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Charleston Property Management | What Style House Should I Invest In?

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

One of the best parts of Charleston property management is finding the perfect house to invest in. You might wonder what are the trendiest style of houses that people are looking to rent in Charleston? Some of the most popular styles of architecture found around Charleston include:

  • Georgian
  • Federal
  • Greek Revival
  • Italianate
  • Queen Anne
  • Charleston Single House
  • Art Deco

One thing all these houses have in common is they are multi-story homes. They also have lots of personality and charm. Newer homes built after the 1950’s, are commonly more modern with attached garages. There are also beautiful ranch houses around Charleston.

Features of A Desirable Rental Property

The style and architecture of a home are less important than the features that renters are most looking for from a Charleston property management company. Some of the requests renters most often have include:

  • Off street parking
  • Porches
  • Yards
  • Central air
  • 2+ bedrooms
  • 2+ bathrooms
  • Dining room
  • Kitchen with all appliances
  • Washer and dryer hookups or included
  • Large master bedroom
  • Walk in closets
  • Overhead lighting and ceiling fans

The more features you can include with your rental home, the more desirable the property will be. When you start adding in luxury amenities such as whirlpool bathtubs, hot tubs or swimming pools, beach access, and other such features, the rental rate can be higher than less desirable properties in the same area. You will have a competitive edge over the other Charleston property management companies and see your single-family homes always occupied.

Services Offered by The Best Charleston Property Managers

Not only do property features drive the rental value, so do the services you offer as a property manager from lawn and garden maintenance to online rental portals and request forms, the more you can offer your tenant from a customer service standpoint, the more likely they will be to renew their lease, not complain about rent increases, and stay satisfied.

If you are looking for a Charleston property management company that can do it all, call Scott Properties at 843-790-4929.

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Charleston Property Management | How Much Should You Charge for Rent

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

One of the struggles of Charleston property management is determining how much a property owner should charge for rent on a single-family home. You don’t want to charge too much because it will be hard to rent out. On the other hand, charging too little means you’ll make fewer profits. Luckily, there are some standard ways that Charleston property management companies use to set rent on a single-family home.

  1. Home’s Value- The great thing about investing is that you can purchase a home for much less than it’s worth. Rent should be based on what your property is valued, not what you paid for it. Most property managers charge between .8% and 1.1% of what the home is appraised for. If the home value is $250, 000 you can charge anywhere from $2,000 per month to $2,750 per month. Rule of thumb is to charge less on the more expensive homes and closer to the one percent mark on the more inexpensive homes.
  2. Market Value- Charleston property management companies do research on what other comparable properties are renting for in the same neighborhood. You should keep your rent price within a few hundred dollars of the average.
  3. Mortgage- Though it may seem like a no brainer, Charleston property management companies must ensure that the rent will cover the costs of the mortgage, property insurance, property taxes, and costs of maintenance on the home.

An experienced Charleston property management team understands the market rent in the various neighborhoods around Charleston and can help you decide the best price point for your single-family rental home. Teaming up with a professional property manager takes a lot of the burden of research and evaluation off your shoulders and into the hands of someone that knows the market better than anyone.

If you’re ready to work with a qualified Charleston property management team, call Scott Properties at 843-790-4929.

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Charleston Property Management in SC | Licensing Requirements for South Carolina Property Managers

Author: MediaBeast
Categories: Scott Properties
Charleston property management in SC

You might think all it takes to start in Charleston property management in SC is to purchase a house, then turn around and rent it to a single-family, but there is a little more to becoming a property manager than being an owner. In fact, in South Carolina, there are laws that govern what someone must do to become a property manager.

Charleston property management in SC companies don’t need real estate broker licenses, but they do need to be licensed as a property manager or broker-in-charge. If you own the property, and also plan to manage it, you may be exempt from this law; however, if you plan to hire a property manager, you will want to ensure they have the proper certifications and

How to Get A License for Charleston Property Management in SC

South Carolina property manager licensing requirements include:

  • Age: Applicants must be at least 18 years old to be a property manager, and 21 to be a property manager in charge
  • Applicants must be a high school graduate or equivalent
  • Education: must complete a real estate commission approved course (30 hours) in property management fundamentals. You can bypass this requirement with a law degree or B.A. with a major in real estate will also qualify although college degrees are not required for becoming licensed.
  • Testing: Applicants must pass the property management exam and apply for the property manager or property manager in charge license within 12 months of passing the exam.

