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Property Management in Columbia SC | Top 5 Reasons to Invest in Columbia SC Properties

Property Management in Columbia SC

When purchasing investment properties in South Carolina, one of the most crucial factors to consider is where these homes will be located. There are many cities in South Carolina that are perfect for rental investment, but we happen to really love the opportunity for property management in Columbia SC. Columbia is one of the most historic towns in the state and was an integral part of the mercantile economy during colonial times. If the historic charm does not convince you to invest in rental properties in Columbia, there are a few other factors that might!

  1. Lower Priced Homes- Columbia has been ranked as one of the top 25 most affordable places to live in the entire country. The average home price is 11% less than the national average with a median price of $164,200.
  2. Outdoor Recreation- Property management in Columbia SC can also manage vacation homes and short-term rentals which are nearly always full because of the great outdoor recreation Columbia has to offer.
  3. High Demand- Columbia has a steadily high demand for single-family rentals because the low cost of living and reasonable rent rates attract families from all over the state. Most neighborhoods in Columbia have a dense population and employment growth also which brings new people to the city.
  4. Buy from Snowbirds- Retirees who want to spend their winters somewhere warm often purchase small homes or condominiums in Columbia. When these people cannot travel any longer, they often look to get out from under these homes for cheap. Investors can scoop these properties up for great deals.
  5. Rent Yields Are High- Because homes are so affordable in Columbia, investors who can get low interest rates and great tax incentives can often see a much higher rent yield than other areas around the state. This means that the profit you make will be higher.

Buying property in Columbia SC is the best choice for first time investors looking to get into single-family home rentals. The key to success is having a top-notch property management in Columbia SC partnering with you to manage these homes.

If you are ready to discuss the opportunities property management in Columbia SC can offer your investments, call Scott Properties of the Midlands at 803-951-0702.

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Property Management Companies in Columbia SC | Before Investing, Study the Rental Rates

Property Management Companies in Columbia SC

When deciding where to invest in single-family rental homes there are many factors investors take into consideration. One of the biggest factors is the price of homes compared to the rental rates. The amount you pay on your mortgage on the rental property should be considerably less than what you are renting it for if you want to make a profit. However, some investors neglect to take a deep dive into the rental rates in the area and make the wrong choice when choosing neighborhoods their rentals will be most successful. Property management companies in Columbia SC put a lot of time into doing market research and rental analysis and can sometimes advise investors, but we can give you a few tips on studying rental rates now.

Tips for Studying Rental Rates

Market rent is the average price of rent on a single-family home in a particular market/neighborhood. Knowing the market rent is vital to making a great return because you need to know your profit margin to be expected. The way to find out more about market rent is to ask property management companies in Columbia SC, otherwise you have a lot of work ahead of you in research.

Another crucial detail you will want to study in rental rates is the consistency. Are rental rates fluctuating frequently? Do they seem higher than what is being offered in similar neighborhoods? These are signs of a volatile rental market and these neighborhoods make for bad investments in most cases. Choosing properties in Columbia is great because the rental market is consistent with minimal risk of a market fallout. Consistency is also key to planning future investments, renovations, and marketing efforts to build out your investment portfolio and continue working with property management companies in Columbia SC.

Consider partnering with Scott Properties of the Midlands on your next single-family home rental investment for all your property management needs. Call today at 803-951-0702.

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Property Management Company in Columbia | We’ll Cast a Wide Net for the Best Tenants

property management company in Columbia

You may already know that finding good tenants is critical when renting out a property in Columbia or the surrounding area. But how do you find those tenants? That’s where it gets tricky. Looking for reliable renters on your own is a daunting task, but we can help. With years of experience as a trusted property management company in Columbia, we have a proven method of finding good renters for our client’s properties.

It’s a Lot of Work | Property Management Company

This is the part of the property rental process that owners tend to underestimate. You might think that you could just quickly put out an ad and immediately have plenty of great renters to pick from, but that’s not always how it works. You can easily invest a ton of time – and some money – in the process of looking for a tenant, only to struggle to find a good one. As your property management company in Columbia, we’ll do all of the legwork like background checks, following up with references, and more. All of that effort will pay off in the long run if you wind up with a tenant who is reliable and pays on time.

