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Property management company in North Charleston | Don’t Make Costly Legal Mistakes

Author: MediaBeast
Categories: Property Management Company
property management company in north charleston

It’s tempting to ignore the potential legal risks of renting out a property, but doing so would be a serious mistake. There are plenty of legal issues that can come up when renting a property to a tenant, so you want to make sure to have all of your ducks in a row on the legal front. As an experienced property management company in North Charleston, Scott Properties will help you get everything in order so no unexpected problems develop later on.

A Quality Lease | Property Management Company in North Charleston

Writing out the terms of a lease on the back of a napkin might be quick and easy, but such an agreement is sure to have legal holes that could be exploited down the line. Not only do you need to make sure that the terms of the lease you present to a renter are protecting your interests, but those terms also need to comply with fair housing regulations. Taking the DIY approach is simply too risky when you can turn to a proven property management company in North Charleston to take care of this critical matter.

It Only Takes One

The unfortunate reality of the situation is that it only takes one experience of getting into legal issues with a renter for the overall experience of being a landlord to take a dramatic turn for the worse. Even if you are in the right, fighting any kind of legal battle is stressful and expensive. Not working with a professional property management company in North Charleston could open you up to risks that aren’t worth taking in the big picture. You’ll certainly rest easier at night knowing your documents are up to accepted industry standards and you have the necessary legal coverage if one of your tenants decides to take up a complaint.

Working with the right property management company can take a huge weight off of your shoulders. Scott Properties would be proud to serve in this role for you, so reach out today to learn more about our services. We hope to hear from you soon!

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Three Benefits of Using an Experienced Property Management Company

Author: MediaBeast
Categories: Property Management Company
Property Management Company North Charleston

Finding the right property management company in North Charleston can be a little tricky. As a property owner, you are hoping to not only find a company that is reliable and trustworthy, but also one that charges reasonable fees for its services. As you search for the right fit, remember to look for a company that has plenty of experience in this field, as it’s often experience that makes all the difference. Here are three benefits of opting for a company with a proven track record in the area.

Problem Solving Skills

Renting out a property is not always a smooth experience. There are bound to be problems along the way, and an experienced property management company in North Charleston will have seen those problems before. Rather than scrambling to find a solution, a company like Scott Properties will know what to do and the issue will be resolved right away.

Scaling Up

For many rental property owners, the ultimate goal is not to own just a single property. Instead, they want to build a portfolio of properties, expanding both their monthly cash flow and their overall net worth in the process. If this sounds like a future that you would like to pursue, working with a good property management company in North Charleston will make it easier to scale up your operation and reach higher levels of income down the line.

An Existing Network | Property Management Company in North Charleston

Finding good tenants is one of the most important roles that a property management company can play, as this is a big challenge for an individual property owner. With an experienced management company as your partner, you’ll have access to a proven method and network for finding good tenants that are likely to make timely payments and treat your property with respect.

Working with the right property management company can take a huge weight off of your shoulders. Scott Properties would be proud to serve in this role for you, so reach out today to learn more about our services. We hope to hear from you soon!

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Property Management Company in North Charleston | Can’t I Manage My Own Property?

Author: MediaBeast
Categories: Property Management Company
Property management company in North Charleston

For those who own properties that they want to rent out to earn some ongoing, relatively passive income, there are two primary options – managing it themselves or hiring a property management company in North Charleston. Of course, hiring a management company is not free, so the primary consideration here is financial. Is it better to spend time managing the property and keep all of the money, or hire out for the job and bring home less revenue in the end? Let’s take a closer look at this important question.

 

You Can – But It’s Not Easy

The simple answer here is that yes, you can manage your own property rental. If you’d like to do it yourself, you can become familiar with the various laws and restrictions that govern rentals, and you can be the primary point of contact for your tenant or tenants. This will certainly save you money, but the cost of those savings will be your time. Many people initially underestimate just how much work it is to manage a rental, which is why they eventually turn to a property management company in North Charleston to do the job for them instead.

