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Year: <span>2021</span>
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Property Management Services in Charleston | What Upgrades to Single Family Homes are Worth It?

Author: Scott Wallace
Categories: Property Management Services in Charleston
Property Management Services in Charleston

Property investing can be a tricky business and it is all about balancing the numbers and making good choices on which properties are best to buy, and how to upgrade those properties to make the most of them. Property management services in Charleston have a lot of expertise when it comes to knowing what renters are looking for in single-family housing. We talk to tenants every single day who are asking for upgrades at renewal time and new prospects who expect only the best when living in Charleston. However, not every upgrade is worth it, and we will tell you what trends you can skip, as well as which are worth it.

Upgrades Worth Doing on Single-Family Rentals

There are many upgrades that will have tenants choosing to renew their leases without a second thought, and new tenants will appreciate. Some of these upgrades will even make it possible for you to charge more rent and make the property more competitive.

  • Upgrading the bathroom
  • Upgrading the Kitchen Appliances
  • Brand new carpet installation
  • Fresh paint
  • New cabinets and fixtures
  • A deck or patio
  • Hardwood floors to replace linoleum or vinyl.
  • Roof replacement
  • Siding Replacement

Property management services in Charleston see many tenants falling in love with properties that are newly renovated. Brand new roofs are also a great selling point that help renters feel safe and secure in the home.

Upgrades You Can Skip on Single-Family Rentals

Some upgrades are very costly and might not be worth it in the end. These are the upgrades you can skip, especially if budgeting is a concern.

  • Professional landscaping, especially if you are renting to families with kids or who may not be able to help with the upkeep.
  • Smart Home features may seem cool, but they do not add much value to the rental price. There are many wireless electronics that can turn your home into a smart home that tenants can use without the hassle and take to their future homes as well. Let them handle the technology.

Property management services in Charleston can work with investors to help create upgrade plans that add value to the home and be a reason to increase the rent at lease renewal time or for new tenants.

If you are looking for professional property managers to help you make the most of your rental property investments, call Scott Properties at 843-790-4929.

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Charleston Property Management | When will the Federal Eviction Moratorium End

Author: Scott Wallace
Categories: charleston property management
Charleston Property Management

Now, more than ever before is when rental property investors need Charleston property management the most. For the last year, landlords, property managers, and investors have been struggling to collect rent from tenants. Some tenants have been affected by COVID and not able to pay rent. With the federal moratorium on evictions in place, investors have had a tough time enforcing rental payments and due dates or being able to evict tenants who are refusing to pay rent.

The current situation has put a lot of strain on investors, and it looks like the moratorium on evictions will be in place until at least June 30th, 2021; however, Charleston property management services are available to alleviate the stress and make your life easier. When you work with professional property management companies, you get a landlord, maintenance professional, and legal expert all in one, because all those people work right there as staff of the companies.

Do I Need a Property Manager?

You might be thinking to yourself, “Why would I hire a property manager when I am not making any rent?” Well, the answer to this is that you must look at partnering with Charleston property management as not just another invoice to pay every month. Property management is an investment into your portfolio and business. Your property manager can represent you in court, file for collections on tenants, arrange cleanouts after evictions, handle property maintenance, and those daily calls for delinquent rent payments that no investor wants to spend their day making.

Charleston Property Management

Property managers can also keep an expert paper trail so that when the federal moratorium on evictions does end, and your renters are still not paying and did not receive assistance, you can go to court and have your bases covered and your business protected. A property manager can also help you find new renters that have a steady income and are qualified tenants to move in after an eviction. They can also manage to get the home ready to rent which will save investors a lot of time and money.

If you are looking for professional property managers to help you make the most of your rental property investments, call Scott Properties at 843-790-4929.

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Charleston Property Management Companies | Best Place In South Carolina to Buy Rental Property

Author: Scott Wallace
Categories: Charleston Property Management Companies
Charleston Property Management Companies

If you have checked out the real estate market in South Carolina, you will see that homes are not on the market for long before a family or young entrepreneur has made an offer and is asking for the keys to move in. Investors are clamoring to scoop up single-family homes since the population, especially in the coastal cities, has seen steady growth with no signs of slowing down. Charleston property management companies are fielding phone calls left and right asking questions about the schools, neighborhoods, and amenities ahead of new families moving into town. And while other cities may be experiencing something similar, Charleston has shown itself to be the best place in South Carolina to buy a rental property.

Why Charleston Reigns Supreme for the Rental Market

Charleston has some of the most diverse home options in the state with luxury coastal, beach-front homes, as well as downtown apartments, and single-family suburban homes. The average home value in Charleston is nearly $330,000 which means market rental rates will be high and could turn large profits for investors especially when combined with Charleston property management companies’ services. In fact, rental rates in Charleston have risen by three percent over the last year as incomes and the GDP in Charleston, South Carolina, have increased.

