In today's dynamic real estate market, many people who are moving to another area decide to rent out their old house rather than sell it. This is an excellent way to generate regular, passive income, but it does require finding someone to manage the property locally. As a result, property owners often have questions about how to secure a property manager and what tasks that person should do. This article will discuss property management and the best ways to ensure your property needs are addressed.
How Do I Rent My Home?This may be the first question you ask. Unlike a real estate professional, you might not have much experience finding and vetting tenants, and you want to engage with renters who will take good care of the property. You may have considered several options, including:
There are definite downsides to the first two options. You might find potential renters on a website, but you'll still have the challenge of vetting them. Mixing business with friends and family can be tricky - if they refer you to someone who ends up being a difficult tenant, it could negatively affect your relationship.
The last option, hiring a property manager, presents the fewest challenges and offers several benefits:
How Do You Find a Good Property Manager in North Carolina?You should ask prospective property managers a variety of questions to determine their qualifications. Some good questions to ask include:
If you have questions or concerns about renting your property, or would like to engage the services of a successful property management firm, please contact us at Saunders Property Management.
Mark Saunders - Saunders Property Management, LLC Winston-Salem, NC
How Do I Rent My Home?This may be the first question you ask. Unlike a real estate professional, you might not have much experience finding and vetting tenants, and you want to engage with renters who will take good care of the property. You may have considered several options, including:
- Advertising on CraigsList or a similar site, or browsing these sites for renters seeking a place to live
- Asking friends and family if they know anyone who wants to rent a house
- Hiring someone to find and vet your tenants
There are definite downsides to the first two options. You might find potential renters on a website, but you'll still have the challenge of vetting them. Mixing business with friends and family can be tricky - if they refer you to someone who ends up being a difficult tenant, it could negatively affect your relationship.
The last option, hiring a property manager, presents the fewest challenges and offers several benefits:
- You will need a property manager anyway if you plan to relocate.
- By hiring a property management firm, you'll have an experienced professional to oversee the entire process, from finding responsible tenants to handling day-to-day issues like collecting rent, handling repairs, and pursuing evictions when necessary.
- A knowledgeable professional will locate and screen tenants so you don't have to. This person will know what to look for, how to run background and credit checks, and how to complete tasks like getting rental contracts signed.
- Once the property is rented, you'll have peace of mind knowing that someone is in place to take care of any issues that come up at the property - there's no need to worry about getting a 3 AM phone call that someone's bathroom is flooded, etc.
How Do You Find a Good Property Manager in North Carolina?You should ask prospective property managers a variety of questions to determine their qualifications. Some good questions to ask include:
- What is your process for advertising and filling a rental vacancy, and what is your typical vacancy rate?
- Do you personally show your properties?
- While the property is vacant, will I still be paying your fee, and if so, how much?
- What is your formula for deciding how much rent to charge?
- What is the screening process like for tenants? Have you had any less than optimal tenants slip through this process?
- Will I need to do anything to help with finding tenants or will you take care of everything?
- What is your approach to responding to maintenance requests or complaints from renters?
- What will you do if an emergency happens, such as a flood or fire? Will I need to be involved?
- What is your process for dealing with late rent, and how do you handle evictions when necessary?
- How often do you inspect the property while it is rented?
- Do you use videos so I can see how the property looks?
If you have questions or concerns about renting your property, or would like to engage the services of a successful property management firm, please contact us at Saunders Property Management.
Mark Saunders - Saunders Property Management, LLC Winston-Salem, NC
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