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Charleston Property Management | Why Your Renter’s Need Renters Insurance

Author: MediaBeast
Categories: charleston property management,Scott Properties
Charleston - Scott Properties of Charleston

Working in Charleston property management, you probably know that most renter’s think they don’t need renter’s insurance. Many tenants of single-family homes believe that their possessions are covered over their landlord’s insurance coverage; however, they are mistaken. Property managers should consider adding a renter’s insurance requirement in their leases but also need to be prepared to explain to tenants the benefits.

Relocation Costs for Tenant – If something catastrophic happens where tenants are forced to find new accommodations, some renter’s insurance policies will cover temporary housing until they can move back into the home. If the tenant doesn’t have renter’s insurance and the home burns down or floods, they may expect the Charleston property management company to pay for their new accommodations and cover relocation expenses.

Liability – Your landlord liability policy probably doesn’t cover injuries or property damage due to tenant carelessness or neglect; however, renters insurance protects the renter’s personal property as well as covers personal liability if one of the renter’s guests is injured in the home. Without renter’s insurance, the injured person could potentially sue the homeowner or Charleston property management company.

Insurance Rates –The more claims a Charleston property management has to make on their insurance, the higher their rates could be at renewal or if they switch companies. Requiring that tenants provide proof of renter’s insurance is a smart way to make sure your costs stay as low as possible. When your insurance refuses to cover tenant personal property or damage caused by tenant neglect, the renter might try to sue you personally. No property manager wants to deal with litigation, especially with a current tenant, so requiring renter’s insurance can help to save you this hassle.

There are virtually no cons with requiring tenants to have renter’s insurance. Tenants who understand the benefits of renter’s insurance are less likely to be upset by the requirement. They will appreciate the opportunity to have renter’s insurance to protect them and their belongings.

Charleston Property Management

If you’re interested in working with Charleston property management to rent your investment home, call Scott Properties today at 843-790-4929.

 

 

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Charleston Property Management in SC | Best Neighborhoods to Live in Charleston

Author: MediaBeast
Categories: Scott Properties
Charleston Property Management

Moving to Charleston is sure to be one of the best decisions you’ve made; however, the city is so large and has so many different neighborhoods it might take some time to figure out which is best for your family. Working with Charleston property management in SC is a great way to locate which neighborhood will suit your needs best, but we’ll give you the rundown on some of our favorites.

Mount Pleasant-This Charleston suburb is often rated the #1 best neighborhood by Charleston property management in SC. The population is around 84,000 and offers a city feel in a suburban area with lots of restaurants, the best schools in Charleston, public parks and green spaces, and preserves a conservative, family atmosphere with single-family homes one of the most popular rental options.

Charleston-Living in the city is always an excellent choice for families or single people. The population is just over 133,000 and offers a dense suburban atmosphere with lots of bars, coffee shops, restaurants, galleries, and parks. The city tends to be more moderate leaning than conservative, and the public schools are rated above average. There are also many rentals available in the city, with nearly half of the residents choosing to rent their homes rather than own.

Folly Beach-The population is small, with less than 3,000 residents. Still, the area is perfect for young professionals that are looking for a suburban environment with high-value homes and conservative values. Single-family homes are popular rental options here, with the average rent being more than $1,000 per month. Folly Beach is perfect for people who want to live right on the water and enjoy coastal living.

Summerville- Families love Summerville because it is one of the best for raising children. There is more diversity here than in other neighborhoods in Charleston, and the pubic school systems are highly rated. About one-third of the 50,000+ popular rents, but the average home value is less than $200,000, which makes the rent in single-family homes more affordable than other neighborhoods.

Charleston property management in SC should be able to answer your questions about any of the neighborhoods in Charleston County. Each neighborhood offers its unique perks and benefits, and a property manager can help you find the perfect rental for you.

If you’re looking for property to rent in Charleston, contact Scott Properties at 843-790-4929.

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Charleston Property Management | Managing Multiple Rental Homes

Author: MediaBeast
Categories: Charlestons Property Management,Scott Properties
Charleston International Airport - Columbia

Investing in properties for single-family rental homes is always a great idea. The rental market is booming, and homeownership is one of the most reliable forms of wealth building. By 2030 the need for single-family rental homes is projected to grow from 16 million to 29 million. It seems like the perfect need-based investment; however, you might not be aware of precisely what your monthly or yearly profits will be. For some investors, when you factor in a mortgage, maintenance, and property taxes, vs. what the market rent is for that property, the profits may only be a few hundred dollars per month. The potentially low return on investment is why many investors purchase multiple homes and hire a Charleston property management company.

