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Property Manager | When a property manager is handling the leasing of your rental home, you want to trust that they will be able to keep your property safe and incur a profit for every month. One way the property manager you are working with will ensure that your rental property stays safe and valuable is to include mandatory renters’ insurance in the lease agreement.

Why Renters Need Insurance

Many tenants may not want to purchase renter’s insurance. No one wants to take on more bills; however, renter’s insurance should be non-negotiable. Many renters do not understand that when it comes to their belongings, a property owner’s insurance is not liable for damages to the renter’s things. Renters need their insurance to cover them in the event of disasters that result in the loss of property.

Your property manager should ask for a copy of renter’s insurance to prove the renter’s liability coverage if damages are caused to the property as a result of the renter’s negligence. Renters are often surprised to find out that if they leave the water running and flood the apartment, or cause a fire, that they are responsible for the damages, not the property owner.

Where to Get Renters Insurance

Many renters will ask a property manager where they should get renters insurance. Most of the time a renter can receive a discount on their insurance if they package renter’s insurance with their other policies such as car insurance. Tenants should be able to choose whatever insurance provider they prefer, but a property manager may also have suggestions for tenants.

What Does Renters Insurance Not Cover?

While every policy may be different, there are a few things that most renter’s insurance will not cover. Natural Disasters, especially in flood zones such as coastal cities are not covered in renter’s insurance policies; however, additional coverage for these events is generally available. Damage caused by pests is usually not included. High-value items such as antiques, or rare collectibles often require additional coverage as well, especially if their value exceeds your policy limits.

If you are looking for rental property in the Charleston area, call Scott Properties today to see how we can help you rent your home in Charleston!

Rental Homes Charleston: Island Living

Property Manager | Everyone dreams of having their own private island, but few people can achieve it. However, when you search for rental homes Charleston you will find that island living is possible, even in the United States. There are 35 islands that make up the barrier island of South Carolina, and a few of them have communities where people are welcome to live.

Best Islands for Rental Homes Charleston

Sullivan Island- If living in luxury is vital to you, Sullivan Island is where you want to live. This barrier island is only 15 minutes from downtown Charleston and is the former home of famous poet, Edgar Allan Poe.

Isle of Palms- This is the perfect place to turn investment property into a rental property. The island is famous as a family vacation spot with beach houses and a world-class marina.

Hilton Head Island- The island is a city town that boasts a high quality of life with the highest median income in the state. One of the most desirable places to rent, the market rent value is higher here than other areas of Charleston.

Kiawah Island- This island has a small population of fewer than 1,500 people, but that number increases tenfold in the summertime when nearly 10,000 people visit daily. The economy is tourism based, with a lot of outdoor recreation. The mean home price on the island is almost one million dollars. There are few amenities on the island, however, and no hospital.

Fripp Island- The entire island is a private gated community with less than 900 residents who live on the island all year, but nearly 5,000 people who reside on Fripp Island in the summer. The island is only 6.5 square miles, but home prices are less than other islands around Charleston.

If you are searching for the perfect island rental homes in Charleston, South Carolina, call Scott Properties Today!

Having a property manager available to manage your rental property is convenient and easy. A property manager will handle all day to day tasks associated with rental property, leaving you time to enjoy your residual income in peace. However, sometimes an owner may be curious as to the inner workings of a property manager and the process of renting their home out.

One of the first processes that your property manager will being is marketing your rental home. Your property will not attract tenants if prospects don’t realize the home is available. Marketing is the most important aspect to a rental business and your property manager will know how to attract the best renters. Here are some of the ways your property manager markets your home:

1. Improve Curb Appeal-Before a property manager even thinks about marketing the property, they want to make sure the property looks the best it can on the outside. To market your home, you will need pictures of the exterior. A property manager also wants the prospective renters to have a good impression of the home when they are giving a showing.
2. “For Rent” Sign-Yard signs might not always be attractive, but they are necessary. Your property manager should use a professionally printed yard sign that tells walkers and people driving by that the home is available for rent and how to get in contact. How many bedrooms and bathrooms the home includes may also be information printed on the sign.
3. Get the Word Out-A yard sign is not enough to advertise that your property is for rent. Depending on your package with the rental company hire, the property manager may advertise your property for rent on the radio, commercials, social media advertisements, social media groups, billboards, digital signs, and more. Most companies will list on craigslist and local newspapers as well.

Knowing that your property manager is using all available resources to ensure your property is rented in two weeks or less can ease much anxiety from the minds of property owners.

There are many property management companies that claim to offer the best ways to make the most money off your rental properties. When you are shopping around for the best property management companies in your market you may not be able to tell right away which companies are the most successful.

