Why You Should Hire a Property Management Company in Greenville, SC
May 12, 2015
Renting out property can be a fantastic way to earn additional income, but sometimes it can be more trouble than it’s worth. Homeowners who are not familiar with the common practices and legalities of renting their home might run into trouble, but this trouble can be avoided by enlisting the help of quality, experienced property management services. Property management companies, such as SRP Management Greenville, provide a strong understanding of the industry, allowing homeowners to avoid common mistakes and enjoy the stability of continual rental income. These organizations accomplish this in a variety of ways, all of which will, in the long run, save homeowners from wasting time, losing money and dealing with endless headaches.
Comprehensive Tenant Screening
One of the main challenges that homeowners wishing to rent out their property come across is finding a quality tenant to live in their home. Applicants can seem appropriate upon first meeting them, or even keep up a façade for a lengthy period of time, but eventually the truth comes out and the issues start appearing. Once these issues appear, it is possible to evict the tenant, but this could take months, potentially even years depending on the legal environment, all without the homeowner receiving a single rent check. And, what makes matters worse in a situation like this, is while the eviction process is underway, attorney’s fees start piling up with the back rent, creating a horrible, stressful and expensive situation.
Property management companies, through extensive screening and qualification processes, find the best tenants to fill houses for rent. The tactics these companies use range from application packets to credit checks, and their employees possess the knowledge to examine these documents properly, scouring the details for any potential negatives. So, if a homeowner uses property management in Greenville SC, the management company would fill any houses for rent with quality, dependable residents.
Hassle-Free Rent Collection
For property owners unfamiliar with rent collection, it can get a little tricky if tenants are not on the ball and willing to up quickly. Many people feel awkward asking others for money, even if it legally owed to them, but property managers are trained to not let this affect their performance. One of the most important responsibilities of a property management company – if not the most important – is rent collection. Without consistent cash-flow and profitability, what would be the point of renting out property in the first place? Professionals know this, and make it a focus to force tenants to abide by the rules for rent payment laid out in the lease or rental agreement that has been established.
Incentives also need to be in place for the tenant to pay rent according to the established rules, such as late fee notices or 3.60’s being delivered if rent is not delivered in a timely fashion. These consequences are sometimes uncomfortable to employ, but, as with rent collection, property management companies understand that they are not there to be nice, lenient landlords. By having property managers be the “bad guy” in the eyes of the tenant, their attention is diverted away from the actual homeowners, creating a buffer zone and mitigating the chance of damage done to the home as retribution.
Manageable Repair and Maintenance Costs
One of the most expensive aspects of owning or renting out a home is the amount of fees associated with general maintenance and repairs. Property management companies often possess in-house maintenance teams or vendors they utilize for lower prices due to volume. By allowing a property management company to oversee repairs, perhaps for houses for rent in Greenville SC, property owners are able to step away from the tasks of organizing the repairs and paying the higher fees regular customers pay.
Current Knowledge of the Market
Property management companies are also more in tune to the rental industry than homeowners, and they can leverage that knowledge to reap the highest profit possible. By conducting frequent market surveys, management companies like SRP Management Greenville can base their rent structure around comparable homes being rented. For example, if a homeowner was using property management in Greenville SC, then their management company would frequently be checking on other rents for houses for rent in Greenville SC, and basing their rents around that market. If a property owner so chooses, after being presented with the market surveys provided by the management company, they can lower their rent to just below market in order to create more of a demand.
When property management companies are utilized, it is more likely that quality tenants will be placed in rental homes, alleviating potential legal fees, ensuring on-time rent payment and minimizing turnover, all of which help property owners avoid wasting time and money.
SRP Management Greenville is a professionally licensed property management organization providing full service residential and commercial property management services in Greenville, Spartanburg, and Anderson as well as serving the entire Upstate and surrounding areas. Our portfolio consists of single family homes, condos, duplexes, apartments, mobile home parks, and commercial rentals.
Our customers are the reason we are in business. Without them, we have no business. We will treat each customer as we would wish to be treated; fairly and with respect. We will consistently provide our customers with the highest quality service and products with exceptional value.