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Rental Homes Charleston: How to Make Your Property Stand Out

Charleston South Carolina was voted the #1 city in the US and Canada during the 2017 Readers Choice Awards by Traveler Magazine. The city is known for hospitality, history, sandy beaches, and summer festivals. People come from all over the world to vacation in South Carolina and for property owners who wish to get into the industry of rental homes, Charleston is an ideal place to build a business. When there are so many rental homes available in the city, how can a property owner ensure their home stands out from the competition?

  1. Curb Appeal-Homes in Charleston are iconic and beautiful. A mix of historical charm and modernity embraces the city and people from all over the world are looking for the perfect blend of the two. Renters want to live in a home that is well kept, up to date on maintenance, has a yard with landscaping, and reflects modern convenience with charm and elegance of the south. The first impression matters, and your curb appeal should be a priority in getting your home ready to rent in Charleston.
  2. Availability-Renters, especially long-term renters want to rent from someone who is available when they have questions, when there is an emergency, and can be available when maintenance is needed. When a property owner isn’t living near the property, availability can sometimes become a concern. Make sure your renters know the best ways to reach you and what to expect for response times.
  3. Updated Technology-Millennials are the prime target market for renters and they want the newest and latest technologies that are energy efficient, environmentally friendly, and easy to use. Simple updates such as the newest digital thermostats and automated lights can make a significant difference in helping your property stand out.

If you aren’t sure if you have the time or energy to make sure your property stands out on the market of Rental homes Charleston, consider hiring a property management company to get you to the next level in rental homes, Charleston, South Carolina.

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Renting Your Home Out: What You Need to Know

Your home is one of the most important pieces of property that you own. The value is higher than most other possessions, while sentimental value alone will make your home priceless. When we have to move, sometimes selling our home is a difficult choice to make. We want to hold onto the home rather than sell it, even if we can’t live in it anymore.

Even if you don’t want to sell your home, the house doesn’t have to sit empty. Many home owners choose to turn their home into a rental. Houses for rent in Charleston aren’t cheap. The iconic, tourist town with sandy beaches and history galore is the perfect place to own a rental home. People are moving to Charleston every day and more families are looking to rent homes. The earnings potential can be tremendous from rent collection. There are some things property owners must know before making the decision to become a landlord and offer houses for rent in Charleston.

  1. Legalities-Houses for rent in Charleston have to adhere to strict laws and guidelines if they are going to be rented to someone. There are rules to eviction, late rent collection, disclosure to the tenant, landlord access to property while occupied, and many other ordinances that must be followed.
  2. Availability- Landlords need to ensure that tenants can get ahold of them 24/7. This doesn’t mean that you are mandated to answer your phone each and every time a tenant calls, however, tenants need to know how and who to reach in the case of a maintenance emergency. Setting up an after-hours call service and keeping regular office hours is a necessity for landlords.
  3. Maintenance-Being a landlord is a very hands on career. Depending on the lease, you may be responsible for doing a lot or very little for your tenant, however most renters expect for major repairs to be covered by and handled quickly by the landlord.

Being a landlord isn’t for everyone. Houses for rent in Charleston can be managed by outside companies from the property owner. A property management company, like Scott Properties  can ensure that all laws are known and followed, you have a thorough lease, and all of your responsibilities are taken care of professionally.

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Turning Houses for Rent in Charleston into Investment Opportunities

Charleston is a large metropolitan area that has existed since Colonial times. 350 years after the founding of Charleston, people are still moving into this bustling city at a rate of 34 people/families per day. Properties in Charleston are a mix of history and modernity with some homes sparkling and new and others falling into a state of disarray. These so called “fix-her-uppers” are the perfect investment opportunity. There are many steps investors need to know before jumping into a mortgage on a future rental home.

  1. Build Wealth-Investing in property is for people who are financially stable. They have surpassed the survivability income, been stable for several years and can easily put at least 1/3 of their income into savings. Buying a home, even one is disrepair, is expense and the project of fixing it up can cost even more. Most planners recommend having at least 50,000 dollars in cash to use as a personal investment into a property.
  2. Have a Strategy-If you aren’t someone who works a trade job like construction, plumbing, electrical, etc. you should really get to be friends with people who are. You will need all hands on deck to complete renovation projects under budget. Otherwise, you are going to be paying top dollar to hire someone else to do the work for you.
  3. Know Your Market-When designing a home, design it for the type of renter you want to attract. Older people prefer homes with no stairs and smaller yards with just 2 bedrooms. Millennials want room to grow, the latest technology and energy efficiency. People with families appreciate pet friendly homes, large yards with fences, and 4 bedrooms or more, as well as full bathrooms.
  4. Become a Landlord-After you finish the home, you have to become a landlord or hire a property management firm to take care of the business end of houses for rent in Charleston. From collecting rent, scheduling maintenance, and pursuing evictions, there is a lot that goes into managing houses for rent in Charleston and other cities.