Once you have begun the search for the best property management company you already understand the benefits of property management. The companies you are looking at shouldn’t worry about trying to convince you about why you need them, but rather what they can do for you and your property.

What to Look for In Property Management

The property management company that you hire should have a proven record in success. The company should be able to give you references and allow you to speak with some of their other clients. You should also look at their social media sites and other business rating sites to read reviews from clients and tenants.

You also need a property management firm that knows what they are talking about. Ask your prospective property management about the current state of the rental market, which areas in your town are the best for high market value rent. You can also ask them about market trends, their marketing plan, and their personal success records. A great property management firm hires people who can think quickly on their feet and actually know the market, not just people who can read from a brochure.

The best property management companies also have great teams to back them up. When you are interviewing your property management partner, make sure to ask them about their own hiring practices. Ask the company for a list of the local vendors they use as well for carpet cleaning, painting, maintenance, cleaning, and water removal. You want a property management company with strong local connections and longstanding relationships with vendors.

Finding a property management firm that is reputable and knows the rental market is important. In order to get the most return on your investment spend time interviewing and researching before making a final choice.

The most common phone calls a property manager can expect is a maintenance request. In fact, a property manager with multiple homes to manage will probably receive several of these calls per day. If the property manager works for a large real estate corporation, that company will field dozens of maintenance requests daily. There are a few common repairs that a property manager can expect and should always be prepared for.

Broken Appliances-Appliances are used frequently and subject to wear and tear over the years. While some tenants may take care of the stove, refrigerator, or dishwasher, other tenants aren’t as careful. Unless the appliance is broken due to tenant damage, the property manager will be responsible for making repairs. This also includes heating and cooling units.

Leaking Water-When a tenant calls about a leaky roof, this could be a sign of a much bigger problem. Roofs are subject to a lot of weather damage, wear and tear and can develop leaks. When there is a storm and the tenant call about water dripping from the ceiling, the roof may need a patch. There could also be problems with the drainage away from the house (gutter system).

Faucets Dripping or Leaking-Leaking pipes are a common problem in single family homes and most renters don’t know what to do. Pipes could be leaking below the sink or the faucet could be dripping. These are easy fixes for someone that knows what they are doing, but the property manager will frequently need to send maintenance to resolve these issues.

Bug Infestation-Not every call about bugs leads to a diagnosis of an infestation. Depending on where the property is located there may be several different insects or rodents that are prone to getting into homes. Tenants may call about a spider they see on the wall, gnats accumulating in their kitchen, or beetles congregating on their patios. Depending on the situation there may not be much a property manager can do to keep outdoor pests, and some indoor pests at bay. Using pest control services between tenants is a great way to control bug problems inside the home.

If you’re a property manager be prepared to field maintenance issues like these and hire maintenance men that know how to resolve these issues.

Property Manager Nightmares Bed Bug Infestations

Property Manager | When tenants call with maintenance issues, the last problem a property manager wants to hear is there is a potential bug infestation. A spider or two hiding in the closets, especially in a home that hasn’t been lived in for a while is common, but when your tenants begin to report bug bites, itching, and seeing many bugs, a big problem may be on your hands.

Most bug infestations can be taken care of with a quick call to the pest control vendor you work with and a few sprays around the home, but there is one type of bug that a property manager fears–bed bug.

What Are Bed Bugs?

Bed bugs are small insects that feed on warm blood from live animals. Bed bugs are wingless and cannot fly. Bed bugs are hard to kill and have been around for thousands of years, but they are visible to the naked eyes. Adults can grow to .25 inches but after feeding they bloat double the size.

Bed bugs like to live in soft, dark spaces where humans are in frequent contact such as beds, couches, chairs, clothing, and other surfaces. The bugs commonly feed between 12 am and 5 am, when humans are sleeping and do not notice the small bites.

How a Property Manager Gets Rid of Bed Bugs

There isn’t much the property manager can do to get rid of bed bugs other than call pest control and instruct the residents on how to get rid of bed bugs. Getting rid of bed bugs usually takes multiple treatments.

Bed bugs are most commonly brought in when tenants change. Bugs are brought in on furniture that is infected. One big problem that a property manager will face is when the tenant believes there were bed bugs in the home before they moved in. to avoid these types of accusation the property manager needs to make sure that the rental home is inspected and treated for pests after each move out. Records should be kept on all treatments and inspections for rental homes.

When tenants call with maintenance issues, the last problem a property manager wants to hear is there is a potential bug infestation. A spider or two hiding in the closets, especially in a home that hasn’t been lived in for a while is common, but when your tenants begin to report bug bites, itching, and seeing many bugs, a big problem may be on your hands.

