In this day and age there are many property management companies, especially here in the Charleston area where we have one of the highest rental markets in the country. Why hire a management company for your investment property? The benefits are very apparent. A good property management company is worth their weight in GOLD!
Quality of service and the integrity of the company is by far the foundation of a successful company. A thorough and a high standard of tenant screening results in reliable tenants and less hassle. Many applications are submitted and processed in the daily workings of a property management company. Allowing a property management company to handle this very imperitive step shields yourself from wondering who will be renting and living in your home.
Even if you think you can rent out your home yourself, there are some considerations :
A property management company will determine the best rental market value for your home. They are knowledgeable and know the market. Determining the optimal price is what they are best at.
A great property management company will also effectively market your property more than you can do yourself. They should have a strong online presence and a solid marketing campaign.
Tenant retention. There should not be a high tenant turnover rate. Keeping tenants happy requires a consistent and systematic approach which is where a good property management company will shine.
Other benefits of not managing your own rental property is having to deal with middle of the night emergencies, chasing down rent, evicting tenants, rental scams, and piles of paper work. Time is money and you can be more profitable when you focus on asset management. You will be working ON your business by hiring a property manager as opposed to working IN your business if you manage it yourself.