Successful landlords and investors in Charleston know that professional property management has a tremendous impact on how well your rental home is taken care of.
Property management includes so much more than simply collecting rent. There are a number of things that a property manager can do to help maximize the return on your investment and protect the value of your asset. Property management includes preparing your home for the rental market, helping price your home competitively so you won’t be stuck with a long vacancy, and finding a high quality tenant to live there. The advertising and marketing process will include numerous quality photographs, detailed descriptions and listings on major websites that are used by prospective tenants and licensed realtors. Your property manager will schedule showings, respond to interested parties as well as collect and process applications. The tenant screening process is rigorous; professional managers have access to a number of tools and resources that ensure you sign a lease with a responsible tenant who will pay rent on time and take good care of your property.
Once a tenant is in place, property management shifts to ongoing care of the property. A property manager will respond to maintenance needs, conduct periodic evaluations to insure tenants are following the lease, and take care of any emergencies that might occur. Professional property management also includes taking care of tenants and creating a reliable list of vendors who are responsive and affordable.
Property management includes comprehensive financial oversight. This includes collecting security deposits and rent, following up on late rent payments, and maintaining accurate records on behalf of owners. You will receive a statement every month that reflects the income and expenses associated with your property, as well the annual statement in time to file taxes.
Liability and Compliance
One of the most important parts of property management is protecting you from liability. There are several of risks associated with owning rental property, and your property manager is trained and experienced to stay one step ahead. Property managers know the laws pertaining to tenants and landlords, and they enforce leases while promoting your best interests. From potential fair housing violations to local and state requirements – professional property management keeps you covered.
If you’re wondering about how the benefits of professional property management can help you and make your rental property more profitable, please contact us at Oak Trust Properties.