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Avoid These Property Investment Mistakes | Property Management Company

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

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.

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Screening Options without Social Security Numbers

Property Management Companies in Charleston

The main way that property management companies in Charleston screen tenants is through a credit and background check. However, background check only produces what the applicant has done in the United States and social security numbers are needed to establish credit. When people from other countries are moving to the United States, they might not have a social security number or any background in the country that can be checked.

How to Credit Check Without A Social Security Number

When a potential tenant wants to apply for a rental home the property management companies in Charleston usually require the social security numbers for everyone over 18 years old. Foreign born tenants may not have social security numbers or may not have credit established under their temporary numbers. So, how can you determine their credit worthiness?

One of the ways you can establish if a tenant is credit worthy is to ask for current utility bills from their last known address showing that there is no balance due on the account. You can also ask for multiple months of income statements rather than the standard 30 days that is usually required by property management companies in Charleston.

You can also request a copy of their VISA or permit to be in the country. Immigrants must go through a rigorous process to enter the United States legally and those who are issued a VISA or have resident status have been thoroughly vetted by the United States government.

Other Options for Tenants without Social Security Numbers

The standard lease term on a single-family home is one year. When potential tenants lack social security numbers and you are worried about their credit worthiness, consider offering a shorter lease term.

You can also consider if the tenant has a co-signer that is willing to take responsibility in the lease. Some employers that bring workers from overseas to work for their companies will often lease apartments for their workers that do not have social security numbers.

A good rule of thumb for property management companies in Charleston is to ensure they have a policy in writing for how they screen tenants without social security numbers so that they are not discriminating accidentally.

If you would like a professional property manager in Charleston to handle renting your single-family home, call Scott Properties at 843-790-0148.

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The Move Out Process for Landlords

Property management companies in Charleston

Some landlords think that the move out process is as easy as getting the keys back and giving the walls a fresh coat of paint between tenants, but property management companies in Charleston know better. The move out process is one of the most vital parts of leasing a home and one of the most tedious. Without following the proper move out plan, landlords can end up losing money, having property damage to deal with or home that is dirty and disgusting. Some landlords even end up with home still full of tenant belongings because the tenant skips out the last month.

Fortunately, property management companies in Charleston are professionals when it comes to the processes of renting and can provide you with an overview of the move out process.

  1. Intent to Vacate- The first part of the moveout process that all property management companies in Charleston should be sure to include in the lease is a mandatory intent to vacate. Tenants should submit a letter of intent to vacate within 60 days of the end of their lease, or other terms set forth by the property owner or company. An intent to vacate gives landlords notice that they will need to schedule move out procedures and market the property for rent.
  2. Pre-Move Out Inspection- Scheduling a pre-move out inspection 30 days before the move out date helps the tenant know what is expected of them to end the lease on good terms. Property management companies in Charleston should be sure to include move out procedures in the lease and then go over these rules with the tenant. A pre-move out inspection also gives landlords a peek into the possible condition of the home. You will be able to start scheduling appointments for carpet cleaning, repainting, or other maintenance issues.
  3. Move-Out Inspection- Turning in the keys to a home should always be done in person whenever possible. Meet the tenant at the home and do a walk-through using a move-out checklist. You will be able to tell the tenant what to expect about getting their deposit back and what they will be charged for. Tenants can sign the move out inspection form when they turn in their keys acknowledging and final charges or monies owed.

After the final move-out inspection and the keys to the home are turned in, the home is back in possession of the landlord. Property management companies in Charleston need to ensure a prompt turnaround time because homes for rent are in hot demand!

If you would like a professional team to manage your move-out process and the other burdens of property management, call Scott Properties at 843-790-4929.