We Know Where to Look

There are certain channels to use in the search for quality tenants that tend to provide better results than others. As a result of our many years in this business, we know how to use the best paths to find good renters, and then we put those candidates through our review process to find the right person or people for your property. If you don’t have a property management company in Columbia working for you, it will be difficult to find great renters – and even if you do, you’ll have to spend a tremendous amount of time on the process.

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 Columbia | Staying On Top of Monthly Payments

Property Management Company in Columbia

One of your primary jobs as a property owner who is renting to a tenant is ensuring that your rent is collected on time month after month. Letting rent fall behind is a classic mistake that many property owners make, and it rarely ends well. Even if you are just trying to be nice by allowing some leeway on the payment, it can be tough for renters to catch up and you may lose out on significant income as a result. Scott Properties is a leading property management company in Columbia and we will be happy to take over the role of collecting your payments so you can take this task off of your plate.

An Established System | Property Management Company

As a property management company in Columbia that serves many property owners, we have a proven system for accepting payments from renters month after month. We make it easy for tenants to make their payments, and we’ll know right away when a property falls behind. If you have been trying to manage your own property and have been taking payments in a casual, disorganized manner, working with us will be a breath of fresh air.

Ready to Act

With any luck, your renters will keep up with their payments and you can look forward to seeing that money drop into your account each month. Should a tenant happen to fall behind, we are ready to jump into action to bring the account current or start the eviction process. Of course, we never want a rental agreement to end in eviction, but we’ll do what is necessary to protect your interests. There are strict laws that govern the eviction process, and we’ll be able to follow those rules carefully thanks to our years of experience as a property management company in Columbia.

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 Columbia | Staying On Top of Monthly Payments

Property Management Company in Columbia

One of your primary jobs as a property owner who is renting to a tenant is ensuring that your rent is collected on time month after month. Letting rent fall behind is a classic mistake that many property owners make, and it rarely ends well. Even if you are just trying to be nice by allowing some leeway on the payment, it can be tough for renters to catch up and you may lose out on significant income as a result. Scott Properties is a leading property management company in Columbia and we will be happy to take over the role of collecting your payments so you can take this task off of your plate. 

An Established System | Property Management Company

As a property management company in Columbia that serves many property owners, we have a proven system for accepting payments from renters month after month. We make it easy for tenants to make their payments, and we’ll know right away when a property falls behind. If you have been trying to manage your own property and have been taking payments in a casual, disorganized manner, working with us will be a breath of fresh air. 

Ready to Act

With any luck, your renters will keep up with their payments and you can look forward to seeing that money drop into your account each month. Should a tenant happen to fall behind, we are ready to jump into action to bring the account current or start the eviction process. Of course, we never want a rental agreement to end in eviction, but we’ll do what is necessary to protect your interests. There are strict laws that govern the eviction process, and we’ll be able to follow those rules carefully thanks to our years of experience as a property management company in Columbia.  

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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Rent your Home Columbia | Rent your Home Faster with these Updates

Rental homes are in hot demand, but developers are scrambling to build more housing to keep up with population growth in the Midlands. Investors in rental properties can find a lot of luck in attracting and retaining high-quality tenants by making updates that will have applicants clamoring to get a showing. 

 

Best Updates to Make To Rental Properties 

The best updates to make before you rent your home in Columbia are the fast and easy updates including:

  • Fresh coat of paint in the interior
  • Replacing carpet
  • Upgrading appliances
  • Refacing cabinets 
  • maxing/polishing non carpeted flooring
  • Replacing the tub surround 
  • Adding simple landscaping to the exterior 

These simple and quick updates to rental properties make a big impact during applicant tours because it helps the home look cleaner and brighter. However, investors who want to rent their home in Columbia and stay towards the above average end of the market rent can consider:

  • Replacing siding or fresh exterior painting 
  • Replacing laminate flooring with tile or hardwood
  • Replacing cabinets 
  • Remodeling the master bathroom
  • Creating outdoor space such as a deck, patio, or garden

 

In addition to making updates and renovations to increase the rent value on the home, investors should always stay on top of pest control, keeping landscaping up to date (including tree trimming and pruning), and more. Keeping rental properties in pristine condition can be difficult, especially once a new tenant moves in. Investors should ensure that their property management company includes mandates in the lease for proper interior and exterior care of the home, as well as biannual inspections of the home.

