Amid high residential rental vacancy rates, Greenville is one of your best bets for property investment. The city has a burgeoning tech sector, which attracts high-earning individuals to this job market.
As a result, rental properties can yield solid returns and good appreciation rates. Your success as a landlord depends on more than having a keen eye for a good investment, though.
It involves many property management tasks to keep your properties profitable. To this end, you must consider whether it makes sense for you to hire turnkey property management services or try to do it all in-house.
The Benefits of In-House Property Management
The most obvious benefit of managing your properties yourself is that you don't need to pay anyone else to do it, although landlords who own multiple properties will no doubt need to hire help.
Apart from the potential savings, in-house property management simply gives you more control. You have the only say about what rates to charge, where to market your properties, and which tenants to place.
The personal touch can foster good relationships with your tenants and encourage lease renewals, too.
The downside of DIY property management is that it's extremely time-consuming and means you must be available to your tenants 24/7. You'll also need a level of legal knowledge and experience in real estate to manage your properties successfully.
The Pros and Cons of Turnkey Property Management
Property managers charge a fee for their services, but most landlords find they deliver good value for money. A property management company brings years of combined expertise and experience to the table for one fee.
They offer a host of expert services, including:
- Legally-compliant tenant screening
- Property marketing
- Lease origination and negotiations
- Property maintenance coordination
A property management company can assist you with legal advice when needed and help guide you through complicated evictions.
By carrying out routine property inspections, a property manager helps keep tabs on whether tenants are complying with their lease agreements and build good relationships with them. They also use these visits as an opportunity to check for maintenance issues.
They have the marketing know-how to help you find long-term tenants in the ever-fluctuating Greenville rental market.
By attending to small issues promptly, property managers ensure minor repairs don't escalate into expensive replacements. Often, they have established relationships with local contractors to ensure you enjoy the best prices for maintenance and repairs, too.
Get the Help You Need Today
If you like to keep precise control over your rental properties, hiring a property management firm might not suit you. If you aren't too concerned about this issue, you should give some serious thought to enlisting professional help.
Our team of property managers at Flagship Realty Group knows how to help you maximize your Greenville rental units.
We offer a range of turnkey property management services to help you minimize vacancies and protect your investment. Our years of experience ensure you stay legally compliant, and our rent collection techniques ensure a steady income.
Reach out for assistance with your Greenville investment properties today.
