Midlands Property Management | Why Your Tenant’s Trust Matters

Midlands property management companies often think about how their vendors can be trusted and whether or not their tenants can be trusted, but some rarely think about the importance of their tenants also trusting them. If you own a Midlands property management company, you should consider how you can help your tenants trust you more, and we’ll explain why it is important.

How Midlands Property Management Companies Can Gain Tenant Trust

There are many ways that you can earn your tenant’s trust. One of the most important reasons for your tenants to trust your property management group is because it improves your landlord-tenant relationship. The more your tenants trust you, the less likely they will be to damage the property, pay rent late, or incur lease violations.

Here are a few things you can offer your tenants to increase their trust in your Midlands property management company:

1. Charge reasonable screening fees- When renters are looking for a new place to live, they are going to be cringing at the expenses. New deposits, first-month rent, last month’s rent, pet fees, applications, moving fees—it all adds up quickly. When a Midlands property management company has reasonable upfront fees, tenants are much happier and likely to rent.
2. Include Yard Maintenance- Many tenants choose to rent single-family homes because they don’t want the responsibility of owning a home. Including yard maintenance in the rental price is a great way to earn your tenant’s trust.
3. Be Willing to Go Above and Beyond- The lease agreement outlines what the responsibilities of the landlord and tenants are; however, whenever a Midlands property manager can go above and beyond for their tenants, it shows that they care. Going above and beyond for your tenants also goes a long way in earning their trust and helping them feel comfortable coming to you with problems.

One of the best ways to ensure you have your tenant’s trust is to hire a Midlands property management company that is reputable and delivers results.

When you’re ready to partner with a management company, call Scott Properties –  843-790-4929

The Importance of Vendor Credentialing for A Property Manager

Real estate investors love hiring property management companies because these companies come with maintenance crews and built-in vendor relationships that make property maintenance easy and convenient. When a property manager does the proper credentialing on their vendors, they can reduce risk and save a lot of time and hassle.

A property manager needs to be able to verify the criminal history of employees of the vendors, ensure the vendors are properly insured, as well as their quality of work and a financial estimate for their services. When vendors don’t carry the proper credentials or cannot answer your questions, you run the risk of poor workmanship, improper repair work, and fraud among other things.

What to Keep in Mind When Verifying Vendor Credentials

A property manager needs to verify vendor credentials before they hire a company to complete any work. You should also do yearly reviews on all of your vendors to ensure their quality standards are still the same, their rates are still competitive, and they’ve kept up with their licensing and insurance. You’ll also want to get updated rosters on employees, especially those who will be working on your properties. The vendors you work with should be honest and willing to tell you if anyone on their team has offenses on their criminal record that are not conducive to providing services for a property manager.

Following Up with Vendor Services

A great property manager will follow up with tenants after vendors’ services to ensure that the work was completed in a timely manner, that the vendors were courteous and respectful, and that the job was actually completed. You can learn a lot about your vendors by talking to your tenants and getting their honest reviews of the services provided. At the end of the day, it’s great if the vendor makes you happy, but what a property manager really needs is for the tenants to be happy and satisfied.

If you are looking for a great property manager in Midlands who works with the best vendors in the area, call Scott Properties – 843-212-9672.

Property Manager | Is Investing in Single-Family Rental Real Estate a Good Idea?

Making investments is a great way to protect your financial future for retirement or uncertain economic times. However, knowing what to invest your money in can be a challenging task. The housing market rises and falls it seems, and after the recession more than ten years ago, some people are still wary of investing in single-family rental real estate. If you ask any property manager however, this real estate niche is still growing, evolving, and seeing profits.

There are two major trends that the single-family rental niche has benefitted from. The first is the baby boomer generation selling their family homes and downsizing, leaving great properties for sale to real estate investors. Some of these baby boomers who have their mortgages paid off are even going into the property management business themselves and renting out their large homes. The second trend is the fact that millennials who grew up during the recession are wary of buying a home and experiencing another economic disaster, so they are looking for single-family homes to rent from a property manager.

Housing Market Forecast for Midlands 2020

The economy in South Carolina is great, with historically low unemployment numbers. However, the current trade war has made investors wary of another economic crash. Global markets including China and Germany have also slowed their trading, and interest rates have been in flux after the Federal Reserve raised its key borrowing measure four times in 2018 and then lowered in 2019. However, there is great news for the housing market.

Labor market predictions have remained stable and strong throughout the year, which is the biggest predictor of the housing market, according to top economists. There are more jobs than people to fill them, which means more workers will have to be brought in to fill positions, and those workers will need to rent a home from a property manager who specializes in single-family homes. All of this means that now is the perfect time to invest in a single-family home and a property manager that can maximize your return on investment.