 

One of the worst things that can happen to an investor is a tenant not taking care of a property and previous updates and renovations being ruined. Working with property managers to provide oversight to your investments can help you yield a larger return, and increase the value of your property. 

 

If you need property management services in Columbia, call Scott Properties of the Midlands at 803-951-0702.

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Rent your Home Columbia | Top Amenities Renters Want

109 Sweetoak

One of the best ways to make residual income is to rent your home in Columbia. However, the generation looking to rent single-family homes are younger millennials and generation Z who are now in their early to mid 20’s. These generations of tenants are looking for properties that are modern, spacious, and can be their safe haven to entertain and relax with friends and family. Homes that had owners for many years, or decades, are often in need of a lot of updates to increase the appeal. Luckily, we know just the top amenities renters are looking for in and around Columbia, SC. 

 

Top Amenities for Rental Properties 

  1. Outdoor Space- The weather is beautiful most of the year in the Midlands and renters are looking for space to entertain their friends and family both indoors and out. A patio or deck in the backyard, lots of space for a fire pit and chairs, and maybe even room for a swingset will help investors get top dollar for rent. 
  2. Energy Efficient Appliances- The younger generations are more eco-conscious than ever and if the appliances are more than 20 years old you should consider upgrading them before you rent your home in Columbia. Energy efficiency isn’t just good for the environment, but it will help lower the utility bills for the tenants.
  3. Ample Parking- Off street parking can be hard to find depending on where you are renting in Columbia and the surrounding areas. However, a driveway and garage can increase the value of the property and land your home on the higher end of the market rate. Everyone wants off-street parking if they can get it!
  4. Smart Home Features- The more a millennial or genZer can control with their phone, the better for them. Smart Home features such as digital thermostats, automatic lights, and even shades that go up and down with the tap of the screen will impress tenants and future buyers. 
  5. Lots of Storage- Minimalism is in, but not everyone wants to throw out every item that doesn’t bring them immediate joy. Millennials are especially into the streamlined look where they can keep most of their kitchen appliances, dishes, and food tucked away into pantries and cabinets. They also love large walk-in closets with built-in shelves and bookcases. 

 

These top amenities will help your property stay occupied and turn a profit in Columbia and all around the Midlands. Most of these amenities are easy and fast to complete without breaking the bank!

 

If you need property management services in Columbia, call Scott Properties of the Midlands at 803-951-0702.

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Property Management Company Columbia | Why the Midlands is the Place to Invest

109 Alston

Diving into investment properties is an exciting time but knowing where the best place to invest is can be tricky. South Carolina has a growing population, but the number of available properties in the big cities such as Midlands is not keeping pace with the number of tenants coming to the state. Many first time investors are finding more success and less competition for properties in communities like the midlands and Columbia. 

 

Benefits of Investing in the Midlands

Housing costs in Midlands are 127% more expensive than Columbia. This HUGE disparity makes investing in properties in the Midlands very attractive for first time investors. 

More than half of the residents in Columbia rent their homes and are happy to do so as rents have remained relatively affordable compared to Midlands. 

Columbia is a buyer’s market according to realtor.com and is one of the best places to find great property values with high returns on investment.

University of South Carolina along with business growth in Columbia keep a steady stream of people moving into the area. There will always be quality renters so your properties won’t remain vacant. 

A property management company in Columbia can help you manage properties no matter where you live or if you want to travel. 

 

Best Neighborhoods to Invest Around Columbia

Columbia offers a great urban-suburban environment, but there are many other neighborhoods perfect for single-families in the suburbs as well. 

