Charleston Property Management | What to Look for In Your First Investment Property

Getting into real estate and single-family rental homes is a very exciting time. More people than ever are investing in properties to use as long and short-term rentals and using Charleston property management companies to produce bigger than ever profits. Before you begin looking into the Charleston property management teams to build upon your success however, you need to purchase your first investment property. Making a large investment such as a home can be nerve wrecking, but if you keep these five things in mind while looking, you’re sure to find the perfect property to turn into a single-family rental home.

Location is Everything For Your Property

Location is the most important factor to consider when purchasing your first investment property. The location of the home will determine the amount of rent you can charge, the quality of renter you will entice, and the vacancy rate you could experience. You should investigate the safety, market rent, and home values in the neighborhoods you are considering purchasing property in.

Property Management Financial Aspects

What is the home selling for and how much will it cost to make it rent ready? Many first-time investors will try to buy homes at auctions or foreclosures because they are getting a great deal on the first year’s property taxes and assessed home value; however, depending on the cost of rehabilitation needed, homeowners can find themselves in a hole. You want to choose the property that makes the most financial sense with the least amount of risk.

Maintenance Is Key In Property Management

Some investment properties will take more maintenance than others to hold their value. Student and vacation rentals, older single-family homes, and low budget apartments always end up having high maintenance costs. Choosing a home with high maintenance risk is another great reason to invest in Charleston property management as well. Let a team of professionals handle the maintenance so it gets done correctly and quickly.

You might be tempted to let your emotions play a role in purchasing your first property, but you must look at each home as a business rather than somewhere you would want to live yourself. Working with a property manager is the best way to increase your home market savvy and get investment properties under your belt that have a huge return on investment.

If you’re ready to start a partnership with a property manager in Charleston, call Scott Properties at 843-972-9008.

Charleston Property Management | If you own rental properties one of your concerns should be tenant retention. When tenants decide to move out of your property you are left with a vacancy and time where rent is not being collected. When tenants move out, you must spend money on cleaning services, maintenance, repairs, repainting, carpet shampooing, marketing, and many other expenses. Making sure your great tenants don’t move out is essential and Charleston property management can help property owners decrease their vacancies and increase their retention rates.

Some ways that Charleston property management can help you increase your tenant retention are:

• Being Available:Tenants want to know that they are being heard by their landlords or property managers. They get frustrated when maintenance requests or questions go unanswered or when they cannot get ahold of the property owner to arrange rent payments or renew a lease. If you own more than one rental property, you can feel inundated with calls from tenants. Using Charleston property management to manage your rental homes means that you don’t have to be at the beck and call of your tenants, but they are still being helped with amazing service through a property manager!
• Handling Maintenance: Handling the maintenance on your property can be tiresome and tedious, especially if you do not live near your rental property. Tenants also expect their maintenance issues to be dealt with in a timely fashion if they have to have repaired. Charleston, property management employees, are adept at making quick decisions that are within your budget and deploying the right vendors to the home to fix issues quickly. Also, property managers can get ahead of maintenance issues by conducting inspections of the house, changing the air filter quarterly and regularly checking in with their tenants to make sure the home is to standard.
• Doing Extra-Tenants tend to stay in homes where the landlord or property manager goes above and beyond or out of their way to ensure that tenants are satisfied and happy. Some of the things that Charleston property management firms could consider are offering vouchers off rent for referrals that sign a one year lease, providing free carpet cleanings, having a grace period on rent due date, keeping up landscaping or providing lawn services, offering online access to rent accounts.

If you are ready to see what a difference using a Charleston property management company can make, contact Scott Properties today!

Charleston is a vacation destination but also has a huge population and a lot of renters. When you have a Charleston property management service, you’ll want to do everything you can to expand your business as homes are turned into rental property. Of course, you can’t just jump into managing multiple single-family homes without improving your property management service. Here are a few things the best Charleston property management companies do when they are expanding their properties:

1. Online Owner Portal- Communication between a property owner and a Charleston property management company needs to be easy, simple, and fluid. When you use property management software to utilize tenant and owner portals for online rent payment, uploading lease or vendor documents, maintenance requests, and even email with owners.