Hiring a property manager is always a great choice for investors who want to rent single-family homes. A qualified property manager will be able to get you top market rent value on the property you own, find excellent tenants quickly, and be able to effectively manage the tenants and properties with limited contact from you, the owner.

If you’re interested in hiring a property manager that will take the burden off your shoulders, call Scott Properties at 843-790-4929.

 

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Charleston Property Management | What To Do If A Tenant Leaves A Broke Down Car Behind

Author: MediaBeast
Categories: Scott Properties
North Charleston - James Island

Tenant moveouts are always a surprise. When you work in Charleston property management, you never know what state to expect the home to be in when a family moves out. Most renters are great and will follow the moveout checklist and do all the cleaning and replacing that is requested. However, sometimes, tenants leave behind personal property when they can’t take it with them and don’t have storage. When this property is broken down vehicles, the rules about removing the property is a bit different than if they left behind a couch, however.

When is a Vehicle Considered Abandoned?

When a vehicle remains on public or private for longer than seven days without the permission of the property owner, Charleston property management can start the process of having the vehicle removed. The tenant loses their permission to have the car parked on the property of the rental house as soon as the home is deemed abandoned. If the property is abandoned, the manager must all the police and report the vehicle abandoned. The police will then contact a tow company and handle the rest from there.

Many landlords have provisions in their lease that state vehicles not running, not registered, or not on wheels cannot be stored on rental property. If the lease has this provision, Charleston property management will be able to have the vehicle towed without notifying the police or the tenant, although it is a good idea to give the tenant a lease violation warning first, giving the tenant a chance to relocate the vehicle.

When is a Property Considered Abandoned?

South Carolina law says that rental properties can be considered abandoned when the rent payment is more than 15 days past due and the tenant has not been onsite or reachable. If the rent payment is late, and the utilities have been turned off by the tenant before the end of the lease, the property may be considered abandoned immediately, however.

Contact Scott Properties, Charleston Property Management

If you’re looking for Charleston property management that can deal with any tenant situations, call Scott Properties at 843-790-4929.

 

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Charleston Property Management in SC | What Happens if A Tenant Abandons a Property?

Author: MediaBeast
Categories: Scott Properties
charleston property management

Charleston Property Management in SC | The rent is late on one of your single-family properties. You’ve called, emailed, and even shown up and knocked on their door, but you haven’t heard from your tenants in weeks. When you go to tape the eviction notice to their door, it looks like most of the furniture is gone and no one has been home in a long time. You suspect the tenant skipped out on the rent and abandoned the house, but what can you do next?

Abandoned Property Laws in South Carolina

Code of Laws 27-40-730 in South Carolina outlines exactly how Charleston property management in SC can declare a home abandoned. If a tenant is missing or out of reach for more than fifteen days past the date of defaulting on the rent, the home can be considered abandoned. However, if the tenant skips out on the rent and has the utilities turned off, or reverted into the property manager name, the home can be considered abandoned from the date of the utility account change.

Once the property has been abandoned, the landlord can terminate the lease agreement and can lease the home to someone else. If the tenant left property behind and the items are valued at less than $500, Charleston property management in SC can dispose of the property without attempting contact with the tenant. If the personal property value is worth more than $500, the property manager or landlord needs to file an ejection application with the local court system and the judge must approve of the disposal.

If the tenant left a vehicle on the premise, the rules are a little different. A motor vehicle is considered abandoned when it has been left and unmoved on private or public property for a week or longer with consent from the property owner. Charleston property management in SC is not allowed to remove the vehicle on their own, however. An abandoned vehicle must be reported to the police in South Carolina who will arrange for the towing.

Contact Scott Properties | Charleston Property Management in SC

If you’re looking for a property manager in Charleston that can deal with even the most complex tenant issues, call Scott Properties at 843-790-4929.

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Charleston Property Company | Why 2020 is the Best Time to Start Investing in Property

Author: MediaBeast
Categories: Scott Properties
charleston property company

COVID-19, Coronavirus, has caused a worldwide pandemic like no one has seen in more than a century. Markets and economies all around the planet are struggling amidst the rising cases of the virus, but especially in the United States. You might think now is the worst time to take a risk and start your own Charleston property company, but there’s never been a better time for qualified investors.

