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You did it. You finally purchased an investment property. Now, you must find and fill it with qualified tenants, keep them in there, and earn rental income.
It might sound easy, but it's not.
What if we told you there's a way to earn like a landlord without handling the responsibilities of one yourself?
That's right. With professional property management, experts will carry on the hard work of securing your investment property. Here are just a few things they'll do for you.
1. Accurate Rental Analysis
One of the crucial property management strategies to abide by, especially when you're just starting as a landlord, is to conduct a rental analysis. It lets you determine how much other landlords charge for properties that are similar to yours. It gives you insights into how much you can reasonably charge for yours.
Setting reasonable rates for your rental property helps you attract and secure the right tenants.
Conversely, underpricing reduces your potential income and budget for property upkeep. Overpricing can have similar effects, as it can put off prospective renters and lead to higher and prolonged vacancy rates. Without enough money for maintenance, your property can fall into disrepair, decreasing its value.
Fortunately, a property management company can provide a free rental analysis.
2. Necessary Tenant Checks
Property management experts conduct thorough tenant screening practices. These include verifying the following information about prospective renters:
- Identity
- Employment status or sources of income
- Credit score and history
- Rental background
- Eviction history
- Criminal background
Knowing those details can help improve real estate security and financial stability.
For example, your property manager will help you avoid renting out to people with a repetitive history of crime, especially severe or violent ones. These individuals can put your property, other tenants, and neighbors in harm's way.
3. Professional Property Maintenance
Your property manager will schedule regular and timely Charleston property care and maintenance. These tasks can help keep your real estate investments in top condition. They also allow you and your manager to address problems (e.g., leaky plumbing, roof defects, or faulty electrical wires) and prevent them from worsening.
4. Minimize Odds and Consequences of Eviction
In Charleston, SC, landlords have filed over 10,000 evictions in the past 12 months.
You don't want to be part of the statistics, as evictions are resource-consuming legal procedures. That's why tenant screening is crucial; it can help minimize your odds of dealing with evictions.
Still, there are cases out of your control, such as if your tenants suddenly lose their jobs. Fortunately, property management experts can protect you with eviction protection plans.
These plans cover some of the costs associated with evictions. Your property manager will also handle the bulk of the process, from serving tenants with an eviction notice to recovering your property.
Professional Management for Your Investment Property
From analyzing rental value to screening tenants and safeguarding you from evictions, these are only some of what property management experts can do for you.
Adams Properties Powered by PMI provides full-service real estate asset protection in Charleston, SC. We specialize in all of the above, plus accounting and rent collection. We're part of PMI, a national property company with over 20 years of experience, so we have experience at a national and local level.
So, connect with us today to make managing your Charleston investment property manageable!
