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

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?

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

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

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?

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?

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

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

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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Charleston Property Management in Charleston SC | Avoiding Fraud in Single-Family Housing

Charleston Property Management in Charleston SC

Many people that jump into Charleston property management in Charleston SC do not realize the vast amount of fraud that happens in the rental industry. Tenants will lie on their applications to try to get past background and credit checks, but there is fraud that can happen after the tenant moves in as well. Luckily, there are a few red flags property managers can be aware of to avoid being scammed by con artist tenants.

How Tenants Scam Property Managers

Property managers who work in Charleston property management in Charleston SC are pros at looking for the red flags that pop up during the application process for a property. However, knowing the signs of being swindled after move-in are vital to keeping owners protected.

One of the most common ways tenants will defraud a property owner or property manager is by subleasing the home without authorization. Some tenants will try to sublease the home for more than the rental amount so that they can make a profit. Other tenants will rent out the home for short term rentals like air bnb, or will let others move into bedrooms they are not using without adding them to the lease.

Another way that tenants scam Charleston property management in Charleston SC is to take out a mortgage against the property. This scam is more complicated than unauthorized subleasing, but professional con artists have pulled it off numerous times by tracking down personal data and public records of the property owner and pretending to be them. These tenants will mortgage the property, take out an equity loan, or other monies against the property, cash the check and disappear. These scammers use fake names during leasing.

Charleston Property Management in Charleston SC Spot Scammers

The best way to spot a scammer is to conduct very thorough background checks and credit checks on every tenant. You should also do routine property inspections to ensure that the tenant named in the lease is still living in the home and unauthorized roommates have not moved in. Charleston property management in Charleston SC should also encourage property owners to closely monitor their credit.

The best way to avoid fraud and being scammed is to hire a property management company that knows how to spot the red flags of scammers. Let Scott Properties work with you to rent out your home to qualified tenants today by calling 843-779-6527.

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Charleston Property Management in Charleston SC | Questions Landlords Must Avoid Asking

One of the most important parts of being involved in Charleston property management in Charleston SC is understanding fair housing laws. In South Carolina, discriminating against tenants based on race, color, sex, religion, national origin, handicaps, and familiar status is illegal. One thing property managers and landlords must be careful of is asking questions that would lead to discriminatory behavior.

Questions Landlords Cannot Ask Tenants in South Carolina

There are many questions that cannot be asked by Charleston property management in Charleston SC. Landlords and property managers should be sure never to ask any questions centered around the protected classes. Some examples include:

Questions about their sexuality or gender

Questions about their family status or children

Questions about where their family comes from (national origin)

Questions about accessibility, health, or handicaps

There are a few exceptions to the Fair Housing Act that people who work in Charleston property management in Charleston SC can make including if the housing is classified for senior living only. Property managers can also put limitations in the lease on how many individuals can reside in one single-family home. Typically, two people per bedroom is the accepted rule of thumb.

Is Anyone Exempt from Fair Housing Laws?

There are a couple of rental situations where landlords are exempt from having to follow Fair Housing Law in addition to homes specifically designed for senior living.

  • When the owner lives in the building and there are no more than four units total
  • Single-family houses that are rented without the use of an agent such as Charleston property management in Charleston SC companies.
  • Private housing managed by religious affiliations or clubs that only allow members to occupy the housing.

Property owners who utilize third party property management services must follow all Fair Housing Act guidelines. However, property owners that are also the landlords have less stringent restrictions.

If you want to ensure you are complying with Fair Housing Act laws and regulations, hire our property managers to take the burden off your shoulders by calling Scott Properties at 843-790-4929.