What are your plans for your investment portfolio?
Whether you own one Charlotte rental property or a handful, you should be thinking about how to grow that business and leverage what you already have to help yourself earn more.
A good investment strategy can set you up for success and keep you focused on what will really work for you. Instead of buying up any property that’s in your budget, why not be more intentional?
Partner with a Charlotte property management company. This will give you the advantage of local market expertise and resources that can be invaluable as you increase the size and profitability of your portfolio.
Charlotte Property Management and Market Knowledge
Understanding the local rental market in Charlotte is an important part of growing your investment portfolio. When you decide you want to acquire new properties, you’ll need to know how much you’ll earn from those homes. This is the most important reason to work with an expert who understands rental values in Charlotte.
Don’t rely on data that you find online. Get solid, reputable information and insight from professionals who work in this market every day and spend their professional careers pricing properties, raising rents, and studying the local market.
When you understand how much you’re likely to earn and spend on a particular property, and you know what kind of work may be required before you can list a home for rent, you’ll make smarter investment decisions. This will help you earn more on your growing portfolio.
Access to a Network of Professional Partners
We usually recommend that investors look for rental homes in good condition. Buying a home that needs a lot of work puts you in a position of playing catch up before you’ve collected a single rent check. Even with a newer rental home in great condition, you’re still going to need the basics: plumbing, painting, cleaning, landscaping, HVAC repairs, etc.
A Charlotte property manager can get licensed, insured vendors over to your property as quickly as possible so there’s not a delay in getting that investment ready for the market. Without the qualified and reputable network that property managers often have, investors are left waiting to get the work done and they often overpay.
You’ll also have access to this list of preferred professionals that you may need during every step of the investment process. Property managers have relationships with real estate agents, brokers, attorneys, insurance experts, and tax professionals. A good property management relationship leads to other beneficial relationships.
Investment Mistakes Can be Costly
Investments come with risk and liability.
Property managers can protect you from that, and ensure you’re not making all of the common mistakes that most real estate investors make. You’ll have an expert telling you about any habitability issues at your property. You can rely on your management company to stay updated on all the fair housing laws and requirements. You won’t have to worry about lawsuits and tenant complaints and legal disputes. Your property manager is out in front of all that.
These are just a few of the good reasons to find a Charlotte property manager before you invest in your next property and continue to grow a successful investment portfolio. We can tell you more. Contact us at AM Realty for any help along the way.