Blog

Category: <span>Charleston Property Management Companies</span>
No Comments

Maintenance And Repairs: Property Management Best Practices | Management of Properties in Charleston

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

Maintenance and repairs are crucial aspects of real estate management that you cannot overlook. Properly maintaining and repairing a property ensures that its value is preserved and that tenants are satisfied with their living conditions. This post will discuss best practices for maintenance and repairs in the management of properties in Charleston.

Regular Maintenance | Management of Properties in Charleston

This is imperative for the preservation and smooth functioning of a property. It includes cleaning common areas, inspecting for pest infestations, and checking the heating and cooling systems. Property management staff usually schedule and perform routine maintenance or outsource this to a professional service provider. Regular maintenance helps prevent major issues and ensures the property is always in good condition.

Prompt Repairs

Repairs are another important aspect of property management. When a tenant reports a problem, the property manager should respond promptly and schedule repairs as quickly as possible. Failure to address issues promptly can lead to more significant problems, ultimately costing more to fix. When repairs are needed, it is crucial to call upon qualified professionals with the expertise and experience necessary to do the job correctly.

Preventive Maintenance

Another best maintenance and repair practice is implementing a preventive maintenance program. This involves scheduling regular inspections and maintenance tasks to identify and address potential issues before they become significant problems. Preventive maintenance can include changing air filters, cleaning gutters, and inspecting the roof for damage. By proactively addressing potential issues, property managers can avoid costly repairs and ensure the property remains in top condition.

Maintain a Log | Management of Properties in Charleston

It’s imperative to keep accurate records of maintenance and repairs. Property managers should log all maintenance tasks and repairs performed on the property. This information allows you to maintain a property history, which can be helpful when selling the property or applying for financing. Accurate records also help property managers identify recurring issues requiring more attention. Proper management of properties in Charleston requires dedication and hard work.

Improve Energy Efficiency

In addition to regular maintenance and repairs, property managers should also take steps to improve the property’s energy efficiency. Energy-efficient upgrades can reduce utility costs and increase the value of the property. Upgrades may include installing energy-efficient windows, upgrading insulation, or replacing older appliances with more energy-efficient models. By investing in energy-efficient upgrades, property managers can improve the property’s bottom line and attract more tenants.

Efficient Management of Properties in Charleston is Imperative

Maintenance and repairs are critical to the effective management of properties in Charleston. Regular maintenance, timely repairs, preventive maintenance, accurate record-keeping, and energy-efficient upgrades are all essential best practices that property managers should implement. By taking these steps, they can ensure that their properties are in top condition, that tenants are satisfied, and that the property’s value is preserved.

Scott Properties of Charleston is committed to providing exceptional property management services in Charleston. With years of experience, our team can ensure that your property is well-maintained, repairs are promptly addressed, and tenants are satisfied. We also offer comprehensive reporting and record-keeping, so you always have up-to-date facts on the status of your property.

Contact us today to learn more about how we can help you with the management of properties in Charleston.

No Comments

Property Management Company Charleston | An Accurate Rental Assessment

Author: MediaBeast
Categories: Charleston Property Management Companies
Property Management Company Charleston SC

Knowing how much to ask for monthly rent at your Charleston-area property is one of the first challenges to overcome as a landlord. This might seem easy enough on the surface, but it’s trickier than you may imagine. Among the many benefits that come with working with a property management company in Charleston is the opportunity to get an accurate assessment of what you should be charging. Reach out today to learn more.

The DIY Approach to Property Management in Charleston SC

You can certainly look around online and find some reasonable comps for the property that you hope to rent. Then, by copying what those properties are charging, you might think you are close to the mark – and you might be. Or you might be way off. Some quick Google research isn’t the same as getting insight from a property management company in Charleston that works in this business every day and knows exactly what the market will bear for various types of properties. It’s only when you have a professional evaluation in hand that you’ll be able to rent out your property with confidence that you aren’t leaving money on the table month after month.