2. Be Flexible- When a Charleston property management company begins taking on new owner clients, they need to have ways of being flexible because each owner and property will be different. Some owners may not like using an online owner portal to communicate and prefer phone calls. Others might want extraordinarily little contact with your Charleston property management service, while others may want to check–in frequently. It is up to the property manager to be flexible with their clients.

3. Use Efficient Processes- Whenever possible, a Charleston property management company should use the same screening, leasing, and maintenance processes with each of the homes they manage. While there may be some minor differences in what owners want, most will leave the property management in the manager’s hands and remain mostly hands–off. The more the company can streamline the processes involved in renting, the more units they can handle.

4. Use Preferred Vendors- Establish relationships with local vendors such as cleaning services, painters, plumbers, electricians, etc. When you have multiple homes that need maintenance and repairs, establishing a list of preferred vendors will usually save a Charleston property management company a lot of time and money.

If you own a rental property and are looking for a Charleston property management company that is efficient, flexible, great at communication, and can save you money, call Scott Properties at 843-790-0148.

Charleston Property Management | Finding the perfect property manager can be difficult, and some property owners may go through more than one property manager before they find the best one for long term employment. If single–family home property managers want to ensure they have a great working relationship with the homeowners, there are a few things they can do (or not do) that could help them to keep the job and not get fired.

Check out the most common reasons that property managers tend to get fired:

1. Property Maintenance- A home is a huge investment for owners, and they need to rely on their property manager to ensure that the property is being kept in good shape. Tenants have a big responsibility in keeping homes intact; however, the property manager needs to ensure that maintenance issues are taken care of promptly, so they don’t become worse, and that they are doing inspections and holding tenants accountable. When homes start to fall apart, and things aren’t getting fixed, a property manager is likely to be fired.

2. Communication Issues- Working with people you cannot communicate with is difficult, and homeowners and property managers need to be able to do this easily. One of the best ways is to use an online portal where you can upload documents and manage tenant accounts online. Make communication with the owner easy, so you don’t need to worry about being fired over a miscommunication.

3. Poor Occupancy Rates- If a property manager is not keeping homes rented out, the owner isn’t making any money. In fact, they may be seeing a lot of money going to waste on employees and marketing, which will not bode well for the property manager. You have to keep homes filled to keep your job.

Property managers who can keep homes in good shape, communicate well, and keep homes filled, will have great success in this industry.

If you’re looking for top Charleston Property Management companies in SC, call Scott Properties at 843-790-0148 and find out what we can do for your rental property.

Typically one of the greatest priorities a landlord or property manager has is making sure that tenants pay their rent on time. However, there are only certain types of payments that should be accepted, and these payment types should be clearly outlined in all lease agreements.

In most cases, rent should be paid by check, money order, cashiers check, or with a card or other electronic payment through an online tenant portal. There should be provisions in the lease that detail to the tenants exactly what payment methods are acceptable. It is highly unadvisable to accept cash payments for a number of reasons:

Cash is hard to account for. A deceitful property manager might claim that a tenant was $100 short on the rent when they were not. A tenant could claim they dropped an envelope with cash in the rent dropbox, but there may not be any evidence. Checks and money orders can be reissued and tracked, so can online payments.

A property manager should keep as little cash in the office as possible. Rent is expensive, and if your tenants are dropping off large sums of cash to the property management office, this turns your business into a target for burglary and robbery. This is the last thing a property manager wants because it will make tenants feel unsafe, even if they live far away from the rental office.

You must treat all tenants equally and cannot make exceptions for tenants. If the lease says no cash payments, and a tenant brings the rent into the office in cash, you should ask them to go get a money order. Do not make an exception, even if it’s the day rent is due and five minutes before the office closes.

