Most Charlotte owners who ask this question start with the management fee. A better starting point is three questions: how much time you have, how close you live to the property, and how much risk you can absorb if something goes wrong. In a market where rents have slipped since July and most listings now offer a move-in deal, the cost of getting leasing or pricing wrong is higher than it was a year ago.

See our Charlotte Rental Market Report for the latest numbers.

What self-managing really involves

Managing a rental yourself is more than collecting rent. Over a typical year you will:

• Price and market the home each time it turns over, with good photos and listings on the major
• rental sites.
• Answer leads fast and show the home, including evenings and weekends.
• Screen applicants with consistent written criteria that follow fair housing law.
• Write a lease that complies with North Carolina law and handle the security deposit correctly.
• Handle repairs, including the 10 p.m. call about a water leak, and keep a list of reliable
• contractors.
• Collect rent and enforce the lease, including late fees and, when needed, the eviction process.
• Keep records for taxes and for any dispute over the deposit.

None of this is hard on its own. The challenge is doing all of it well, on time, every time, alongside a full-time job.

When self-managing makes sense

• You live close to the property and can get there quickly.
• You have a flexible schedule and enjoy the work.
• You already know North Carolina landlord rules and have trusted contractors.
• The home is newer, in good condition and rents easily.
  

When hiring a manager pays for itself

• You live out of town or out of state. Showings, inspections and emergencies are hard to handle from a distance.
• Your home has sat empty. At Charlotte's typical rent, each empty week costs about $400. A manager who prices correctly and leases two weeks faster can cover a good share of the year's fee. See What a Vacant Rental Really Costs.
• You own more than one rental. The work grows faster than the number of homes.
• You want to avoid legal mistakes. Deposit handling, fair housing and eviction rules carry real penalties. See North Carolina Landlord Rules Every Charlotte Owner Should Know.
• Your time is worth more elsewhere. If an hour of your work earns more than the fee works out to per hour, hiring is the better deal.
  

What to ask any Charlotte property manager

• What are all of your fees, including leasing, renewal and maintenance markups?
• How do you set the rent, and how fast do you lease homes like mine?
• How do you screen tenants, and what happens if a tenant you placed doesn't work out?
• How quickly do you answer tenants and owners, and how will I see what's happening with my
• property?
• Are you a licensed North Carolina real estate broker, and where are tenant deposits held?

A good manager will answer every one of these plainly and in writing.

Not sure which is right for you?

Tell us about your property. We'll show you what it should rent for today, what managing it involves, and how we would handle it, with no obligation. Get your free rental analysis