If your house is ready to rent, consider hiring Scott Properties to make the most of your investment through professional property management.

 

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Should You Allow Dogs? 5 Considerations for Property Managers

Over 65% of American families have at least one animals they keep as a pet. Over a third of these families are headed by Millennials who are getting dogs rather than having children. Millennials are the prime rental market; however, property managers are not lifting their bans on pets. If you are a property manager who is debating on whether to allow residents to have dogs, here are 5 things you should consider.

  1. Who is Your Target Renter?Depending on your target market, you may not have much demand for a pet friendly property. Many mid-life residents won’t have or want pets because of active and busy lifestyles. Seniors are usually more prone to want limited maintenance pets such as cats or birds rather than dogs that must be walked; however, Millennials and families with children are often more attracted to properties that allow dogs and other animals.
  2. Pets Can Bring Extra Revenue-Pet owners are often willing to pay more rent, an additional pet rent, or a pet deposit to have their pet live with them. In fact, pet owners usually expect this extra expense. Consider whether the extra revenue can offset the potential cost of turning the unit when vacant.
  3. Resident Retention-When a property manager allows pets the resident retention rates increase. Because many properties don’t allow pets when a renter finds a place that does, they are more likely to continue renewing their lease. If a property manager doesn’t allow pets, but the renter wants one, they may look somewhere else for their renting needs.
  4. Check your insurance-Your property insurance may not allow dogs, certain breeds, or have restrictions on the number of pets in a unit. Residents don’t always realize that it is not always up to the property manager whether they can have a dog, insurance has the final say on the matter.
  5. Requiring Renter’s Insurance-Many property managers require tenants to obtain renters insurance, especially if they have a dog. Requiring this and maintaining the records in the resident file can ease your mind for the liability you as a property manager may face.

Pets are part of many people’s family; however, they can be a huge liability or risk for property managers. Weigh the pros and cons of allowing pets in your properties before making a final decision on your pet policy.

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What You Need to Ask A Potential Property Manager

A property manager’s main function is to relieve the property owner of the stress that comes with managing their property and tenants. If you own a few homes but are ready to retire, are starting another business venture, or simply don’t have the time or enthusiasm to keep running a rental business as a private landlord, a property manager is someone that can help you achieve your dreams while still making a profit. This person needs to be qualified and trustworthy obviously, so while you are interviewing potential property managers, make sure to ask these questions as a good base for determination.

  1. How have you been able to adapt to new and changing business trends?If your interviewee has been in the property management business more than a few years, they have seen several shifts in the industry and understand there will be more in the future. Getting a grasp on their ability to change and adapt while effectively manage your property is key.
  2. What Services Do You Offer? There are many different services that property managers offer, and many will custom tailor their offerings to fit your needs.
  3. What are Your Marketing Strategies? If your property manager is going to be managing multiple homes or a multi-family property, you need to know how they plan to handle and fill vacancies and what strategies they have for resident retention. You also need to know if these marketing services are an extra charge or if you can establish a marketing budget that the property manager then utilizes.
  4. What About Your Team?Are you hiring a single property manager or a property management company to manage your investment? If you are hiring a company, you need to know what the qualifications of their team members are and how they go about their own hiring and training.
  5. Contract specifics are another conversation you should have at the time of the interview with a potential property manager. You need to know how and when you can break contracts and what your duties as the property owner will be. You should make sure that every detail of the arrangement, including updates and financial data is transparent.

Owning a property and taking a hands-off approach to renters can be difficult to navigate, but with a qualified property manager, such as Scott Properties, you can trust you are in qualified hands.

