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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

Joe Wiley Waterfront Park - Pineapple Fountain

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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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.