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Property Management | If you own a rental home, finding qualified tenants can be a challenge. Sure, people may look and sound nice on the phone or in person, but can you trust them to pay rent on time and maintain your property? Knowing who to say “yes” to and accepting them as a tenant can be nerve wrecking. This is precisely why you need a property management company that understands and is up to date with fair housing laws and can screen tenants appropriately to make the best decisions for your rental home.

Applications

Every property manager will have a rental application that prospective tenants can fill out if they are interested in renting a property. With the application usually come a fee that covers the cost of background and credit checks, as well as the time it takes to screen the tenant. An application should be filled out for each person over eighteen years old who plans to live in the home. Some property management companies will make exceptions for children in school living with their parents if they are under twenty-one.

A rental application should ask for full name and address, social security number, and five years of work and rental history. Photo identification should also be copied along with at least thirty days of paystubs.

What Does Property Management Look For?

Using the information provided with the application property management companies will run credit and backgrounds checks on tenants. They will verify rental history, income, and previous residences as well. While every company will be different, Scott Properties, offering high end and luxury homes in the Charleston area has disqualifying criteria similar to national standards.

Net income must be three times the rental price
No evictions within five years
No outstanding balances to previous landlords
Credit score above 520
No violent felonies within seven years
No foreclosures or bankruptcies within seven years
History of paying comparable rent amount
Having pets that are against policy

Your property management company should take all of these things into consideration, if they don’t, call Scott Properties today to see how we can help you rent your home in Charleston!

Property Management | Deciding to hire property management to take care of your rental property is a big decision and one that should not be made lightly. There may be several companies that boast the best vacancy fill rates or have great reviews, but as an owner, there are common things that you should wonder about. When you begin interviews potential companies to manage your rental property, make sure to ask these questions.

1. Do You Require A Security Deposit?Not requiring a security deposit is a big mistake for homeowners and most property management companies will also charge at least one full month’s rent as a deposit that will be placed in an escrow account according to law. These deposits protect the owner against damages incurred by the tenant.
2. Do You Do Inspections?Believe it or not, many property management companies do not walk through or inspect rental homes to make sure that everything is being taken care of. An excellent property management company should schedule walkthroughs at least twice per year to verify that the house is being treated well.
3. What Are Your Fees?Don’t trust a property management company that has hidden fees or charges for services based on a laundry list. A high-quality management firm should charge a flat percentage rate of the gross monthly rent. Owners also need to ask if the tenant doesn’t pay rent, who is responsible for the rental fee? Some companies may require that the property owner still pay the fee, even if the renter doesn’t pay. Look for a property management firm that doesn’t hold owner’s responsible such as Scott Properties in Charleston.
4. What is The Application Process for Tenants? As the owner of the home, you want to know that the people renting from you will pay on time, not destroy your home, and not cause problems in the neighborhood. Tenants should be screened through an application to determine suitability. Background checks, income verification, and previous rental history along with photo idea should all be part of the application process.

Start with these four questions when you interview property managers. If the answers aren’t to your liking after these four, it is time to move on to a different property management company. Call Scott Properties today to see how we can help you rent your home in Charleston!

Are you looking for rental homes Charleston, South Carolina? Are you moving from out of state and need help discovering where the best rental homes Charleston are? Scott Properties offers high-end, luxury rental homes in some of the best areas of South Carolina including Dewees Island, Isle of Palms, West Ashley, Folly Beach, Goosecreek, Mount Pleasant, and the city of Charleston. Renters who want to live their best life should consider these neighborhoods and Scott Properties for their rental home needs.

Dewees Island- Part of the barrier island, Dewees Island is great for renters because the island is secluded with only 150 homes total, no paved roads, and strict codes for the building. The properties on the island are exclusive and nestled in the woods with three miles of beach to view.

Isle of Palms-The Isle of Palms is thought to be more than 25,000 years old and former home to pirates. This island is great for renters who want waterfront property where they can sail, boat, and jet ski. Tenants with dogs, however, must obtain a permit from the Palms Police Department.

West Ashley- West Ashley is one of the districts of Charleston and has a population of 75,144 people. This neighborhood is perfect for city lovers who still want to enjoy waterfront vistas, and scenic views. The area was developed in the 1950’s and is currently being revitalized. Charleston’s largest shopping mall and the newest hospital are both located in West Ashley.