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Finding the Right Rental Homes in Charleston

Moving to Charleston, South Carolina can be a significant move for some people. With a population of almost three-quarters of a million people and lots of historic charm and nostalgia, Charleston can be a place quite different than many other large metropolitan cities. Being located on the coast has many advantages for Charleston because its beaches are some of the best in the country and offer a lot of tourist opportunities and a tourism economy. This is also a disadvantage to long-term renters because the demand for rental homes in Charleston can increase the property values which increases rent.

Analyzing the cost of living in Charleston shows that it cost significantly more on average to live in this historic city than most other places in the United States. One-bedroom apartments cost over $1,000 per month on average and rental homes are averaging more than $1,900 per month. Millennials that are living with roommates and families that need multiple bedrooms are often seeking out rental homes in Charleston rather than apartments.

People choose to live in homes in Charleston because of the aesthetic appeal also. Charleston is full of cobblestone streets, colonial architecture, and remnants of the plantation area and thriving agricultural businesses. Homes in Charleston are expected to live up to the beauty that surrounds them which also creates a demand for higher rent rates. Many rental homes are professionally landscaped and maintained by the property owner or property management company to ensure that the home retains its value during and after the tenants.

Charleston has a very low unemployment rate at less than 5% which is a remarkable thing for property owners of rental homes in Charleston. When people keep their jobs, they are more likely to remain living in their home. If you are interested in renting your property to a business class professional, you will have low turnover and amazing retention for your home. Scott Properties can help you navigate the path to turning the properties you own into rental homes in Charleston.

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Marketing Your Property to Millennials Scott Wallace – Friday, April 20, 2018 Millennials are now in their late twenties and early thirties and are the prime candidates for the rental market. They are at the beginning stages of their careers or family building and may not be quite ready to purchase a house yet, but are looking for something new, but still affordable to call home. Another reason Millennials are prime rental targets is because they were teenagers and young adults during the recession and not only saw the impact on their parent’s, but many on themselves also. These young people would rather rent than buy because they have seen how the economy can go belly up overnight. Property management professionals are learning more about marketing to the Millennial generation and have started using digital platforms to reach these renters. Almost 9 out of 10 Millennials owns and operates a smart device regularly so enabling online rent payments, maintenance requests, and email communication will always attract a Millennial. Another thing that property management companies can do to get more millennial renters is offering high speed internet options. Large apartment communities will always be more desirable if there are high speed internet options available. IF you really want to attract Millennials, include highspeed or broadband internet in the rental agreement. Eco-friendly properties will also be sure to attract the millennial generation. Whether a large community or single-family home, property management companies are making their homes more environmentally friendly by providing recycling service, offering community garden plots, using solar heating and energy efficient appliances in the homes. Millennials are also looking for property management companies that aren’t discriminatory towards pets. A third of all pets in the United States are owned by Millennials. Making your properties pet friendly can increase your attractiveness to this generation. Managing and marketing your property can be difficult. Knowing your target market is crucial for having low vacancy and turnover. A property management firm can help build your properties reputation and find the renters you desire most!

Millennials are now in their late twenties and early thirties and are the prime candidates for the rental market. They are at the beginning stages of their careers or family building and may not be quite ready to purchase a house yet, but are looking for something new, but still affordable to call home. Another reason Millennials are prime rental targets is because they were teenagers and young adults during the recession and not only saw the impact on their parent’s, but many on themselves also. These young people would rather rent than buy because they have seen how the economy can go belly up overnight.

Property management professionals are learning more about marketing to the Millennial generation and have started using digital platforms to reach these renters. Almost 9 out of 10 Millennials owns and operates a smart device regularly so enabling online rent payments, maintenance requests, and email communication will always attract a Millennial.

Another thing that property management companies can do to get more millennial renters is offering high speed internet options. Large apartment communities will always be more desirable if there are high speed internet options available. IF you really want to attract Millennials, include highspeed or broadband internet in the rental agreement.

Eco-friendly properties will also be sure to attract the millennial generation. Whether a large community or single-family home, property management companies are making their homes more environmentally friendly by providing recycling service, offering community garden plots, using solar heating and energy efficient appliances in the homes. Millennials are also looking for property management companies that aren’t discriminatory towards pets. A third of all pets in the United States are owned by Millennials. Making your properties pet friendly can increase your attractiveness to this generation.

Managing and marketing your property can be difficult. Knowing your target market is crucial for having low vacancy and turnover. A property management firm can help build your properties reputation and find the renters you desire most!

