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Property Management Services in Charleston | What Upgrades to Single Family Homes are Worth It?

Property Management Services in Charleston

Property investing can be a tricky business and it is all about balancing the numbers and making good choices on which properties are best to buy, and how to upgrade those properties to make the most of them. Property management services in Charleston have a lot of expertise when it comes to knowing what renters are looking for in single-family housing. We talk to tenants every single day who are asking for upgrades at renewal time and new prospects who expect only the best when living in Charleston. However, not every upgrade is worth it, and we will tell you what trends you can skip, as well as which are worth it.

Upgrades Worth Doing on Single-Family Rentals

There are many upgrades that will have tenants choosing to renew their leases without a second thought, and new tenants will appreciate. Some of these upgrades will even make it possible for you to charge more rent and make the property more competitive.

  • Upgrading the bathroom
  • Upgrading the Kitchen Appliances
  • Brand new carpet installation
  • Fresh paint
  • New cabinets and fixtures
  • A deck or patio
  • Hardwood floors to replace linoleum or vinyl.
  • Roof replacement
  • Siding Replacement

Property management services in Charleston see many tenants falling in love with properties that are newly renovated. Brand new roofs are also a great selling point that help renters feel safe and secure in the home.

Upgrades You Can Skip on Single-Family Rentals

Some upgrades are very costly and might not be worth it in the end. These are the upgrades you can skip, especially if budgeting is a concern.

  • Professional landscaping, especially if you are renting to families with kids or who may not be able to help with the upkeep.
  • Smart Home features may seem cool, but they do not add much value to the rental price. There are many wireless electronics that can turn your home into a smart home that tenants can use without the hassle and take to their future homes as well. Let them handle the technology.

Property management services in Charleston can work with investors to help create upgrade plans that add value to the home and be a reason to increase the rent at lease renewal time or for new tenants.

If you are looking for professional property managers to help you make the most of your rental property investments, call Scott Properties at 843-790-4929.

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Charleston Property Management | When will the Federal Eviction Moratorium End

Charleston Property Management

Now, more than ever before is when rental property investors need Charleston property management the most. For the last year, landlords, property managers, and investors have been struggling to collect rent from tenants. Some tenants have been affected by COVID and not able to pay rent. With the federal moratorium on evictions in place, investors have had a tough time enforcing rental payments and due dates or being able to evict tenants who are refusing to pay rent.

The current situation has put a lot of strain on investors, and it looks like the moratorium on evictions will be in place until at least June 30th, 2021; however, Charleston property management services are available to alleviate the stress and make your life easier. When you work with professional property management companies, you get a landlord, maintenance professional, and legal expert all in one, because all those people work right there as staff of the companies.

Do I Need a Property Manager?

You might be thinking to yourself, “Why would I hire a property manager when I am not making any rent?” Well, the answer to this is that you must look at partnering with Charleston property management as not just another invoice to pay every month. Property management is an investment into your portfolio and business. Your property manager can represent you in court, file for collections on tenants, arrange cleanouts after evictions, handle property maintenance, and those daily calls for delinquent rent payments that no investor wants to spend their day making.

Charleston Property Management

Property managers can also keep an expert paper trail so that when the federal moratorium on evictions does end, and your renters are still not paying and did not receive assistance, you can go to court and have your bases covered and your business protected. A property manager can also help you find new renters that have a steady income and are qualified tenants to move in after an eviction. They can also manage to get the home ready to rent which will save investors a lot of time and money.

If you are looking for professional property managers to help you make the most of your rental property investments, call Scott Properties at 843-790-4929.

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Charleston Property Management Companies | Best Place In South Carolina to Buy Rental Property

Charleston Property Management Companies

If you have checked out the real estate market in South Carolina, you will see that homes are not on the market for long before a family or young entrepreneur has made an offer and is asking for the keys to move in. Investors are clamoring to scoop up single-family homes since the population, especially in the coastal cities, has seen steady growth with no signs of slowing down. Charleston property management companies are fielding phone calls left and right asking questions about the schools, neighborhoods, and amenities ahead of new families moving into town. And while other cities may be experiencing something similar, Charleston has shown itself to be the best place in South Carolina to buy a rental property.

Why Charleston Reigns Supreme for the Rental Market

Charleston has some of the most diverse home options in the state with luxury coastal, beach-front homes, as well as downtown apartments, and single-family suburban homes. The average home value in Charleston is nearly $330,000 which means market rental rates will be high and could turn large profits for investors especially when combined with Charleston property management companies’ services. In fact, rental rates in Charleston have risen by three percent over the last year as incomes and the GDP in Charleston, South Carolina, have increased.

Charleston also has a steadily growing population with more people looking to get away from the big cities and settle down into relaxed, Southern suburban lifestyles. Charleston still embodies the antebellum South and is ranked the number one friendliest city in the United States. Charleston property management companies also get to boast about the premier school system, booming economy, and is home to The Citadel—one of the top military academies in the nation, and The College of Charleston which was voted Most Beautiful College Campus by a renowned travel magazine.