Millions of people in the United States have lost their jobs and haven’t worked for months. Many people were never able to receive the extra unemployment stimulus and the number in the checking account is getting smaller and smaller for many families. While this is terrible news for the housing market, it’s a ripe time for investors that can get past the tightened restrictions on mortgages and have cash on hand.

Many sellers will be willing to sell their homes for deals they would never consider pre-COVID-19. They might have a limited time to pay the mortgage before entering foreclosure and selling as fast as possible will save their credit and reputation. Even properties that are paid off are being put on the market to ensure that families have the extra money in the bank to make it through at least the end of the year.

Although the best part about buying a home during the pandemic is the nearly guaranteed ability to buy for a steal, the sellers are also being put into a position where they will want to rent, rather than buy again. This means that more people will be looking for a Charleston property company to help them find the perfect home for rent.

Every Charleston property company owner knows that having a lower than average interest rate is not something offered to all developers or investors. If you’re wanting to become a property manager and invest in new houses, or flip houses, then rent—the market is on the buyer’s side in 2020.

If you’re ready to take your Charleston property company to the next level, call Scott Properties at 843-790-4929.

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Charleston Property Management in SC | How to Increase the Value of Your Rental Property

Author: MediaBeast
Categories: Scott Properties
Charleston Property Management in SC

Charleston property management in SC | One of the most important aspects of Charleston property management in SC is always making sure the property owner is getting the best return on their investment possible. Often, property managers are tasked with finding ways to increase the value of the rental price to turn a bigger monthly profit. However, staying within the market value range for a property is very important. Unless you’re offering some big incentives such as a hot tub, pool, temperature-controlled garage, or renting the home furnished, if you charge too much, the home might be sitting empty for a long time regardless of the appraised value of the home.

There are a few improvements Charleston property management in SC companies can make to rental homes that are easy, affordable, and can give you a few hundred dollars more on the rent price.

  1. Outdoor Entertainment Space: You don’t have to spend thousands of dollars installing an inground pool at your rental property. After all, no one in Charleston is far from the beach. However, Charleston residents love to socialize and backyard parties are one of the best ways to enjoy the company. Consider installing a deck or patio, providing a grill, firepit, and maybe some nice patio furniture with the property. If the home already has a deck or patio, it might be time to repaint or stain for a fresh, updated look.
  2. Curb Appeal: The nicer a house looks on the outside, the more rent people are willing to pay. Charleston property management in SC companies should make sure the exteriors of the homes they manage are not peeling, windows aren’t broken or cracked, the siding is all present, and the yard is clean and tended to. Simple landscaping that doesn’t require much upkeep from the tenants is also a great selling point.
  3. Including Utilities: One way that some Charleston property management companies in SC make additional profits is by including utilities in the rent. The tenant gets one easy payment for all their bills and the company can usually come out ahead, especially if the occupancy in the home is just one or two people who work full time and aren’t home much.

These are the top three ways to easily increase your rent value, but there are a few other things you can do that will have tenants not thinking twice about the rent. You can charge for pet rent every month as well as a non-refundable security deposit per pet. Many property managers also charge more for short term or month to month leases.

If you’re interested in getting the most value out of your rental properties, call Scott Properties of Charleston at 843-790-4929.

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Charleston Property Management in SC | What Are The Perks of Living in Charleston, SC?

Author: MediaBeast
Categories: Charlestons Property Management,Scott Properties
Pineapple Fountain - Joe Wiley Waterfront Park

Have you recently graduated from college and are looking for the best places around the United States to apply for jobs in your field? Are you a wanderer trying to decide where to go next? Have you been allowed to start over but have no idea where to begin again? Charleston property management in SC will tell you that there is no better place to live than Charleston, South Carolina. Not only does Charleston have fantastic beaches, as well as rich culture and history, but there are dozens of reasons why this charming southern town is the perfect place for anyone to rent a home.

Perfect for Young Professionals – Charleston property management in SC are often renting single-family homes to graduate students who are fresh out of one of the colleges in town and starting their careers and families. The Medical University of South Carolina is also located here, which means the area is full of medical professionals.

