Many renters are not sure whether they are renting from a property management firm or a private landlord. Some renters prefer one over the other, but commonly, large apartment communities are managed by property management companies, and single homes are often private landlords. However, increasingly homeowners are turning to property management companies to rent their single-family units.

One of the major benefits of a property management firm rental is that the property is usually managed in a more professional way. These managers full-time jobs are to manage properties and work for and with tenants. They know the rental laws backwards and forwards, are always knowledgeable on competitive market rent, and they usually utilize the latest technology and property management software to keep organized, keep accounting straight, and allow for more modern conveniences such as paying rent online, and submitting maintenance requests online.

Private landlords have the benefit of being more lenient in their leases. Many private landlords are easier to negotiate with when it comes to late rent or having pets. Private landlords may also be more likely to let you out of your lease early or make special concessions for you because they do not have to worry about treating hundreds of tenants equally.

Private landlords are more likely to make decisions emotionally while property management firms are always business minded and try to keep their professional image in mind at all times. A negative to property management firms are that they are sticklers for the rules. You will be paying that $50 late fee every month and you won’t get away with having a cat in your apartment or a move out inspection done.

In the end, property management companies are the best way to protect the tenants and property owner’s rights and ensure that all handlings are legal and professional. Scott Properties is the perfect property management company to handle your rental needs!

If you own a home and no longer live in it, you might consider renting the property to a family for extra income and to keep the space livable. However, becoming a landlord can be a large undertaking, full of headaches, especially when you are just trying to make some extra income on a house you don’t want to sell. Often times, retired homeowners will purchase properties in an effort to stay busy in retirement, but they don’t realize the litany of phone calls with maintenance requests, tenants crying about rent being late, or how terrible it would be to wake up in the middle of the night to hear about a burst pipe or sewage issue. A property management company allows for you to be the owner so all you have to do is approve spending and watch the rent money roll in.

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Here are some other ways a property management company can help you rent your home:

•      Hire quality tenants
•      More thorough background checks
•      Fewer legal problems
•      Handles all maintenance requests
•      Manages rent collection
•      Manages deposit collections
•      Can perform debt collection
•      Ensures shorter vacancy cycles
•      Recommend and manage property improvement strategies
•      Determine market rent and value
•      Marketing the property
•      Assist in tax preparation
•      Handles eviction notices and lease termination

A property management company’s goal is to help you have the most earning potential from your property. By hiring a property management company, homeowners can rest assured that their rental income is secure and that their property is being managed efficiently while they are away. Time is money and property managers can ensure that you are living your best life while still making a profit and being able to spend more quality time with loved ones and friends. Contact Scott Properties to see how they can make your dream of becoming a landlord easy.

Property Management and Pets

There are over 71 million households in America with pets. This amounts to 63% of households. Half of renters have pets and 35% of people don’t have pets solely because their landlords will not allow them. Property Management Companies often love dogs, cats and other pets personally, but they have to ensure that having pets on properties is not a greater liability that it is worth for them as far as insurance is concerned. There are also many local ordinances that control the number and breed of pets that renters and homeowners alike are allowed to have. Here are the things a property management company has to take into consideration when deciding whether or not to allow pets.

Becoming a landlord is easy today. Anyone with a decent credit score can buy an old house, fix it up and flip it or rent it. Many investors choose to rent those fixer uppers to bring in disposable income every month. However, once an investor gets on a role of buying and sprucing up homes, they may find themselves in over their heads with trying to be a landlord and also an investor. This is where a property management firm can come in handy. If you are trying to determine whether or not you should go with a property management company such as Scott Properties, ask yourself these questions:

1. 1. Do You Live Near the Property? 
3. The further away you live from the property the more time and money it will take to travel there frequently for maintenance issues inspections,
6. showing and marketing the property and much more.

1. 2. Are You Good with Stress? 
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3. It takes a special kind of person to deal with the constantly phone ringing, tenant issues, and collections that come with leasing a home to someone.
5. Can you handle a confrontation with or between tenants? Sometimes, in order to live our best lives, we must leave the stress to a professional.
7. 3. Are You Feeling Overwhelmed? 
8.  
9. Sometimes people jump into things quickly without realizing what they are in for and can get overwhelmed. If you are already feeling this way about your property(s) the extra help in managing your rentals may be what you need to bring your blood pressure down.
11. 4. Are you Good with Record Keeping and Accounting? 
13. There are a lot of numbers involved in renting. A property management company has accountants that will handle your taxes, rent collection, debt collection, payroll, and invoicing. This can be a huge burden off of a property owner’s shoulders.