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How Property Management Deals With Hoarding Residents

We’ve all been to a relatives house who keeps everything from trinkets and figurines to old newspapers and TV Guides. As the years go by and the “stuff” starts to accumulate, it is clear that person is surely becoming a hoarder. When the property isn’t yours, you may not put too much thought into all the stuff inside, but when a property management company has to deal with residents who are hoarding, there are many things, including fair housing laws, that come into play. Hoarders can have an impact as small as making a nuisance to creating health and safety issues for the property and other residents.

If your property management company is dealing with a hoarder there are a few tips to make the situation easier:

  1. Understand the Behavior: Hoarding is not just a bad habit, the behavior is obsessive compulsive and is a treatable mental disorder. This means they are protected under fair housing laws. Property management companies cannot discriminate against tenants with mental illness or disability and must make reasonable accommodations before threatening eviction.
  2. Messy vs. Hoarding: The difference between messy and hoarding is that hoarding can cause safety issues within a unit such as blocking exits, interfering with the sprinkler system, attracting pests, or creating health or safety hazards for other residents. While someone may be unclean and messy, these traits don’t always cause safety issues for the resident or others.
  3. Document Everything: Property Management companies have a duty to provide habitable and safe dwellings for their residents. If you suspect a resident of hoarding, you must document every instance of contact with the resident and both their own willingness to uphold their end of the lease as well as your attempts to make accommodations for the person such as offering to lease them additional storage space.

Hoarders can wreak havoc on a property and can be troublesome for private landlords to manage. To avoid these costly and complicated legal matters, hiring a property management company to manage the home you own is always a smart choice!

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Turn Your Property into a Vacation Rental House in Charleston

Charleston South Carolina is one of the most historic places in the United States of America. The city is a modern-day representation of Southern charm and sophistication while still transporting visitors back in time to the Antebellum South. With vacation rental sites such as Airbnb helping vacationers find houses for rent in Charleston, South Carolina, it is more popular than ever for home owners to rent their properties, especially during peak travel and tourism seasons.

Houses for rent in Charleston are not hard to find. Many vacation home owners are renting their properties when they are not there to make back some of their home owners association fees, keep the property maintained, and/or make some cash back on their investment. If you are a home ownerlooking to move away from Charleston, it might be worth your while to turn your home into rental property rather than sell it.

When vacationers are looking for houses to rent in Charleston, they are usually looking for a property that they can live in for 3 days or longer. Houses are perfect for longer vacations away from home because they provide a comfortable atmosphere that can meet the needs of your home, even while you are away. For many vacationers, a renting a house in Charleston for short term is often much cheaper than a hotel or resort.

If you own property near the French Quarter, Battery, Waterfront Park, Middleton Place, “Haunted’ Parts of Charleston, or near any other major landmarks that are iconic to Charleston, South Carolina, using your property as a house for rent in Charleston could boost your recurring income or give you a residual income that you can use for your own vacation needs.

One of the best parts about owning a home that you will rent is that you don’t have to be a landlord. You can hire professionals like Scott Properties to handle all your property management needs.

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Turn Your Property Into A Vacation Rental House

Rental homes in Charleston are turning a big profit. Homes in historic cities all over the United States are being turned into Airbnb rental homes and making the property owners a lot of residual income throughout the year. When you own your home but don’t spend much time there, it can be frustrating to make monthly mortgage payments on something that you don’t live in but need available for when you do need it. People who must travel a lot for work often can turn their houses into rental homes.

Turning your properties into rental homes in Charleston is easier than you think. Many rehabbers love to get their hands on old historic homes and will often offer discounted work to help restore an old home. Often there are grants available for homeowners that wish to restore the historic value of the home and have it listed as a Historic Landmark. You don’t even have to find renters or maintain the property if you hire the right rental homes property management firm.

Rental homes in Charleston are hot on the market right now. Families want to be on the coast and still have educational benefits for their kids other than just wading in the ocean and baking in the sun. You may have a vacation home of your own on the beach that you only stay in a few weeks out of the year. If you could turn your beachfront property into a short-term rental home in Charleston and make a profit, wouldn’t you?

There are many benefits to owning a rental home. You can continue to grow your investment while making residual income and not having to do any of the grunt work yourself. Property managers in South Carolina love working with homeowners in Charleston due to the historic value and significance of the properties there. Contact Scott Properties today to see how you can start making money from rental homes in Charleston.