The best property management companies in Charleston are flexible and have great payment options for their tenants, so that paying the rent is easy. If you want to know what kind of payment system Scott Properties uses to help our tenants pay on time, every time, give us a call at 843-790-0148.

When you work in Charleston property management, customer service is one of the most important parts of the job. If tenants and potential renters believe that a Charleston property management company has poor customer service, they won’t rent from them, which means that property owners will not be receiving rent payments.

Here are the best ways to ensure your Charleston property management company will provide the best customer service to your tenants and owners:

Response Time– When tenants and owners aren’t getting responses to their calls, emails, or text messages, it reflects very negatively on your Charleston property management company. All people want to be heard and know that their concerns are valid, especially people who are relying on you to keep their property safe and valuable.

Value– Part of how people perceive your customer service depends on how valuable they believe your service is. Are they getting the best bang for their buck? Does the rent live up to the property and neighborhood value? Is the property manager reliable, trustworthy, and knowledgeable? If owners feel like they aren’t getting what they are paying for, they may not want to continue working with the Charleston property management company.

Professionalism– A great property manager needs to be professional and run their business in accordance with state and local laws and ordinances. A professional property manager ensures quality tenants, a great maintenance team, has a great response time and offers a valuable service. If a property manager does not seem professional, a tenant or owner is more likely to rate their customer service poorly.

Customer service is important to your Charleston property management company because it is one of the factors that people will respond to when filling out reviews on Yelp, Angie’s List, Facebook, your business website, and Google, among other places.

If you are a property owner who is looking for a highly rated Charleston property management company, you should call Scott Properties as 843-790-0148.

Rental Property Management Charleston | One of the most important traits a property manager must have is knowing the right leasing terminology so that rental prospects trust that the property manager knows what they are talking about. If a renter asks the property manager what a term in the lease means, the property manager needs to be able to explain the term clearly. Here are a few terms we think you should know that you might not already.

Fixed Term Lease- A fixed-term lease is for a specified period. These leases are usually for 6, 12, or 18 months, but some leases could be longer. Most will end on a specified date and have the option of becoming a month-to-month lease, or you’ll be offered a chance to renew your lease or vacate.

Grace Period- Some leases will include a grace period stipulated in the lease for paying rent late without penalty, or for other things such as being able to back out of your lease after you sign one.

Guarantor- A guarantor is also called a co-signor and is a person who guarantees that if the renter is unable to pay their rent, the co-signor will be responsible for paying. A guarantor is usually needed when the applicant cannot meet the rental criteria on their own.

Periodic Term Lease- This type of lease automatically renews at the end of the term for the same amount of time as the original lease. If the lessor or lessee wishes to break the lease or not renew, they will have to provide notice before the lease is up. The lease will specify exactly how far in advance both parties will need to give notice.

Sublease- The property manager may allow a property to be sublet under certain conditions. A sublet is when the lessee has to vacate the property before the end of their lease term, but someone else is available to take over the remainder of the lease. If the person subleasing the home does not pay rent, the original renter is often responsible.

If you’re ready to hire a property manager that understand a lease like the back of their hand, call Scott Properties

Property Manager | If you have decided to turn your home into a rental property, you should immediately consider hiring a property manager. There are a lot of headaches that come along with managing a rental home and a property manager can take all these burdens off your shoulders. However, there are a few common myths you may have heard about property managers that we urge you to dismiss completely!

1. A Property Manager Will Cost Too Much
You decided to rent your home to make money not spend money, right? When property owners try to manage their own properties, especially at a distance, they incur a lot of costs such as failed marketing attempts, discounting rent to fill vacancies quickly, and sometimes even being taken advantage of by residence maintenance issues because you are not there to see the issue for yourself. A property manager will increase your net income in almost every instance.

