Hello, property and potential property owners! Welcome to the RPM Distinguished Care blog, where we provide practical advice about property management! If you’re a return visitor, welcome back. We sincerely appreciate your support! RPM Distinguished Care specializes in managing successful rental properties in and around the Charleston area. We’re here to make your lives easier by giving you the resources you need to maximize profitability and have a successful rental property. We provide comprehensive property management services at every possible level. From advertising and marketing to responding to applications, to inspecting and maintaining properties–there’s nothing we do not do. Further, we ensure tenant compliance, handle necessary evictions, and report directly back to you about revenue and profit potentials. We aim to make owning rental property as easy for you as possible, for as little money as possible. Check out the rest of our site to meet our team and discover what makes RPM Distinguished Care the best property management company in Charleston!
In our last post, we discussed security and safety tips for rental properties. As you know, owning a rental property can be a lot of work. As a landlord, you’ll want to be sure that both your property and tenants stay safe. We discussed things like getting a good insurance policy, screening tenants thoroughly, and more. If you are interested in learning more about security and safety for rental properties, we encourage you to check out our last post.
Today, we’ll be going over some frequently asked questions by landlords about property management. When it comes to owning and renting out properties, there are a lot of areas to cover. Both landlords and tenants have responsibilities, and between advertising your property, screening tenants, and following local laws and regulations, it can feel overwhelming– Especially if you are a new landlord or property owner. Because of this, we have compiled and answered some of the most frequently asked questions about property management! If you are interested in learning more, you’re in the right place. Let’s get started!
Why do I need a property manager?
Many people underestimate the difficulty of owning and renting out property. Managing a rental can be financially rewarding, but it also takes up a lot of time and effort. This can be difficult for a number of reasons. For some people, investing in a property and renting it out is not their main occupation, but rather a way to earn supplemental income. This can make it more challenging to find the adequate time and effort needed to care for your rental property, especially if you own multiple properties. Additionally, where you live in relation to your rental property can impact your ability to fulfill your duties as a landlord. Hiring a property management company will free up some of your time, help ensure that your rental property is in compliance with housing regulations and property laws, and so much more. A property manager essentially handles all of the day-to-day operations of your rental property, like finding and screening tenants, collecting rent, and performing maintenance when needed. Overall, hiring a property manager is a great way to ensure that your rental property is on the right track.
What makes a good tenant?
Any landlord or property manager’s goal is to find tenants; No one wants a vacant property! However, you don’t want to rent your property out to just anyone. When you think of the perfect tenant, what comes to mind? Ultimately, you’re looking for someone who will pay rent on time and respect the property. Therefore, in order to find the right tenant, applicants must be properly screened. Remember, you are not looking to see whether an applicant is a “good” or “bad” person, but whether they would make a “good” or “bad” tenant. The screening process generally requires a background check, which includes criminal history as well as credit history. Additionally, tenant screening usually includes verification of their employment and income, as well as checking rental history to look for previous evictions or a history of late payments. It is important to keep in mind the Fair Housing Act, which prohibits discrimination in housing based on race, religion, national origin, sex, and disability. At RPM Distinguished Care, our tenant screening process is an 8-step extensive process that includes a look at the sex offender registry, a review of pay stubs and/or tax returns, and a review of rental history by contacting their previous two landlords for references.
What expenses do I need to consider?
It is easy to underestimate the costs of rental properties, which makes budgeting more difficult. First, keep in mind that there will be expected and unexpected costs. When purchasing a property to rent, there is the initial cost, as well as property taxes and mortgage interest. Then, there is the cost of an insurance policy, and property management fees if you choose to hire a property management company. All of these things are expected costs, which makes them easier to estimate. In fact, once you have the prices for all of these factors, you’ll know the exact amounts you can expect to pay. However, now you must factor in unexpected costs. Unexpected costs may include maintenance, generally in the event of an emergency. Although performing routine maintenance can help decrease the risk of a bigger problem developing, accidents and emergencies do happen, so it is best to keep this in mind when it comes to your budget.
What kind of insurance do I need?
Getting a good insurance policy for your rental property is arguably one of the most important items to check off your list. Choosing the right policy will help keep you protected in various situations. Generally, there are two types of policies that people look at: Homeowners insurance and landlord insurance. Rental property owners are often unsure of which of these types of policies to choose. You should be aware of a few key differences between homeowners and landlord insurance. First, homeowners insurance is the policy to choose if the property serves as your primary residence. If you are going to be renting out this property for an extended period of time, you’ll want to opt for landlord insurance. Unlike homeowners insurance, landlord insurance includes loss-of-income or loss-of-rent coverage. This means that if your property is damaged and cannot be rented out after a disaster covered by the insurance policy, the policy will essentially pay rent on behalf of your tenants. It is important to note that landlord insurance does not cover your tenant’s belongings. We previously discussed everything you need to know about homeowners and landlord insurance in one of our previous posts!
How long will it take to rent my property?
Ultimately, the time it takes to find a renter and fill a vacancy depends on several factors, including the time of year, location, asking price, and local inventory levels. Sometimes, the process of filling a vacancy can take longer in the winter months, and other times the process can take time due to the status of the economy and market. Here at RPM Distinguished Care, our marketing program and leasing services are second to none, so rest assured that we are more than capable of filling your vacancies. Typically, we are able to find a qualified applicant and fill a vacancy within a few weeks.
These are just a few of the most frequently asked questions about property management. As you can see, being a rental property owner can be more than meets the eye! We hope you found this article helpful. If you are a rental property owner looking for assistance in managing your property, feel free to reach out to us! RPM Distinguished Care specializes in residential property management and offers a range of services including communication, marketing, and advertising, thorough tenant screening and selection, full-service leasing, timely rent collection, regular evaluations, cost-effective and reliable maintenance, strict and compliant evictions, and comprehensive accounting. We utilize an online portal for owners to keep track of their property, including access to reports and financial statements. With over 30 years of experience, we know how to keep your property at its best. We believe in full-service and comprehensive property management. That’s why we take the time to understand each of our clients and help identify their most closely-held goals. Let us give you peace of mind that your property is in good hands. Use our website to request your free assessment and meet with our expert team! Thank you for taking the time to read this article and we hope to hear from you soon! See you next time!
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.
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.