Hiring a property management company is usually the best choice for people who own multiple properties, live in another state than the property, or just don’t have the time or energy to deal with the stressors of renters. Scott Properties has years of experience in the industry and may be the right choice for your property needs.

Renting an apartment or house is convenient because you have someone to call whenever an appliance breaks or the HVAC stops working, or the roof gets a leak. What’s even better is that most of the maintenance of your rental is never charged to you! However, when summer approaches, maintenance staff are generally up to their ears in requests and can sometimes get backlogged. There are a few steps you can take as a tenant, to help minimize maintenance requests for your property manager, and create faster response times for issues being resolved.

1. Try the A/C Before Summer: A/C’s blowing hot air or the fan not coming on at all is one of the most common maintenance issues for rentals in the summer time. Check you’re a/c to ensure it is working ahead of summer, such as in early March. If something isn’t working, put in a request now. While it may not be top priority, you definitely won’t be dealing with hot blowing air by summer like your neighbors who waited might. Your property manager will also appreciate that you aren’t on the back logs of HVAC issues needing to be addressed.
2. Window Screen: Are you missing a window screen? Make sure to put in a maintenance request for a new one. Opening your windows in the spring or summer without a screen will invite in bugs and other potentially pesky critters creating more maintenance issues. Property Managers usually have a pest control company on speed dial, but sometimes it can take several treatments to get rid of insects.
3. Bad Smells: Another common maintenance request is bad smells coming from the garbage disposal or dishwasher. Even if you don’t use them, you should run your dishwasher at least once a month and flush your garbage disposal with hot water while turning it on to minimize clogs. Your dishwasher should also be cleaned out and dishes with stuck on food should be washed by hand.

If you have any concerns about the maintenance and summer readiness of your home, don’t be afraid to contact your property manager. If you are looking for a new home before summer, give Scott Properties a call to make an appointment.

If you work in Charleston property management, chances are you rent homes that were built before 1978. Homes that were built before lead paint regulations went into effect are those constructed before 1978, and lead paint disclosure laws require landlords and property managers to make their tenants aware, even if the home has non lead paint that has been painted on top of the lead paint.

Why is Lead Paint Harmful?

Lead paint was banned in 1978 because lead was proven to be especially harmful to small children. Anemia, kidney and brain damage, and weakened muscles were all consequences of lead poisoning. Lead paint that is still in good shape (not chipping or peeling) is usually safe, however, lead paint that is deteriorating releases lead into dust particles or even into ground soil that can contaminate the earth and water around the home.

What are the Chances Lead Paint is in Your Home

According to the EPA lead paint is still present in millions of American homes, hidden underneath layers of new paint. Homes built before 1940 have an 87% chance of having lead paint. If the home was built between 1940-1959, the chances are 69% positive for lead and between 1960-1977 your home has a 24% chance. For Charleston property management this means that many of the homes in the area may have a high risk of lead paint presence.

When Does a Landlord Need to Disclose Lead Paint?

All property managers must, by law, disclose the presence of known lead in homes or rentals that were built before January 1, 1978. Landlords are required to disclose the existence of lead paint in any areas of the building accessible to tenants including common areas, provide a lead disclosure in the lease, let the tenant know you’ve complied with all disclosure requirements, and provide an EPA approved brochure on how to identify and control lead paint hazards.

Charleston property management that owns buildings that have been certified lead free by a state-certified inspector do not need to worry about lead disclosure.

If you have questions on how a Charleston property management firm can help you with lead paint disclosure, contact Scott Properties of Charleston today!

Property Manager | The Three Kinds of Maintenance Your Rental Property Will Need

When you decide to become a property manager, one of the major tasks you will find becoming part of your job is overseeing the property maintenance. Investors need the values of their homes to rise while making a profit on rent and when a home is falling into disarray, there are issues to be fixed, and maintenance has not been a priority, home values fall and so does resident retention and rent value.  

Three Types of Rental Home Maintenance

There are three types of maintenance that a property manager must provide for single-family rental homes. Providing these types of maintenance will ensure that owners and tenants stay happy, and properties stay filled with no vacancies.

Preventative Maintenance-There are a few different preventative maintenance tasks that all single-family homes need, including duct cleaning, air filter change, annual roof inspections, and yard maintenance. A lot of these tasks will fall on the renter, but the property manager is often the person in charge of the bigger preventative maintenance tasks such as roofing inspections since the investor is the one who holds the warranty.

Corrective Maintenance-The bulk of maintenance a property manager has to conduct on a single-family home is corrective maintenance. This type of maintenance is when a tenant calls and says that something is broken and needs to be fixed, there’s a leak, crack in the wall, the garbage disposal stopped working, or other issues that the tenant cannot fix on their own. Depending on the issue, some of these things might be the tenant’s responsibility. A property manager needs to make sure that all of the tenant’s maintenance responsibilities are clearly spelled out in the lease.

