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Property Management in Charleston, SC | The Best Upgrades to Make to a Rental Property

Many investors who are getting into property management in Charleston, SC, are looking for homes they can get a great deal on so they can make the best return on their investment. Sometimes to get the best deal on a property, investors pick homes that can be remodeled or renovated easily to increase the value of the home and charge more rent. The hard part is deciding exactly which upgrades will be the most fruitful.

Top Upgrades for Rental Homes

There are many different upgrades that investors can make to single-family rental homes that will increase the value, but some upgrades can end up costing more than you expected. However, our property management company in Charleston, SC knows the best ones for you to invest in.

  • Kitchen Upgrades- Everyone loves a modern kitchen with upgraded, newer appliances. If the rental home is in a high demand area, you do not have to worry about doing a full-scale renovation to get the home rented quick. New appliances, a fresh coat of paint on the cabinets, and new flooring when necessary can make a big impression on new tenants.
  • New Carpets or Flooring- When previous tenants have children or pets often the carpets can become beyond cleaning and need to be replaced. New flooring and carpets can greatly improve the look of a rental property and help it stand out to tenants. New flooring or replacing carpeting can usually be done in just one day also!
  • New Landscaping- Tenants looking for rental homes in South Carolina love having a nice yard where they can entertain guests and enjoy time outside. Property management in Charleston, SC always sees that potential tenants love homes with nice yards and show more interest in homes with professional landscaping.
  • Technical Upgrades- One of the easiest upgrades to make to rental homes is technical upgrades such as smart thermostats and lights, Ring doorbells, LED shower heads, energy efficient appliances, keyless entry, and security systems can make tenants feel safer. Younger renters are also tech-savvy and appreciate homes that meet their expectations for modern design and aesthetics.

No matter which upgrades you make, always keep property management in Charleston, SC at the top of your mind. Professionally managed properties always have increased resident retention and you will never have to worry about the day-to-day headaches of being a landlord.

If you are ready to start talking about property managers, call. Scott Properties today at 843-790-4929.

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Charleston Property Management Company | How to Tell Your Tenant You Are Selling the Property

The last thing your tenants want to hear is that you are selling their home and they will have to move. When these moves are unexpected and the tenants have no forewarning, the situation can put an incredible amount of stress and hardship on the tenant. Families with children might scramble to find a Charleston property management company in the same school district or be closer to work or daycare. Although it is tough, it is a part of a property manager’s job to make tenants aware of changes like this, but there are ways to make it easier.

Telling Tenants Their Home is For Sale

The best thing an investor can do is sell the rental home to another investor that will allow the tenants to keep living in the home and be able to renew their lease. New leases under new ownership might come with rent increases or other changes made to the lease, but at least the tenants will not be moving out and looking for another Charleston property management company to rent from.

If the buyer is not wanting to rent the home, you will need to work with your legal team to determine whether the owner is required to allow the lease terms to be fulfilled. If the buyer is not wanting to renew the lease, at the end of the term, they should be encouraged to let the buyer know as soon as possible. Many renters will move out early when given the choice by a Charleston property management company to break their lease early without penalty and or get their full deposit back.

If the tenants will need to move out upon the sale of the single-family rental home in Charleston, they should be given at least 60 days’ notice or as otherwise stated in the lease under termination terms. Investors should also consider talking to the tenants well in advance of putting a for sale sign in their front yards. You do not want a tenant to wake up and see that out the window before they have had a chance to know what is going on.

The last thing you need to ensure you do is put everything in writing. Deliver documents and notice by hand whenever possible or certified mail so that you have signed receipt of having received the mail. Make sure all notices sent by the Charleston property management company are on letterhead and include contact information.

If you are ready to let someone else take over communicating with tenants, hire a property manager at Scott Properties by calling 843-790-4929.

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Property Management in Charleston, SC | How Many Rental Properties Do I Need to Retire Comfortably?

Many investors who decide to get into property management in Charleston, SC do not jump into the decision lightly, especially if they are retirees. Buying single-family homes and turning them into rental properties is a great way to earn passive income in your retirement, but for most investors, one rental will not be enough to sustain a good income through their later years in life.

The best way to figure out how many rental homes you will need to sustain your lifestyle into retirement is to figure up your monthly expenses and the average profit you make off one rental home. Divide expenses by the profit amount and the answer will be the number of homes you will need to rent to cover all your monthly expenses.

Rental Property Profits

The profit you make on your rental properties will depend on the expenses you have and the amount of rent you can charge. Expenses incurred on rental properties include:

  • Mortgage
  • Taxes
  • Insurance
  • Maintenance
  • Property management in Charleston, SC fees
  • Lawncare
  • Marketing expenses
  • Legal fees
  • Losses from vacancies

Once you add up these expenses, subtract the amount you charge for rent, and you will be left with your profits. You will need to do a similar calculation to figure out your personal monthly expenses. Add up all your bills including how much you budget for entertainment and shopping each month. Consider all sources of income you have including pensions and retirement accounts to find out what your monthly cash flow is including rental income. If you do not have enough income to cover your expenses, you will need to add more rental properties to your investment portfolio.

The number of single-family rental properties you need to have in your portfolio to sustain your standard of living post-retirement will be different for everyone with many variables to be considered. One thing that is for sure however is that when you are carrying multiple properties, it is always a good thing to hire property management in Charleston, SC to help improve your return on investment.

Scott Properties is ready to help manage your single-family rentals. Give us a call today at 843-790-4929.

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Property Management in Charleston, SC | Should You Let Tenants Plant Gardens?

Tenants looking for single-family home rentals are in search of a place that will feel like their own. Most tenants look forward to making the inside of the rental feel like home, but some tenants might also want to make changes to the exterior of the home such as planting flowers, landscaping, yard decorations, painting the shutters or siding, adding yard games or vegetable gardens, or even planting their own trees. Making sure that the lease is specific regarding what tenants can do should be a high priority for leasing agents working in property management in Charleston, SC.

Property Management in Charleston, SC | Pros and Cons of Tenant Gardens

South Carolina weather is perfect for enjoying flowers, having gardens, and growing vegetables all year round, and many tenants renting through property management in Charleston, SC want to live on beautiful properties. There are many things to consider before letting tenants make substantial changes to the property such as flower beds and vegetable gardens.

  • The opinion of the property owner
  • Are there existing flower beds around the home from previous landscaping that tenants can fill-in?
  • Does the lease already include lawn maintenance?
  • Are there considerations that can be made for the size of flower beds or gardens?

The largest risk to allowing tenants to start their own gardens is the cost and time involved with returning the gardens to lawns when tenants move out. Some companies in property management in Charleston, SC choose to provide professional landscaping for their rental homes. Some property managers will also allow tenants to have greenhouses or raised beds rather than digging into the lawn when they want to start a garden.

Another risk a property manager takes in allowing tenant gardens is the gardens becoming overgrown and unsightly in the tenants do not keep up with taking care of the beds. Depending on neighborhood and city ordinances, the property management company may be forced to make the necessary changes to the property.

If you are looking for professional property management in Charleston, SC, call Scott Properties at 843-790-4929.