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Year: <span>2021</span>
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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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Property Management in Charleston, SC | The Best Upgrades to Make to a Rental Property

Author: Scott Wallace
Categories: Property Management

Many investors who are getting into property management in Charleston, SC, are looking for homes they can get a great deal on so they can make the best return on their investment. Sometimes to get the best deal on a property, investors pick homes that can be remodeled or renovated easily to increase the value of the home and charge more rent. The hard part is deciding exactly which upgrades will be the most fruitful.

Top Upgrades for Rental Homes

There are many different upgrades that investors can make to single-family rental homes that will increase the value, but some upgrades can end up costing more than you expected. However, our property management company in Charleston, SC knows the best ones for you to invest in.

  • Kitchen Upgrades- Everyone loves a modern kitchen with upgraded, newer appliances. If the rental home is in a high demand area, you do not have to worry about doing a full-scale renovation to get the home rented quick. New appliances, a fresh coat of paint on the cabinets, and new flooring when necessary can make a big impression on new tenants.
  • New Carpets or Flooring- When previous tenants have children or pets often the carpets can become beyond cleaning and need to be replaced. New flooring and carpets can greatly improve the look of a rental property and help it stand out to tenants. New flooring or replacing carpeting can usually be done in just one day also!
  • New Landscaping- Tenants looking for rental homes in South Carolina love having a nice yard where they can entertain guests and enjoy time outside. Property management in Charleston, SC always sees that potential tenants love homes with nice yards and show more interest in homes with professional landscaping.
  • Technical Upgrades- One of the easiest upgrades to make to rental homes is technical upgrades such as smart thermostats and lights, Ring doorbells, LED shower heads, energy efficient appliances, keyless entry, and security systems can make tenants feel safer. Younger renters are also tech-savvy and appreciate homes that meet their expectations for modern design and aesthetics.

No matter which upgrades you make, always keep property management in Charleston, SC at the top of your mind. Professionally managed properties always have increased resident retention and you will never have to worry about the day-to-day headaches of being a landlord.

If you are ready to start talking about property managers, call. Scott Properties today at 843-790-4929.

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Charleston Property Management Company | How to Tell Your Tenant You Are Selling the Property

Author: Scott Wallace
Categories: charleston property management

The last thing your tenants want to hear is that you are selling their home and they will have to move. When these moves are unexpected and the tenants have no forewarning, the situation can put an incredible amount of stress and hardship on the tenant. Families with children might scramble to find a Charleston property management company in the same school district or be closer to work or daycare. Although it is tough, it is a part of a property manager’s job to make tenants aware of changes like this, but there are ways to make it easier.

Telling Tenants Their Home is For Sale

The best thing an investor can do is sell the rental home to another investor that will allow the tenants to keep living in the home and be able to renew their lease. New leases under new ownership might come with rent increases or other changes made to the lease, but at least the tenants will not be moving out and looking for another Charleston property management company to rent from.

If the buyer is not wanting to rent the home, you will need to work with your legal team to determine whether the owner is required to allow the lease terms to be fulfilled. If the buyer is not wanting to renew the lease, at the end of the term, they should be encouraged to let the buyer know as soon as possible. Many renters will move out early when given the choice by a Charleston property management company to break their lease early without penalty and or get their full deposit back.

If the tenants will need to move out upon the sale of the single-family rental home in Charleston, they should be given at least 60 days’ notice or as otherwise stated in the lease under termination terms. Investors should also consider talking to the tenants well in advance of putting a for sale sign in their front yards. You do not want a tenant to wake up and see that out the window before they have had a chance to know what is going on.

The last thing you need to ensure you do is put everything in writing. Deliver documents and notice by hand whenever possible or certified mail so that you have signed receipt of having received the mail. Make sure all notices sent by the Charleston property management company are on letterhead and include contact information.

If you are ready to let someone else take over communicating with tenants, hire a property manager at Scott Properties by calling 843-790-4929.

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Property Management in Charleston, SC | How Many Rental Properties Do I Need to Retire Comfortably?

Author: Scott Wallace
Categories: charleston property management

Many investors who decide to get into property management in Charleston, SC do not jump into the decision lightly, especially if they are retirees. Buying single-family homes and turning them into rental properties is a great way to earn passive income in your retirement, but for most investors, one rental will not be enough to sustain a good income through their later years in life.

The best way to figure out how many rental homes you will need to sustain your lifestyle into retirement is to figure up your monthly expenses and the average profit you make off one rental home. Divide expenses by the profit amount and the answer will be the number of homes you will need to rent to cover all your monthly expenses.

Rental Property Profits

The profit you make on your rental properties will depend on the expenses you have and the amount of rent you can charge. Expenses incurred on rental properties include:

  • Mortgage
  • Taxes
  • Insurance
  • Maintenance
  • Property management in Charleston, SC fees
  • Lawncare
  • Marketing expenses
  • Legal fees
  • Losses from vacancies

Once you add up these expenses, subtract the amount you charge for rent, and you will be left with your profits. You will need to do a similar calculation to figure out your personal monthly expenses. Add up all your bills including how much you budget for entertainment and shopping each month. Consider all sources of income you have including pensions and retirement accounts to find out what your monthly cash flow is including rental income. If you do not have enough income to cover your expenses, you will need to add more rental properties to your investment portfolio.

The number of single-family rental properties you need to have in your portfolio to sustain your standard of living post-retirement will be different for everyone with many variables to be considered. One thing that is for sure however is that when you are carrying multiple properties, it is always a good thing to hire property management in Charleston, SC to help improve your return on investment.

