Do I really need Property Management Services?
Every investor’s circumstances are unique. But there are some common situations which many investors face which should help you decide if you need property management services, or if you want to go the solo route. Here are some searching questions which might make you see your position more clearly:
How far is the rental property from where you live and how often can you schedule regular visits?
The further you live from your rental property the more difficult will be your visits both in terms of travel time and costs. If you live near enough you can schedule regular maintenance visits. A visit every month should be an inflexible part of your schedule to keep on top of things and to avert middle-of-the-night crises. Can you handle this long-term?
How well do you cope with stress?
Be honest – property management is demanding, are you up to it? Property management is an onerous task which will test your patience to the limit. How well will you be able to cope with the pressure situations which come with the job? Even a relatively straightforward task such as rent collection every month can be stressful. How will you react to some typical situations common to rental property management?
Your tenant is quarrelsome by nature and frequently gets into skirmishes with neighbors or other tenants
You receive complaints about noisy and violent domestic disputes
You tenants conduct questionable businesses or activities on the premises
They have noisy all-night parties
They repeatedly violate local regulations and antagonize your HOA
They try to smuggle in animals (certainly exotic ones which should be outlawed) or extra tenants
They damage the property
They hold back the rent because they know the ropes and are looking to squeeze every dollar out of the actual owner
Do you have the time or inclination to handle it?
Even an experienced investor can find managing his property can be stressful and demanding. At times everything seems to go wrong together and you might have to be on call 24/7. Now if you hired an experienced property management company they would know how to handle it and have dedicated manpower to do what’s needed.
How much property maintenance and repairs experience do you have?
When a crisis arises you have two choices – either you handle it yourself or you hire someone to do the job for you. Are you able to identify the problem and would you know whom to call? Maintenance contractors and handymen are expensive and you could just wind up hiring someone who is unethical, or not up to the job and burn your fingers, apart from a hole in your pocket. Repairs and maintenance are an integral part of property management and unless you can handle this effectively you’ll land in real trouble. A dedicated and proficient property management company has a string of known handymen they can rely upon or might just have their own personnel if it’s a large company.
Talley Properties of Charlotte, NC is one of the oldest and most reliable property management companies in the area. Over the years it has established its own systems and has a well-established infrastructure in place. Talley Properties is known to be the preferred choice of many investors who have multiple rental properties in and around the Charlotte region.