Folly Beach- Considered, the edge of America, Folly Beach is an attractive rental area for people who want to relax and enjoy artisanal experiences. The music and art scene is huge at Folly Beach, and there are many historic houses to choose from. Homes on Folly Beach average half a million dollars, making them one of the most affordable beach communities in the United States.

Goosecreek-Goosecreek is a smaller city with a population less than 40,000. Most of the residents in Goosecreek are middle class with home values averaging around $167,400. Goosecreek provides excellent rental homes Charleston for families with the average head of household being approximately 31 years old.

Mount Pleasant-Mount Pleasant is part of the top ten fastest growing neighborhoods in the country and is the most popular area of Charleston to live in. The public school system is fantastic, and there is plenty of shopping and entertainment in this city of 85,000 people.

If you are interested in the best rental homes Charleston, call Scott Properties today to see how we can help you find a home in Charleston!

Property Manager | When a property manager is handling the leasing of your rental home, you want to trust that they will be able to keep your property safe and incur a profit for every month. One way the property manager you are working with will ensure that your rental property stays safe and valuable is to include mandatory renters’ insurance in the lease agreement.

Why Renters Need Insurance

Many tenants may not want to purchase renter’s insurance. No one wants to take on more bills; however, renter’s insurance should be non-negotiable. Many renters do not understand that when it comes to their belongings, a property owner’s insurance is not liable for damages to the renter’s things. Renters need their insurance to cover them in the event of disasters that result in the loss of property.

Your property manager should ask for a copy of renter’s insurance to prove the renter’s liability coverage if damages are caused to the property as a result of the renter’s negligence. Renters are often surprised to find out that if they leave the water running and flood the apartment, or cause a fire, that they are responsible for the damages, not the property owner.

Where to Get Renters Insurance

Many renters will ask a property manager where they should get renters insurance. Most of the time a renter can receive a discount on their insurance if they package renter’s insurance with their other policies such as car insurance. Tenants should be able to choose whatever insurance provider they prefer, but a property manager may also have suggestions for tenants.

What Does Renters Insurance Not Cover?

While every policy may be different, there are a few things that most renter’s insurance will not cover. Natural Disasters, especially in flood zones such as coastal cities are not covered in renter’s insurance policies; however, additional coverage for these events is generally available. Damage caused by pests is usually not included. High-value items such as antiques, or rare collectibles often require additional coverage as well, especially if their value exceeds your policy limits.

If you are looking for rental property in the Charleston area, call Scott Properties today to see how we can help you rent your home in Charleston!

Rental Homes Charleston: Island Living

Property Manager | Everyone dreams of having their own private island, but few people can achieve it. However, when you search for rental homes Charleston you will find that island living is possible, even in the United States. There are 35 islands that make up the barrier island of South Carolina, and a few of them have communities where people are welcome to live.

Best Islands for Rental Homes Charleston

Sullivan Island- If living in luxury is vital to you, Sullivan Island is where you want to live. This barrier island is only 15 minutes from downtown Charleston and is the former home of famous poet, Edgar Allan Poe.

Isle of Palms- This is the perfect place to turn investment property into a rental property. The island is famous as a family vacation spot with beach houses and a world-class marina.

Hilton Head Island- The island is a city town that boasts a high quality of life with the highest median income in the state. One of the most desirable places to rent, the market rent value is higher here than other areas of Charleston.

Kiawah Island- This island has a small population of fewer than 1,500 people, but that number increases tenfold in the summertime when nearly 10,000 people visit daily. The economy is tourism based, with a lot of outdoor recreation. The mean home price on the island is almost one million dollars. There are few amenities on the island, however, and no hospital.

Fripp Island- The entire island is a private gated community with less than 900 residents who live on the island all year, but nearly 5,000 people who reside on Fripp Island in the summer. The island is only 6.5 square miles, but home prices are less than other islands around Charleston.

If you are searching for the perfect island rental homes in Charleston, South Carolina, call Scott Properties Today!

Having a property manager available to manage your rental property is convenient and easy. A property manager will handle all day to day tasks associated with rental property, leaving you time to enjoy your residual income in peace. However, sometimes an owner may be curious as to the inner workings of a property manager and the process of renting their home out.

