If you’re like most rental property owners, you’re probably deciding whether you want to manage your own investment home or call upon the experience and resources of a professional Greenville property management company.
This decision will depend on the amount of time you have and your own knowledge about what’s required in the leasing and management of a rental property. Smart investors know that professional management can protect you and your asset and increase what you earn.
Greenville Property Management: The Leasing Process
Self-managing landlords often struggle with the marketing of their homes and the showing process. You’ll need to be prepared when you’re leasing out your home. For example, if you’re going to self-manage, you’ll need to hire vendors and get your property ready for the rental market. Then, you’ll have to take some high-quality photos and list the property on all the popular rental sites. It’s critical that you respond right away to inquiries and to schedule showings.
You’ll need to manage the application process, screen your tenants thoroughly, and take care of executing the lease agreement. You’ll need to collect security deposit and move-in funds, and you’ll need to do all of this in compliance with federal and state fair housing and landlord/tenant laws.
Professional property managers have systems in place that can help you find and place a tenant quickly, to avoid long vacancies. You’ll be less likely to have to chase down late rent, address lease violations, and worry about eviction. If you’re going to manage the leasing process on your own, make sure you have the time to devote and the resources you’ll need.
Maintaining Your Greenville Rental Home
One of the benefits to working with a professional property management company is that you won’t have to worry about maintaining your home. A good management company will have a preventative maintenance plan in place and will respond swiftly to both routine and emergency issues at the property. If you self-manage, you’ll need to be on-call 24 hours a day and seven days a week in case there’s a leak in the middle of the night or a tree that comes through the roof over the weekend.
You’ll also need a reliable list of vendors. Property managers either have in-house vendors who can respond to maintenance or they contract with a preferred list of vendors who offer discount volume pricing and a high standard of workmanship. If you’re a self-managing landlord, you’re at a bit of a disadvantage in finding good, affordable vendors because you don’t offer them the same volume of work as property managers.
Greenville Rental Property Accounting
The IRS requires that you track and document all of the income and expenses associated with your rental property for tax purposes. Most property managers do this automatically with property management software. You can expect monthly accounting statements, reports, and end-of-year tax forms. You’ll know that your rent will be paid on time and consistently every month because property managers offer online rent payments to tenants.
There’s a management fee involved in professional property management, and most landlords hesitate for this reason. However, that management fee is well worth your peace of mind and your long-term ROI. Expensive lawsuits, an extra month of vacancy, and a drawn-out eviction process are all risks that come with self-management. If you decide you want to earn more and spend less on your investment, contact us at Letts Property Management. We’d love to help you have a profitable and successful investment experience.