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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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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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Property Management Companies in Charleston SC | 2022 Property Management Trends

Author: MediaBeast
Categories: charleston property management,Charleston Property Management Companies
Property Management Companies in Charleston SC

The last few years have been nothing short of a roller coaster for property management companies in Charleston SC and everywhere else around the world. Many companies had to quickly transfer most of the operations to digital formats, including showing rental homes, meeting with investors and vendors, and leasing properties during the COVID-19 Pandemic. However, in 2022 property managers and property owners are now in a place where they know everywhere they need to invest to move forward successfully in their businesses. 

The top trends for property management companies in Charleston SC are the following in 2022:

  • Investing in Legal Services:

    The covid-19 pandemic has opened up investors’ and property managers’ eyes to the need to prioritize legal services. When eviction moratoriums are put into place, rental property owners and managers need to know what recourse they have to protect their investment. Having a legal advisor on staff is a trend every property management company should invest in.

  • Digital Property Management Tools:

    Most professional property management companies in Charleston SC have been using digital tools in their business for some time. The last few years have shown a need for more detailed reporting and communication which has made owner portals more popular than ever. Resident portals are also a super convenient way for tenants to make maintenance requests, pay rent online, make referrals, or send messages to management. Property management companies are also upgrading their websites to include virtual tours and online application processes.

  • Digital Marketing:

    Almost everyone has a smartphone and digital access to so much has created an expectation that that access will always be there. Most property management companies in Charleston SC have found success in keeping properties full by investing in digital marketing strategists. 

These property trends are important to keep informed on when working in property management. If you own rental properties, partnering with a property management company that understands the business trends that will make you successful is vital to getting the best return on your investments. 

If you are ready to partner with a property management company in Charleston, call Scott Properties at 843-790-4929.

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Charleston Property Management | When will the Federal Eviction Moratorium End

Author: Scott Wallace
Categories: charleston property management
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 | Why Charleston is Where You Need to Invest

Author: Scott Wallace
Categories: Charleston Property Management Companies
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 | Managing Multiple Rental Homes

Author: MediaBeast
Categories: Charlestons Property Management,Scott Properties
Charleston International Airport - Columbia

Investing in properties for single-family rental homes is always a great idea. The rental market is booming, and homeownership is one of the most reliable forms of wealth building. By 2030 the need for single-family rental homes is projected to grow from 16 million to 29 million. It seems like the perfect need-based investment; however, you might not be aware of precisely what your monthly or yearly profits will be. For some investors, when you factor in a mortgage, maintenance, and property taxes, vs. what the market rent is for that property, the profits may only be a few hundred dollars per month. The potentially low return on investment is why many investors purchase multiple homes and hire a Charleston property management company.

How to Choose the Right Properties

There are many factors to consider when purchasing the right rental properties. Low-risk investments such as homes in good school districts and safe neighborhoods will cost more and have higher mortgage costs but are more likely to stay full and attract great tenants. While your yield will be lower, you get the safety and security of the home is likely taken care of by trusted renters.

The higher the risk, the better the reward, though, right? Low-risk homes have their advantages, but if you’re looking to make faster cash, consider lower-priced homes in the less desirable neighborhoods or homes that may need a little investment in a renovation. The mortgages, taxes, and insurance will be less while the market rent will be similar in many neighborhoods which means a better profit for you

Hiring a Charleston property management company is a great way to ensure you are investing in the right properties and getting the best return on your investments. Managing multiple properties is a huge commitment, and if you’re only making a few thousand dollars per year, it may not be worth it to play owner and landlord. Let a professional Charleston property management company help you manage your properties. You can also bank on their knowledge for investment advice!

Working with a Charleston Property Management Company

When you’re ready to partner with Charleston property management, call Scott Properties at 843-790-4929

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Charleston Property Management | Why Investors Need Property Management

Author: MediaBeast
Categories: Charlestons Property Management,Scott Properties
charleston property management

Property investors all know the obvious benefits of teaming with a Charleston property management company. These companies take most of the work off of the investor’s shoulders, which enables them to focus on expanding their portfolios. Great property managers can also be the face of your rental company and provide top-notch customer service. Another great perk is that they have a network of maintenance vendors at their disposal. Aside from these obvious great benefits of hiring a property manager, there are a few more you may not have considered before now!

  1. Better Tenants-Not only does a Charleston property management company utilize the best background and credit check software to process applications, but an established property manager will have kept detailed records of their tenant’s track records. When investors are trying to fill their single-family rental homes, having a property manager that has already worked with many people in the area and knows the families is a great idea.
  2. Marketing Services-Charleston property management teams not only handle tenant communication, leasing, and maintenance requests; they also provide valuable marketing experience for rental  homes. A local property manager will have excellent neighborhood knowledge, be able to list the property in all the most popular listing websites, and can optimize those listings. They are also on-site to be able to take photos, stage homes, and create enticing descriptions for listings that will attract potential renters
  3. Consulting-Your Charleston portfolio can expand quickly when you work with a property management company. These people are plugged into the real estate industry, trends in the communities, and can help investors find excellent properties at even better prices. Your property manager might be able to give you a heads up on investors selling off their portfolios, homes going into foreclosures, or advance sales on subdivision plots that could all make great rental homes for families in Charleston.

Partnering with property management is the best thing you can do for your investment. You’ll get a great ROI and save yourself a lot of time and money by letting professional property managers handle the day-to-day affairs of your rental business.

Contact a Charleston Property Management Company

If you’re ready to discuss hiring a professional property manager in Charleston, contact Scott Properties at 843-790-4929.

