Have you invested in one or more rental properties in Raleigh, NC or the surrounding areas? Do you own rental properties in Raleigh, but live out of state? Would you rather spend time with your family or expanding your real estate investment portfolio? If you answered yes to one or more of the previous questions, you need a property manager in Raleigh. Securing the services of a property manager can give rise to a more comfortable life for you in many ways.
At Real Property Management Excellence, we help prevent issues before they even happen by assessing all applicants to ensure whoever you are renting to is a qualified resident. We make sure your property is “rent ready” prior to move-in, making sure the property is ready for your new residents to move in and make it their home. We make sure anything that needs repair is completed before a new resident moves in. Additionally, we have a 24-hour maintenance hotline and an online portal where residents can submit work orders for us to address.
This ensures that we can resolve maintenance requests in a timely manner. You won’t be taking time away from your day attempting to schedule a maintenance company to do repairs on your property and trying to schedule a time that is convenient for your residents, and you will not have to visit your rental property to ensure that the work was done properly.
If you don’t live near your rental properties, having a property manager makes your life more convenient. Even if your rental property is only a 30-minute drive away, the time and mileage can add up quickly to cut into your personal life. Let us do the driving, while you use your personal time to go somewhere for yourself or with family or friends, not for renters.
So What Are the Duties of a Raleigh Property Manager?
Being a rental property owner can certainly spice up your investment journey. However, managing a successful rental property requires much more than putting up that “For Rent” sign.
Some people think that being a Raleigh property manager consists of rent check collection and some basic property maintenance, and so in order to lessen expenses, many real estate investors do DIY property management. They fail to recognize that doing so can lead to issues for both the rental property’s surrounding neighborhood and themselves.
For many, being a DIY Raleigh property manager is a matter of priority, as they often have other jobs (or even other properties). As a result, property management becomes only a part of their many responsibilities. Since they are distracted by plenty of to-do lists, they do shortcuts or haphazardly do the job, and quality of service becomes affected. It may not be for lack of knowledge, but everyone has limits.
So let’s take a look at the duties a property manager must perform.
Understanding Your Liabilities
Landlords and property management companies must comply with all the laws and regulations pertaining to rental properties. These laws are Federal, State, and local in nature and require a good deal of research and knowledge to understand how to protect yourself, your property, and your tenants.
- Homeowner’s Insurance
- Renter’s Insurance
- Real Estate Licensing
- Landlord-Tenant Laws
- Fair Housing Laws
- And More
Some of these laws and regulations can be rather complex. If you do not understand or comply with property management laws and regulations, then this can result in mistakes that could cost you money and your reputation.
Choosing Quality Tenants
In your eagerness to rent out your unit you might choose the first person who has money in hand and ready to sign a lease. Yet prior to accepting anyone, you need to screen your applicants. A professional Raleigh property manager will take the time to cautiously screen each tenant. These professionals know what to look for and the ways to look for it. Moreover, doing background checks can help reveal the past criminal behavior of an applicant. You can also ask for references from the applicants’ past employers and former landlords.
Previous employer and landlord references are more reliable than references from the tenant’s family and friends. In addition, a prospective applicant’s income must be at least three times more than the rent. So ensure that you check the applicant’s income. These are just some things you need to check during tenant screening, and we can help you with more.
Navigation Tenant Relations
Unfortunately, life isn’t always rosy. Your renters may encounter problems with employment, relationships, or other issues, and these issues might affect you. Being a property manager means renters’ situations might result in your not receiving the scheduled rent payment. It is the property manager who takes on the tough task of requesting late rent or perhaps dealing with costly and time-consuming evictions. Difficult tenant situations are not an enjoyable part of the job.
Collecting the Rent
Every property owner’s goal is collecting rent. However, if you work with an expert Raleigh property manager, collecting rent becomes easier. Also, tenants have the tendency to pay rent on time if they can pay via online tenant portals that can be accessed 24/7. When a new resident moves in, a clear understanding of a firm but fair payment policy assists in avoiding confusion and helps to keep the process professional, not personal.
With the expectation that you will always be available any time of the day, being a property manager is hard. That job can be made easier by partnering with an experienced, professional management company, which can help you get protected legally, prepared more efficiently, and beginning the cash flow as soon as possible.
A successful property manager will need to be available to residents 24/7. Although there are some problems that can wait, some aspects will demand your immediate attention.
What About DIY Property Managers?
If a property manager chooses the DIY method, issues can certainly happen. A shocking 51% of DIY property managers don’t conduct simple background and credit checks on new residents. That figure alone says a lot. Once tenant screening is done poorly, increased tenant turnover is likely the result, and even worse, you may have tenants with some grave payment or legal offenses. Investors simply cannot afford to have residents with rent payment problems, and/or with legal problems or issues.
If you are currently a DIY property manager in Raleigh, you’ve surely experienced a number of hassles and headaches that can eventually cost you money. Do you have a solid understanding of the laws and regulations? Are you set up to deal with any situation that can/will arise with your residents? Are you willing and able to be constantly available regardless of the day or time to properly manage and maintain your rental property? You will soon realize that assistance from a property management company can give you more return on your rental property investment, greater peace of mind, and assist you in avoiding costly mistakes.
