Did you know that the vacancy rate in Columbia, SC is under 5%? That means that now is a great time to be a landlord. Potential tenants are on the hunt for great properties!
But being a landlord is more work than you thought it would be. How can you stay on top? It might be time to consider working with a full-service property management company.
We're here to talk about a few signs that you're ready to accept help with property management. Read on to learn more.
You're Struggling to Fill Vacancies
Even in areas with low vacancy rates, it's not always easy to fill up your empty properties or units. If you're struggling to find tenants, hiring a property management company can make a huge difference.
Property management companies do more than manage properties. They also handle marketing. They can help you list your rental on the most popular sites and even advertise your property on social media.
Most of them also have their own websites that get plenty of traffic from interested potential tenants.
You Can Never Find the "Right" Tenants
So what if you're able to get tenant applications, but the tenants are never good fits for your property? Maybe a tenant seemed great at first, but they ended up being problematic during their tenancy. Maybe you can't even find a tenant that meets your qualifications at all.
A property management company will help.
Property managers will evaluate your rental qualifications and offer suggestions if necessary. They'll also help you with the tenant screening process. They can perform background checks and even interview potential tenants so you can find the perfect match for your property.
You're Struggling to Keep Up With Requests and Communication
Handling tenant communication and requests is crucial if you want to be a good landlord (and thus get plenty of lease renewals). You need to keep your tenants happy, but if you have a lot of tenants, this can get overwhelming quickly.
If you're struggling to keep track of emails, text messages, and phone calls from your tenants (for maintenance requests and otherwise), let a property management company help you.
Property management companies set up online portals for your tenants so requests are all in one place. They can also arrange maintenance so you don't have to.
You're Too Busy With Other Responsibilities
While some landlords are able to "quit their day jobs," so to speak, this isn't true of all of them (especially at first). Real estate investing is a secondary stream of income on top of a full-time job. Unfortunately, managing a property is also a full-time job, so how can you balance them?
If you find that you're unable to devote enough time to your property, but you're still determined to be a good landlord, work with a property management company that can help you with all of the "behind the scenes" work.
Do You Need Full-Service Property Management?
Do these signs sound familiar? If so, it means that you're in need of full-service property management. Your property management team will make sure that your tenants stay happy and your property stays profitable.
At Homeriver Group, our team helps Columbia landlords succeed. Contact us so we can start working together today.