Owning a rental property can be a solid investment, and a great source of revenue—but it can also be something of a hassle. Maintaining a property is tricky enough, to say nothing of facilitating strong relationships with tenants, advertising the property, and screening new occupants. It is little wonder, then, that so many property owners enlist the services of property management companies.
But if you’re looking for property management in Wilmington, NC, you should know that not all these companies are created equal—and to ensure the safety and success of your investment, you’ll want to make sure you find a truly competent and trustworthy property manager.
Finding Your Ideal Property Manager
Check the portfolio. Before you hire a potential property manager, you may wish to ask to see some of the other properties under management. Get some addresses and then go check them out, seeing what kind of shape they’re in, how well they’re being cared for, etc. Consider this a kind of reference check, and by all means be wary of managers who won’t share any of their other properties with you.
Ask about fees. There is not really a standard management fee, but you can probably expect to encounter fees in the range of 8 to 10 percent of your monthly rents. Anything substantially higher than this—or lower, for that matter—might be a red flag.
Get an inspection schedule. You want to get a property manager who will actually conduct rigorous inspections of your property somewhat frequently. How frequently? Internal inspections should be at least yearly, and exterior ones at least quarterly. Get the manager to commit to an inspection schedule before you sign on the dotted line.
Inquire about eviction rates. How often does the manager file for eviction on his or her other Wilmington properties? Here’s why it matters: High eviction rates probably mean the manager isn’t doing a great job screening potential tenants—and that could ultimately be bad news for your property!
Review the management contract. The final, catch-all advice is just to review the contract thoroughly, and make note of any additional fees that the manager might pocket. If the manager wants to keep all the pet deposits, for example, you at least have a right to know that!
Follow these tips as you look for property management in Wilmington, NC—and hopefully you’ll find someone you can really trust! Of course, you can call the Kuester team to ask about our own Wilmington property management services.