Cayce is a small community where nearly 50% of the households are renters. The neighborhood is just a bit south of downtown Columbia and sits along the Congaree River. Homes in Cayce average 5 days on the market, so this community is hot for investors. 

West Columbia is another community where there are many renters. 45% of the households rent and homes are more affordable in West Columbia than other places in the metro area. 

Chapin has a lower population of renters but this tiny community with a population less than 2,000 is ranked as the second-best community to purchase a home in the Columbia area. Average rent is $1,200 and worth every penny, especially lakefront properties.

A property management company in Columbia can help investors decide which neighborhoods are the best for rental property profits. 

 

 

If you need property management services in Columbia, call Scott Properties of the Midlands at 803-951-0702.

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Property Management Company Columbia | Rental Trends to Look For in 2023

South Carolina home values have increased by nearly 27% in the last year and the trend will continue into 2023. The housing market is so strong because of high demand and limited supply of single family homes. Throw inflation in the mix which is causing contractors to spend more and more on building, and the biggest trend for 2023 will be rent increases. However, there are a few more trends a property management company in Columbia should consider to keep returns increasing. 

Trends in Rental Properties

  1. Cohabitating in Single-Family- More and more single young adults are finding themselves looking for single-family homes where they can cohabitate with friends to save money. Sometimes a property management company in Columbia can increase profits by charging rent per bedroom when there are multiple unrelated adults living in a home.
  2. Shorter Term Leases- The market is changing quickly and shorter term leases allow a property management company in Columbia to be flexible when it comes to terms such as rent. Generally landlords cannot change the price of rent until lease renewal time, with inflation rising as fast as it is, landlords need to be able to keep up with market trends.
  3. Summer Vacation Rental- One of the best ways to make higher profits on homes used for student housing in South Carolina is to rent the home for summer vacation rentals. These types of rental turn a profit fast, especially if the property is close to the beach. 

One of the best ways for investors to keep up with the trends in the ever-changing rental market is to use a property management company in Columbia. Property managers keep a close eye on market trends and rates, take care of all the day-to-day tasks associated with being a landlord, collect and process rent, and much more. Taking on these duties allows investors to focus on their business, while a manager focuses on the tenants. 

If you need property management services in Columbia, call Scott Properties of the Midlands at 803-951-0702.

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Rental Policies Essential to be in Your Lease | Property Management Companies in Columbia SC

A lease is the most important and essential component to renting your single-family home. The lease is a legally binding document that outlines the rental amount, due dates, and obligations of the landlord and tenant. Having a lawyer or experienced property management companies in Columbia SC involved in creating your lease is always a good idea. Property managers are experts in leasing and can let you know the policies that are most essential to protect owners and the property. 

Most Important Lease Policies for Property Management Companies in Columbia SC

  • Fees- There are more charges that tenants are responsible for above and beyond rent; however, these fees must be outlined in the lease to be enforceable. Fees could include municipal garbage, bulk waste, or recycling fees, late fees, lease violation penalty fees, charges made to the deposit such as cleaning fees post move-out, pet fees, and more. 
  • Overnight Visitor Policies- Long term overnight visitors can quickly end up becoming roommates which can put your tenants over the occupancy limits in the lease. Too many people living in a house and not being on the lease is a problem property management companies in Columbia SC are familiar with and we always recommend having clear occupancy policies for visitors and tenants. 
  • Exterior Upkeep- Lawns, sidewalks, porches, patios, decks, gardens, garages, and other exterior areas of the property require upkeep from mowing and weed pulling to keeping these areas free from trash and debris. Outlining responsibilities of the landlord and the tenant in the lease for these areas is important to maintaining the curb appeal of the property. 
  • Renewal and Termination Policies- The last thing you want is for a tenant to move out unexpectedly and be stuck with unplanned costs to clean, market, and lease the property. Adding policies that outline how to properly terminate or renew a lease will protect your investment financially. Make sure to consider how far in advance tenants must renew or give notice of moving out, any early termination fees or late renewal fees, and what the move out procedures should be. 

