In the latest episode of Charlotte Today, Nancy Braun shares some compelling reasons why hiring a property manager is a smart move.
Managing a rental property can be financially rewarding. You get to sit back and collect rent. However, it also comes with many unique challenges such as a tenant who refuses to pay and maintenance problems. Being a landlord requires serious commitment and effort.
Nancy talks about why it is in your best interest to hire a property manager. Her team of experts at Showcase Realty have access to a wealth of resources that enable them to find new tenants faster, helping you keep your vacancy rates down.
Having a property manager also reduces your legal and financial headaches. An excellent property manager will know the latest landlord-tenant laws, helping you steer clear of any potential lawsuit. Aside from federal law, each state and municipality has its own legal rules concerning tenant screening, safety and condition of the property, inspections, evictions, and more.
You can also preserve the value of your investment with regular maintenance. With Nancy’s team, you have access to top maintenance staff, as well as their network of licensed contractors who have already been vetted for good pricing and quality work. You don’t have to be the on-call maintenance person anymore. With a property manager, you will have someone perform routine maintenance for you, preventing small issues from becoming major problems.
Your property manager can also help you set the right rental rates based on a thorough market study of your area. This will ensure that you can maximize your monthly income while maintaining a low vacancy rate.
By hiring a property manager to take care income property, you’ll be free to spend your time identifying further investment opportunities or doing things that you love. Call Nancy Braun today at (704) 997-3794 to get started.
Eugene: If you own a rental home, you know what a big job it is to lease and maintain a property that’s why you should consider hiring a property manager to help you.
Coleen: Here with more is Nancy Braun with Carolina Property Management. Nancy, good morning and welcome to Charlotte Today.
Nancy: Good Morning.
Coleen: A lot of people have rental properties as an investment or another means of income. So let’s talk about reasons why those people should hire a property manager. The first being, they can see because they can see because it costs them a lot of money.
Nancy: That’s right, so we have a database of thousands of tenants that are already waiting and looking for properties so we can get our properties leased typically within 15 days. Regular homeowners try to put it on craigslist, they try to market it, they put a little sign on the yard, it can take months before they have a tenant, that’s going to cost them thousands of dollars of a vacant home, versus spending a few hundred dollars for a property manager to maintain the property, take care of it in many, many different aspects and get it occupied so they’re not going to lose all that income.
Eugene: You know what my mom refused to get a property manager she wanted to do it on her own but this component she doesn’t know about the fair housing laws, strict rules she doesn’t know, can you tell us about that?
Nancy: That’s right, so we’re all under the same guidelines. So we have to abide by the fair housing laws, we have to make sure we’re not discriminatory, that we don’t do anything in violation of the ADA Act which is American Disabilities Act. And there's even some rules about pets, so people can say, that’s a service dog and if I say “No pets allowed”, you’re in violation of those rules as well because that’s a disability.
Coleen: And those are the things that you and your team of experts know. It’s second nature to you while a homeowner may not know those things.
Nancy: You can’t ask for instance “Oh, how old are your children?” or “Do you have children?” Simple thing, you know, that’s discrimination.
Coleen: Alright, also maintenance calls. If you’re a homeowner you may not want to deal with those calls late at night or on the weekend, a property manager can fill that for you and there are a lot of reasons why it’s a good thing too, aside from the inconvenience of it.
Nancy: That’s right, so It is inconvenient and there’s going to be calls late at night like you said but we also have a pool of contractors that can jump out and come in and service the property really quickly. Because we give a volume of business to them so they are going to put us at the top of their list, and they give us competitive bids, they’re going to be competitive so it’s actually going to save them money because we give them such a volume of business. That is critical, not just handling the emergencies, it’s the ongoing maintenance of the property, it’s the things that you might overlook. The roof might need to be replaced. The peeling of the paint on the exterior may lead to wood rot if you ignore it. What about termites? So we’re going to make sure that the smoke detectors are working, the carbon monoxide detectors. We go in and check to make sure the filters are being changed. That’s something that maybe a regular layperson homeowner might not think about.
Coleen: When the property is well maintained, it really helps the tenant that you might have in your home too, right?
Nancy: That’s right. You’re going to get a, far better quality tenant if that home is showing beautifully just like a regular home for sale. So it’s got to shine, it’s got to be sparkling. You know I have a tenant moving in at one of my properties, I have a deep cleaning going on right now. I have landscaping, pine needles being put out, tree limbs being trimmed. That way when I start out fresh, that tenant’s going to feel like “This is a great home, I’m going to maintain it and take care of it” because obviously the owner does too.
Eugene: The owner may not live in the same city or state and the tenant he could be there or she could be there. You do online component that really service both the tenant and the customer, right?
Nancy: So the tenant can go ahead and go online and do a maintenance request, they can also make their payments online. The homeowner can go online and see all the reports, all the repairs that are being done, submit that to their accountant for taxes they can know what’s happening. So they’re abreast of the condition of their property. They see pictures so they have access to all that. The online component’s great. But the other thing, that California person might know what the rental rates are so they might be shooting in the dark, they might say “Well I’ve rented out for a thousand dollars, well I might be able to get fifteen hundred because I have the data and the stats, and I know neighborhood areas and I know which areas are more desirable than others for tenants.
Coleen: Also, property managers can manage the trust account for security deposit retention.
Nancy: That’s right, so most people that are not in the industry don’t realize that the security deposit must be put in a trust account. If it’s not in a trust account, they might be forfeiting that security deposit so if you want to hold back that security deposit after the tenant leaves because they didn’t pay rent, they caused damage. That tenant might say “Well where is the evidence that it was being held in a trust account?” and if not the judge is going to rule in favor of the tenant.
Coleen: Lots of compelling reasons to hire a property manager for sure. To learn more, call Carolina Property Management, the number is 704 550 4854, again 704 550 4854. You can also visit, NancyHasTheTenants.com go to that website NancyHasTheTenants.com. Nancy Braun, thank you.
Nancy: Thank you so much, it was a pleasure!