Most bug infestations can be taken care of with a quick call to the pest control vendor you work with and a few sprays around the home, but there is one type of bug that a property manager fears–bed bug.

What Are Bed Bugs?

Bed bugs are small insects that feed on warm blood from live animals. Bed bugs are wingless and cannot fly. Bed bugs are hard to kill and have been around for thousands of years, but they are visible to the naked eyes. Adults can grow to .25 inches but after feeding they bloat double the size.

Bed bugs like to live in soft, dark spaces where humans are in frequent contact such as beds, couches, chairs, clothing, and other surfaces. The bugs commonly feed between 12am and 5am, when humans are sleeping and do not notice the small bites.

How a Property Manager Gets Rid of Bed Bugs

There isn’t much the property manager can do to get rid of bed bugs other than call pest control and instruct the residents on how to get rid of bed bugs. Getting rid of bed bugs usually takes multiple treatments.

Bed bugs are most commonly brought in when tenants change. Bugs are brought in on furniture that is infected. One big problem that a property manager will face is when the tenant believes there were bed bugs in the home before they moved in. to avoid these types of accusation the property manager needs to make sure that the rental home is inspected and treated for pests after each move out. Records should be kept on all treatments and inspections for rental homes.

Property Manager Nightmares: A Trashed House

When property manager is your career, it’s a given that you have walked into some unbelievable situations involving your rental homes. One thing a property manager always dreads is taking that first step through the front door after a resident has moved out and turned in their keys. Sometimes, we are pleasantly surprised that the tenants follow the lease rules on moving out. They leave the home in great condition and even have the carpets shampooed. Then there are other tenants. These tenants leave holes in the walls, food in the fridge, bug infested furniture, nasty bathrooms, and ovens caked in grease. A trashed house is a property manager’s worst nightmares.

How Can A Property Manager Avoid A Trashed House?

The property manager can only do what the law and lease say they can about damages to a home caused by the tenants. A reputable property manager will have a lease that includes everything the tenants are responsible for upon move out. Carpet cleaning, window blinds replacement, and a deep cleaning are often considered the tenants responsibility.

Another option is for the property manager to include in the lease exactly how much will be deducted from the rental deposit for those tasks such as cleaning fees, carpet cleaning and damages. In some cases, if damages exceed the amount of the deposit the property manager is entitled to send a bill for damages to the previous tenant. This depends on the laws in your city and state however.

The most important thing that a property manager can do to avoid a trashed house is to screen tenants. Screening a tenant does not include mean to just run the credit and background check (although you need to do these things first). Call the prospective renter’s previous landlords and employers to get the best idea of the type of renter the prospect will be.

When a home is damaged beyond reasonable expectations, sometimes legal action is necessary. Make sure that you contact the appropriate legal representatives for the rental company and property owner.

Rental Homes Charleston | When you are looking for cities to invest in rental homes, Charleston South Carolina should be on your investor’s radar. Everyone knows that Charleston is a historic town located on the coast. There are miles of beaches and abundant cultural diversity, nightlife, and family activities. Anyone who enjoys the sun and loves the south will be thrilled to own a rental home in Charleston. When you are investing in real estate, there are other important demographics and statistics you need to consider about a city before purchasing property there.

Why Rental Homes Charleston?

Charleston South Carolina has a population of approximately 130,000 people. The entire Lowcountry region is home to nearly 1 million people however and there are dozens moving to the area every day. When looking specifically at the city of Charleston, however, there are many reasons why investors are interested in rental homes Charleston.

Home Value vs. Rent-The median home value in Charleston is $269,400 which is a very affordable home value for investors. The area is considered suburban with rent being nearly $100 more than the national average. The average rent for a two-bedroom home in The United States is $949 and the average rent in Charleston specifically for the same type of property is $1,052. Depending on where you are living in Charleston rent can range anywhere from $949-$1700 per month.

Rental Market-46% of residents in Charleston rent. This is nearly half of the population meaning somewhere around 60,000 people are looking for rental homes. Charleston is the prime rental market for college students, Millennials, and families. Charleston has been ranked in the top 30 best cities for millennials to live in the United States as well as the top 35 for the best overall city and best city to retire.

Safety- Rental Homes Charleston is safer than the national average. When it comes to burglary, theft and other property crimes, Charleston is far below the national average. Violent crime occurrences are also lower than the national average making the city an attractive location for families.

When you purchase rental homes in Charleston, make sure to hire the best property management company to ensure you earn the best Return on investment.