Wednesday, January 22, 2014 / by Fra Jamir
Property management for Charleston area landlords can be the key to circumventing what can otherwise become growth-limiting factors. If you are one of those who acquired a few rental properties as a reliable way to earn easy, hands-off income, you may have been surprised when your hands turned out to be a bit more ‘on’ than you had planned.
Or perhaps you are an experienced landlord looking for a way to expand your business—but already fully occupied with the status quo. The solution may be one you considered before, but decided against for cost reasons. But now that you have more predictable cash flow expectations, you might take a harder look (clearly, many others have done so: according to the international analysts at IBIS World, the property management industry does $55 billion worth of business in the U.S. every year!).
Here’s a back-of-the-envelope look at why property management in town makes sense to so many thrifty landlords:
- Complete landlord/tenant law knowledge. You can imagine the cost in time, aggravation, and dollars for finding yourself on the wrong side of a legal dispute. You may think that you know the ins and outs of Charleston area’s applicable laws, but changes do happen. A property management company has the pooled resources to keep abreast of legal strictures. What your rental business doesn’t need is for the owner (you) to have to wrap your head around legal loopholes and legalese!
- Task delegation. Tending to rental maintenance issues, tenant complaints, and the host of other property management tasks eats into time you could spend earning a living, or enjoying life. A good Charleston property management company handles collections, maintenance, and the occasional problematic tenant.
- Avoiding paperwork. A Charleston, SC property management company is classified as a contractor rather than an employee, helping you to escape payroll tax and other hiring fallout. It streamlines, rather than complicates your rental business.
Whether you need help in getting started or want to offload some of the busywork, property management companies may be able to provide benefits that easily outweigh the cost. Call me for a fuller picture of this winter’s Charleston income property picture!
Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com
Jeff Cook Real Estate