One of the first processes that your property manager will being is marketing your rental home. Your property will not attract tenants if prospects don’t realize the home is available. Marketing is the most important aspect to a rental business and your property manager will know how to attract the best renters. Here are some of the ways your property manager markets your home:

1. Improve Curb Appeal-Before a property manager even thinks about marketing the property, they want to make sure the property looks the best it can on the outside. To market your home, you will need pictures of the exterior. A property manager also wants the prospective renters to have a good impression of the home when they are giving a showing.
2. “For Rent” Sign-Yard signs might not always be attractive, but they are necessary. Your property manager should use a professionally printed yard sign that tells walkers and people driving by that the home is available for rent and how to get in contact. How many bedrooms and bathrooms the home includes may also be information printed on the sign.
3. Get the Word Out-A yard sign is not enough to advertise that your property is for rent. Depending on your package with the rental company hire, the property manager may advertise your property for rent on the radio, commercials, social media advertisements, social media groups, billboards, digital signs, and more. Most companies will list on craigslist and local newspapers as well.

Knowing that your property manager is using all available resources to ensure your property is rented in two weeks or less can ease much anxiety from the minds of property owners.

There are many property management companies that claim to offer the best ways to make the most money off your rental properties. When you are shopping around for the best property management companies in your market you may not be able to tell right away which companies are the most successful.

Once you have begun the search for the best property management company you already understand the benefits of property management. The companies you are looking at shouldn’t worry about trying to convince you about why you need them, but rather what they can do for you and your property.

What to Look for In Property Management

The property management company that you hire should have a proven record in success. The company should be able to give you references and allow you to speak with some of their other clients. You should also look at their social media sites and other business rating sites to read reviews from clients and tenants.

You also need a property management firm that knows what they are talking about. Ask your prospective property management about the current state of the rental market, which areas in your town are the best for high market value rent. You can also ask them about market trends, their marketing plan, and their personal success records. A great property management firm hires people who can think quickly on their feet and actually know the market, not just people who can read from a brochure.

The best property management companies also have great teams to back them up. When you are interviewing your property management partner, make sure to ask them about their own hiring practices. Ask the company for a list of the local vendors they use as well for carpet cleaning, painting, maintenance, cleaning, and water removal. You want a property management company with strong local connections and longstanding relationships with vendors.

Finding a property management firm that is reputable and knows the rental market is important. In order to get the most return on your investment spend time interviewing and researching before making a final choice.

The most common phone calls a property manager can expect is a maintenance request. In fact, a property manager with multiple homes to manage will probably receive several of these calls per day. If the property manager works for a large real estate corporation, that company will field dozens of maintenance requests daily. There are a few common repairs that a property manager can expect and should always be prepared for.

Broken Appliances-Appliances are used frequently and subject to wear and tear over the years. While some tenants may take care of the stove, refrigerator, or dishwasher, other tenants aren’t as careful. Unless the appliance is broken due to tenant damage, the property manager will be responsible for making repairs. This also includes heating and cooling units.

Leaking Water-When a tenant calls about a leaky roof, this could be a sign of a much bigger problem. Roofs are subject to a lot of weather damage, wear and tear and can develop leaks. When there is a storm and the tenant call about water dripping from the ceiling, the roof may need a patch. There could also be problems with the drainage away from the house (gutter system).

Faucets Dripping or Leaking-Leaking pipes are a common problem in single family homes and most renters don’t know what to do. Pipes could be leaking below the sink or the faucet could be dripping. These are easy fixes for someone that knows what they are doing, but the property manager will frequently need to send maintenance to resolve these issues.

Bug Infestation-Not every call about bugs leads to a diagnosis of an infestation. Depending on where the property is located there may be several different insects or rodents that are prone to getting into homes. Tenants may call about a spider they see on the wall, gnats accumulating in their kitchen, or beetles congregating on their patios. Depending on the situation there may not be much a property manager can do to keep outdoor pests, and some indoor pests at bay. Using pest control services between tenants is a great way to control bug problems inside the home.

If you’re a property manager be prepared to field maintenance issues like these and hire maintenance men that know how to resolve these issues.