Why Use a Property Management Company?
Ask yourself the following questions:
- Do you have experience managing rental property yourself?
- Are you familiar with fair housing and landlord/tenant laws in the jurisdiction(s) where your property is located?
- Do you have relationships with contractors that ensure you can get 24 hour service at reasonable prices?
- Do you have a reliable means to determine fair market rent and returns on your investment property?
- Do you know and have the proper notices and legal process to deal with non- paying tenants?
- Do you have a current, professionally crafted lease and related agreements/forms to minimize your exposure to liability should a tenant sue?
If you answered “no” to any of the above questions, it might be prudent to hire a professional management team. The cost of one bad decision could more than offset the cost of hiring a professional manager to help you avoid the pitfalls of rental property ownership.
Important questions to ask a prospective property manager:
Looking for a property manager in the greater Durham, Chapel Hill, Hillsborough and Raleigh area?
These are the things I look for in the management of my own investment properties, as well as have learned from industry experience:
How do you advertise rentals? What do you charge as a “finder’s fee”? How many other properties do you manage? Do you have a backup if you are unavailable? How do you screen renters? How do you handle repairs? How do you handle non-payments – i.e. late fees, worst case scenario evictions?
They should have a payment schedule, send you monthly statements with your checks, and any repair receipts. You should agree to “approve” all repairs over a specified amount and they may set aside a specified amount to cover unexpected repairs. If it is a major repair (roof replacement, decking) always get a second opinion!!!
Look for a property manager who works in the area of your property. You want someone that will be driving by the property to monitor it and be close by to show it to prospective renters.
Look for someone who already has an inventory of homes for rent in your area, as they will already be talking to tenants.
At H-Co. Properties we pride ourselves in assuring you that your property will be managed in a professional and competent manner. We are committed to safeguarding your investment by screening and qualifying prospective renters in order to acquire desirable, responsible tenants.
Our years of experience and expertise give us the knowledge to make sure your investment is protected. We manage single family and multi-family dwellings as well as condos, townhomes and offices.