These four policies are essential to have in each property lease; however, there are many other factors that are very important. Partnering with property management companies in Columbia SC is a great way to ensure your leases are legally binding, protect your property and investment, and increase your return on investment. 

If you’re ready to talk about your property management options, give Scott Properties a call at 803-951-0702.

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Battling the Top Reasons Why Tenants Want to Move Out | Property Management Companies in Columbia SC

One of the most important tasks property management companies in Columbia SC do for their investor clients is making sure great tenants don’t leave. When tenants pay ontime, keep the property clean and cared for, and don’t have any complaints, the most dreadful thing that can happen is non renewal of their lease and moving out. The best tenants are super hard to come by, and sometimes there is no way to convince a renter not to move, including when their job changes or they have personal reasons to move. However, there are a lot of ways you can increase resident retention and make it more likely for tenants to stay in place longer. 

How to Overcome Tenant Move Out Requests 

There are a few common reasons why tenants might want to move that will allow you some flexibility in changing their minds:

  • The House is Too Small- If tenants are expanding their family by having a child or wanting to have roommates, the rental home might not fit their needs any longer. Property management companies in Columbia SC can simply offer a lease transfer when this is the case! Work with the tenants to lease another property by the same owner or company so you aren’t completely losing out on the revenue from those tenants. Pre Leasing an upcoming property, or even allowing tenants to break their current leases early when transferring in-house can be a win-win for everyone. 
  • We Don’t Like the Schools- If the tenants are wanting to have kids, or their kids are starting school, they may start looking for a new home in a different school district, or closer to their school of choice. When this happens the best option is to ask them to transfer into a rental property near the school they want and offer them options that allow them to keep renting from the same property management companies in Columbia SC. 
  • No Longer Affordable- One of the toughest objections to overcome from tenants is when they can no longer afford the rent. You shouldn’t lower your rent to accommodate your renters, however, you can help them to see the great value they have by staying in their home. Moving costs, paying a new deposit for rent and utilities, and the loss of certain amenities such as on-site laundry can end up costing a tenant more than if they had stayed in the home and renewed their lease. 

Property managers often have great sales skills that help to increase retention among the tenants that you want to renew again and again. Working with a property management company can streamline your business and help you see a larger return on investment. Call Scott Properties today to find out how we can help you. 

Contact Scott Properties at 803-951-0702.

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Can You Collect Rent if the Tenant is Dies? | Property Management Companies in Columbia SC

property management companies columbia sc

Property managers always want homes to be full, resident retention to be high, and lease violations to be low. When property management companies in Columbia SC have good relationships established with quality tenants rent is more likely to be on time and profits will flow easily to investors. However, there are times when even the best tenants stop paying rent including tenant death which is one thing landlords have no control over. 

What Happens When a Tenant Dies?

Property management companies in Columbia SC have an obligation to work with the executor of the tenant’s will to manage the tenant’s belongings. The lease obligation is the tenant’s responsibility even if they are no longer alive and the estate will be responsible for rent obligations. 

However, most of the time the executor of the estate will not want to pay rent on an empty unit and property management companies in Columbia SC will want to release the unit as fast as possible. There are several options open to landlords and executors for how to handle the lease when a tenant dies. 

  • Treat the death as a broken lease agreement and work with the executor to pay any early termination fees listed in the rental agreement. 
  • As the judge to award full payment of rent to satisfy the lease during probate court proceedings
  • Allow the lease to break without any repercussions

Property managers need to be flexible and patient but should know the proper procedures to go through when a tenant dies while living in a rental property. If the property manager finds the tenant dead, they should call the authorities immediately and then the emergency contact information in the tenant’s file, followed by the property owner.

The tenant’s next of kin or executor will be responsible for cleaning out the home before the end of the lease, or the agreement made between the property manager or owner, and the executor. Investors will want to consult with their attorney if the property management company they are working with does not have one available. 

If you are looking for a property manager, call Scott Properties of the Midlands at 803-951-0702.