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Month: <span>March 2021</span>
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Property Management in Charleston | How to Turn Your Home into A Rental Property

Author: Scott Wallace
Categories: Property Management

Many first-time rental home investors get into property management in Charleston by turning their family home into a rental. Retirees who are downsizing often decide to turn their homes into passive income revenue through rentals rather than selling their homes. Getting started with rental properties is not as easy as moving out and letting someone else move into your home and pay rent. There are a few steps property owners need to take to be renting legally.

Steps to Renting Your Home

You want your business to be legitimate and if you are diving into property management in Charleston there are a few steps you will need to take first.

  1. Establish a Business- Research your local business licensing requirements and what you need to do to establish your home as a rental property. There are often zoning restrictions or HOA regulations that govern rental properties as well as city ordinances.
  2. Updates to the Home- There are often regulations on rental homes that require the properties are up to date to city codes and building regulations. Before renting your home, you should ensure that the home is in a good livable condition which can sometimes include renovations.
  3. Hire Property Management- One of the best things you can do to get your rental business off the ground is to hire a company that does property management in Charleston. Property managers can handle all day-to-day duties of being a landlord, help with lease preparation, managing vendor relationships and maintenance, leasing and marketing, late payments, and even evictions. The best property management in Charleston will ensure your properties are always occupied with high-quality tenants that will be long-term renters.

Investors can consult with property management companies about the ins and outs of the rental business before committing to diving into buying homes or renting out their own. Gather as much information as possible to put yourself in the best position to be successful before expanding your portfolio.

If you’re ready to add property management to your team, call Scott Properties at 843-790-4929.

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Property Management in Charleston | Expanding Your Rental Property Business to Multiple Locations

Author: Scott Wallace
Categories: Property Management

According to a State of the Industry Report for 2021 by Buildium, more than three-quarters of property investors plan to expand their portfolio within the next few years. Many investors navigating Property Management in Charleston know the value of having properties close to the metropolitan areas of the city, but now is a great time to start expanding into other neighborhoods around Charleston. Some investors don’t know the best practices to make their dream of expansion into other communities a reality; however, we’ve got some tips to share with you!

Here are some Best Practice Tips for Property Management in Charleston:

  1. Research the Market First- When you are looking to expand your rental properties into other communities the first thing you must do is research the market. As an investor, you need to know-how and understand the volatility of the real estate market as well as the market rental rates for comparable homes to what you are looking at purchasing. You want to ensure you will make a good profit off the home and that the rental market is stable.
  2. Research Regulations- There are many things to consider before being able to turn a property into a rental including zoning regulations, HUD guidelines, occupancy laws, landlord and tenant ordinances, and other laws that could impact property management in Charleston.
  3. Hire Property Management- One of the most important things an investor can do when expanding into new communities is hire a company that handles property management in Charleston. Property management companies have the resources and knowledge needed about the communities around Charleston to know exactly the best way to rent and manage your single-family rental investments. Property management in Charleston can give your rental business the professional edge you’ll need to be successful.

In addition to your property management team, investors need to have accountants, lawyers, and other staff to ensure their business interests are best protected. Advisors will help investors understand when their resources are stretched or able to expand, as well as help, understand your risk and return on investment strategies.

If you’re ready to add property management to your team, call Scott Properties at 843-790-4929.

 

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Charleston Property Management Companies | Best Place to Market a Home for Rent

Author: Scott Wallace
Categories: Charleston Property Management Companies

If there is one thing that Charleston property management companies know, it is that the market is constantly changing with new trends, new best practices, and new technology coming available. Twenty years ago the best places to market a home for rent were newspapers and rental magazines. Today, the industry has moved predominately online with many different platforms having rental market success.

Online Marketing for Rental Homes

Charleston property management companies will find the most success in utilizing the online platforms for rental marketing. Craigslist was one of the first platforms to offer online rental marketing outside of the companies such as rent.com. Craigslist is still used today by property managers all over the country to market their single-family homes, apartments, duplexes, and more to the masses.

Another platform that has recently taken off in the last few years has been Facebook Marketplace. With millions of people, especially millennials, using Facebook it only makes sense that the marketplace would include a niche for rental homes. Facebook can filter search preferences by the number of bedrooms, bathrooms, square footage, and location.

Online platforms are also a great way for tenants to see what a rental home will look like before booking a showing. This helps Charleston property management companies manage their time more efficiently and only show homes to people who are genuinely interested.

When posting rental advertisements online, property managers should ensure they always include complete information in each listing that details all the specifications of the home as well as several pictures that highlight the best things about the home. Make sure to include pictures of the living room, master bedroom, bathrooms, and kitchen, as well as the outside of the home and backyard if there is one. Proper staging of the rental home can take photos to the next level and help renters envision themselves living in the home.

If you’re looking for Charleston property management companies to get your properties rented quickly, call. Scott Properties at 843-790-4929.

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Charleston Property Management Companies | Open House or Private Appointments?

