North Carolina property management: A guide for rentals, HOAs, condos and more

What is North Carolina property management?

A professional North Carolina property management company like FirstService Residential is hired by the board or building owner to oversee day-to-day operations. Property managers can handle leasing, maintenance, financial oversight, and compliance, supporting efficient operations and helping to maintain the value of the property.

This article is not intended to and does not constitute legal advice or create an attorney-client relationship. Board members should consult their association’s attorney to discuss the legal implications of their decisions or actions prior to proceeding.
 

Property management services

Property management companies like FirstService Residential can offer a wide range of services tailored to the unique needs of each board or building owner. Here are some common examples of services a property management company can provide:

• Compliance: Keeping track of ever-evolving North Carolina regulations and addressing issues to help clients remain in compliance.
   
• Financial management: Preparing budgets, setting and collecting dues, and providing insurance, investment, and lending guidance to optimize the financial health of your property or association.
   
• Maintenance: Ongoing maintenance for large equipment like elevators, HVAC systems, and fire systems, as well as smaller tasks such as painting and cleaning common areas.
   
• Staffing: Hiring and managing staff, from front desk attendants to chief engineers, depending on the client’s needs.
   
• Resident life: Handling resident inquiries, distributing important updates, and curating tailored lifestyle programming.
   
• Value-added services: Your company of choice should offer value-added services for customized solutions tailored to your property’s needs. For example, properties managed by FirstService Residential have exclusive access to its affiliate FirstService Financial, which delivers best-in-class financial and insurance programs and services to protect and enhance the value of our clients’ properties through extensive buying power and potentially reduced interest rates.

Rental management vs property management

Rental management typically refers to services for buildings with leased apartments, like marketing, leasing, maintenance, and rent collection. Property management can include those services, but it can also cover a wider range of support for communities like HOAs and condo associations, where the focus is on residents, board guidance, and long-term planning.
 

Benefits of hiring a property management company

Hiring a North Carolina property management company can save time, improve property operations, and reduce legal or financial risks. Property managers often bring industry knowledge, vendor networks, and financial systems that individual owners or volunteer boards may lack. For rental properties, a professional manager can help reduce vacancy rates, improve tenant retention, and manage repairs quickly. For HOAs and condos, working with a management company can help boards stay organized, complete capital projects, and handle resident concerns efficiently.

Other benefits may include:

• Access to vetted vendors and maintenance professionals
   
• 24/7 Customer Care team for residents
   
• Consistent enforcement of HOA community rules and policies
   
• Expert preparation of financial reports and budgets
   
• Guidance on state and local regulations affecting your property

Tenant and homeowner rights

For tenants, the North Carolina Residential Rental Agreements Act outlines basic rights and responsibilities, such as the right to a habitable living space and protection against unlawful eviction. The Tenant Security Deposit Act also establishes rules about the allowable amount of a security deposit, and how/when deductions can take place. Property managers are expected to comply with these regulations when handling lease agreements, security deposits, and maintenance.

Homeowners in associations are also protected by the North Carolina Planned Community Act or North Carolina Condominium Act, depending on the type of community. These laws establish guidelines for governance, board elections, rulemaking, and access to association records. North Carolina property management professionals should work closely with boards to comply with these statutes and support transparent operations.
 

Frequently asked questions about North Carolina property management

Who regulates HOAs in North Carolina?

There isn’t a single agency that oversees every homeowners association in North Carolina. HOAs are primarily governed by their own governing documents. They also need to comply with state laws, including the North Carolina Planned Community Act for HOAs and the North Carolina Condominium Act for condos. Some issues may fall under the North Carolina Real Estate Commission or local government, while others may need to be resolved through civil court. That’s why it’s important to have a management partner who understands the legal landscape and can help guide your board’s decisions.
 

What qualifications do property managers need in North Carolina?

In North Carolina, property managers who handle lease transactions or collect rent must hold a real estate license issued by the North Carolina Real Estate Commission. However, managers working exclusively for HOAs or condos may not need a license unless they engage in activities defined as real estate brokerage. It’s important to work with a company that understands these distinctions and staffs each property with the right expertise and credentials.
 

How are fees structured for North Carolina property management?

Property management fees in North Carolina vary depending on the size of the property, the level of service required, and whether the property is a rental, HOA, or condo. Some companies charge a monthly management fee, and some may include additional costs for services like tenant placement or capital project coordination. For community associations, many management companies charge a percentage of monthly assessments. Boards and owners should ask for a clear breakdown of services included and any optional add-ons before signing a contract.
 

How FirstService Residential supports boards and owners in North Carolina

By partnering with FirstService Residential, boards and owners in North Carolina can maximize revenue, reduce risk, and enhance resident life, all without the stress of daily management responsibilities. To learn more about how property management services can benefit you, contact FirstService Residential today.