An Easy Process for a Property Management Company in Charleston

Fortunately, it’s easy enough to get help with this task from a property management company in Charleston. Here at Scott Properties, we have a form on our site that will allow you to enter some basic information and we’ll get in touch with you about valuing your rental. There is no reason to skip this simple step to gather the information you need to make informed decisions. Even missing the mark by a few percent in terms of what you are charging for rent will add up to a huge difference in total rental income after a few years have passed.

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!

No Comments

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

No Comments

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

No Comments

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.

No Comments

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

No Comments

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.

No Comments

What You Need to Know About Rental Income and Taxes | Property Management Companies in Charleston Sc

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

Taxes are complicated for everyone, but investors with rental homes have a lot to account for that can make tax time confusing. Luckily, Property management companies in Charleston SC can help ease the burden on investors. While these companies cannot file your taxes for you, property managers provide a lot of administrative services to clients that will help your accountant get the best tax outcomes. 

What is Rental Income?

The IRS defines rental income as any payment received for the use or occupation of a property. These payments include:

  • Rent payments
  • Advance payments
  • Nonreturned security deposits
  • Cancellation fees charged to the renter
  • Lease violation fees charged to the renter
  • Services received in lieu of rent

The IRS treats rental income similarly to how they treat independent contractors, sole proprietors, and small business owners. You will pay taxes at the same rate as your income tax bracket; however, investors are able to claim many deductions to reduce the taxes they owe. 

Deductions Rental Property Owners Can Make on Taxes

Some of the deductions that rental property owners can make on their income taxes include:

  • Interest on the mortgage or loans
  • Property taxes
  • Updates, renovations, repairs
  • Utility expenses
  • Homeowners insurance
  • Advertising costs
  • Fees for property management
  • Maintenance fees
  • Cleaning fees
  • Vendor fees
  • HOA or condominium fees
  • Deductions for depreciation

One of the best things rental property companies in Charleston SC can do for their clients is provide monthly financial statements, year-end statements, and other information owners can use to make tax filing smooth and efficient.

When you use property management companies in Charleston SC your rental income is passive which means any loss relating to your rental investments can offset income you have from other sources. This could lower your tax bill. 

Investors need to report their rental income on a Form 1040 or 1040-SR and Schedule E, Supplemental Income and Loss. If you have questions about some of the boxes you will have to fill in on these forms your property manager can help you know where to look to find the answers!

If you are ready to explore a partnership with a top property management company, call Scott Properties of Charleston at 843-202-4274.

No Comments

Are Property Management Companies a Scam? | Property Management Companies in Charleston SC

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

Property management companies in Charleston Sc have heard it plenty of times—property management companies are scam, aren’t they? Property owners are sometimes nervous about hiring someone else to manage their properties; after all, being a landlord is easy, right? 

Investors who are buying their first homes for rent and have never worked with property management companies in Charleston SC may not see the benefits that come with hiring a property manager; however, these companies are definitely not scams. While hiring property management may be another investment to make, the return will be worth every penny. 

What Do Property Management Companies in Charleston SC Do?

Landlords must wear lots of hats from maintenance to marketing, leasing, and even legal proceedings. One of the top things a property management company will do for you is take all the weight of these various jobs off your shoulders and hand them off to the experts in those areas. 

One of the top advantages of using property management companies in Charleston SC is being able to sit back, relax, and know professionals are keeping your home maintained at a top standard, rent is profitable, and the tenants living in your home are the most qualified.

Some of the most valuable tasks property management companies in Charleston SC handle for clients include:

  • Rent collection
  • Tenant account management 
  • Reporting of property financial, occupancy, leasing, and maintenance status
  • Marketing of the property 
  • Showing potential renters unoccupied properties
  • Leasing 
  • Inspecting properties
  • Handling tenant communications
  • Handling legal matters
  • Handling maintenance requests
  • Investigating complaints and leasing violations
  • Working with vendors
  • Conducting background and credit checks

These tasks take a lot of time to complete and managing properties is a full-time job. Investors typically already have a full-time job or are looking to enjoy retirement in peace. Property manager partnerships can make an investor’s life easier, your homes will build more equity, and residual income is certain. 

If you are ready to explore a partnership with a top property management company, call Scott Properties of Charleston at 843-202-4274.

No Comments

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

Author: Scott Wallace
Categories: Charleston Property Management Companies
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.