by Judy Royal
The real estate industry in Southeastern North Carolina, especially New Hanover County, has been slowly heating up during the past few years and has become red-hot in recent months, with high buyer demand and low home inventory leaving many potential buyers empty-handed (see Part 1 and Part 2 of our recent report regarding the sellers’ market our region is experiencing). Those who fall short on purchasing the home of their dreams in the necessary time frame for their housing needs might have to opt for a long-term rental. Others who are not financially ready to commit to buying a home will find themselves in the same situation.
And then there are those who have homes they want to offer for lease. When you decide to open up your property to strangers, you want to make sure you are getting the best possible tenants who will help you protect your investment.
No matter which side of the long-term rental transaction you are on, you may want to consider the benefits of doing business with an agency rather than going it alone. Enlisting the assistance of a company that specializes in all facets of the landlord-tenant relationship is a good idea for a variety of reasons.
As a prospective lessee, you may have noticed long-term rentals are harder to locate these days. That’s because many property owners are taking advantage of the current real estate climate and putting their homes on the market. Many renters are finding it necessary to look for new places to live after their landlords inform them of plans to sell and cash in on their investments. Going through an agency can open up your search to possibilities you otherwise might not be able to find in a scarce rental market.
In addition to fewer properties to choose from, another potential pitfall of looking for a long-term rental on your own is vulnerability to scams. Con artists are working overtime to discover new and creative ways in this online age to trick you out of your hard-earned money and uncover your personal information to use to their advantage. When you work with a property management company, you can be confident the staff will handle your information and funds in a secure and professional manner (and direct you to properties that actually exist and are available).
Furthermore, if you’re relocating to this area and know very little about Wilmington, it may be particularly important to call on a rental agency to help you identify safe neighborhoods that will fit in with your lifestyle. For instance, a young family may want to avoid living in a place that is heavily populated with lively college students. A long-term rental professional can act as your local expert and advise you about whether a particular property or area is a good fit for you.
As a prospective lessor, there are also plenty reasons to let a long-term rental company manage your property. First and foremost, an agency has a variety of resources available to make sure you are getting the right tenant in place as quickly as possible at an optimal rent rate. After all, a vacant property means lost income for the owner, and an agency can market your property with much more visibility than you can do as an individual. But you want to make sure you don’t trade quality for efficiency. The rigorous screening of a rental agency, which includes a thorough background check, will ensure you are finding tenants who will pay their rent on time every month, take care of your property as if it is their own, and otherwise fulfill the obligations of their rental term.
Once a tenant is in place, a rental agency will handle the various administrative tasks that go along with leasing, including security deposits, lease addendums, rent collection, terminating leases, inspections, and evictions if any problems should arise. This means less stress and more free time for the owner. The company can also help you understand applicable tax deductions and organize the necessary forms and documentation for you to make those claims.
Whether you’re looking for a place to live without the commitment of buying a home or you’re a property owner needing assistance managing your home rental investment, Intracoastal Realty can help. We are a full-service real estate brokerage operating since 1976, and we currently have 13 offices with over 400 agents and staff to serve Southeastern North Carolina, including the areas of Wilmington, Wrightsville Beach, Carolina Beach, Kure Beach, Southport, Oak Island, Ocean Isle Beach, Leland, Hampstead, and Topsail Island. Intracoastal Rentals offers a range of lease terms, from 3 to 12 months, and a variety of both unfurnished and furnished properties, including homes, condominiums, townhomes, and duplexes. Our expertise with long-term rentals can eliminate a lot of headaches for you