You've worked hard to invest in a residential rental property in Hendersonville, NC. You're doing your best to maximize your rental income and have realized that hiring a property manager is one of the things you need to do.
However, as a new landlord, you're wondering what this professional will bring to the table. Are they worth the seemingly heavy service fee they're asking?
This article answers the question: "What does a property manager do" hopefully bringing clarity to your situation.
Read on!
Rental Pricing
Before you list your rental property, you need to set the rental rate. You might be tempted to follow your gut or follow what other landlords are doing, but neither is the correct approach. There's a science to setting rental pricing, and it begins with doing a rental analysis.
Did you just ask what that is? Well, that's why you need a property manager! The professional knows how to study the local rental market, assess your property, and factor in your target market to calculate the right rent.
Bear in mind that a property's rental pricing has a big impact on the occupancy rate. You have to get it right, and with a property manager on your team, you will.
Preparing Rental Agreements
It's imperative to have a rental agreement that spells out, among other things, your house rules and rent payment policies. This is a legal document, so it must be prepared by someone with the right expertise.
Most landlords don't have these experts. Hiring a landlord attorney is fine, but a property manager can do the job as well. They'll draw an agreement that safeguards your property and rights and also respects the rights of your tenants.
Tenant Screening
You're not going to let your house to everyone. To ensure you're getting tenants who will respect your rules and pay rent on time, you must do thorough renter screening.
However, it takes time to do this, and you must also know what to look for. When did you last read your credit report, for instance? How about performing a criminal background check on someone?
Property managers are tenant screening experts. They have the technology, skills, and experience to vet your rental applicants and weed out those who are likely to be problem tenants, all while ensuring compliance with fair housing laws.
Rent Collection
Collecting rent isn't as simple as you might think. While having tenants who pay rent on time and without being reminded certainly makes the job lighter, it's not always smooth sailing.
Landlords who don't have enough time or live out of town benefit from the rent collection services of a property management company. These professionals don't just collect rent; they find ways to make the process simpler and more convenient for your tenants.
What Does a Property Manager Do? A Lot More!
You now have the answer to what does a property manager do, but that's just a glimpse. In reality, these professionals do a lot more, including maintenance and repairs, handling tenant relations, and pursuing evictions when necessary.
Are you ready to find the best property manager in Hendersonville? PMI Blue Ridge is here for you. Our office is locally owned and independently operated, but we are part of a larger franchise that has been perfecting and changing the property management industry for over 20 years.
Let us help you make rental property ownership profitable. Call us!
