Are you wondering whether it’s really worth it to hire a professional property management company for your rental home? Whether you’re renting out one property or an entire portfolio, professional management is an excellent way to earn more and spend less on that investment.
A lot of owners who manage their own homes think they’re saving money because they don’t have to pay a leasing fee or a management fee. But, your property management partner can help you increase your profitability, which more than pays for that management fee.
And don’t forget – your management fee is tax-deductible.
Let’s take a look at some of the ways a property management company can maximize your profitability.
Earning Higher Rents
Rents are climbing in Charleston and throughout the southeast. Trying to price your property accurately can be challenging. You want to earn as much as possible, especially because qualified tenants are willing to pay top dollar for a well-maintained rental home. But, you don’t want to risk a price that’s too high. Overpricing your rental property can lead to a longer vacancy time, and that’s a difficult loss to recover.
Property managers understand the local rental market. We know what competing properties are renting for, and we understand how to settle on a price that’s both profitable and competitive. You’ll lose less money on vacancy and you’ll have a less stressful time wondering if you’re losing money on your rental rate.
Maintenance and repair costs are rising. There’s not much a property manager can do about that; the cost of materials, supplies, and labor is much higher than it was a year or two ago.
You can leverage some property management resources to keep your costs contained, however. A good property manager partner will:
- Have relationships in place with vendors and contractors, ensuring you get the best work for the most affordable prices.
- Prioritize preventative maintenance, ensuring that those expensive emergency repairs are less frequent and you’re not losing money on deferred and unreported maintenance issues.
- Protect the condition and value of your investment, by working with tenants and conducting routine inspections.
Maintenance that’s managed by a property manager is usually less expensive than repairs that you have to manage on your own. It’s also more reliable. You’ll know you’re working with licensed and insured vendors who care about the quality of their work.
Lower Vacancy and Turnover
Good tenant relationships make you more money. When your tenant is enjoying a positive rental experience, they’re less likely to leave when the lease ends. They’ll renew the lease agreement, agree to a higher rent, and save you from having to spend money on turnover costs.
Property managers can establish professional, respectful relationships with tenants that are based on good customer service. We’ll increase your tenant retention rate and help you earn more with great, well-screened tenants who are paying rent on time and taking care of your property.
Our strategic marketing resources will also limit vacancy times. Your home will be rented quickly, and you’ll save money on the costs that come with an unoccupied rental home.
These are just a few of the ways that partnering with a professional property manager can increase what you earn. Make sure you’re leveraging the experience and the resources of a team like ours. Please contact us at Charleston Home Rentals when you’re ready to talk about expert rental management.