North Carolina's rent increases outpace the rest of the country, with prices rising 20% in just one year. This rise in rent attracts those wanting to invest in rental property. Once the real estate is purchased, the next natural step is to seek out property managers.
Look for these four habits of highly successful property managers in Charlotte, NC.
1. Effective Communication
Successful Charlotte property managers have effective communication skills. There are multiple layers to this. The first is that they must communicate with a broad range of people.
- Property owners
- Tenants
- Contracts
- Real estate agents
- Fellow property managers
Those who can communicate with people from different backgrounds and walks of life can effectively manage rental property.
In addition, the other half of effective communication relates to productivity. Successful property managers don't waste time writing the same email repeatedly. Instead, they draft templates that reduce workload while ensuring consistency.
2. Establish Processes
The North Carolina Fair Housing Law protects tenants by making it illegal to discriminate against individuals based on a protected class. One way to defend against false claims is to have consistent processes. Successful property managers establish routines and draft templates that comply with all local, state, and federal laws.
Having consistent processes also makes it easier to perform all duties. The reduced risk of forgetting a step helps the property manager to reduce the risk of mistakes. It also helps the manager to hire an assistant who can quickly learn the established routines.
3. Embrace Technology
In a world where almost everything is now "smart," successful property managers embrace technology. Having a single platform that centralizes all aspects of property management makes it easier to stay organized. The more successful a property manager is, the more property they have entrusted to their care.
Technology is also useful for helping successful property managers to stay organized. They can create digital versions of all important documents and file them into a document management system. This creates a backup of the documents and makes it easier to locate them later.
Finally, technology makes tenant management easier. Property managers that embrace technology allow tenants to make rent payments and submit maintenance requests online. This streamlines tenant management processes and frees the property manager to do other tasks.
4. Proactive, Not Reactive
A proactive property manager does not wait for a problem before they do anything. Instead, they actively check on and manage the properties. This reduces the number of emergencies by addressing issues before they become significant.
Successful property managers conduct regular inspections, send out surveys, and issue reminders. They may also require tenants to purchase renter's insurance or urge them to set up recurring payments.
Work With Successful Property Managers
As a property owner, you want your investment property to be successful. After all, you bought the rental to generate income, not become an additional drain on your finances. Working with successful property managers sets your investment up for success.
Contact our property managers in Charlotte, SC, to find out what they can do for your rental property.
