You own a rental property. How do you know if you should hire a property manager or handle everything yourself?
Here are some things you need to consider before making this very important decision.
PROXIMITY AND TIME
How close is the rental property to your own home? When the time comes to find a tenant you will most likely show your property to numerous prospective tenants before you sign a lease. Is it
convenient for you to drive to your property to show several times a week or even several times in a single day?
Once you have a tenant in your rental, can you get there easily to handle maintenance issues or do you have to drive an hour or more each way to fix a running toilet or leaking faucet? If the issue is more involved and you need to hire a professional, can you meet them during the day when your tenant is at work? Plumbers, electricians and HVAC technicians charge more for after hours calls.
Managing a rental property takes more time than most people think . Even if you live close by, can you take time out of your day to handle any situation that comes up? If you are self-employed or work from home, you probably have much more flexibility than most people but the majority of Americans can’t get up and leave work any time they want. A professional property manager
handles all of these things and more on a daily basis.
You own a rental property and now you need a tenant. Where do you start?
Setting a Rental Rate
How do you determine the best rental rate for your property? Set the rent too high and your property will sit empty for weeks or even months. Set the rent too low and you are missing out on potential income. If you happen to know people who own similar rental properties in your area you might be able to ask their advice. If not, you will most likely make a guess based on information you were able to find. Professional property managers know the rental market in your area and most have software that helps them determine the right rent for your property.
Do you know where and how to advertise your vacancy to get the best results? Should you place an ad in the local paper? Classified ads are not cheap and their effectiveness in the modern world
is questionable. Instead, you decide to place an online ad. Where do you post the ad? Do you choose a free site? The price is right but will you find the right tenant from a free site? While most
ads on these sites are legitimate some are not and savvy consumers have become skeptical of these ads. If you choose to pay for an ad on a legitimate rental web site, do you know if you are
getting your money’s worth? A professional property manager has access to multiple web sites, giving your property more exposure.
Choosing a tenant
You decided on a rental rate and advertised your property. Now people are responding to your ad and you have to choose a tenant. How do you choose? What questions should you ask and what
documentation should you require? Are you able to verify any of the information your prospective tenants provide and are you able to make a well-informed decision about each applicant?
Once you choose a tenant, how will you collect the rent? Will you ask the tenant to mail a check each month, collect the rent in person or will you and your tenant set up electronic payments?
Atlantic Real Estate Management’s property management software makes it easy to set the right rate for your Myrtle Beach area rental. We advertise your property on dozens of web sites to give
your property maximum exposure. Our vigorous screening process checks credit and employment history as well as employment verification and a criminal background check. A full report is
available in minutes. Highly qualified tenants tend to pay more, stay longer and take better care of rental properties. Tenants can pay their rent and request maintenance online and owners can
choose the convenience of electronic payments so there is no need to go to the bank each month.
If you are considering a property manager for your Myrtle Beach, Surfside Beach, Murrells Inlet or Socastee rental property, please visit the Owners and Services pages of our web site and contact us for more information.