Signs You Need to Hire a Property Management Company in Charlotte, NC

Are you managing a property that's away from home?

Charlotte, NC, is full of rental properties and has a high demand for them. In fact, there are 720,000 single-family home rentals in this city.

Rental properties generate income, but managing them is difficult if you don't live nearby. This situation is one that might require a landlord rescue.

Managing properties from afar increases the potential for fraud and abuse. For this and other reasons, you need to consider hiring a property management company.

Not sure if you need this service? Keep reading to learn the signs you need professional property management.

You Don't Live Near Them

Landlords can live far away from their rental units for two reasons. Consider the following:

You move to a new city after buying rental units.
You purchase them in a different city to make more money.

In either case, managing properties while living far away is challenging. You can perform tenant screenings online or collect rent payments in the mail from afar. However, you won't be able to monitor the daily activities.

If you live far away, consider hiring a property manager. The property management firm can rescue you from this situation. But do it before you encounter major problems.

Your Vacancy Rate Is Too High

How often do you calculate your vacancy rate? Having an occasional vacancy is normal for landlords. But you lose money when the rate gets too high.

A high vacancy rate is a sign you need a landlord rescue.

Property management firms offer excellent property rent collection techniques. They simplify the lease renewal process. They find great tenants.

Your profits depend on collecting rent. A high vacancy rate impedes this, though.

You're Slacking on Repairs and Maintenance

Slacking on rental property repairs and maintenance signifies you need a landlord rescue. After all, you'll experience many issues if you do this, including:

Good tenants will move out
Tenants might stop paying rent
Reduction in property values
Reduction in rental property rates
Loss of income
Legal issues

Landlords slack on these things for many reasons, but nothing good comes from it. Instead of ignoring the issues, look for a reputable property management firm to hire.

You Don't Have Time

One additional sign is a lack of time. You might not even move away from your properties. You might have the money and skills to handle all the repairs.

The downside, though, is you might not have the time to manage the properties. Your properties require effective management activities regardless of how much time you have.

That's why hiring a property manager is the best solution when you need a rescue.