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

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

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

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.

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Charleston Property Management in Charleston SC | The Lead to Lease Process

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

One of the most vital parts of Charleston property management in Charleston SC is the lead to lease process. Property managers must be able to capture the best tenants and turn those prospects into tenants quickly to ensure their homes remain full and there are no vacancies. Although you want your properties to be full, you also want to have quality tenants you can trust. You will want to optimize your lead to lease process to be efficient and effective.

How to Optimize Your Lead to Lease Process

The best way to optimize your lead to lease process is to use software for Charleston property management in Charleston SC. Leasing software can track your inquiries, send you alerts to follow up, and create profiles for each lead that comes in. Property managers and leasing agents can easily track leads and make their lead to lease process run smoothly.

However, even if a property manager does not have access to leasing software, there are a couple of things they must keep in mind about the lead to lease process if they want to be successful.

  1. Respond as quickly as possible to inquiries. The quicker you get back to tenants the more likely they are to visit the home and fill out an application.
  2. Qualify leads ahead of time. During the first inquiry make sure the home will be a good fit for the prospect and that they meet the application guidelines before booking a showing of the home.
  3. Onsite leasing is vital to an efficient lead to lease process. Handing off applications to sending leads to their current home to fill out applications online is a substantial risk. You never know if a potentially perfect tenant will forget to bring back an application or decide to commit to another property instead.
  4. Follow up is the key to getting leases and should be done even if the lead decides not to rent that particular property. Charleston property management in Charleston SC is constantly changing with new investments happening all the time.

Your property never has to sit vacant for long when you rely on the best Charleston property management in Charleston SC to manage your homes. They make the lead to lease process easy and uncomplicated.

If you are ready to discuss your next investment move, call Scott Properties today at 843-790-4929.

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Lowcountry Property Management | How Long Does a Property Showing Take?

Author: Scott Wallace
Categories: Lowcountry Property Management
Lowcountry Property Management

One of the most time-consuming parts of renting out properties is touring the unit with prospective tenants. Sometimes, Lowcountry Property Management companies spend their entire day showing homes to one person, couple, or family, after another. By the end of the day a great property manager’s voice with be hoarse, their feet sore, but a stack of applications will be in their hands.

New property managers often do not understand how to budget time for property showings. Some people will walk into a property, take a quick peek around, and then leave, without saying much to you. Others will take their time, opening every door, cabinet, and window to inspect the home, asking lots of questions, and make sure it is their dream rental home.

When you work in Lowcountry Property Management, however, you must learn to balance these showings and keep to a tight schedule to work efficiently. The consensus is that a property showing should take between 30 and 60 minutes depending on the size of the property. However, the entire appointment for the prospective tenant could take longer.

Steps to Property Showing

The tenant should meet the Lowcountry Property management representative at the home they are interested in renting.

  1. Greet the tenant and provide them with any literature you have on the home.
  2. Give a quick tour of the exterior of the property including highlights such as a recently redone deck or patio, a spacious backyard, or heated garage.
  3. Take the tenants into the home through the entrance they would use if they were to move in if there are multiple entrances.
  4. Move the tenants through each room pointing out highlights such as new hardwood floors, countertops, or appliances. Make sure to not oversell.
  5. Stand back and give tenants a few minutes to look around each room but aim to spend no more than 2-4 minutes in each.
  6. After the showing, ask the tenants to complete their application for the property onsite or back at the rental office.

Showing the property is the top way to get the home rented; however, you need a professional property manager to make the most of your property and every tour.

Scott Properties can get your home rented quickly. Call us today at 843-790-4929.

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Lowcountry Property Management | Tips for A Successful Property Showing

Author: Scott Wallace
Categories: Lowcountry Property Management
Lowcountry Property Management

Every great Lowcountry property management company understands how important a property showing is to getting a home rented. However, giving a tour of a property is not as easy as some people might think. There are many tasks that go on behind the scenes to prepare for a property tour and all these things help the tenant fall in love with their next home.

When property showings go poorly however, prospective tenants can not only leave your home vacant, they might leave bad reviews or tell friends about their negative experience with your company. However, the best Lowcountry property management home tours can have everyone in town raving about your amazing homes. If you want rave reviews and homes that are always leased, follow these tips for a successful property showing.

  • Clean and Pristine- Before you start showing a property to tenants you should always tour the home yourself first to ensure the home is clean, everything is in order and any last-minute maintenance has been completed. You never want a tenant to see a home that is not move-in ready.
  • Dress it up- Empty homes do not inspire tenants. Having a few pieces of home décor and furniture can help tenants imagine themselves living in the home and get excited about moving in their own belongings. You should also try to give special attention to the outside of the home as well such as flower beds, potted plants, a clean porch, and fresh cut grass.
  • Application Folders- Single-family home rentals are generally not located on the same property as the Lowcountry property management office. Getting prospects to come back to the office to apply immediately can be difficult, but you can make sure each prospect leaves with a folder full of enticing literature such as a picture of the home with the specs, an application, instructions on how to turn in the application and what other documents are needed, and information about your company.

Property showings are the most important part of the rental process. They will make the tenant fall in love or turn them off completely. However, a great showing can lead to long-term tenants and keep your properties full.

If you need a professional Lowcountry property management company to help you with your properties, call Scott Properties at 843-790-4929.

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Charleston Property Management | The Top Customer Service Skills A Property Manager Needs

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

If you are going to find a job in Charleston property management, you will need to have a specific skillset in addition to relevant experience. Your customer service skills need to be on-point and top-notch if you are going to be one of the best property managers in Charleston. You should also be prepared to speak to these customer service skills in a job interview; and if you do not have these skills, but you are trying to rent houses, you should hire a professional instead.

Top customer service skills for property managers

  1. Active Listening- You must be an active listener if you are going to be effective in Charleston property management. You need to listen and understand your tenant’s concerns, comments, and needs to be able to respond in a while that is beneficial for everyone.
  2. Responsive- Tenants become long term residents when their needs and concerns are being tended to and their property manager is responsive. Even when solutions cannot be provided at once, when a tenant makes a maintenance request or has a complaint, you should do your best to acknowledge receipt of the communication as soon as possible.
  3. Accommodating- Whenever possible a great Charleston property management company will be accommodating to their tenants and try to offer solutions. While it is important to follow the rules outlined in the lease, providing bill payment solutions, preventive maintenance, and keeping things convenient for renters with online tenant portals, are great ways to increase tenant satisfaction.

When you can master these three customer service skills, you will make a fantastic addition to a Charleston property management team. When you own rental properties, it is important to ensure that the property manager you hire to help you make the most of your investment owns these skills and more. A professional property management company often has all the solutions you are looking for when it comes to a high-quality team with the best skill set and vendor partnerships.

If you are interest in working with one of the top property rental companies in Charleston, give Scott Properties a call at 843-790-4929.

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