Charleston, South Carolina is known for its strong tourism-driven economy that hit a record $12.8 billion last year. Tourism may be an economic driver, but residents still enjoy living in the oldest city in South Carolina.
Real estate investors can generate passive income with rental properties in the area. New landlords can seek help from property management companies to increase their profits. Even seasoned investors can benefit from these services.
But, is rental management or tenant placement right for you? Keep reading to learn the differences.
Charleston Rental Management
Charleston property management involves hiring a full-service property management company. An experienced property manager will handle daily operations and locally specific-tasks.
While tenant placement only includes certain services, rental management offers everything a landlord needs to succeed. These are only some of the services you can benefit from:
- Tenant screening
- Rent collection
- Property maintenance and repairs
- Tenant communications
Landlords who prefer to be hands-off will find that these rental property services fit their needs.
Charleston Tenant Placement
In contrast, tenant placement requires landlords to do more work while property managers lend a helping hand in certain areas.
These services will help you find reliable tenants through a thorough tenant screening process. In addition to tenant screening, tenant placement services may market the property and write lease agreements on your behalf.
After a tenant moves into the property, you are left to handle the rest. This means all day-to-day tasks and operations fall to the owner.
Choosing the Right Option for You
Property management experts can help you choose the option that works best for you.
To help you decide, they will ask how involved you want to be. It's beneficial to have some experience managing a rental, especially if you go the tenant placement route.
Tenant placement services require more involvement on your part as the landlord. You must be willing to commit a lot of your time to managing the property. It's best to stay on-site during working hours.
You can free up your time by choosing full-service rental management.
Property managers will stay on-site during the week and sometimes on weekends. If maintenance issues arise during non-working hours, they will connect tenants with 24/7 emergency services.
Lastly, the cost of rental management vs. tenant placement is different. Because you are getting more services, rental management is more expensive.
However, rental property management fees are often tax-deductible expenses. You get your money's worth and might be able to reduce your tax liability.
Let Us Take the Reins
At Adams Properties powered by PMI, we help Charleston property owners through our professional real estate management services.
We are dedicated to maximizing owner profitability whether you choose full-service rental management or tenant placement.
As a locally owned and independently operated business, you can trust that we will understand your property. We have more than 20 years of experience increasing the value of real estate assets.
If you still aren't sure which services are right for you, feel free to reach out. Contact us today to talk to a professional property manager.
