Is property management something you want to do full time, or is it a side venture?
Have you considered everything you would face in leasing out rental property in the Raleigh area?
How well do you read and comprehend laws and town regulations? North Carolina General Statutes, chapter 42 outlines the expectations of landlords and rental property in North Carolina. Over time this statute grows and is modified. Do you have the time and expertise to navigate the laws and regulations by which you must be in accordance with as a landlord in North Carolina?
How many of us have come down with a cold and tried to self-medicate only to eventually go to the doctor to receive the correct prescription. Leasing your home requires the careful diagnosis of several market factors to reach the goal of leasing your home in a timely manner, to a well-qualified tenant and most importantly for the maximum money you canMarketing Capability
Craigslist is great, but what about MLS, Zillow, Realtor.com, Hotpads, Trulia, etc… Realtors and Property Managers have access to these avenues that aren’t readily available to the public.
Do you know how to pull a proper and complete credit report? Can you trust a Google Search for criminal background searches? Do you know the right questions to ask your tenants and more importantly their previous/current landlords to find out what type of tenant you can expect? Full tenant screening is an art and even then, cannot guarantee a great tenant. A proper screening process and the experience to interpret these reports is key.
Do you have a solid lease? Google has plenty of templates, but do you have the confidence that these documents will hold up in court if you have to file for eviction? A Professional Property Management Company will have legal documentation ready that will help to protect you in the event of a dispute. No contract is full proof, but a pre-approved NC Real Estate Commission approved lease will certainly help.
Maintenance and Repairs
What repairs should you undertake? Are they required by law? Will the necessarily increase value? What if they are tenant damage? Are you paying market rates or discounted rates due to relationships built over time with trusted vendors and volume business?
Do you know what to do if your tenant doesn’t pay or violates the lease? It’s easy to say you will evict them but do you know how this process works? Where do you file the paperwork, when can you file the paperwork, how much are the fee’s? Did you know you must appear in court and state your case?
North Carolina is governed by the NC Tenant Security Deposit Act, understanding this is very critical when it comes to how to secure, hold and disperse security deposit money. Incorrectly handling these monies can result in serious consequences and having someone that knows these rules and regulations is very important.
Do you have the time in a given month, week or even day to devote to marketing your home, meeting and showing the property, screening tenants, drafting leases, etc…? What about handling maintenance items? What if a pipe bursts or the heat goes out at 3am…who do you call, what do you do?
Peace of Mind
A property manager gives you the peace of mind in knowing that your property is being looked after 24/7. When you want to go on vacation, the Property Manager is there. Facing deadlines at work and a maintenance issue arises, the Property Manager is there. Questions about your lease, the Property Manager is there. Having a professional Property Manager advocate for you and your investment brings you that peace of mind that will allow you to enjoy your investment rather than fear it.
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