2. I Won’t Have Any Control Over My Property
Letting someone else manage something that is as large of an investment as property is a big decision to make. Many property owners worry that they will no longer have control over who lives in their rental homes or what happens to them. When you hire a property manager, the specifics of how you want the job done and the property management company policies will all be included in a contract. Let a property manager handle the day to day business of managing your property and serve as a liaison when needed.

3. I Won’t Know the People Living in My Home
One of the aspects of rental property that most home owners have a hard time letting go of is choosing who they lease to. When you use a property manager, you can be sure that your tenants will be leased to based on fair housing laws and ADA regulations. A property manager will be up to date on all current landlord tenant law and ordinances in your area and can also perform background checks on potential leases depending on their company software.

Hiring a property manager will make your life much easier and increase your net income. Make sure to contact Scott Properties for rental home management in South Carolina.

Charleston Property Management | The under 35 population is renting rather than buying homes, which are great news for Charleston property management companies because single-family home rentals are more popular than ever before. If you’ve been wondering about the best neighborhoods to start your rental property business, just check out the hippest neighborhoods in Charleston to see where you should buy a property.

Harleston Village- College students, recent graduates, and academic types love living in Harleston Village because of it’s proximity to the College of Charleston. Harleston is also pretty swanky and affluent with large houses, streets lined with mossy oak trees, and antebellum architecture.

Wagener Terrace- Located on the downtown peninsula, Wagener Terrace has a hip, cool vibe with many local bars, gastro pubs, restaurants, and many amazing parks. Bill Murray even owns a restaurant in this part of town which he sometimes hangs out at. If you want to rent a house in a neighborhood with all the best food, Charleston property management can help you find the perfect property in Wagener Terrace.

Avondale- On the west side of the downtown peninsula in the West Ashley region of Charleston is a cool neighborhood known for its trendy bars and restaurants. Avondale is full of young professionals and small families, artists, boutique stores, and the West Ashley Bikeway—an almost 8-mile stretch that residents can walk, run, or bike on through downtown and the other neighborhoods in Charleston.

Mount Pleasant- This coastal neighborhood is nearby downtown and the beaches and is known for its excellent public school system and family-friendly environment. Many of the people who live in Mount Pleasant have lived there for generations and is a conservative neighborhood.

The Islands- One of the most popular places to live in Charleston are the islands. The neighborhoods on the island are pricey but elegant and the only oceanfront public schools in the continental US are in Sullivan’s Island.

If you’ve recently bought property in one of these neighborhoods and need Charleston property management to help you rent your home, call Scott Properties

Rental Property Management Charleston | If you’ve been looking to invest in rental property on the coast but aren’t sure where the best place to buy your property is, look no further than Charleston, South Carolina. More than 700,000 people live in the thriving Charleston Metropolitan Area and the housing market has been competitive and looks to stay that way into the future. Now is the best time to buy an investment property and let rental property management in Charleston help you rake in the extra income every month. Check out these reasons to invest in Charleston.

1. Property Values- When you purchase an investment property you want the home to increase in value and rental property management in Charleston companies are seeing an increase of 8.4% in some home values just in the last year. The average price of a home in Charleston is around $299,000 while is an almost $50,000 increase from the average home price in 2015 according to Zilllow estimates. Real estate values have also appreciated nearly 32% in the last ten years, and appreciation is higher in Charleston than 70% of other cities in the United States.
3. Rent Values- People will pay a pretty penny for homes in Charleston because of it’s prime and historic location. In 2018, the median rent in North Charleston for a single-family home was $1,850. The Charleston Metro area had an average rental rate of $1,650.
5. Rent Market- Roughly 49% of adults in Charleston are renters, and the median age of a citizen in Charleston is 36. This is advantageous for property management in Charleston because most of the people in this age demographic will be small families looking for detached homes with three to four bedrooms. These families are likely to want to rent, especially when the median income in Charleston makes buying a home unaffordable for some families.

Now is the time to dive into a rental property in Charleston and a property management in Charleston company like Scott Properties can help your investments earn you the extra income you’ve been looking for. Contact Scott Properties