Emergency Maintenance-The worst nightmare for a property manager is often an emergency maintenance issue such as flooding, break-in, natural disaster, pipes bursting, gas line breaks, or other issues that can affect the safety and security of tenants. Emergency maintenance is hopefully the type of maintenance that will take up the least amount of time for a property manager.

Maintenance takes up a lot of time for homeowners, renters, and your property manager. Make sure everyone involved in the property understands what part of the maintenance they are responsible for to avoid lease violations and keep the property in great shape.

If you’re looking for a property manager in Charleston who can ensure the maintenance on your single-family rental is always taken care of, call Scott Properties at 843-790-4929.

Property Manager | Making Your Single-Family Home More Appealing to Renters

A great property manager is always looking for ways to appeal to new renters and remain competitive in the market. With the price of rent going up all over the United States but especially in large metro areas like Charleston, new renters are going to be looking for the best value with for their money and won’t want to shell out more than $1,000 per month for a sub-par single-family home in a nice neighborhood. Investors need a property manager that can keep up with the trends in single-family homes and market the value of the property to renters willing to pay top dollar for their rental.

Here are some things a property manager can do to make their single-family homes more appealing to renters:

1. Landscaping-A home’s landscaping is one of the major factors that enhance curb appeal. Don’t do anything that requires the tenants to put in a lot of work into maintaining the landscaping; however, as this responsibility could drive prospects away. Many tenants will be looking for a property manager that will include landscaping duties in the rental fees. Providing landscaping such as fresh mulch, tree trimming, and annual grass seed when needed, can increase the single-family home rental value.
2. Upgrade the Technology and Security-Home security has come a long way in the last decade, and many homes are equipped with doorbells that have motion-detecting cameras inside to film everyone that comes to their door and alerts the homeowner through an app. Including a home security system set up for tenants is another great way a property manager can increase the rent value.
3. Offer Upgrades-When your long-term renters no longer see the value in renewing their lease, especially If a property manager is raising the rent, one thing you can do is offer upgrades for renewal. A fresh coat of interior or exterior paint? Professional carpet cleaning? New landscaping? There are plenty of services a property manager can offer tenants for retention.

One of the top ways a property manager can make a home more appealing is by always providing high-quality customer service and making sure tenants know they are valued. Make sure you are communicating with your tenants and understand their needs and what they are looking for in a single-family home.

If you’re an investor looking for a great property manager in Charleston, call Scott Properties at 843-790-4929.

Property Manager | Key Factors Investors Need to Track Their Rental Properties

A rental property owner needs to understand how their single-family rental homes are performing if they want to know what their profits are. There are a few key performance indicators that a property owner or property manager needs to track to get the full picture of how well their rental is doing. It comes down to more than just rental income vs. expenses. Make sure your property management company is looking at these financial and operational indicators:

Financial Key Performance Indicators

The financial key performance indicators will tell a property manager how the rental property is doing on a financial level. The rent falls into this category, along with expenses, but you need a much more in-depth financial ledger if you plan to file business taxes, apply for a loan, grant, or need to make other significant financial decisions.

These are the financial key performance indicators that a property manager needs to track:

• Gross Rent
• Average rent increase
• Average rent per square foot
• Profit margin
• Vacancy rate
• The average cost to turn a home
• The average cost of monthly repairs
• Cash on cash return
• Cashflow
• Return on investment
• Depreciation
• Vacancy losses
• Delinquency losses
• Eviction losses
• Property tax
• Capital improvements
• Insurance
• Utilities
• Marketing
• Background and credit checks
• Property management software subscriptions
• Rental website subscriptions
• Legal fees
• Accounting fees
• Manager fees
• Mortgage interest
• Vendor payments

Operational Key Performance Indicators

Knowing the operational key performance indicators will allow an owner to see how effective their property manager is and how the property manager is affecting the overall return on investment.

A property manager should be tracking these operational key performance indicators:

• % successful renewals
• Average rent increase per year per lease
• Rent increase for new tenants vs. the previous tenant
• Applications that come in
• Percent of applications denied and approved
• Average day to process an application
• Percent of lease breaks
• Percent of evictions
• Delinquency rates
• Average days rent late
• Percent of leases terminated each year
• Average days vacant units are on the market
• Number of days a home takes to turn
• Days a unit is vacant
• Number of work orders entered and days to complete
• Tenancy Duration

A property management company who can track these key performance metrics will better understand the property and increase profits for owners quickly.

If you need a property manager that effectively manages your property across all metrics, give Scott Properties a call at 843-202-4274.