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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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Residential Property Management Lexington SC | Avoiding Discrimination

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The Fair Housing Act is federal legislation that makes it illegal for most housing providers to discriminate against a tenant based on race, disability, familiar status, national origin, color, religion, and sex. Residential property management Lexington SC investors work with are trained and certified in Federal Fair Housing regulations, but it is easy for people to slip up and discriminate against someone in a passive way and without even realizing. 

Our property managers have some recommendations you can follow to ensure you are always in compliance with the Federal Fair Housing Act. 

  1. Be Consistent- The rules need to apply to everyone equally with no exceptions being made. If leasing agents working for a residential property management Lexington SC company are supposed to ask for a photo ID when showing a home to prospects, the leasing agent or property manager needs to ensure the practice is consistent. Same scenario applies to applicants that might not qualify for the home but offer to pay the full lease up front. If you allow one tenant to do this, you must allow all applicants the ability to do this. 
  2. Fulfill Maintenance Requests First Come First Served- When it comes to maintenance, the crew might want to resolve smaller problems or quick to fix issues first; however, it is important that, unless there is a maintenance emergency, that all requests are addressed in the order they are received. Following this rule will ensure that your maintenance staff is not accused of discrimination. 
  3. Practice Giving Tours and Processing Applications- If there are multiple people working in the leasing or property management office, try to spend time practicing having conversations with coworkers and roleplaying. When having a conversation with potential tenants, it can be easy to slip up and give out information that you are not allowed to, or accidentally discriminate against someone. Practicing your approach to showing homes and answering questions can save residential property management Lexington SC companies a fair housing violation lawsuit. 

Partnering with residential property management Lexington SC companies to take care of your investment properties is always a fantastic way to make sure you are not violating the law. When you are on the hunt for the perfect partnership, make sure to ask if all the leasing agents at each company are certified in Federal Fair Housing laws. 

If you are looking for property management in Lexington SC, call Scott Properties at 843-779-6527.

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Property Management Companies in Columbia SC | How to Make Carpet Last In Rental Homes

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Property management companies in Columbia SC understand the burden of needing to purchase and replace carpeting with every moveout, and the strain it puts on investors. Between the price of materials, the cost of labor, and the time it takes away from being able to re-rent a home, carpet replacement can really put a dent in an investor’s budget for property maintenance. Luckily, there are a few ways you can make carpets last longer so that they do not need to be replaced every time! 

Tips for Rental Carpet Care

Carpets are easy to damage and get dirty but property management companies in Columbia SC can take certain steps to make reduce the damage and keep carpets in good shape longer. 

  1. Hard Surfaces at Entryways- Many homes have carpeting in the rooms that contain exit doors. It is common for living rooms, sitting rooms, or foyers to have carpet; however, consider a hard surface for just in front of the entry. Tile, laminate, or hardwood flooring in front of the doors to create a 5’ x 5’ landing area will help reduce the amount of dirt, water, grass, and grime that is dragged into the house on your shoes from the outside. 
  2. Complimentary Carpet Cleaning- At least once per year, offer a free deep carpet clean to your renters. They will appreciate the above and beyond service, clean carpets, and property management services in Columbia SC will reap the benefits of reduced carpet replacements! This is a win-win for everyone involved! 
  3. Consider the Type of Carpet- There are many different types of carpeting. Some have longer fibers, others are denser, and there are even carpets that are moisture wicking and stain resistant! Carpeting such as polypropylene fiber carpet is the most popular, easiest to clean, and affordable. Nylon Frieze and nylon are also very durable and easy to clean. 
  4. Provide a Vacuum- Some property managers will go as far as to provide every home with its very own vacuum cleaner. This way, residents are guaranteed to have one on hand during move-in, which is often one of the messiest times. A vacuum cleaner will cost less than carpet replacement! 

Keeping carpets clean and looking brand new can be difficult. Sometimes, no matter what precautions you take, carpet replacement will be inevitable. A property manager can help ensure the likelihood of replacement is reduced. 