How to Choose the Right Properties

There are many factors to consider when purchasing the right rental properties. Low-risk investments such as homes in good school districts and safe neighborhoods will cost more and have higher mortgage costs but are more likely to stay full and attract great tenants. While your yield will be lower, you get the safety and security of the home is likely taken care of by trusted renters.

The higher the risk, the better the reward, though, right? Low-risk homes have their advantages, but if you’re looking to make faster cash, consider lower-priced homes in the less desirable neighborhoods or homes that may need a little investment in a renovation. The mortgages, taxes, and insurance will be less while the market rent will be similar in many neighborhoods which means a better profit for you

Hiring a Charleston property management company is a great way to ensure you are investing in the right properties and getting the best return on your investments. Managing multiple properties is a huge commitment, and if you’re only making a few thousand dollars per year, it may not be worth it to play owner and landlord. Let a professional Charleston property management company help you manage your properties. You can also bank on their knowledge for investment advice!

Working with a Charleston Property Management Company

When you’re ready to partner with Charleston property management, call Scott Properties at 843-790-4929

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Charleston Property Management | Why Investors Need Property Management

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

Property investors all know the obvious benefits of teaming with a Charleston property management company. These companies take most of the work off of the investor’s shoulders, which enables them to focus on expanding their portfolios. Great property managers can also be the face of your rental company and provide top-notch customer service. Another great perk is that they have a network of maintenance vendors at their disposal. Aside from these obvious great benefits of hiring a property manager, there are a few more you may not have considered before now!

  1. Better Tenants-Not only does a Charleston property management company utilize the best background and credit check software to process applications, but an established property manager will have kept detailed records of their tenant’s track records. When investors are trying to fill their single-family rental homes, having a property manager that has already worked with many people in the area and knows the families is a great idea.
  2. Marketing Services-Charleston property management teams not only handle tenant communication, leasing, and maintenance requests; they also provide valuable marketing experience for rental  homes. A local property manager will have excellent neighborhood knowledge, be able to list the property in all the most popular listing websites, and can optimize those listings. They are also on-site to be able to take photos, stage homes, and create enticing descriptions for listings that will attract potential renters
  3. Consulting-Your Charleston portfolio can expand quickly when you work with a property management company. These people are plugged into the real estate industry, trends in the communities, and can help investors find excellent properties at even better prices. Your property manager might be able to give you a heads up on investors selling off their portfolios, homes going into foreclosures, or advance sales on subdivision plots that could all make great rental homes for families in Charleston.

Partnering with property management is the best thing you can do for your investment. You’ll get a great ROI and save yourself a lot of time and money by letting professional property managers handle the day-to-day affairs of your rental business.

Contact a Charleston Property Management Company

If you’re ready to discuss hiring a professional property manager in Charleston, contact Scott Properties at 843-790-4929.

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Property Manager | Should You Let Tenants Do Their Own Landscaping?

Author: MediaBeast
Categories: Property Management,Scott Properties
Charleston Property Management

One of the best parts of living in a house is being able to plant flowers, trees, beautiful landscaping, and enjoying your backyard. While homeowners can do what they want freely with their yard space (with exceptions of city ordinances or HOA regulations), families renting their homes might not get to enjoy this perk of single-family home living. If your tenants ask you about planting a garden, adding or changing the landscaping, or upgrading the backyard, there are a few considerations you can make as a property manager before deciding.

  1. The Owner-At the end of the day, the property owner will decide what kind of landscaping or improvements/upgrades can be made to the property. As the property manager, you might just have to explain to tenants that the decision is out of your hands if owners don’t agree with what the tenant would like to do.
  2. Lease-The lease is a legally binding agreement, and the rules about gardening and landscaping or changes to the existing property may already be outlined in the lease. Making exceptions for tenants and bending the rules is frowned upon and can get you into a tricky situation when other tenants ask for exceptions to be made for them as well.
  3. Cost-One thing a property manager must keep in mind is the cost of the improvements or landscaping. While the tenant may offer to pay for and maintain the landscaping themselves, what happens when the tenant decides to move out in the future? Will they want to dig up all the plants and take them when they move, leaving a mess of dirt and holes in the yard? Is the property owner willing to have the landscaping maintained after the tenants move out?
  4. Curb Appeal-Landscaping can significantly improve curb appeal and add value to the home or attract new renters quickly. However, complicated and intricate landscaping and garden beds could be challenging to maintain or unappealing to other renters.

If you do decide to allow tenants to change or add landscaping, make sure that you are working together to come up with the best plan and design. There’s nothing wrong with limiting the tenant’s options as long as all parties are following the terms of the lease. Coming up with a plan together is a great way for a property manager to increase resident satisfaction and retention as well.

