Managing Your Rental Property in the Burgeoning Real Estate Economy

The real estate market is coming back. As the new generation of home buyers emerges, top cities to watch for 2018 include Austin, Seattle, Salt Lake City, Raleigh/Durham, Dallas/Ft. Worth, Fort Lauderdale, Los Angeles, San Jose, Nashville, and Boston. Industrial and single family real estate (SFR) is on the rise as capital becomes more available in the economic upturn. With the Raleigh/Durham metropolitan area being forecasted as an upcoming primary location for millennial housing investment, many young SFR investors are likely to purchase homes not just for domicile, but rather as a source of supplemental income through rental.

From a business perspective, the purchase and maintenance of a home for personal residence is entirely and completely different than that of one for rental income. While the home for personal or family residence is guided by certain policies regarding upkeep, the inner-workings of how the building is maintained beyond the breadth of code enforcement are largely up to the discretion of the homeowner himself. With a rental property, there are countless policies and procedures to consider that govern how one maintains a rental business. This includes many which are to be taken even more seriously as they are under the jurisdiction of local, state, and federal law. For instance, any rental that is rented for more than 14 days per month is considered a rental property for tax purposes. Incoming finances from tenants must be managed, including staying in close contact with tenants to ensure timely and accurate monthly payments are made. Regulations must be put in place for the duration of the tenant’s stay and leases must be drafted according to local laws, ensuring that the lease protects both the renter’s and landlord’s rights.

For more reasons than one, it can be a smart move for a rental property buyer to invest in staffing a property management team. The average rental property owner maintains a busy normal life, full-time career, and very little extra time to take on the careful work required to effectively manage a rental property. Property managing services Raleigh NC are not difficult to establish, as there are an abundance of agencies employing property managers for hire, as well as willing workers. Options for finding a property management team include employing friends and family, seeking out a hiring agency who prospects potential qualified employees for a small finder’s fee, or gaining employees through word of mouth.

Property management is an entire sector, in which there are an abundance of highly experience and highly professional staff available to work. Tasks that a property management team can assist with include advertising, managing external relations, data entry, communication with residents, hiring of maintenance contractors, tracking company expenditures, and even bookkeeping. And property management is not just for big box business. Even with one or two properties, the home owner can greatly benefit from hiring on a property manager as, with modern day regulations, it truly is a full-time job to manage a rental property.