Charleston also has a steadily growing population with more people looking to get away from the big cities and settle down into relaxed, Southern suburban lifestyles. Charleston still embodies the antebellum South and is ranked the number one friendliest city in the United States. Charleston property management companies also get to boast about the premier school system, booming economy, and is home to The Citadel—one of the top military academies in the nation, and The College of Charleston which was voted Most Beautiful College Campus by a renowned travel magazine.

All these factors have led to a population boom as well as college graduates choosing to state and continue renting even after graduation. Many of these recent graduates will be looking to upgrade their lifestyles for more professional living arrangements which is why investors should be purchasing single-family homes to rent now before property prices increase even more.

If you are looking for professional property managers to help you make the most of your rental property investments, call Scott Properties at 843-790-4929.

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Charleston Property Management Companies | Why Charleston is Where You Need to Invest

Author: Scott Wallace
Categories: Charleston Property Management Companies
Charleston Property Management Companies

It is a seller’s market in many cities around the United States and in Charleston the real estate market reflects the same! Houses are going on the market and right back off seemingly overnight with investors sweeping in to turn single-family homes and duplexes into investment rental properties. In fact, the Charleston housing market is expecting to be booming for the next ten years and be in the top ten cities in the country for 2021. This trend is making Charleston property management companies busier than ever with investors needing professional rental management after the close of the sale.

What Does a Seller’s Market Mean for Investors?

For investors, this means they may have to pay more for a property than they normally would because, in a seller’s market, it is the person selling the property that has the most power. Homeowners are getting multiple offers on their properties due to a shortage of homes being sold. However, COVID 19 has caused many people who once owned a home to need a rental property instead which is great for investors. This situation means that market rental rates will increase and offset the increased price you might have to pay for an investment property.

Link With Charleston Property Management Companies

If you are an investor and hearing that you will have to pay more for a property is making you nervous, hear us out. Charleston property management companies are thriving and successful in Charleston because the population boom happening in Charleston is creating a thriving tech industry with high-paying jobs and lots of entrepreneurs and venture capitalists setting down roots along the coast. These renters can afford to pay more for rent and will gladly pay premium prices to be near the ocean and their office. Charleston property management companies can also verify that the median household income of a Charleston family has increased by more than six percent and the GDP has increased by almost 75%. Now is the perfect time to get into Charleston rental property investing.

If you are looking for someone to help manage your rental properties in Charleston, call us today at Scott Properties, 843-790-4929.

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Property Management in Charleston | What Should be Included in a Tenant Welcome Letter

Author: Scott Wallace
Categories: Property Management
Property Management in Charleston

Providing great customer service is what will take property management in Charleston to the next level and help retain tenants longer. There is a lot of advice out there for property managers about how to provide the best service for tenants; however, one thing that is often missed is a tenant welcome letter. These letters should always be friendly, but also set expectations and provide vital information about the community and where to find other information.

If you’re in property management in Charleston, make sure these items are included in your tenant welcome letters:

  • Start the letter off positive, friendly, and welcoming.
  • Reinforce guidelines in the lease that keep the property safe such as policies regarding pets, smoking, renter’s insurance, utilities, smoke detectors, and pest control.
  • Information about the community such as school districts, non-emergency lines for the police and fire departments, closet hospital, grocery stores, and gas stations, special events in the community, and other amenities.
  • How to make maintenance requests
  • How to pay rent
  • How to set up an online tenant account if applicable
  • A change of address form for the post office
  • What maintenance requests constitutes an emergency
  • What to do and who to contact in case of an emergency

Companies offering property management in Charleston, and individual property managers need to have great relationships with tenants in order to increase resident retention. The longer you can keep great tenants happy and, in their homes, the better it is for creating a consistent cash flow for owners. Adding a personal touch such as a tenant welcome letter is a great way to keep channels of communication open and let tenants know you are glad to have them renting from you.  Some property management companies choose to offer their tenants welcome gifts such as plants or a fruit basket to welcome them into their new home as well.

If you need a property manager, call Scott Properties at Scott Properties of Charleston at 843-779-6527.

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Property Management Services in Charleston | Common Lease Loopholes

Author: Scott Wallace
Categories: Property Management Services in Charleston
Property Management Services in Charleston

No matter how secure a landlord thinks the lease may be, there are tenants who will do whatever they can to get out of their leases, including finding loopholes. Sometimes, even leases written by lawyers can be broken because of local laws and city ordinances that do not favor property management services in Charleston. One of the best ways a property manager can get ahead of tenants that try to break their leases is to be aware of the common loopholes they will try to use.