 

Seeing the Big Picture | Property Management Company in North Charleston

Managing your rental property for a short time might not be a big deal. But do you want to keep that up for many years to come? The various tasks that are associated with managing the property – like returning phone calls, collecting rent, finding tenants, etc. – can become quite tiresome in the long run. With a property management company in North Charleston in charge of the property instead, you can set those hassles to the side and just watch your payments roll in. This is a far more sustainable arrangement and one that may make it easier to grow your rental portfolio over time.

 

Working with the right property management company can take a huge weight off of your shoulders. Scott Properties would be proud to serve in this role for you, so reach out today to learn more about our services. We hope to hear from you soon!

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Rehabbing Dos and Don’t for Rental Homes

Author: MediaBeast
Categories: Charleston Property Management Companies
33 Calhoun #122

If you’re an investor who is purchasing fixer-uppers to rehab and then rent your home in Charleston, you’re always on the prowl for new projects. However, when you’re just starting out, getting in over your head is easy. Rehabbing homes can be full of surprises that can break the bank on your budget. Overspending on a project means it will take much longer, often years or decades, to recoup the cost and start making a profit. Investors who understand the dos and don’ts of rehabbing homes can avoid the common pitfalls of house flipping. 

Rehabbing Dos for Rental Homes

It is common to rehab a house or make updates before you rent your home in Charleston. There are certain things investors can always count on being successful for rental home renovations. 

  • Focus on structural damage, building, and housing codes first
  • For Aesthetic Appeal, a fresh coat of paint to all the walls and new carpeting goes a long way
  • Update cabinets to an easy-to-clean, modern, durable style
  • Replace old appliances with modern, energy efficient versions
  • Update bathrooms to be modern and sleek
  • Update flooring, especially stained carpets or damaged laminate

If you have a lot of wiggle room in your budget, rehabbing outside space can also increase curb appeal and command a higher price when you rent your home in Charleston. Adding a deck, fresh landscaping, or a patio, new siding or paint, and more can really help increase your profits.

Rehabbing Don’ts for Rental Homes

There are some projects that aren’t the best ideas when rehabbing rental homes. 

  • Skip installing a swimming pool or hot tub unless you want to pay higher insurance premiums
  • Don’t keep painting over the same old cabinets, tubs, and fixtures, just replace them
  • Tenants do a lot of wear and tear on flooring and carpets so don’t install the cheapest option unless you plan to clean and replace the flooring frequently
  • Don’t compromise quality on projects that affect safety
  • Don’t go over budget and hope raising the rent will make up the costs

Working with property managers can help you determine which rehab projects are helping rentals fly off the market, and which you can skip. Let the experts on property rentals help you make the best choices for your business.

 

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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Why Renters’ Insurance Must Be Mandatory

Author: MediaBeast
Categories: Charleston Property Management Companies
10 Orrs

One way to start building wealth and having a stream of residual income is to rent your home in Charleston. Housing is an ever present and growing need in Charleston and all over South Carolina. Property owners and investors have a great chance to increase their profits while also providing a vital service for residents. It’s imperative to protect your investment and keep properties in great condition to get the best return. One of the best ways to protect your investment is requiring tenants to have renters’ insurance.

Why Renters’ Insurance is Important | Property Management in Charleston

When you rent your home in Charleston, it can be nerve-racking to put your trust in tenants to keep your property maintained. Your property insurance will cover major disasters, but won’t cover your tenants’ belongings. Tenants often believe that the investor’s insurance will cover their belongings, but this is a myth that often leaves renters and landlords in a terrible predicament. While renters’ insurance isn’t required by law in South Carolina, it can still be added as mandatory in the lease agreement.

If you rent your home in Charleston, your insurance policy will cover structural damages to property, liability if renters make claims against you, rental income losses, and sometimes the investor’s property such as appliances being provided in the home. 

Tenants with renters’ insurance are less likely to have conflict when damages occur due to fire, flooding, break-in, or other circumstances that could result in a loss of property. Renters’ insurance can also cover damages from pets the renter may have in the home. With renters’ insurance, both the tenant and the investor can be protected. 

Before you let the tenant sign the lease, make sure to get a copy of their renters’ insurance policy. You should also ask for a new copy of the renters’ insurance policy during every lease renewal. Partnering with a property manager can help make the leasing process and all the administrative tasks go smoother. 

