know where to advertise, what to say, and how to negotiate cheaper rates.
Better Tenants
Beyond filling your vacancies, property managers will ensure they won't need to do it again soon. The best way to do that is to choose tenants who will stay long-term, pay rent on time, and cause no problems.
Again, experience is the key here. A property manager who's been doing this for a while knows what a good tenant application looks like. This helps them handle the screening process efficiently and identify red flags quickly.
Efficient Rent Collection
Having reliable cash flow is a key aspect of property management. It involves collecting rent on time every month and ensuring your tenants know that. If you're too lenient, tenants may take advantage of it.
A property management firm will know how to protect your rental income. Think of them as a buffer between you and your tenants. The manager will follow up on rent, listen to the excuses, and even handle evictions.
Legal Protection
In South Carolina, landlord-tenant laws contain a variety of rules and statutes. These laws can also change at a moment's notice. One of the best ways to protect your investment property is to team up with an expert.
Property managers may not be real estate lawyers, but they know their niche. They'll help you take care of all potential legal issues, such as:
- Handling security deposits
- Terminating leases
- Writing lease addendums
- Ensuring rental safety standards
Easier Maintenance
When you own a rental property, you are at the mercy of your tenants. This is particularly obvious when it comes to maintenance issues. They can come up at any time and often become stressful time sinks.
By hiring a property manager, you can regain your free time and use it to improve your business. Most property managers will also have dedicated vendors, which can lead to discounts.
Hiring Property Management Services
Hiring a property management firm is one of those investments that won't require much to pay dividends. From keeping things in line to giving you your freedom back, a good property manager is all but essential.
Looking for property management services in Greenville, SC? At Flagship Property Management, we strive to maximize your ROI while keeping your tenants happy. Contact us here - we're on call 24/7!
