There are many ways to handle a rental business. Every property management strategy must take into account many factors, including the landlord’s skills and preferences as well as the location of the rental property. A property located in Chapel Hill, for example, will face several unique challenges and conditions.
To begin with, Chapel Hill is home to the University of North Carolina, which means that many of your potential tenants may be college kids. Also, Chapel Hill may have a small-town feel but it is still part of a major metropolitan area. That means professional marketing carries more weight than word-of-mouth. Tenants may be more likely to disappear without making good on rent, trusting in the anonymity of the big city to protect them from any consequences. Still, the ultimate strategy for property management Chapel Hill NC, like any property management strategy, comes down to the individual owner.
Whether you are new to owning rental units or have been in the landlord game for many years, it pays to take a moment and ask yourself how involved with the property you want to be. Rentals make for great passive income if you are willing and able to hire someone else to run them for you. However having a rental manager is not for everybody.
Waking up at two in the morning to deal with a tenant emergency is not fun, but neither is losing tenants due to a poor decision that somebody else made in your stead. Luckily, it is not an all or nothing decision. The best strategy for many landlords is to hire someone else to do the parts they are not good at, do not like to do, or simply do not have time for, while handling the important decisions themselves.
Your experience and skills as a landlord will also affect the ideal strategy. If you are completely new and have no one to teach you the ropes, it might be a good idea to hire someone at least for the first bit while you get your bearings. In any case, be honest about what you can and cannot do yourself, as well as what you like to do.
Owning rentals requires great organizational skills, as you must remember when rent is due, move-out and inspection dates, garbage and recycling days, routine maintenance, and so on. If you find yourself slipping on details, hiring someone to keep track of the busywork could save the day.
Remember that a rental business is, in fact, a business. Someone needs to worry about finances, taxes, contracts, and eventually an exit strategy. Rentals require a huge amount of maintenance and repairs, as well. A good rule of thumb is that if something can break, it eventually will, and if you do not know how to repair it you will have to hire someone.
Finally, people skills are a crucial part of this business. Even if you have everything else under control, you may consider paying someone else just to deal with tenant complaints and save yourself the headache.
Owning rental properties can be a great source of income. And as long as you have the management part taken care of, either by yourself or a professional, it can be a great career choice!