If you’re looking for property management in Columbia SC, call Scott Properties at 843-779-6527.

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Property Management Companies in Columbia SC | Average Price for Rentals in Columbia SC

Property Management Companies in Columbia SC | Average Price for Rentals in Columbia SC

One of the most important things real estate investors in Columbia need to determine is how much they will charge for rent on their properties. The amount you charge for rent should be competitive with the market rental rates of the area but also be more than enough to cover the mortgage, taxes, maintenance, and the services of property management companies in Columbia SC.

While many other factors also go into pricing rent, such as the size and condition of the home, nearby amenities, and recent upgrades, a good place to set your baseline, would be what is the average price of a rental in Columbia. Property management companies in Columbia SC track this information diligently so they can apply their knowledge to the owner’s portfolio.

Why Property Management Companies in Columbia SC Would Help You:

Average Apartment Rent in Columbia SC ranges from $812 to $1,100 depending on if you are renting a studio apartment or up to three bedrooms. Student housing can be more expensive as the rental rates are usually on a per bedroom basis which can skyrocket the price for an entire apartment or house.

Average Rent for a Single Family Home in Columbia is around $1,200 with some homes renting for upwards of $1500-$2,000 and others staying closer to $900-$1000 per month to rent depending on bedrooms, bathrooms, and amenities.

The cost of living in Columbia is lower than the national and state averages with housing coming in incredibly more affordable with a rating of 59.1 compared to the US rating of 100. Transportation in Columbia is also more affordable which makes the area quite attractive for families, new young professionals, and first-time homebuyers looking to live in an up-and-coming area near the coast.

Columbia is also a college community which means the area is prime for renters and investors looking to partner with property management companies in Columbia SC to offer high-quality, affordable single-family housing with multiple bedrooms.

If you are looking for professional property managers to help you make the most of your rental property investments in Columbia, Call Scott Properties of the Midlands at 803-951-0702.

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Property Management Companies in Columbia SC | Should Tenants Be Allowed Swimming Pools?

Property Management Companies in Columbia SC

One of the toughest decisions property management companies in Columbia SC must help owners make is whether to allow renters to set up swimming pools in the backyard. In South Carolina, some homeowners keep their pool going all year round and renters in single-family homes often want to enjoy their own private swimming pool as well. However, swimming pools can be a significant risk for property owners and there are several factors that you will need to consider with property management companies in Columbia SC.

Why You Should Let Tenants Have Swimming Pools

There are two reasons to let tenants have swimming pools—to make your property more attractive, and to charge more in rent. Depending on the type of renter you are targeting, swimming pools can be an effective draw for communities where you can increase rent for the luxury amenities. Swimming pools are hit and miss with families who might think the pool is a safety hazard; however, younger millennials and generation Z renters will love swimming pools with decks they can entertain on in the backyard and they will be willing to pay extra for it.

Why You Should Not Let Tenants Have Swimming Pools

The property management companies in Columbia SC will warn you that allowing tenants to have swimming pools can be a risk. Not only can swimming pools to a lot of damage to the yard, lawn, and property if they overflow or leak; they can put you at legal risk if an accidental drowning happens on the property. When the tenant moves out, they may not take down the pool ahead of time and the property maintenance crew will have to find a way to deal with it and restore the lawn beneath.

If you are considering allowing renters to have swimming pools, it is best to purchase rental properties that already have swimming pools installed. This way you know that the installation is done properly, the swimming pool will add value to the home rather than diminishing it, and professional pool maintenance can be called as needed.

If you need a property manager who can help you navigate the tough decisions, call Scott Properties at 803-951-0702

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Residential Property Management in Lexington SC | Why Landscaping Companies Are the Best Vendors for Rental Properties

Residential Property Management in Lexington SC

Residential property management in Lexington SC depends on vendors to help them effectively manage all the properties under their care. Often, property managers have several different vendors on speed dial including disaster clean up companies, roofers, housekeeping, maintenance men, and others but the vendor all property managers need to partner with is a landscaping company.