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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South Carolina Security Deposit Rules | Property Management Company Charleston

Author: MediaBeast
Categories: Property Management
Property Management Company Charleston

Security deposits are one thing that every property management company in Charleston has in common. A security deposit is money that a tenant must give in advance of renting that is held by the landlord or property manager until move out. When a tenant moves out, any damages to the property or violations can be deducted from the security deposit. However, there are a lot of rules regarding how these deposits can be handled, stored, and dispersed that investors need to know about. 

Security Deposit Rules for Investors 

Investors in South Carolina can require security deposits on their properties to cover damages that go above and beyond normal wear and tear as well as unpaid rent. 

There are no minimums or maximums on the amount a property management company in Charleston can charge for rent; however, most investors and managers choose to equate the deposit to one month of rent. 

Security deposits must be returned within 30 days of the renter vacating the property. A written statement must be included that itemizes any deductions made to the deposit, and any money still owed that was not covered by the deposit.

Best Practices for Security Deposits

Upon move-in, ask tenants to report any damages to their home within 48 hours of taking possession. Move-in inspection sheets are easy to use for these purposes and can be kept in the lease file to compare when the tenant vacates the property. Similarly, conduct a move-out inspection with the tenant when they return the keys. This way, the property manager and tenant are on the same page with the condition the home is being vacated in. All damages listed on move-in or move-out forms should be documented with photos as well. 

Sometimes, there will be disagreements between the property management company in Charleston and the tenants on the amount that should be returned from the security deposit. Keeping diligent records of all damages, lease violations, and communications with the tenant will be key if legal proceedings need to happen. Luckily, investors can rely on professional property managers to handle these things. 

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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Avoid These Property Investment Mistakes | Property Management Company

Author: MediaBeast
Categories: charleston property management,Property management companies in Charleston
charleston property management company

Purchasing rental property is a great way to build wealth that can maximize your profits for generations. Housing will always be needed so the investment is likely to be a good one. However, investors who are new to rental homes can easily fall into a few pitfalls that can set them back on their investments. A good property management company in Charleston can help you avoid some of the most common mistakes investors make, but knowing them ahead of time can save you a lot of money and hassle. 

Most Common Mistakes Investors Make

  1. Violating Housing and Building Codes: When you invest in real estate, it is imperative to know the ins and outs of building and housing codes. When homes are not compliant with building and housing codes or ordinances, fines can be issued. Homes can also be deemed uninhabitable with renters being displaced which can cause legal troubles for an investor and property management company in Charleston.
  2. Charging the Wrong Rent: Some investors price rent too high while others go way too low. The rental market in Charleston is huge, and market rent can quickly fluctuate. Working with a property management company in Charleston can help investors charge a rent amount that turns a profit and keeps residents releasing. 
  3. Underestimating Costs: When choosing a property to invest in, you must consider additional costs to have a home ready to rent. Many first time investors purchase fixer-uppers with the intentions of renting or selling with a huge profit, but underestimate the repair costs. Investing too much money upfront makes the time to become profitable much longer.

There are many nuances to investing, portfolio building, and providing quality housing for tenants. Once you’re ready to start moving tenants in, a property management company in Charleston can step in to get your profits rolling. Property managers will take over the day-to-day operations of your rental including leasing, communicating with tenants, and scheduling maintenance. Don’t let the do-it-yourself mindset stand in the way of operating an efficient rental company, hire property management today!

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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Charleston Top Rental Market Post-Covid | Property Management Company

Author: MediaBeast
Categories: Property Management
charleston property management company

According to the National Association of Realtors, Charleston is one of the top rental markets in a post-Covid world. Charleston was already a fast-growing community before the Covid-19 pandemic because of its reputation for being an affordable alternative to big-city prices and lifestyle. Job growth has been consistent and the local government has focused on economic diversity and expansion which makes the community attractive to investors who want to work with property management companies in Charleston to expand their portfolios. 

Why Buy A Rental Home In Charleston 

Investors who want to get into rental property should buy property in Charleston as soon as possible. Home values are rising every year by as much as 14% with the average single-family home selling for $363,700 according to the Charleston Trident Association of Realtors. The Charleston Regional Business Journal also projected that the housing market in Charleston will continue to remain in the top 10 for the next several years. 