All these factors have led to a population boom as well as college graduates choosing to state and continue renting even after graduation. Many of these recent graduates will be looking to upgrade their lifestyles for more professional living arrangements which is why investors should be purchasing single-family homes to rent now before property prices increase even more.

If you are looking for professional property managers to help you make the most of your rental property investments, call Scott Properties at 843-790-4929.

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Charleston Property Management Companies | Why Charleston is Where You Need to Invest

Charleston Property Management Companies

It is a seller’s market in many cities around the United States and in Charleston the real estate market reflects the same! Houses are going on the market and right back off seemingly overnight with investors sweeping in to turn single-family homes and duplexes into investment rental properties. In fact, the Charleston housing market is expecting to be booming for the next ten years and be in the top ten cities in the country for 2021. This trend is making Charleston property management companies busier than ever with investors needing professional rental management after the close of the sale.

What Does a Seller’s Market Mean for Investors?

For investors, this means they may have to pay more for a property than they normally would because, in a seller’s market, it is the person selling the property that has the most power. Homeowners are getting multiple offers on their properties due to a shortage of homes being sold. However, COVID 19 has caused many people who once owned a home to need a rental property instead which is great for investors. This situation means that market rental rates will increase and offset the increased price you might have to pay for an investment property.

Link With Charleston Property Management Companies

If you are an investor and hearing that you will have to pay more for a property is making you nervous, hear us out. Charleston property management companies are thriving and successful in Charleston because the population boom happening in Charleston is creating a thriving tech industry with high-paying jobs and lots of entrepreneurs and venture capitalists setting down roots along the coast. These renters can afford to pay more for rent and will gladly pay premium prices to be near the ocean and their office. Charleston property management companies can also verify that the median household income of a Charleston family has increased by more than six percent and the GDP has increased by almost 75%. Now is the perfect time to get into Charleston rental property investing.

If you are looking for someone to help manage your rental properties in Charleston, call us today at Scott Properties, 843-790-4929.

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Charleston Property Management | What Style House Should I Invest In?

Charleston Property Management

One of the best parts of Charleston property management is finding the perfect house to invest in. You might wonder what are the trendiest style of houses that people are looking to rent in Charleston? Some of the most popular styles of architecture found around Charleston include:

  • Georgian
  • Federal
  • Greek Revival
  • Italianate
  • Queen Anne
  • Charleston Single House
  • Art Deco

One thing all these houses have in common is they are multi-story homes. They also have lots of personality and charm. Newer homes built after the 1950’s, are commonly more modern with attached garages. There are also beautiful ranch houses around Charleston.

Features of A Desirable Rental Property

The style and architecture of a home are less important than the features that renters are most looking for from a Charleston property management company. Some of the requests renters most often have include:

  • Off street parking
  • Porches
  • Yards
  • Central air
  • 2+ bedrooms
  • 2+ bathrooms
  • Dining room
  • Kitchen with all appliances
  • Washer and dryer hookups or included
  • Large master bedroom
  • Walk in closets
  • Overhead lighting and ceiling fans

The more features you can include with your rental home, the more desirable the property will be. When you start adding in luxury amenities such as whirlpool bathtubs, hot tubs or swimming pools, beach access, and other such features, the rental rate can be higher than less desirable properties in the same area. You will have a competitive edge over the other Charleston property management companies and see your single-family homes always occupied.

Services Offered by The Best Charleston Property Managers

Not only do property features drive the rental value, so do the services you offer as a property manager from lawn and garden maintenance to online rental portals and request forms, the more you can offer your tenant from a customer service standpoint, the more likely they will be to renew their lease, not complain about rent increases, and stay satisfied.

If you are looking for a Charleston property management company that can do it all, call Scott Properties at 843-790-4929.

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Charleston Property Management | How Much Should You Charge for Rent

Charleston Property Management

One of the struggles of Charleston property management is determining how much a property owner should charge for rent on a single-family home. You don’t want to charge too much because it will be hard to rent out. On the other hand, charging too little means you’ll make fewer profits. Luckily, there are some standard ways that Charleston property management companies use to set rent on a single-family home.

  1. Home’s Value- The great thing about investing is that you can purchase a home for much less than it’s worth. Rent should be based on what your property is valued, not what you paid for it. Most property managers charge between .8% and 1.1% of what the home is appraised for. If the home value is $250, 000 you can charge anywhere from $2,000 per month to $2,750 per month. Rule of thumb is to charge less on the more expensive homes and closer to the one percent mark on the more inexpensive homes.
  2. Market Value- Charleston property management companies do research on what other comparable properties are renting for in the same neighborhood. You should keep your rent price within a few hundred dollars of the average.
  3. Mortgage- Though it may seem like a no brainer, Charleston property management companies must ensure that the rent will cover the costs of the mortgage, property insurance, property taxes, and costs of maintenance on the home.

An experienced Charleston property management team understands the market rent in the various neighborhoods around Charleston and can help you decide the best price point for your single-family rental home. Teaming up with a professional property manager takes a lot of the burden of research and evaluation off your shoulders and into the hands of someone that knows the market better than anyone.