Scott Properties is ready to help manage your single-family rentals. Give us a call today at 843-790-4929.

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Property Management in Charleston, SC | Should You Let Tenants Plant Gardens?

Author: Scott Wallace
Categories: Property Management

Tenants looking for single-family home rentals are in search of a place that will feel like their own. Most tenants look forward to making the inside of the rental feel like home, but some tenants might also want to make changes to the exterior of the home such as planting flowers, landscaping, yard decorations, painting the shutters or siding, adding yard games or vegetable gardens, or even planting their own trees. Making sure that the lease is specific regarding what tenants can do should be a high priority for leasing agents working in property management in Charleston, SC.

Property Management in Charleston, SC | Pros and Cons of Tenant Gardens

South Carolina weather is perfect for enjoying flowers, having gardens, and growing vegetables all year round, and many tenants renting through property management in Charleston, SC want to live on beautiful properties. There are many things to consider before letting tenants make substantial changes to the property such as flower beds and vegetable gardens.

  • The opinion of the property owner
  • Are there existing flower beds around the home from previous landscaping that tenants can fill-in?
  • Does the lease already include lawn maintenance?
  • Are there considerations that can be made for the size of flower beds or gardens?

The largest risk to allowing tenants to start their own gardens is the cost and time involved with returning the gardens to lawns when tenants move out. Some companies in property management in Charleston, SC choose to provide professional landscaping for their rental homes. Some property managers will also allow tenants to have greenhouses or raised beds rather than digging into the lawn when they want to start a garden.

Another risk a property manager takes in allowing tenant gardens is the gardens becoming overgrown and unsightly in the tenants do not keep up with taking care of the beds. Depending on neighborhood and city ordinances, the property management company may be forced to make the necessary changes to the property.

If you are looking for professional property management in Charleston, SC, call Scott Properties at 843-790-4929.

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Charleston Property Management Company | How to Prevent Squatters in Empty Rentals

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

Although single-family homes managed by our Charleston property management company are always full, there are many other property managers who must deal with the problem of squatters in the rental homes. You might think that getting people out of a home that do not live there would be as easy as calling the police, but most states, including South Carolina, have laws that protect squatters in some cases. There are no laws regarding removing squatters, but all property owners will need to go through the judicial process to have squatters removed. The best thing a property manager can do is prevent squatters from occupying empty rental in the first place.

Tips to Preventing Squatters

If your Charleston property management company wants to avoid dealing with squatters in rental properties, there are a few precautions you can take.

  1. Proper Tenant Screening- Squatters do not always come from people breaking into a home and occupying it without permission. Some people become squatters by overstaying their lease without signing a new one, letting friends or family stay in the home after they have moved out, or unauthorized subletting. Proper and rigorous tenant screening is the best way to avoid these problematic tenants.
  2. Move Out Inspection- Every Charleston property management company should be conducting move out inspections. These not only look for damages and lease violations, but also make sure there is no one else still in the home, that all locks have been changed, and the home is properly secured before the property manager leaves.
  3. Security- Having lights on timers, proper locks on doors and windows, and even security cameras can help prevent squatters from occupying empty homes after moveouts. Property managers should be showing the empty home regularly through marketing which also discourages break-ins and squatters from trying to enter.

If you are a long-distance real estate investor, the need for property management is even more important because you are not onsite to ensure your investments are protected when they are empty. Do not let squatters take advantage of you. Hire our qualified Charleston property management company to manage your homes today.

Scott Properties is here to help manage your investment homes. Call us for a consultation today at 843-790-4929.

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Charleston Property Management Company | Who You Need on Your Real Estate Investing Team

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

One of the best ways to be successful in real estate investing is to have a solid team of people to help you achieve that success before you ever buy your first investment property. When investors first start to become interested in buying and renting out their homes, the common misconception is that running a Charleston property management company on top of real estate investing will be easy. Trying to do it all yourself is a plan that will backfire on you every single time. In fact, there are 7 people who need on your team is you want to make the most of your investment.

  1. Mentor- Never go into investing blind. Most investors have a mentor in the industry who helps them become established, give advice, and help with leads.
  2. Real Estate Agent- Our Charleston property management company can provide leads on the best real estate agents for investors. Agents are vital to finding properties that are great deals and perfect for single-family rentals.
  3. CPA- Having a CPA working on your team is important, especially if you own multiple properties. Tax laws vary widely across the country and if you are doing long distance investing, they are vital to making sure your properties are legal.
  4. Attorney- Having an attorney who understands the real estate investing industry is imperative because they can ensure your leases protect you, the property deals are legit, and your business is structured in accordance with state, local, and federal business guidelines.
  5. Banker- Do not bounce around between mortgage brokers or bankers when securing deals on homes. Let the same banker handle all your financing to get the best rates and benefits.
  6. Insurance Agent- You will need insurance on your properties and your business once you start purchasing and you need investment, not homeowner policies. An experienced insurance agent will ensure you get the best policies for your properties and business.
  7. Charleston property Management Company- You need a Charleston property management company that can handle the marketing, tenant screening, leasing, maintenance, and other duties of a landlord so you can focus on growing your investments.

Building a trusted real estate investing team can take time, but that time is worth it. When an investor has a professional team around them, their returns will always be greater than expected.

If you are ready to discuss opportunities with a professional property manager, call Scott Properties at 843-790-4929.

 

 

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