So you decided to diversify your investment portfolio by purchasing a two flat in 5 Points, a couple of condos in Forest Acres, or a vacation home on Lake Murray. But truth be told, your day job takes up much of your time, leaving you too drained to keep up with city ordinances, or to hunt down tenants on the first of the month for rent payment(s).
The National Association of Residential Property Managers shares the following ways a property management company can help you with the process:
- 1. Pricing strategy: The amount you can ask for a Single-Family Home in the NorthEast can be significantly different than the amount charged for a SouthEast garden Apartment or Home. A knowledgeable property manager can help you set the right price for the area.
- 2. Staying legal: In addition to keeping up on local structural requirements, property managers also are versed in fair housing issues, ensuring you stay on the right side of the law.
- 3. Tenant screening: You don’t want just anyone living in your property. A property manager can perform the background checks necessary to ensure the quality of the renter.
- 4. Rent collection: Money is the real reason you bought the property, but collecting from tenants can be a less than pleasant task.
- 5. Maintenance: Structural issues are inevitable, and if you’re not handy yourself, a property manager likely has a handyman on staff that can make basic repairs.
- 6. Disputes: Whether it’s with a service provider, maintenance man or tenant, a property manager can skillfully defuse a volatile situation, saving you time and money.
In South Carolina, property managers in charge are required to hold a valid real estate broker’s license. It ensures the property manager has taken the proper courses and understands the laws related to the trade.
This blog submission is only for purposes of disseminating information. It does not constitute legal advice. The statements in this blog submission do not necessarily reflect the opinions of RPM Midlands or its clients. No attorney-client relationship is formed by virtue of reading this blog entry or submitting a comment thereto. If you need legal advice, please hire a licensed attorney in your state.