Property ownership is one of the most solid investments you can make. In western North Carolina, property values have been steadily on the rise for the last several decades. Since the turn of the century, Asheville itself has grown substantially with tens of thousands of new residents and businesses. Small companies and large corporations have benefited from a well-educated populace and a competitive cost of living, creating new jobs that have attracted even more people. Today, it is not just downtown that is experiencing booms in population and increasing property values, the charming mountain towns throughout the region are coveted places to live and raise families.
Whether you have single or multi-family housing property in Buncombe, Henderson, or surrounding counties, you will likely continue to benefit from rising property values for years to come. However, you know how important it is to maintain cash flow by keeping vacancies at a minimum.
The Asheville area has been one of the fastest-growing regions in the Carolinas for several years. We have welcomed tens of thousands of new residents to western North Carolina. Many moved here for the views, the rivers and lakes, the Blue Ridge Parkway, and the rapidly expanding job market.
A property manager has to possess numerous skills, not the least of which is being a master juggler. They have to handle the day to day operations of the property, balancing the logistics of marketing, vetting prospective tenants, building waiting lists, executing terms of leases, undertaking repairs and upgrades, navigating tenant concerns and disputes, and much more. The reality is that not everyone is up for the job. Hiring a property manager is one of the most critical investments you will make as an owner/investor - and if you get it wrong, you can see profitability drain away from your bottom line. If you get it right, well, then you can realize your portfolio- and wealth-building goals.
Let’s get it right. To do this, be sure to ask key questions during your hiring process.
Investment properties represent an opportunity to earn income (passive or active) and build a strong portfolio with which to meet your long-term investments. While owning multiple properties gives you the chance to realize more income, managing multiple investment properties can easily become a full-time job - and one that is rife with challenges and complexities. Because the success of your investments boils down to your ability to manage properties, it is essential that you start on the right footing.
Summer is a time to take on a number of outdoor property maintenance issues. A few of them are a pain, but this is the ideal time of year to handle them. Let them wait, and they'll only become tougher. Your ability to manage each will vary depending on your personnel, equipment, and expertise. Don't hesitate to shop around and contract an outside company to take the less manageable or more time-intensive jobs off your plate.