Property is Uninhabitable- Owners are required to perform maintenance on rental homes that keep the home structurally sound and safe. If there is black mold, no running water or waste disposal, lead paint, asbestos, or other hazards, a tenant may be able to break their lease without consequence.

Accuse the Landlord of Violating the Lease- Tenants will often try to break their lease by claiming those performing property management services in Charleston did something to violate the lease agreement. Some of the common accusations they will make include the property manager or maintenance crew entering their home illegally.

Infestations- Mice, termites, spiders, and other pests can often cause big problems for renters and property management services in Charleston. Preventative pest control is the best option to ensure there are no infestations at your rental properties, but if it does happen, tenants will often use it as an excuse to break their lease and move out early or stop paying rent.

Property management services in Charleston should always document every interaction they have with tenants to best protect themselves. The more evidence and documentation property managers have to back up their case and hold tenants to their contractual obligations.

If you need Property Management Services in Charleston, call Scott Properties at Scott Properties of Charleston at 843-779-6527.

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Property Management in Charleston | How to Make Moveouts Go Smoother

Author: Scott Wallace
Categories: charleston property management,Property Management,Scott Properties
Property Management in Charleston

One of the most strenuous things employees of property management in Charleston have to deal with is the tenant moveout process. There is always a sense of anxiety and dread when it comes to the final moveout inspection. Property managers never know what to expect when they open the door of a home after a tenant has turned in the keys once and for all. Property managers walk into a lot of different situations after a tenant moves out—homes that are trashed, pets left behind, food left in the fridge or cabinets, overgrown yards, and other disasters. Luckily there are a few ways to make moveouts go much smoother and reduce risk to the owner.

Tips to Make Moveouts Go Smoother

  1. Inspections- Property management in Charleston has a duty to keep the properties of their owners safe, occupied, and well-managed and part of doing this is performing rental property inspections. Walk-throughs should be completed before tenants move their belongings in (when the lease is signed usually), at the six-month or halfway point of the lease, and again before the keys are turned in. Tenants and property managers can sign these inspection forms accepting responsibility to conditions.
  2. Moveout Folder- 30 days before a tenant moves out a property manager can provide them with a moveout folder with checklists for moving out and cleaning, forwarding their mail, and how to schedule their moveout inspection. Tenants often appreciate knowing exactly what they are expected to do for moveout and even if the lease states these provisions already, a moveout folder with checklists will reinforce the expectations.
  3. Hand Deliver Notices or Send Certified Mail- One of the golden rules of property management in Charleston is always to verify the tenant received any communications sent. One of the best ways to do this is to hand-deliver notices or send certified mail. Taping notices to doors is not reliable.

Sometimes, no matter how much a property manager prepares for tenant moveouts, the tenant will still leave the home in a bad condition or not perform the cleaning tasks. This is where property managers on your team can be a lifesaver. Property management companies have connections with vendors that can come in and get the cleanouts done quickly!

If you need a property manager, call Scott Properties at Scott Properties of Charleston at 843-779-6527.

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Property Management Services in Charleston | What Do Property Management Services Do?

Author: Scott Wallace
Categories: Property Management Services in Charleston

Investors in rental property know they cannot manage all the ins and outs of being a landlord on their own, especially when they have multiple properties in their portfolios. In fact, most investors already have property management services in Charleston in mind before they purchase their first rental home. Investors must be diligent in knowing exactly what they are signing up for when it comes to property management services in Charleston however because not all companies offer the same thing.

Some of the services you can expect with Property Management Services in Charleston include:

  • Determining the rent value of the property
  • Documentation of the interior and exterior of the property
  • Creating leases
  • Preparing the home for rent by cleaning and increasing curb appeal
  • Marketing the rental and creating ads across various digital platforms
  • Showing the rental to potential buyers
  • Conducting tenant screenings including credit and background checks
  • Leasing
  • Rental collection
  • Property maintenance
  • Inspections
  • Evictions
  • Representing investor/owner in court
  • Advise in legal disputes and litigation
  • Accounting services
  • Vendor services and payments
  • Tax advisement
  • Cash flow statements

This list is not exhaustive of what you might be looking for in property management services in Charleston and not all companies will provide each service listed above. When there are specifics needs you are looking to have met by property management services, make sure you ask about them before signing a contract.

Property management services in Charleston are the best way to ensure your focus can stay on your investing business while a team of professionals can take care of all day-to-day responsibilities of being a landlord or property manager. We’ll answer every call, respond to each inquiry, and ensure your property is well maintained and rented to highly qualified renters that have been thoroughly vetted through the application process.

If you are ready to start working with professional Property Management Services in Charleston, call Scott Properties of Charleston at 843-779-6527.

 

 

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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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