A lot of landlords hesitate to hire a professional Charlotte property management company because they worry about the cost. While it may seem like the monthly management fee is cutting into your monthly rental income and your eventual return on investment (ROI), property management actually increases your earnings and decreases your expenses.
We save you money.
Let’s explore how we’re able to do that.
Maximize Your Charlotte Rental Value
Is your rental property accurately priced? If it’s not priced correctly, you’re losing money. The right rental value will save you money.
Rents that are not hitting market level lead to losses. If your rent isn’t as high as it could be, you’re losing money every month. And, it becomes harder for you to catch up to those market rates. Maybe you’ve had the same tenant in place for six or seven years and you’ve hardly raised the rent at all over that time period. If this is the case, you’re seriously undervaluing your property. Every time you renew the lease agreement with the tenants who have grown comfortable paying less than what your property is worth, you’re selling yourself short.
You never want to price your rental home too low, not even in the interest of tenant retention. With reasonable rental increases, you won’t lose tenants. They’ll find that rental prices elsewhere are much higher than what they’re paying you.
The market has changed, and rents have gone up dramatically. We’re not suggesting that you charge an unreasonable sum at the next lease renewal, but we are telling you that property managers know what the market will bear. We know what you should be earning on your property.
Attaching the right rental value to your property impacts cash flow, ROI, and how quickly you’re able to find and place a good tenant.
The data property managers have access to is far more reliable than what you’ll find while scouring Craigslist or Zillow to determine what your rental property is worth.
Reducing Vacancy and Turnover Saves Money
Vacancy is something most property owners dread, and that’s because it’s so expensive. Your property is unoccupied, and you’re not bringing any rent. You’re also left to pay for utilities, landscaping, and general maintenance. It’s hard to recover the income you lose on vacancy, and professional property management can keep your vacancy rate lower. With expert and automated marketing and showing processes, we’ll get your home rented a lot faster.
Turnovers are even more of a financial risk. When your tenant moves out, you have to invest a lot of time and money making the property ready for a new tenant. You have to market and advertise and set aside time for showings. There’s the screening and the lease signing. A good property manager will save you money by reducing turnover. There will be a tenant retention plan in place designed to keep your current tenants happy and renewing their leases year after year.
Placing Better Tenants for More Money
Property managers have a better understanding of the local rental market than independent landlords, and that’s always going to save you money. We rent homes in every Charlotte neighborhood every day. We’re in Matthews and Ballantyne, Monroe, Indian Trail, Stallings, and Mooresville. We know the market. We understand what tenants are looking for, and we increase your earnings by placing reliable, well-qualified long-term tenants.
With a bad tenant, you run the risk of higher costs. You might find yourself dealing with late or unpaid rent, property damage, and expensive lease violations.
Paying for an eviction is going to be a lot more expensive than paying for a professional property manager.
Don’t risk the expense of placing the wrong tenant; a good property manager will know how to find high quality tenants and will usually guarantee those tenants.
Cost-Effective Repairs and Maintenance
A Charlotte property manager can protect your home from damage, deterioration, and potential legal liability. All of this leads to money saved.
With better maintenance practices and an emphasis on preventative maintenance, you’ll find there are fewer emergencies and less of a risk that you’ll find deferred and unreported maintenance issues.
Property managers will also protect the value of your property. You’re likely to pay less for maintenance because of the relationships your management company has in place with professional service providers. Most vendors and contractors offer discounts to professional property managers because of the volume of work we provide. You won’t have to worry about overpaying for a repair or hiring the wrong, unlicensed vendor.
Avoiding Expensive Legal Mistakes
What will you do if your tenants stop paying rent? What will you do if they want to move in with a new roommate or if they claim to need an emotional support animal? How will you handle a tenant who disputes a security deposit deduction?
Legal requirements can be tricky, and a mistake will be expensive. Fair housing laws require you to understand what you can and cannot say during the marketing, screening, and leasing process. It’s easy to discriminate without meaning to.
You’ll need to know the difference between a service animal, a support animal, and a pet. It’s also important to study and understand the Fair Housing Act and the Americans with Disabilities Act and the Fair Credit Reporting Act.
North Carolina has a specific set of laws when it comes to security deposits and eviction. And, it’s not enough to simply know the laws. You have to comply with them.
Property managers not only understand the laws, we protect you from violating them. This saves you money on lawsuits, claims, and misunderstandings with your tenants.
Saving money needs to be a priority when you own investment property. If you’d like to talk about how we can help you earn more and spend less on your rental, we’d love to discuss your specific property and your investment goals. Please contact us at Wess Cason Realty. We provide real estate and property management services in Charlotte and the surrounding areas in Mecklenburg, Union, and Cabarrus County.