Managing rental properties can be quite a challenge, especially if you don’t have any experience in leasing, maintenance, rent collection, rental laws, or lease enforcement. The learning curve is steep, and that’s why there are so many benefits to working with a professional property management company.

We understand that it’s not an easy or immediate decision for every rental property owner. While professional management can offer convenience and expertise, some landlords may find that self-management allows them greater flexibility in renting out their property; they can make all the decisions and control all the outcomes while avoiding a property management fee.

The best choice for you depends on your tolerance for risk, the level of expertise you have when it comes to rental laws and management best practices, as well as the amount of time you have to take care of your investment and provide a good rental experience for your tenants.

There’s more to it than placing a resident and collecting rent. Smart investors understand the value of professional management, and whether you’re renting out a home in Matthews, Ballantyne, Kannapolis, or one of the surrounding areas, we want you to have all the information you need when you’re deciding whether to rent the property out yourself or partner with a professional management company.

Choosing Self-Management for Your Charlotte Rental Home

Every property owner has a different level of experience and confidence, and we have seen plenty of situations in which an owner is well-positioned to self-manage a rental home. If you have experience leasing and managing homes and you have some great relationships with vendors and contractors, you can do a good job of renting out your own home. Just make sure you understand all the state, local, and federal laws that pertain to your property and your tenants. They are always changing, and it’s imperative that you keep up.

Here’s why you might choose to self-manage your rental property:

Self-management gives you more control over the day-to-day operations of your rental property.
You’ll make all the decisions about how your property is maintained and when work is needed at the home.
You’ll establish what’s expected of your tenants.
You’ll have the opportunity to establish and maintain a close working relationship with your residents.
You’ll gain experience in managing rental homes.

This type of management is typically an advantage to the owners who want to build a portfolio of rental homes and grow within the real estate and property management industries. If you’re thinking about managing homes full time, taking care of your own rental property is a great starting point.

Make sure you understand the risk that’s involved in leasing, managing, and maintaining your own home.

Mistakes are easy to make, and they’re often expensive. We have seen self-managing landlords try to charge a pet fee for a service animal, which resulted in a fair housing complaint and investigation. We’ve seen security deposits returned late, which results in a lawsuit.

The worst risk, however, is that you won’t notice the opportunity cost of self-management. You’re basically taking on a part time job when you manage your own property. In some circumstances, it’s a full time job. What does that mean for you? It means you might be missing out on some valuable developments in your own life. You might not have the time to look for your next investment or pursue your next passion.

Benefits and Challenges of Professional Charlotte Property Management

When you work with professional Charlotte property managers, you’re leaving all the details in the hands of experienced professionals.

This saves you a lot of time.

You are not the person who needs to rush to the property when a toilet is leaking or a water heater has burst. You won’t have to screen tenants or file notices when rent is late. There won’t be any need to confront tenants or resolve disputes. Instead, your property manager is taking care of all those things with tools and resources that self-managing landlords don’t have access to themselves.

Here are some other benefits to professional management:

You’re relieved of having to manage a tenant relationship. It can be difficult to enforce your lease agreement or listen to the list of complaints a tenant might have on any given day. Property managers provide a buffer between you and the people renting your home.
You limit the risk and liability that’s inherent with rental property. Your property manager will understand the fair housing laws, the eviction requirements, security deposit laws, and all the differences between pets, service animals, and companion animals.

This might surprise you, but you’ll likely save money with professional property management in Charlotte.

Many rental property owners have the idea that self-managing is cheaper for a property owner. But actually, it can end up costing you more. Property managers generally fill vacancies faster and with tenants who are better qualified. You’ll also benefit from the preferred discounts that many contractors and vendors provide to management companies because of the volume of work that’s provided.

When you work with a professional property manager, you can deduct that cost from your taxes.

Perhaps the largest challenge to professional management is that you’ll have to trust someone else to make decisions about your home. When you partner with a property manager, you won’t be selecting tenants or deciding when things need to be fixed. That’s going to be your property manager. The property manager will make recommendations about upgrades that might improve your rental value. The property manager will negotiate lease renewals and deal with tenant questions. Make sure you aren’t so emotionally attached to the property that you can’t give up a little control.

We’d love to tell you more about our own Charlotte property management services and help you decide if you’re better suited for professional services or if you’re okay doing it on your own. 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.