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Property Manager | Short Term Single-Family Home Rentals

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

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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?

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

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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Charleston Property Management | Running a Rental Business During COVID-19

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One of the best things about being part of a Charleston property management team is showing homes and meeting new people. Seeing the delight and excitement on a family’s face when they find their dream home to rent is one of the best reasons to become a property manager. However, with stay-at-home orders in effect and people needing to social distance for their health and safety, the job is changing. Today Charleston property management companies need to take their businesses virtual, and we’re here to give you some tips and tricks to do so.

Online Portals-Use online portal for mass communications with your tenants, online rent payments, the ability to submit maintenance requests, and even have conversations with tenants and share documents such as lease renewals! You don’t need tenants to come into the office to sign a new lease document; they can sign and upload it through tenant portals. Charleston property management companies can use online portals to ensure proper social distancing and provide updates quickly to help tenants navigate the uncertain times. You can also have portals accessible to owners only, which will help streamline all your processes, even when COVID-19 is no longer a worry.

Text Messaging-Tenants, property managers, vendors, and owners can all communicate through text messaging and encourages social distancing as well. Giving your tenants fast ways of reaching you will stop them from coming to the office for non-emergency issues. There are text messaging apps available so that you can send out messages to many groups at once and never have to share your personal cell information.

Running a rental business during COVID-19 is a new territory for veteran and new Charleston property management companies and managers. Still, there are many ways to modernize your business and be successful in using online tools.

If you’re an owner interested in working with a modern, Charleston property management company, call Scott Properties at 843-790-4929.

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Charleston Property Management | Corona Virus and Single Family Rentals

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Charleston Property Management companies are currently dealing with a problem they’ve never had before—most of their tenants might be struggling to pay rent for April, May, and maybe even June. Most property managers and landlords than ever before are going to be faced with tenants calling and emailing about rent arrangements. However, owners still have mortgages and property taxes to be paid, and letting all of their tenants slide on the rent, may not be in their best interest. Luckily, the federal government has come up with the CARES Act to provide relief to those impacted by COVID-19. Charleston property management companies should be aware of this act and help tenants understand the resources they have available to assist in paying rent.

CARES Act

The CARES Act, Coronavirus Aid, Relief and Economic Security Act, was recently passed and gives everyone who files for unemployment due to COVID-19 will receive an additional $600 per week in benefits beyond what they would usually receive. Even freelancers and independent contractors who would typically not qualify for unemployment benefits will be able to file for the first time.

Stimulus checks are also being sent to millions of Americans, starting at $1,200 per adult and $500 per child. These payments will vary depending on income level; however, Americans affected by the Coronavirus are going to be given generous aid by the government, beyond what they would get under normal circumstances of being laid off. Some people will be earning more on unemployment and collecting the stimulus and CARES Act benefits than they would by working under normal conditions.

Also, there may be many different local programs available for people to help delay utility payments and other bills. If a Charleston Property Management company encounters many of their single-family home renters having trouble paying the rent, they should remind the renter of the resources and stimulus available and do their best to make mutually beneficial arrangements.

If you’re looking for a Charleston Property Management Company to help guide you through renting your property during the pandemic, call Scott Properties at 843-790-4929.

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Rental Property Management Charleston | Managing a Rental from Afar

Companies that specialize in rental property management in Charleston are not always based in the neighborhood that their properties are located in. While having an on-the-ground, face-to-face relationship with tenants is essential, many times, rental property management Charleston residents don’t see it happening at a distance. You might assume it’s difficult to manage rental properties from afar, but we have a few tips that can help you stay organized, even when you can’t be on site.

  1. Maintenance Team- You don’t want to scramble for a plumber or electrician when there is a significant maintenance issue at a home that you are managing. Having contracts and relationships already established with service vendors and a maintenance team can increase your tenant relations and keep your costs and expenses low.
  2. Hire A Property Manager- Hiring a part-time manager from trusted rental property management in Charleston is a great way to save time and travel costs for necessary in-person tasks such as inspections, showing the home, and more. Make sure the person you hire can work with you efficiently and has the same vision for the property you have or better! Sometimes the right property manager can even make your dream bigger for your investment property.
  3. Use a Web Portal for Tenants- There are many different software programs that rental property management companies use to create web portals for tenants and clients. This makes communication easy and helps the rental property management in Charleston company stay organized and up to date on all relevant information. Property managers can even send emails through the programs and reminders for when rent is due.

One of the best ways to ensure your single-family rental homes are managed effectively from a distance is to hire an employee from rental property management in Charleston companies to work with you on developing your home further and increasing its rent value.

If you’re interested in learning more about what it takes to manage a property effectively, call Scott Properties at 843-352-8341.

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Property Manager | Common Mistakes Property Managers Make

Being a property manager is a fun, rewarding job that is also tough, grueling, and fast-paced. You need to be organized, outgoing, dedicated, intelligent, and have excellent customer service to succeed in property management, but even the most talented property manager will make a couple of mistakes along the way, especially when they are first starting out in the rental industry. If you’re new to the business, check out these top mistakes that beginner property managers might make with their rentals.