If you’re ready to work with a qualified Charleston property management team, call Scott Properties at 843-790-4929.

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Charleston Property Management | What To Do If A Tenant Leaves A Broke Down Car Behind

North Charleston - James Island

Tenant moveouts are always a surprise. When you work in Charleston property management, you never know what state to expect the home to be in when a family moves out. Most renters are great and will follow the moveout checklist and do all the cleaning and replacing that is requested. However, sometimes, tenants leave behind personal property when they can’t take it with them and don’t have storage. When this property is broken down vehicles, the rules about removing the property is a bit different than if they left behind a couch, however.

When is a Vehicle Considered Abandoned?

When a vehicle remains on public or private for longer than seven days without the permission of the property owner, Charleston property management can start the process of having the vehicle removed. The tenant loses their permission to have the car parked on the property of the rental house as soon as the home is deemed abandoned. If the property is abandoned, the manager must all the police and report the vehicle abandoned. The police will then contact a tow company and handle the rest from there.

Many landlords have provisions in their lease that state vehicles not running, not registered, or not on wheels cannot be stored on rental property. If the lease has this provision, Charleston property management will be able to have the vehicle towed without notifying the police or the tenant, although it is a good idea to give the tenant a lease violation warning first, giving the tenant a chance to relocate the vehicle.

When is a Property Considered Abandoned?

South Carolina law says that rental properties can be considered abandoned when the rent payment is more than 15 days past due and the tenant has not been onsite or reachable. If the rent payment is late, and the utilities have been turned off by the tenant before the end of the lease, the property may be considered abandoned immediately, however.

Contact Scott Properties, Charleston Property Management

If you’re looking for Charleston property management that can deal with any tenant situations, call Scott Properties at 843-790-4929.

 

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Charleston Property Management in SC | What Happens if A Tenant Abandons a Property?

charleston property management

Charleston Property Management in SC | The rent is late on one of your single-family properties. You’ve called, emailed, and even shown up and knocked on their door, but you haven’t heard from your tenants in weeks. When you go to tape the eviction notice to their door, it looks like most of the furniture is gone and no one has been home in a long time. You suspect the tenant skipped out on the rent and abandoned the house, but what can you do next?

Abandoned Property Laws in South Carolina

Code of Laws 27-40-730 in South Carolina outlines exactly how Charleston property management in SC can declare a home abandoned. If a tenant is missing or out of reach for more than fifteen days past the date of defaulting on the rent, the home can be considered abandoned. However, if the tenant skips out on the rent and has the utilities turned off, or reverted into the property manager name, the home can be considered abandoned from the date of the utility account change.

Once the property has been abandoned, the landlord can terminate the lease agreement and can lease the home to someone else. If the tenant left property behind and the items are valued at less than $500, Charleston property management in SC can dispose of the property without attempting contact with the tenant. If the personal property value is worth more than $500, the property manager or landlord needs to file an ejection application with the local court system and the judge must approve of the disposal.

If the tenant left a vehicle on the premise, the rules are a little different. A motor vehicle is considered abandoned when it has been left and unmoved on private or public property for a week or longer with consent from the property owner. Charleston property management in SC is not allowed to remove the vehicle on their own, however. An abandoned vehicle must be reported to the police in South Carolina who will arrange for the towing.

Contact Scott Properties | Charleston Property Management in SC

If you’re looking for a property manager in Charleston that can deal with even the most complex tenant issues, call Scott Properties at 843-790-4929.

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Charleston Property Company | Why 2020 is the Best Time to Start Investing in Property

charleston property company

COVID-19, Coronavirus, has caused a worldwide pandemic like no one has seen in more than a century. Markets and economies all around the planet are struggling amidst the rising cases of the virus, but especially in the United States. You might think now is the worst time to take a risk and start your own Charleston property company, but there’s never been a better time for qualified investors.

Millions of people in the United States have lost their jobs and haven’t worked for months. Many people were never able to receive the extra unemployment stimulus and the number in the checking account is getting smaller and smaller for many families. While this is terrible news for the housing market, it’s a ripe time for investors that can get past the tightened restrictions on mortgages and have cash on hand.

Many sellers will be willing to sell their homes for deals they would never consider pre-COVID-19. They might have a limited time to pay the mortgage before entering foreclosure and selling as fast as possible will save their credit and reputation. Even properties that are paid off are being put on the market to ensure that families have the extra money in the bank to make it through at least the end of the year.

Although the best part about buying a home during the pandemic is the nearly guaranteed ability to buy for a steal, the sellers are also being put into a position where they will want to rent, rather than buy again. This means that more people will be looking for a Charleston property company to help them find the perfect home for rent.

Every Charleston property company owner knows that having a lower than average interest rate is not something offered to all developers or investors. If you’re wanting to become a property manager and invest in new houses, or flip houses, then rent—the market is on the buyer’s side in 2020.

If you’re ready to take your Charleston property company to the next level, call Scott Properties at 843-790-4929.

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

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.