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Property Manager | Should You Let Tenants Do Their Own Landscaping?

Author: MediaBeast
Categories: Property Management,Scott Properties
Charleston Property Management

One of the best parts of living in a house is being able to plant flowers, trees, beautiful landscaping, and enjoying your backyard. While homeowners can do what they want freely with their yard space (with exceptions of city ordinances or HOA regulations), families renting their homes might not get to enjoy this perk of single-family home living. If your tenants ask you about planting a garden, adding or changing the landscaping, or upgrading the backyard, there are a few considerations you can make as a property manager before deciding.

  1. The Owner-At the end of the day, the property owner will decide what kind of landscaping or improvements/upgrades can be made to the property. As the property manager, you might just have to explain to tenants that the decision is out of your hands if owners don’t agree with what the tenant would like to do.
  2. Lease-The lease is a legally binding agreement, and the rules about gardening and landscaping or changes to the existing property may already be outlined in the lease. Making exceptions for tenants and bending the rules is frowned upon and can get you into a tricky situation when other tenants ask for exceptions to be made for them as well.
  3. Cost-One thing a property manager must keep in mind is the cost of the improvements or landscaping. While the tenant may offer to pay for and maintain the landscaping themselves, what happens when the tenant decides to move out in the future? Will they want to dig up all the plants and take them when they move, leaving a mess of dirt and holes in the yard? Is the property owner willing to have the landscaping maintained after the tenants move out?
  4. Curb Appeal-Landscaping can significantly improve curb appeal and add value to the home or attract new renters quickly. However, complicated and intricate landscaping and garden beds could be challenging to maintain or unappealing to other renters.

If you do decide to allow tenants to change or add landscaping, make sure that you are working together to come up with the best plan and design. There’s nothing wrong with limiting the tenant’s options as long as all parties are following the terms of the lease. Coming up with a plan together is a great way for a property manager to increase resident satisfaction and retention as well.

Contact a Charleston Property Manager

If you’re looking for a property manager you can trust, call Scott Properties at 843-790-4929.

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Rental Property Management in Charleston | Regular Maintenance on Rental Homes

Author: MediaBeast
Categories: Rental Property Management Charleston,Scott Properties
Property management in charleston

One of the biggest complaints that tenants in single-family homes have is that the rental property management in Charleston is slow to respond to their maintenance requests. Often, however, property managers have multiple homes to manage, owners, and maintenance crews to organize. This can leave tenants feeling unheard and unappreciated. One thing that rental property management in Charleston can do to help curb this dissatisfaction from tenants is to conduct regular property maintenance on their rental homes.

Rental Property Maintenance

Tenants rely on a rental property management in Charleston to ensure their homes are in good condition and safe. Significant problems are often unavoidable in homes and can be a massive burden for tenants, management, and owners. Still, many situations can be avoided when maintenance has been kept up on the home. Some of the routine maintenance that needs to be scheduled includes:

  • Twice per year roof inspections
  • Gutter cleaning
  • Air duct cleaning
  • Lawncare
  • Sidewalk and walkway repairs
  • Porch repairs
  • Chimney cleaning
  • Driveway repairs
  • Landscape maintenance
  • Pool maintenance

Some of these maintenance responsibilities could fall on tenants, including lawn care and landscaping duties; however, the lease should clearly define these responsibilities for the tenant and the property manager or landlord.

A great way to save time and money on routine maintenance is for owners to hire rental property management in Charleston to take care of the ins and outs of the daily landlord’s life. Many of the professional rental companies in Charleston have a trusted team of maintenance staff that can perform maintenance on a schedule as well as respond to regular maintenance requests from tenants. Utilizing a service like this is easier and more effective than having numerous vendors on hand and trying to get in contact with each of them.

Contact a Rental Property Management Company in Charleston

Let Scott Properties in Charleston manage your single-family rentals. Give us a call today at 843-790-4929.

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Property Manager | Common Mistakes Property Managers Make

Author: MediaBeast
Categories: Scott Properties

Being a property manager is a fun, rewarding job that is also tough, grueling, and fast-paced. You need to be organized, outgoing, dedicated, intelligent, and have excellent customer service to succeed in property management, but even the most talented property manager will make a couple of mistakes along the way, especially when they are first starting out in the rental industry. If you’re new to the business, check out these top mistakes that beginner property managers might make with their rentals.

  1. Overestimating Demand- There is nothing worse than acquiring a rental property and then having it sit vacant for any amount of time, but if you overestimate the rental demand in a neighborhood before you purchase a home, you might find yourself losing money.
  2. Not Budgeting Properly- Underestimating what a property’s upkeep will cost is one of the greatest mistakes you can make because you might find your company spending more than what the client was prepared to pay for maintenance.
  3. Overpricing Rent- Beginner property managers often make the mistake of charging too much for rent. You should always do your research and find out what the market rent, or average rent, for a similar home is in that neighborhood. Don’t start out charging the most you possibly can for rent as this will drive tenants away who can find something similar for less and from someone with more experience in property management.
  4. Not Evicting Soon Enough- One thing a property manager must excel at is confrontation with tenants. Confrontation doesn’t mean fighting, but you need to enforce the lease. If tenants are late on rent or have violations, make sure to document so that you can start the eviction process as soon as you are legally able.

Being a property manager is tough, and if you find yourself making mistakes and needing to call in a professional partner, you shouldn’t feel ashamed. We are here to help you make the most out of your investment and get the best return possible.

When you’re ready to hire a trusted property manager in Charleston, call Scott Properties at 843-352-8341.