Property Management Company Charleston

Property management in Charleston has a measurable impact on your bottom line. Hiring top notch professional help keeps your rental in shape and ready to rent. Family Owned Property Management, a top ranked company, is here to help.

The Rental Market

Many people strive to build passive income. There are over 20 million rental properties or 48.2 million units in the United States and demand for your product is strong. Renters now make up 35 percent of the total population, 45 percent in Charleston.

Demand is up over the previous decade. The vacancy rate was 8.94 percent in 2019, a drop of 4 percent since 2008. Average rents in Charleston were up to $1858 in the first half of 2022. Opportunity exists for almost any landlord.

What to Expect as a Landlord

Obtaining the dream of passive income is not as simple as purchasing an apartment building, home, or duplex and then listing on Zillow. There are legal, structural, and human factors to consider that have a definitive impact on your revenue.

Among the challenges are:

Finding good renters who will maintain your property
Maintaining your property quickly, thoroughly, and efficiently,
Upholding various laws, ordinances, and regulations
Paying taxes
Keeping up with licenses and permits

As a landlord, you own a business. You must keep your customers happy as well as the government while figuring out how to turn a reasonable profit.

Finding the Right Renter

Among the largest factors impacting your business is the quality of your tenant. A bad tenant who pays a high price is actually more costly than a good tenant paying less. It is not unknown to lose thousands of dollars.

To avoid a disaster, you need to vet applicants. This requires a background check where allowed, in person meeting, and proof of financials. An expert eye can spot a storm before it becomes a hurricane.

Marketing plays a major role in finding the right people. Good pictures and advertising are key.

Maintenance

No matter how good your tenant is, houses require maintenance. The average home takes one to four percent of its value to keep running.

Pipes leak, trees fall, and joists rot over time. You must, legally, maintain a habitable environment. From a business perspective, you make the most when your property is in good shape.

Leasing, Maintenance, and Marketing Help

A property management company helps you take on the hassle of renting. For a low percentage between eight and ten percent of rent, you gain access to advertising, maintenance, and leasing services designed to keep you in business.

You should expect the best property management companies to help you find and keep the right tenants. The long game matters.