The Financial Benefits
A successful Raleigh property manager is priceless – especially if your intentions are to save money while managing your rental property. You may be asking yourself how this is – how does paying someone else, especially a company that will likely charge more than the local mom and pop shop down the street, saving you money on your rental property? The key is to avoid is the pitfalls that can come handling property management yourself, or with working with a less-than-reputable property manager.
Well Vetted Residents
A property manager that has had success with their properties will likely have a strong application process that makes sure to include a credit/background check, will ask for and call references, and will make sure there is nothing obviously untoward about any future residents. This type of screening process with help you save on items like maintenance when you have tenants that will do their part in taking care of your property.
While some types of maintenance are to be expected with any rental property, residents who are not respectful of your rental property can cost you more than the time it took to screen more suitable applicants. A good Raleigh property manager will have both the processes in place and the experience to pick the best residents possible to live in your rental.
Shorter Vacancy Cycles & a Tighter Rent Collection Process
Beyond just finding great residents for your Raleigh rental property, another key way that a successful property manager saves you money is by ensuring that you have a continuous stream of rent money coming in. Your rental property will have shorter vacancy cycles because your property manager has a team and process in place to advertise, market, and hustle to fill vacancies as quickly as possible.
Vacancies are often the number one way that you can lose money with a rental property. Don’t find yourself in a position where You are still paying the mortgage, but no money is coming in.
Additionally, once you have well-vetted residents ready to move in a Raleigh property manager will help with the logistics of getting that money to you – avoiding late rent collection that may hurt you if you are trying to pay your bills on time.
Established Vendor Relationships
As mentioned above, there is unavoidable maintenance that your rental property will experience. However, don’t take the short-view and not keep up with your rental – no one wants to live for a slob. Knowing that you will need to work with a number of maintenance vendors throughout the lifetime of your rental, a good property manager can save you money by using their vetted list of vendor partners.
Rather than choosing someone at random, a good Raleigh property manager can take the guesswork out of it and use vendors that they know from experience are licensed, do quality work at the best price, and the property manager will take care of the coordination with the vendor and resident so that you can rest easy.
Your Personal Bookkeeper (Almost)
Whether you have been pursuing rental property as a viable means for retirement or a secondary income, or if it all fell into place, hopefully, you are taking advantage of all the benefits available to you – including reducing your taxes through property depreciation.
Using a property manager is not necessary for being able to depreciate the property itself or capital expenditures (that new refrigerator you bought this spring, or the new driveway you’re putting in next year); however, having a Raleigh property manager on your side is really like having a salesperson, marketing coordinator, maintenance person, and bookkeeper all rolled into one.
A good property manager can help you keep track of what money you’ve re-invested in your property so that you have good records come tax time. Your tax accountant will thank you, and so will your bank account when you maximize your tax write off. Your property manager will be able to keep records of all income and expenses that you always know how your investment is doing.
How Much is Your Time Worth?
Beyond just the benefits that lead to more money in your bank account, there is also another very real benefit to partnering with a Raleigh property manager – if you’ve ever been a Do-It-Yourself landlord, you are aware of how time-consuming and unpredictable it can be. you will not want to be the emergency contact when there’s a maintenance request at two in the morning! You don’t want to risk giving up your time off or your nights, weekends, and holidays to deal with resident issues. Your time is valuable, so even if you like to work there are almost certainly better things you could be doing.
A reputable Raleigh property manager may not seem to be the cheapest option at first glance; however, in the long run, you will save money through the successful system a property manager can give you. By relying on their experience, you are maximizing the benefit you receive from your properties. Reach out to Real Property Management Excellence to find out why we are the best at what we do and how we can help you more effectively manage your rental property.
Choosing the Right Property Manager in Raleigh
So… you have come to the decision to hire a Raleigh property manager not only to help protect your rental property but also to help you get the best possible return. Rental properties are worth a great deal of money, and so the decision to find a Raleigh property manager is a wise choice.
It is also wise to compare/contrast a number of different property managers. What should a Raleigh property manager possess? Knowing the correct questions to ask and what to look for can assist you in avoiding costly mistakes.
Qualifications and Experience
The company you select should have experience. Ask how long a company has been in the industry, and what their specific qualifications are. Also, inquire about the support that they have, and what ties they have with other professions within the community. Avoid companies that offer too many services because they tend to lose their focus. Property management should be the priority of a company, rather than other tasks such as selling homes.
Property management involves renting and leasing activities and is considered a real estate activity. A Raleigh property manager must know and understand the laws in order to handle your property professionally. This can help to avoid expensive fees and penalties. If a company does not prioritize property management, they may be slack in renting your property and in running daily tasks, so ask the difficult questions to find a good fit.
Real Property Management Excellence provides an online owner portal that allows you to easily access information about your property. This promotes a more transparent business interaction. Through the portal, you can easily access information about your property at any time, thus giving you peace of mind. When you are comparing Raleigh property managers, determine whether other companies also have online owner portals.
Proper maintenance for your investment property assists with shorter vacancy periods and more long term tenants. Plumbing problems are an inconvenience, and who doesn’t get upset when the air conditioner stops working when you need it the most? When these issues occur, tenants are happier with quick and reliable maintenance. Real Property Management Excellence has built relationships with quality vendors who make sure your property is well taken care of for as long as you own it.
As a property owner, can you really afford not to have a property management company on your side? Stop stressing over residents, property concerns, and personal relationships clashing and allow us to handle everything for you. Please contact us online or call us at 919-827-1107 for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.