When estimating the income potential of your property, often times an owner determines the property value first, then a desired income, and finally subtracts a management fee. When the rental income doesn’t seem as good as the initial desired amount, some homeowners decide to either take on renting their property management on their own or not to rent the property. An easy solution Southern Coast Management will suggest is to add the property management fee to your desired income. Statistics show that properties rented through professional property management companies average up to 20% more in rental income! Until you review the advantages of using a property management company, it can be hard to see how much their management fee financially saves you. The advantages of using a property management company are huge for not only the property owner, but for the tenants as well.
First we need to speak to the property owners in order to help you decide if a property management company is advantageous for you. At Southern Coast Management, owners are treated as partners in the management of their property portfolio. Though a partnership, it is our management skills doing to work for you. A management company must use the latest technology to showcase a property, screen prospective tenants, handle financial transactions, follow state code compliance and efficiently coordinate maintenance needs. This takes knowledge and experience in the community and a fully-staffed team to keep your property occupied and in pristine condition.
It is important to thoroughly market a property in order to give your property exposure in the rental market. While a homeowner can place a newspaper ad and leave their personal information as the contact source, Southern Coast Management offers so much more! We have a current waiting list of already approved tenant candidates and our office staff receives calls daily. We also market properties to Realtors, multiple online rental sites, local publications, and print media. With Southern Coast Management, you work personally with a manager who will provide a step by step preparation guide to renting your property that saves you time and money by focusing on the essentials relevant to renting. Your property manager will also make sure you get paid! Experienced property managers help handle issues that may arise: from abandonment, damages or evictions.
Tenants also take a risk in renting through an individual instead of through a property management company. Often times homeowners do not have access to the current rental contracts and fail to meet state rental compliance laws. If an issue arises and the homeowner/tenant relationship is strained, tenants can find that their best interests are not protected due to a signed contract that is not state compliant. If you are looking for a secure rental, begin with property management companies.
There are multiple advantages to using a property management company. Having a property management company place a tenant, handle issues that arise and get you paid on time. A property management company’s value outweighs the risk of renting a property on your own or the loss of deciding not to use your property as an investment. Start today with a call to us, Southern Coast Management at 843-663-6063.