The Benefits of Hiring a Property Management Company
Whether you’ve been a landlord for years or you’re new to managing a rental, you know that owning income property can be financially rewarding. However, you may have also discovered that tending to rental properties takes additional time and effort on your part.
For some property owners, the DIY approach makes sense. They live in close proximity to their properties, and they are able to devote time to property management and maintenance each month. For the majority of others, this approach isn’t practical – especially if the owner is out of the area or is hoping to expand a rental business.
If you fall into the latter category, let the skilled professionals at Berkshire Hathaway HomeServices will take the uncertainty out of property management. Here are the ways our staff can help:
- Setting rental rates. As an experienced property management company, we conduct local market research, including the prices of similar properties in the area, to set an optimal rental price. This ensures the desired balance of maintaining a low vacancy rate while maximizing your monthly income.
- Rent collections and deposits. Obtaining payments from your tenants can be difficult and awkward, especially if your tenant doesn’t have the rent for the month. Property management companies have systems in place to allow them to collect and deposit rent payments in a timely manner. For those with a small number of properties, this is essential to maintain positive cash flow.
- Advertising your properties. Using available resources, we create and execute successful marketing of your properties, including online. This helps to avoid long vacancies and ensures your properties are rented quickly. We also show your property to prospective renters
- Finding good tenants. Tenant screening is a complex process, and we manage the rental application process compliant with South Carolina tenancy laws. We conduct a thorough screening of each individual including verifying employment and landlord references, running credit reports, and performing background and security checks. And since we have seen thousands of rental applications, they’ll be able to identify red flags to help you avoid headaches down the road. This ensures that your tenants are high-quality, and potentially will rent from you over the long-term.
- Tenant relationships. In addition to finding high-quality tenants, our property management company manages the landlord-tenant relationship. This includes routine maintenance and inspections as well as emergency maintenance issues. A property manager will also handle any issues that may arise. Basically, the property manager is the “middle man.”
- Vendor management. Since our property management company has well-established relationships with a variety of general contractors and home services vendors (unlike independent landlords), you don’t have to shop around for reputable vendors. We handle the bidding and negotiation for maintenance and repairs (with owner approval for excessive expenses). Due to our ongoing relationships with vendors, we will also schedule and oversee all maintenance projects.
- Compliance with laws and regulations. All property owners are expected to abide by the South Carolina Landlord-Tenant Law as well as federal regulations as set forth by the Department of Housing and Urban Development. Our property managers help protect you from potential lawsuits by keeping your properties up-to-date and in compliance with current laws and regulations.
- Expanded opportunities. When you manage your own income properties, you’re limited to your local geographic area. With a property management company, investment opportunities are limitless.
- Maximize profitably. Property management companies charge a percentage of the monthly rental rate in exchange for management services. This rate, usually 6-10%, is less than hiring a variety of professionals to maintain your property. And with a property manager handling the day-to-day aspects of your income properties, you’re able to pursue other investment opportunities or sit back and enjoy the fruits of your investments.
John M. Brabham Real Estate Berkshire Hathaway HomeServices is a full-service property management firm with more than 60 years of expertise in every aspect of owning and managing successful rental properties in the Sumter, Shaw Air Force Base Community and surrounding areas. We offer unparalleled service whether you own a large building or an individual unit. We strive to keep costs low to maximize your return. Visit our website or call 803-774-7368 x115.