Why Property Managers Need Landscaping Companies

Residential property management in Lexington SC needs to have a reputation of beautifully maintained homes in order to be successful. Fresh cut lawns, landscaping, and curb appeal are important all the time, not just when the home is vacant. Landscaping companies can take the burden of outdoors maintenance off the shoulders of your regular maintenance employees and free them up to do indoor repairs and moveouts.

Landscaping companies have commercial grade equipment that makes lawncare easy and fast. Residential property management in Lexington SC becomes more efficient than ever when you can have all outdoor maintenance completed on a schedule and handled by a professional landscaping company you can trust. Contracting with landscapers is one of the best things that property managers who are managing multiple properties can do to ensure all homes are in tip-top shape and are stand outs in the community.

Tenants also appreciate when property managers make sure yards and landscaping are properly cared for. Keeping your property lush, beautiful, and maintained on the inside and outside is the responsibility of the person managing the property, but no one can do it all by themselves.

Landscaping companies will often give residential property management in Lexington SC discounts or deals on their services when bundled together for multiple properties. This helps keep costs lower and profits high for the investor who will appreciate your diligence in ensuring the property has a great return on investment.

If you need a property manager who can ensure your lawn and yard stay immaculate, call Scott Properties at 803-951-0702.

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Property Management Companies in Columbia SC | 3 Tips for Rental Property Investing

Property Management Companies in Columbia SC

Everyone who ventures into rental property investing and starting property management companies in Columbia SC wants to be successful and get a substantial return on their investment. However, you don’t start out investing by buying the first vacant home you can find, slapping a rental price on it, and listing it on Craigslist as a rental property. The best investors understand that investments need to be intentional with a lot of detailed planning and forethought about the future of the investment.

Three Tips from Property Management Companies in Columbia SC:

If you are looking to make wise and financially attractive investing decisions for rental property investing, consider these three tips.

  1. Invest in Single Family Homes. When comparing condos to single-family homes, the condos will lose every time for many reasons. Single-family homes attract renters who want to stay rooted somewhere and will be long-term renters. These renters are reliable and can help your portfolio expand quickly because there is less risk in losing the rental income or having hiccups in the cash flow.
  2. Location, Location, Location– You want to choose properties for your property management companies in Columbia SC that will attract high-quality tenants, garner the top of the market rent for value, and be in high demand for tenants so the home is never vacant and there is no disruption to the rent collection process. Prime locations are also perfect for investing because of the upward trajectory of home prices.
  3. Don’t Choose a Fixer-Upper- Rental property investing with property management companies in Columbia SC is much different than flipping houses. When you invest in rental properties you remain the owner of the property rather than selling it to another investor. Because you are remaining in ownership, a better investment is a home that will not need significant repairs over the next ten years and will retain its value with warranties still intact.

Established property management companies in Columbia SC can guide you through more best investment practices to ensure the homes you are investing in as rentals will have the maximum return on your investment.

If you are interested in discussing property management, call Scott Properties at 803-951-0702.

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Property Management in Lexington SC | What Must a Lease Include?

Property Management in Lexington SC

The lease is the most important part of a rental relationship between tenants and property management in Lexington SC. The lease is a legally binding agreement that both tenants and landlords, owners, or property managers must abide by. The property manager is responsible for creating and enforcing a lease so ensuring that everything needing to be covered is included in this legally binding document is vital to protecting everyone’s rights under the law.

Lease Check List

Some leases are pages long while others are only a few paragraphs. The more detailed your lease is, the better protected owners and property management in Lexington SC will be when it comes to landlord-tenant laws and regulations. Use this checklist to ensure your lease is comprehensive and legal.