Contact a Charleston Property Manager

If you’re looking for a property manager you can trust, call Scott Properties at 843-790-4929.

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Rental Property Management in Charleston | Regular Maintenance on Rental Homes

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

One of the biggest complaints that tenants in single-family homes have is that the rental property management in Charleston is slow to respond to their maintenance requests. Often, however, property managers have multiple homes to manage, owners, and maintenance crews to organize. This can leave tenants feeling unheard and unappreciated. One thing that rental property management in Charleston can do to help curb this dissatisfaction from tenants is to conduct regular property maintenance on their rental homes.

Rental Property Maintenance

Tenants rely on a rental property management in Charleston to ensure their homes are in good condition and safe. Significant problems are often unavoidable in homes and can be a massive burden for tenants, management, and owners. Still, many situations can be avoided when maintenance has been kept up on the home. Some of the routine maintenance that needs to be scheduled includes:

  • Twice per year roof inspections
  • Gutter cleaning
  • Air duct cleaning
  • Lawncare
  • Sidewalk and walkway repairs
  • Porch repairs
  • Chimney cleaning
  • Driveway repairs
  • Landscape maintenance
  • Pool maintenance

Some of these maintenance responsibilities could fall on tenants, including lawn care and landscaping duties; however, the lease should clearly define these responsibilities for the tenant and the property manager or landlord.

A great way to save time and money on routine maintenance is for owners to hire rental property management in Charleston to take care of the ins and outs of the daily landlord’s life. Many of the professional rental companies in Charleston have a trusted team of maintenance staff that can perform maintenance on a schedule as well as respond to regular maintenance requests from tenants. Utilizing a service like this is easier and more effective than having numerous vendors on hand and trying to get in contact with each of them.

Contact a Rental Property Management Company in Charleston

Let Scott Properties in Charleston manage your single-family rentals. Give us a call today at 843-790-4929.

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Property Manager | Short Term Single-Family Home Rentals

Author: MediaBeast
Categories: Scott Properties
Property Management

There is nothing worse for a property manager than having a beautiful, large, immaculate house to rent, but no tenants wanting to move or buy. During times of pandemics like COVID-19, people are slower to pack up and move, commit to new financial obligations, or want to risk spending their money on application fees and background checks. They also won’t want to go door-to-door, looking at different available homes.

When a property manager has a vacant home for rent, and a long-term leaser doesn’t seem to be appearing, you can consider short-term lease options. Lease terms can go for a month, three months, summer, school semesters, or even month to month leases. South Carolina always needs short term rentals, especially for families spending the summer on the beaches and students from fall to spring.

During times of pandemics such as Covid-19, single-family homes can also be great accommodations for traveling nurses or nurses that are coming to the city to work temporarily in Charleston hospitals. Many of these nurses, doctors, or even volunteers don’t mind sharing their accommodations if it means a more comfortable space for them and also saves them some money.

Pros of Short Term Rentals:

  • Allows rent to be collected, even when there is not a long-term renter
  • Can sometimes allow for more rent to be charged because a group of renters can be charged per person or per bedroom each month rather than one price that covers the entire property
  • Short term rentals allow flexibility for the house to have improvements or upgrades planned, or for the owner to live in the home short-term between renters if needed.

Disadvantages of Short Term Rentals:

  • Short term renters are less invested in the property and could be more likely to cause damage or not clean.
  • Short term renters often cannot be responsible for utility bills if they live in the home fewer than three to six months due to the way billing cycles work.
  • A property manager has to put forth much more effort to run a short term rental because of the marketing, showing, and application processing happens more often.

One of the best things a property manager can do is talk to the owner about their best options. Many investors have no idea about the rental market where the homes are located and rely on a knowledge property manager to let them know about market trends and community needs.

Contact a Charleston Property Manager

If you’re looking for a property manager for your Charleston investment property, call Scott Properties at 843-790-4929.

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Property Manager | How A Property Manager Can Use Social Media

Author: MediaBeast
Categories: Scott Properties
Joe Wiley Waterfront Park - Pineapple Fountain

In a world where social distancing is the new normal, a property manager needs to make the most of the virtual tools available to them to successfully market, lease, and manage a single-family home. One of the best online tools for marketing your available properties, as well as connecting with current tenants, and owners, is social media. Two platforms, LinkedIn and Facebook, are especially useful for property management businesses and are easy for a property manager to use.

LinkedIn-The social platform for business professionals, LinkedIn, is an excellent tool for networking with investors and homeowners. Setting up a profile for your property management business is easy, and you can optimize your page to be found by people looking for property managers in your area. LinkedIn is an excellent way for you to set your business apart from others and build your brand. You can also create content for your profile that is useful and share resources to establish your knowledge and expertise in the rental business.

