Published January 2, 2020
Updated March 16, 2023
One of the perks of being an investment landlord is generating passive income. Reinvesting this passive income helps build a real estate investment portfolio and creates even more income.
An experienced property management company in Mount Pleasant can help advise and guide you through purchasing new rental homes and building the rental portfolio that works best for you as an investor.
The following blog highlights the benefits of using a professional property management company to grow your collection of rental homes in Mount Pleasant to realize your dreams of becoming a successful investment landlord.
Perhaps you inherited a home or are considering turning your current home into a rental after you move out. For landlords that may have "stumbled into" their Mount Pleasant investment home, a knowledgeable property management company is a valuable resource to maximize profit, minimize expenses, and help you buy a new home when you're ready to grow.
Being a landlord can be a tricky business, and it can be challenging to stay on top of the changing laws of real estate when you already have a full-time career.
Or, maybe you're ready to purchase another investment property to grow a portfolio with intention. Whether you're a new investor or a seasoned property owner, finding and buying investment real estate is a different process than buying a long-term home for your personal use.
The best property management companies can provide suggestions for finding a home that will last the test of time and strain of multiple families as renters. They'll also help you find homes that are low maintenance and best for renting.
With "rentable" homes, property owners don't have to worry about renters falling behind on the upkeep under their responsibility and leaving the house in disarray.
Highly custom homes may be appealing to individuals, but these customizations can shrink the pool of potential renters. Instead, durable amenities such as tile flooring and granite countertops can attract renters and stand up against the test of time, multiple families, and pets without the need for frequent repairs.
A seasoned property management company in Mount Pleasant can help you discover which investment homes have features that appeal to renters in the area. They work with individuals looking to rent daily, so they are very familiar with what renters look for in a home.
Features such as easy-to-maintain yards, privacy fences, and ceiling fans heighten your rental's appeal. Even if the rental property you purchase does not immediately host these features, the right property managers can coordinate with resources to make your home more appealing to renters.
To ensure success with your investment home, purchase a property with the wants and needs of the renter in mind. Remember, this is an investment designed to draw in tenants—not function as your private residence.
In addition to being familiar with what renters are looking for in a home, a property management company in Mount Pleasant can also give real estate investors insight into which areas are most profitable. When buying an investment home, you always need to think about which areas are most appealing to renters.
The rental market in Mount Pleasant shifts regularly, and your property management company is an excellent resource to help your property stay on the pulse of every market swing.
Some homes for sale may seem like a good deal or be priced very low, but check with your property manager for their thoughts on the area. Some areas are not appealing to renters due to crime rates or the age of the neighborhood. Many millennial and young adult renters are looking for areas with established communities, highly-rated schools, and easy access to the city's amenities.
Work with your property management company to develop a set of priorities for the rental home you want to buy that aligns with your budget and the financial goals for your investment portfolio.
To build your wealth through real estate, you need to generate a stable profit to reinvest in new homes. A property management company uses its knowledge of the rental market to find profitable deals on homes in the market.
Homes going through foreclosure or in auction may need some work done but can prove to be at a price well under market value. Your property manager can help assess the risk and need for improvements to determine if your budget allows for the remodel.
A property management company's connections with vendors can get your needed repairs done for often a reduced rate. Once purchased, your property manager also assists with rental analysis and choosing the perfect rental rate to attract renters while generating a nice profit.
It's nearly impossible to stay precisely on top of all the changes in the Mount Pleasant market when you have other priorities. That's where your residential property management company comes in: they continuously monitor the market for you and offer ongoing recommendations to optimize your revenue and grow your portfolio.
The time of year and marketing trends significantly affect how much profit you can make with your investment home. As soon as the market dips into a buyer's market, your Mount Pleasant property manager can search for ideal investment homes and notify you of any changes.
A property management company's knowledge of the housing market is just one of the many reasons to use a professional to build your rental home portfolio. When you work with Charleston Property Company, we can show you how easy it is to develop passive income through real estate. Reach out to our team today and request a Free Rental Analysis!