Family Friendly – If you’re moving to town, don’t forget to ask your Charleston property management in SC company for tips of fun things for your family to do in town. Charleston has some of the highest-rated school systems in the state, as well as many parks, museums, and other great attractions.

Retire Here – The AARP consistently names Charleston has one of the best places to retire in the United States. There are retirement communities where seniors can live but also plenty of neighborhoods that are majority retirees, and smaller single-family homes for rent if a mortgage isn’t something you’re interested in!

Booming Economy – Over the last few years, more than one billion dollars have been invested in Charleston businesses and new business creation. The economy is thriving with Volvo, Boeing, and the universities and medical complexes, and the US military is some of the major employers. There are also many opportunities in tourism, with more than 5 million annual visitors.

Charleston is one of the most famous cities in the United States for the population as well as tourism, which means there is always something to do and see. Charleston is a stable city with job opportunities and a fantastic education system, and you’re sure to love the amazing single-family homes for rent with Charleston property management in SC.

If you’re ready to start finding your dream home to rent in Charleston, call Scott Properties today at 843-790-4929.

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Charleston Property Company | Do You Need An LLC?

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

If you own rental property, you should consider if you need to establish an LLC for your business. An LLC is a limited liability company that protects owners from the debts or liability of the company. The limitation of liability is the top reason for property owners to form an LLC for their Charleston property company, but there are many other reasons as well.

Pass-Through Taxation – Business and property owners may have heard about pass-through taxation, which is a unique benefit to LLCs. This means that all profits earned from the business “pass-through” directly to the owner of the LLC who will file the business taxes. This means that earnings are not taxed before being distributed. When starting a Charleston property company, this can free up a lot of cash to invest back into your business or pay for expenses. However, many LLCs are responsible for paying a large sum of taxes after filing.

Multiple Ownership – Sometimes, there are multiple people involved in purchasing investment homes, and an LLC enables businesses to have 75+ owners all listed as members. Nonresident aliens can also be owners as well as corporations, and ownership is allowed to be disproportionate between owners and can be determined outside of investment percentage. Membership is anonymous for LLCs and can be beneficial if you don’t want your neighbors to know what business you own.

Losses Over Profits – An LLC allows the business to claim losses above each individual’s owner’s investment, which can relieve individual tax burdens. Owners are also able to be active in managing their Charleston property company without losing the benefits of limited personal liability.

If your property investment company or Charleston property company doesn’t have multiple owners, make over $100,000 per year in profits, or are not looking for anonymity, you might not need an LLC for your business.

Scott Properties in Charleston can help you manage your rental properties so you can focus on your business. Call us today at 843-790-4929 to discuss your properties.

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Charleston Property Management in SC | How to Write Great Rental Listings

Author: MediaBeast
Categories: Scott Properties
Charleston Property Management

Charleston property management in SC is a competitive field with more than 260 homes listed for rent on Zillow at the time of this writing in Charleston and more than 700 apartments. This might seem like a lot of houses for rent. Still, with the continually growing population of the metropolitan area and surrounding communities, these homes rent quickly when the listings are well-written.

What Should Be Included in a Rental Listing?

The best rental listings will always have a defined target audience. Charleston property management in SC understands great listings being targets towards retirees will read differently than a listing for millennials or expanding families. Property managers should also know the details of the neighborhood, such as the school district, nearby amenities, and crime rates, and while it may seem obvious, the details of the home are essential to know.

You might be surprised at how often a listing has the wrong number of bedrooms, bathrooms, or square footage shown. You should also know if there is a garage, driveaway for off-street parking, fenced-in yard, swimming pools, or other stand-out features of the property. These details will also help interested renters see the value of the rent.

The most important factor to list is the price of rent and how to contact the Charleston property management in SC for a showing of the rental home. If the reader doesn’t know how to contact the property manager, the deal will never be completed.

Choose Your Words Carefully

Charleston property management in SC knows how important it is to choose your wording carefully when listing a property for rent. You want to avoid using superlatives, such as “the best” or “great.” Instead, focus on showing, not telling, the renter why the property stands out by using descriptions and details.  One example is rather than say, “this bedroom has the best views in town,” try, “The Master Bedroom has a balcony overlooking the immaculate backyard landscaping with views of the nearby lake and public park.”

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

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