Facebook-Almost every adult has a Facebook page, and it’s the most popular social networking site in the world. Facebook gives you the option to have a personal profile but also a property manager’s business page. The Facebook Messenger app, which also connects to phone numbers for texting, is a great channel to communicate with tenants, prospects, and owners. Posting pictures of properties available, sharing news and information about the local neighborhoods, setting up online events to remind residents of any special dates coming up such as lease renewals, and creating groups for tenants or owners only are all fantastic ways of utilizing Facebook to grow your business. You can even post videos or go live with tours of properties without the potential renter being present, which is great during times where social distancing is mandated.

Social media is one of the best online tools for property management, and each manager should be using Facebook and LinkedIn to promote their business. These platforms are the easiest ways to reach everyone you need to contact including vendors and owners.

Are you an owner looking for a property manager who understands how to run their business online? Call Scott Properties of Charleston at 843-202-4274.

 

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Rental Property Management Charleston | Should Landlords Allow Subletting?

Author: MediaBeast
Categories: Scott Properties
Rental Property Management Charleston

One of the situations that every kind of rental property management Charleston offers will face eventually is whether or not to allow their tenants to sublet their homes. Subletting is a situation in which the leaser is not able to fulfill the terms of the lease and needs to move out early. Rather than breaking the lease, subletting allows the tenant to find someone else to take over the remainder of the lease to avoid penalties.

Rental property management Charleston-based owners know that the job market can fluctuate, and sometimes families may need to move earlier than expected. Sometimes when people get married, they will want to move before the end of their lease. You might also have tenants who lose their jobs and can no longer afford the home, or they simply just want to live somewhere else. Having terms in your lease regarding subletting is important for metropolitan areas, especially. Here’s what a property manager or landlord needs to know before deciding if they will allow subletting:

Pros of Subletting

One of the most significant advantages to rental property management Charleston allows subletting is monetary. If you don’t allow subletting and the tenant leaves anyway, your company might end up having to track down and then fight that tenant in court for rent owed and legal fees. When you allow subletting, you’re more likely to have the rent keep coming in.

Another great reason to allow subletting is that your vacancy rates will improve. Subletters are likely to sign a lease renewal in their name when the lease they are finishing is up. You won’t have to worry about transitioning the home between tenants either or do move out inspections.

If your rental property management Charleston company decides to allow subletting, make sure to screen subletters the same way you qualify tenants and quire property manager approval before the lease is signed or someone new moves in.

Cons of Subletting

The only con to subletting, if you screen subletters like you do tenants, is that two people are on the hook for the lease. While this may seem beneficial—the original leaser is responsible for paying if the subletter fails to pay; it also means that your rental property management Charleston company will have to evict two people.

If subletting and tenants aren’t something you want to deal with as an owner, contact Scott Properties of Charleston to hire a property manager who can handle any tenant situation. Our number is 843-790-0148.

 

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Property Manager | How to Transition A Home Between Tenants

Author: MediaBeast
Categories: Scott Properties
Property Management

The nature of the single-family rental business is that it is temporary, with doors always revolving. Most families don’t rent the same home for decades. The average resident of a single-family rental home only rents for three years before moving on to something or somewhere else. Stays of up to six years are also frequent; however, chances are, a property manager will rent out the same home multiple times during their career. Transitioning a home between tenants is a big, but necessary job, and there are a few steps you can take to make the transition go smoothly.

  1. Notice of Move Out- Most leases require a tenant to notify the property manager 60-90 days before the lease is up that they want to vacate the home and not renew their lease. Tenants should always be required to submit their notice in writing.
  2. Move Out Inspection- Make an appointment for a moveout inspection and turnover of the keys with your tenants. Move Out Inspections will be a determining factor in how much of the deposit the tenants will get back. Make sure the tenant understands any damages or fees they are responsible for paying as a result of the inspection. If the tenant being present is not possible, the property manager should ensure that the inspection is well documented with details and photos.
  3. Complete Maintenance- Some of the maintenance that typically needs to be completed in between tenants includes painting, repairs of appliances, changing the locks, replacing batteries in smoke detectors and carbon monoxide monitors, carpet shampooing, and professional cleaning. When the new tenants move in, they will expect to be walking into a move-in-ready home that is clean with everything in good working order. Make sure to take pictures for the home file, so there is documentation of what the house looked like at the move-in time.

Once maintenance is completed on the home, a property manager is free to start showing the house. Marketing and scheduling showings can be done while the property is being renovated; however, the real fun begins when the home is brand-new looking and ready to go on the rental market officially.

If you’re looking for a property manager that can easily transition your property between tenants, call Scott Properties at 843-790-0148.

 

 

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