  1. Overestimating Demand- There is nothing worse than acquiring a rental property and then having it sit vacant for any amount of time, but if you overestimate the rental demand in a neighborhood before you purchase a home, you might find yourself losing money.
  2. Not Budgeting Properly- Underestimating what a property’s upkeep will cost is one of the greatest mistakes you can make because you might find your company spending more than what the client was prepared to pay for maintenance.
  3. Overpricing Rent- Beginner property managers often make the mistake of charging too much for rent. You should always do your research and find out what the market rent, or average rent, for a similar home is in that neighborhood. Don’t start out charging the most you possibly can for rent as this will drive tenants away who can find something similar for less and from someone with more experience in property management.
  4. Not Evicting Soon Enough- One thing a property manager must excel at is confrontation with tenants. Confrontation doesn’t mean fighting, but you need to enforce the lease. If tenants are late on rent or have violations, make sure to document so that you can start the eviction process as soon as you are legally able.

Being a property manager is tough, and if you find yourself making mistakes and needing to call in a professional partner, you shouldn’t feel ashamed. We are here to help you make the most out of your investment and get the best return possible.

When you’re ready to hire a trusted property manager in Charleston, call Scott Properties at 843-352-8341.

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Property Manager | Pros and Cons of Turnkey Property Investments

If you’ve ever seen the word “turnkey” on a property listing, you may have wondered if the phrase was a buzzword used for marketing, or if it had some other meaning you should know. Turnkey has a meaning, although the exact definition is a bit subjective. A property manager who is just starting in real estate investing might be interested in this type of property because the homes are generally considered to be move-in ready at the time of purchase. This makes them easy to show and rent; however, there are several other pros and cons of turnkey homes that a property manager needs to be aware of before purchasing.

Pros of Turnkey Properties

  • Less Vacant Time-Turnkey single-family rental homes usually have lower vacancy rates because they are move-in ready and easier to get off the market quickly. These properties can start generating a cash flow almost immediately and are sometimes already being used as rental properties with tenants already living there.
  • Diversify Your Portfolio- Turnkey properties are a great way to diversify your real estate investment portfolio because they show you have investments in different areas, cities, and can mitigate against the local downturn in specific neighborhoods.
  • Easy Investment- Almost every property manager will love turnkey properties because they are nearly entirely hands-off and provide a great passive income. Most of the time, inspections, title procurement, appraisals, and other vital processes are already taken care of when you purchase move-in ready rental homes.

Cons of Turnkey Properties

  • Less Customization- Being move-in ready means you won’t be remodeling or renovating the home into the rental home of your dreams. Less customization means less work but also less of your personality that gets to shine.
  • Higher Price- Turnkey homes need little investing and are usually on the higher end of the market value for properties in the neighborhood. This will mean an independent property manager will need to make a higher initial investment.

Turnkey properties are the perfect investment because you can buy a move-in ready rental and leave the business side of things to a property manager in Charleston who can help you get the most return on that high initial investment. Make sure to screen your tenants so your investment can stay valuable.

If you’re ready to hire a Charleston property manager, call Scott Properties at 843-352-8341.

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Charleston Property Management | Buying Your First Rental Property?

Rental properties are an excellent investment because families will always need somewhere to live, and many people will rent at least once in their life before purchasing their first home. Investing in single-family rentals is a great way to earn passive income in retirement or as a side job to have extra money rolling in. Many investors will hire a Charleston property management company to help them get the most out of their rentals; however, there are a few things you need to do first to get ready to purchase your first rental property.

  1. Make the Commitment- Investing in rental properties isn’t for everyone, and you need to decide if you have the time to step into the world of real estate. Even if you hire a Charleston property management company, you will still need to be an active part of the business. You’ll also need capital to start up with, a business plan, and a real estate investment trust.
  2. Build a Team- You’ll need a great team to help you with your real estate investment, including working with a local real estate agent, attorney, insurance agent, appraiser, and home inspector.
  3. Decide Where to Buy- One thing that Charleston property management teams can help you with is finding the right neighborhood to purchase a home in. There are a lot of factors to consider in choosing the best area for single-family rental homes, including price, demographics, economics, and more.
  4. Secure Financing- Before you can purchase a rental home, you need to secure financing. Lenders are much more strict on the requirements for an investment home mortgage as opposed to a primary residence. Make sure to secure funding before you start shopping or making offers.
  5. Choose a Property Manager- Once you’ve decided on the investment home and the offer has been accepted, you should start searching for the perfect Charleston property management company. A property manager can help you understand the business cashflow and help you get the best return on your investment.

Investing in single-family rentals in Charleston can be the key to a happy and financially secure future. Hiring a property manager can increase that security by helping your business get off the ground running.

When you’re ready to talk about Charleston property management, call Scott Properties at 843-352-8341.