  • Lease term
  • Security deposit amounts
  • Rental due dates
  • Penalties for missed or late rent payments
  • Names of all tenants and occupants
  • Property manager responsibilities including repairs and maintenance, pest control, lawn care, etc.
  • Pet policy
  • Deposit return policy
  • Policies on noise, guests, HOA dues, smoking, painting, updates, or other reasonable restrictions on use, damage, home cleanliness, home inspections and other rules.
  • Tenant responsibilities such as obtaining renter’s insurance, having utilities turned on in the tenant’s name, keeping those utilities on, and other responsibilities.
  • Penalties for lease violations
  • Expectations regarding communications between staff and tenants
  • Policies on lease renewal
  • Policies on eviction process
  • Contact information for the property manager.

One thing that a property owner can do to ensure that a lease is legal and employable is get advice from their lawyer. Contractual attorneys specialize in leases and other contracts involving property and business arrangements. Many times, you can partner with a legal expert through a property management in Lexington SC company to ensure your lease is detailed, comprehensive, and inclusive of everything you need to protect all parties involved in the agreement.

If you are ready to partner with a property management team, call Scott Properties at 803-951-0702.

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Property Management Companies in Columbia SC | How to Tell the Good from the Bad in Property Management

Property Management Companies in Columbia SC

Investors who are looking for property management companies in Columbia SC are always looking for the company that will make them the largest return on their investment. Some investors will want to look for the lowest management fees, but they must always remember, you will get what you pay for. There are many property management options for investors, but there are ways to weed out the good vs the bad.

  1. What Is the Average Vacancy Rate? Ask the property management companies in Columbia SC you are interviewing what their vacancy rates are and the average time between renters on the average property.
  2. Are the Properties Comparable to Yours? You want to choose a property management company that has experience renting properties like yours. Do not choose a multi-family housing company to manage your single-family home.
  3. Ask About Vendors. Get a list of vendors that each of the property management companies in Columbia SC you are interested in work with so you can compare their reviews and reputations. Vendors such as maintenance crews, landscaping companies, and others will give you a snapshot of the quality of work that will be done to take care of your investment property.
  4. Compare Services. Property management companies will all offer different services and the pricing they offer will be based on those services. Make sure you are getting exactly what you need and want from a company before signing on the dotted line with one. You will want to work with a company that can meet all your expectations and keep your properties filled and well taken care of.
  5. Compare Reviews. Not only should you be checking out their vendors, but you also need to check out the reviews left on the property management company pages online as well. Do not forget to check Angie’s List, Google, social media, the company’s website, and Yelp.

There are a variety of property management companies in Columbia SC that work with many different types of investors. The best way to put your mind at ease when it comes to your rental properties is to hire the management company that fits you the best.

Give Scott Properties of the Midlands a call at 803-951-0702.

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Property Management in Lexington SC | What Does a Property Manager Do Between Tenants?

Property Management in Lexington SC

Employees in property management in Lexington SC are always extremely busy when homes are filled with tenants. Besides rent collection, a property manager must handle maintenance requests, vendors, property owners, and fielding phone calls from prospective tenants all day long. You might think a property manager will get a break between tenants when homes are empty, but this is often when things get even busier. 

Tasks that Property Managers Must While Homes Are Vacant

The last thing a property management in Lexington SC company wants is for a home to be vacant for long. The more days a house sits unrented, the more money the property owner is losing. Property managers need to do everything they can to make sure the home is ready to rent including maintenance such as:

  • Painting
  • Carpet cleaning
  • Deep cleaning
  • Fixing anything broken
  • Replacing flooring
  • Lawn and garden maintenance
  • Replacing air filters
  • Drywall repairs
  • Odor removal
  • And more!

While the property manager is not the one doing these tasks typically, they do have to oversee the maintenance team to ensure everything is done to company standards. Besides this process, property management in Lexington SC company focus is always on marketing and renting. Property managers will need to be listing the property as available online, putting a sign in the front, fielding phone calls, showing the home when ready and scheduling those appointments, meeting with vendors, and sending reports to owners.

Property managers also have a lot of loose ends to tie up with previous tenants that they need to worry about such as past due unpaid balances on accounts, return of security deposits when applicable, and ensuring that the move out process was completed.

The burden of these tasks and amount of time they take to complete is the top reason investors hire a professional property management company to manage their rental homes.

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