If you have never worked with a property management company before in Myrtle Beach, Conway, Surfside Beach, Murrells Inlet, Socastee and the surrounding areas, you may be wondering what to expect. That will depend upon the company you choose, of course. Every management company structures its services a little differently. However, you can always anticipate that your property manager will lead you through the leasing, management, and maintenance of your investment property. This will look different depending on the type of property you have and what you need from your professional resource.
Professional property management is good for you and it’s good for your property. We want you to have a positive experience no matter who you’re working with, so let’s take a look at what you can expect when you work with a Myrtle Beach property manager for the first time.
Expertise in the Local Rental Market
Working with a property manager means less guessing, especially when it comes to things like pricing, marketing, and tenant screening.
Your property managers will understand the local rental market better than you do. Property managers spend a lot of time studying the market and gathering data on competing properties, tenant demographics, and rental values.
We’ve been in Myrtle Beach and the surrounding areas for years as property managers and real estate experts, and we are familiar with all the opportunities that exist here. We know the properties, we know the tenants, and we appreciate the complex local laws and regulations that come with renting out homes in our market.
Use your property manager’s market knowledge to:
- Limit vacancy time.
- Price your rental property accurately and competitively.
- Recommend upgrades and updates that will increase your rental value and attract better tenants.
- Create a marketing strategy that reaches the most potential tenants.
Understanding the market is an important part of our process as property managers. You can leverage all the knowledge and resources that your management partner offers.
Myrtle Beach Property Management Plan
What does good management look like to you? If you’ve never worked with a property manager before, you may think you’re simply getting someone who collects rent and responds to repairs. A good manager will deliver more value than that.
You should expect a personal and professional relationship that centers on your investment goals. What are you hoping to accomplish with your investment property or your portfolio? You’ll want to share this with your property manager so they can help you achieve your goals.
When you work with a property manager, they should have a clear plan for the way your property is leased, managed, and maintained.
Tenant Selection and Retention
Perhaps you’ve always chosen your own tenants because you were managing your own rental home.
When you’re working with a property manager, you won’t have to be responsible for showing the property, gathering applications, or screening qualifications.
In fact, it’s better left to your management company. You’ll be protected from any potential fair housing mistakes, which are easy to make when it comes to screening. You can rely on your property manager’s expertise.
Placing your own tenants can be risky not only because of compliance issues, but also because you don’t really know who they are unless you do a thorough screening and background check. Believe me when I tell you, a bad tenant is worse than no tenant. Placing the wrong tenant will create stress and frustration. It will cost you money. It’s hard to find peace of mind when your tenants aren’t paying rent on time or you suspect they’ve moved in with a vicious dog that hasn’t been approved or screened, or they are damaging our home.
A good property management team understands that your whole rental experience depends on having tenants in place who pay rent on time, take care of your property, communicate well, and follow the terms of their lease agreement. Your property manager will place a qualified tenant and more importantly, work to retain that tenant.
Vacancy and turnover costs can be expensive. When you start working with a management company, you’ll notice that all tenant relationships will be the responsibility of your property manager – not you. Don’t worry about the potential conflict of chasing down late rent or negotiating who will take care of landscaping. Your property manager will work with your tenants to enforce the lease and ensure that they have a great rental experience – one that inspires them to renew the lease agreement.
Rental Property Maintenance and Repairs
Some property managers will develop relationships with reliable vendors and contractors, ensuring that maintenance is provided in a way that’s timely, cost-effective, and reliable.
Our company provides both in-house maintenance services, as well as utilization of top-quality contractors when needed for a task that falls outside our expertise. This approach has proven to save our owners time and money. It allows us to control scheduling and prioritize work, and we feel confident enough in our vendors that we stand behind their work 100% and guarantee that the job gets done properly. Most management companies either have their own in-house team or they outsource the work to their own list of preferred vendors.
You can expect that your emergency, routine, and preventative maintenance needs will be taken care of. This not only protects the condition and value of your asset; it also contributes to tenant satisfaction. Your residents don’t want to wait weeks for something to be repaired.
If you have your own maintenance professionals who you would prefer to use, talk to your property managers about that. Otherwise, prepare to leverage their relationships and resources to provide a better maintenance process all around.
Lease Enforcement, Rent Collection, and Accounting
Enforcing the lease is an important part of property management, and your property manager can be counted on to collect rent on time and make sure your tenants are following the terms of the lease agreement that they signed. We’ll have online rental payment options, which is a huge convenience to tenants.
We’ll enforce the lease agreement and hold your tenants accountable, even while maintaining positive relationships with our renters. You want to know there’s a good relationship in place between your tenant and your management company because tenant retention is important in saving you money.
Accounting is something else you can count on from property managers. Our software and technology is a huge help to owners, who simply need to log onto their online portal to see a careful accounting of income and expenses.
If you’d like to talk about our services, please don’t hesitate to contact us at J & P Unlimited. We manage investment properties in Myrtle Beach, Conway, Surfside Beach, Murrells Inlet, Socastee and the surrounding areas.