Author: Scott Wallace
Categories: Charleston Property Management Companies

One thing many who start working with Charleston property management companies don’t realize is the amount of time that will be spent showing homes to potential renters. If you’re targeting the right renters with your marketing, you should be able to land well-qualified renters quickly. However, there are times when the rental property is so desirable that many renters will want to take a tour. Property managers will need to decide what is the best way of showing a rental property—open house or private appointments?

Pros and Cons of Open Houses

Open houses are great because Charleston property management companies can show the home to many different prospects in a short period of time. Open houses are a great way for property managers to get exposure to the available home as well as see the quality of homes Charleston property management companies have in their portfolios.

The major drawback to an open house however is that the property manager may not have time to connect with each renter that stops by the property. This means that you might spend time running applications for renters that are not always qualified and missing out on getting applications into the hands of the prospects who are qualified.

Pros and Cons of Private Appointments

Private appointments are one of the best ways to show a rental home because the property manager is able to connect one-on-one with the renter and help them determine if they are most qualified for the rental home. When connecting personally with potential tenants it is much more likely the property manager will get the application filled out on-site and the home that much closer to occupancy.

The only major drawback to private appointment showings is the extra time these take. Private showings take longer but are vital in providing the best customer service possible and attaining quality renters and complete applications.

If you’re looking for Charleston property management companies to get your properties rented quickly, call Scott Properties at 843-790-4929.

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Charleston Property Management Companies | What Property Managers Need to Know About Pest Spraying

Author: Scott Wallace
Categories: Charleston Property Management Companies

There are many different services that Charleston property management companies provide to renters. Some companies will provide different or more services than others, but all companies are bound to provide what is outlined in the lease renters sign. One of the most popular services that renters usually can count on to be included in their lease is pest spraying.

How Often Do Rental Homes Need to be Sprayed for Pests?

Most Charleston property management companies will provide quarterly pest control treatment in rental homes. If a home has a history of pest infestation issues or the area is prone to pests, bimonthly or monthly spraying may be necessary. When there are current infestations monthly treatments can be necessary for anywhere from three to six months.

What Type of Pests Does Chemical Treatment Protect Against?

Chemical sprays only protect homes from certain types of pests. Insects and spiders are the most common pests that these treatments can prevent. Moths, pillbugs, silverfish, ants, cockroaches, and bed bugs also respond to chemical treatments. Infestations of rodents such as mice are not controlled by these types of sprays.

Do New Homes Need Pest Control?

Every home that is managed by Charleston property management companies needs pest control and this service frequency should be outlined in leases. Pest control not only helps to retain residents but also protects the homes from infestation damage.

Because areas often have to be cleared to make way for new home construction, environments are destroyed making it more likely for insects and other pests to try to find shelter inside the newly built rental homes. Leftover sawdust and wood scraps are also very attractive to insects.

If you have recently completed construction on a rental home, make sure to have pest control spray the home after it is completed, and Charleston property management companies can help schedule future visits during the rental processes.

If you’re looking for Charleston property management companies to get your properties rented quickly, call Scott Properties at 843-790-4929.

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Charleston Property Management Company | Should You Rent to College Students?

Author: Scott Wallace
Categories: Charlestons Property Management
Charleston Property Management Company

When investors purchase single-family homes with multiple bedrooms, one of the first decisions they will need to make is whether they want the property marketed as student housing or a single-family rental. There are many colleges and technical schools around the Charleston area and student housing is plentiful. The high student population makes the ideal situation for investors who want to rent to students. However, there are many pros and cons to consider before deciding student housing is for you.

Pros of Renting to Students

Besides the high demand for student rentals, there are many other reasons why investors choose to rent to students.

  • Higher rental income when a Charleston property management company can rent by the bedroom rather than for the entire house in many cases.
  • Assurance of rent payment is higher amongst college students because their student loans, housing assistance, or parents are often paying the rent.
  • College students are often less demanding and have fewer maintenance requests than other renters.
  • College students will often choose to rent the same home for the entire time they are enrolled in school which means a Charleston property management company can expect long-term leases.
  • Student housing has a short vacancy time and students will often fill those vacancies for you by inviting friends to take over bedrooms as other students graduate.

Cons of Renting to Students

While the guaranteed income is a great reward for investors who rent to students, there are negative aspects to consider as well.

  • Because students are less demanding, they are also less likely to take good care of the property. College students like to have parties and property damage may be higher than renting to a family.
  • Students will often not qualify for the property on their own and need cosigners, usually parents, to sign the leases with them.
  • Many students travel and leave the area over extended breaks which means the house may be left empty for extended periods. There could be break-ins, roof leaks, and storm damage that the Charleston property management company may not be aware of until students come back home.

Whether you decide to rent to students or reserve your home for single-family rentals, there is a property management company that is the perfect fit for you.

If you have decided on a single-family rental for your investment property, call. Scott Properties of Charleston at 843-790-4929.

 

 

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