One of the factors driving prices up in Charleston is the shortage of properties available. The Inventory of homes for sale has decreased by nearly 50% as more people decide to stay put in Charleston. Property management companies in Charleston SC are having success in keeping tenants in properties long term as well as filling vacant properties quicker than ever. 

Charleston has over 60 neighborhoods with homes of varying prices and diverse demographics where investors will find a high demand for rental homes. Currently there are an additional 7,500 homes needed to keep pace with population growth, so if investors can purchase a home in Charleston, the risk of not being able to find a high-quality renter is almost non-existent.

If you are interested in Scott Properties managing your rental properties, call us today at 843-790-4929.

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When Carpet Cleaning be Scheduled for Rentals? | Property Management Company

Author: MediaBeast
Categories: charleston property management,Charleston Property Management Companies
461 Truman

One of the things that never ends for property management companies in Charleston SC is the supply of maintenance requests from tenants of rental properties. Keeping homes in good condition is a big job, especially when you get the occasional tenant who has little regard for the property. 

Property management companies in Charleston SC make owning rental property easy because they handle all the day-to-day tenant calls for maintenance and other issues. Not only that, but a property manager can inspect the rental, schedule updates, and make sure the property is made good as new between tenants. 

Carpet Cleaning Requests

Carpets are generally so torn up between tenants that it is best to replace the carpet before showing the rental home to new, potential renters. However, professional carpet cleaning is one of the most frequently asked for maintenance requests. Some property management companies in Charleston SC offer a free, professional carpet cleaning once per year when tenants renew their lease. Sometimes, property managers can schedule carpet cleanings on as needed basis for tenants who request them. 

Sometimes, if a professional carpet cleaning service is not an option, maintenance technicians can use a carpet cleaning machine to complete a DIY cleaning for tenants. It is not uncommon for property management companies in Charleston SC to only schedule professional carpet cleaning when tenants move out if the carpet does not need to be replaced. Some property managers will extend carpet cleaning to encourage tenant retention, but a rental company will work with the property owner to create a plan that works for everyone. 

Fees for carpet cleaning are usually applied to the deposit if carpets are soiled and stained after the tenant moves out. Some property management leases require tenants to have the carpets cleaned as part of the moveout process with an inspection to verify. For best practices, ensure all leases outline procedures around carpet cleaning and other maintenance requests. 

If you are interested in Scott Properties managing your rental properties, call us today at 843-790-4929.

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Steps to Take Before Renting Your Property | Property Management Companies in Charleston SC

Author: MediaBeast
Categories: Charleston Property Management Companies,Property Management,Property Rental Companies in Charleston
Property Management Companies in Charleston SC

Many people want to get into rental property investing to earn extra income while they are retired, spend time on other businesses, or keep increasing their assets. However, sometimes people become landlords by accident through inheritance or needing to move without selling the property they already own. However, having an empty home doesn’t mean it is ready to be put on the market for rent. Property management companies in Charleston SC have been able to assist hundreds of owners in getting their properties rent-ready. 

How to Get Rent Ready

There are many different steps to getting a property ready to rent to tenants:

  • Building Code Inspection:

    A property owner should ensure the rental home is up to code and can pass any inspection that would be needed in order to pass for a sale. Properties should be safe before renters move in and safe, up-to-date properties will require less maintenance in the long run. 

  • Renovations and Updates:

    Addressing any code violations and making renovations that will make the home modern and more up-to-date will not only help you rent faster but also be more competitive at the top of the market rent price.

  • Landscaping:

    Muddy yards, dead trees, and broken sidewalks could turn potential renters away. Investing in professional landscaping and lawn care will make your properties stand out and increase curb appeal which will also allow you to be competitive on the rental price. 

  • Property Management Companies Team:

    Before tenants move in, you should be ready to address all facets of being a landlord including rent collection, lease enforcement, maintenance requests, and more. Property management companies in Charleston SC can be great partners in making sure all of your list is checked off before you take the next step. When you work with a property management team, you also have all the professionals you need under one roof including maintenance! 

Getting your rental property ready for tenants to move can be overwhelming, especially if it’s the first time you are renting to someone. Let a property management company like Scott Properties help you get on the right footing so your investments will have the maximum return. 

Contact Scott properties today at 843-790-4929