If you’re ready to hire a property manager for your residence, call Scott Properties – 843-212-9672.

Property Manager | Should You Rent Your Home to College Students?

Property Manager | Midlands is a college community with the College of Midlands alone having a student population of nearly 10,000 people. Seven percent of people living in Midlands are between the ages of twenty and twenty-four, and a lot of these people are renters. When you own a single-family home in Midlands, especially one with three or more bedrooms, renting to college students may be something you are considering. Before you become a property manager to students, there are a few things you want to consider.

1. Is Your Property Right for College Students? College students are looking for different amenities in a rental property than families are looking for. Students need to be near campus and bus stops because few of them have cars. Students also need affordable rentals since most don’t work full-time. Safety is another priority, as well as Wi-Fi accessibility and in-house laundry. If your property doesn’t offer these things, it may not be the best option for student rentals.

2. Property Manager Availability- How available are you able to be as the property manager? Student rentals tend to require more maintenance since students don’t always know how to fix things around the house themselves. Students are also busy, and if you require tenants to provide lawn care, you might often drive by and see long grass, unraked leaves, etc. Student rentals always need more attention from property managers.

3. Short vs. Long Term Rental- Students usually only need to rent for nine to ten months of the year; however, students who rent privately outside of the dorms will often pay for twelve-month leases to keep the same house for all four years of college. Students rentals in Midlands are usually in extremely high demand, so though you might have shorter–term renters and turn over each year potentially, student rentals fill quickly. You can also rent by the bedroom and make more in rent than if renting to a single–family.

4. Damages- While any renter can damage a home, student rentals tend to incur more losses than single–family rentals. Families usually plan to stay in their rental home long term and take better care of the property. Students are less likely to have an emotional investment in the property and are less likely to keep the property in tip-top shape.

If you’re interested in renting your home in Midlands and need a trusted property manager, call Scott Properties at 843-212-9672.

Property Manager | How A Property Manager Can Use Social Media

Property Manager | Millennials are 80 million strong and the largest group of renters and homebuyers in the United States. Nearly all millennials have a social media presence, and if you’re a property manager, you should know that platforms such as Facebook, Twitter, and Instagram are the best ways to stay in touch while you’re on the go. If you want to be the best property manager, you should try a few of our tips on how to best leverage social media to attract and retain tenants.

1. Promote Neighborhood Events- If your rental property is in an HOA or neighborhood that has community events, you can help your renters stay connected to what’s going on around them by promoting what’s happening. Find out what the HOA hashtags are and if there’s a calendar of events you can incorporate into your property manager page.

2. Share Vacancies- If you’re a property manager with many homes around the Midlands Metro area, you can share current and upcoming vacancies on your social media page. Your current tenants are likely to share your posts about rentals available, especially if they are happy tenants. You can also reward your tenants by asking them to share using a hashtag specific to your business. Offer your tenants to be entered into a drawing for a free carpet cleaning or $50 off their rent for sharing vacancies and track their shares using the hashtag.

3. Send Out Alerts- A great property manager keeps up with anything in Midlands that could affect tenants and their home from weather alerts to road closures in the neighborhood. Send out alerts via social media to give your tenants valuable info about the community when it’s needed.

4. Building Your Brand- If you want your business to stand out, you have to create a brand, and social media is the best way to do this. Your tenants may not get a lot of face-to-face time with you, but they can still get to know the business through social media. When your tenants have a connection with you, your resident retention will go up!

If you need a property manager with social media know-how to make the most of your investment, call Scott Properties at 843-212-9672.

Property Manager | Raising Rent Without Losing Tenants

Property Manager | The minimum wage is increasing, the cost of food, gas, and living, in general, is all going up. This means that the cost involved in having investment property is going up as well, and, unfortunately, this cost needs to be passed on to the tenant. No property manager expects tenants to be happy about their rent going up, but there are a few things that you can do to make the transition go smoothly without the resident decides to vacate.

1. Write a Rent Increase Letter- Do not wait until the tenant is in front of you to sign their renewal for them to find out that their rent is going up. Send a letter at least 90 days before the end of their lease, letting them know about the increase and continue to follow up with them to ensure there are no surprises. Make sure to check with your local laws regarding rent control and rent increase procedures also and always send the letter certified mail so you know it’s delivered, or deliver the message in person yourself.

2. Lease Details- A property manager needs to be sure that leases are complete and thorough and include a clause about rental increases. Some leases details guarantee that rent won’t increase for a certain amount of time and also spell out what the property manager and tenant responsibilities are.

3. Five Percent Rule- The best way to raise rent and keep tenants is not to price gauge the rent. While you want to keep your rent in line with the market rent trends, raising the rent by more than five percent is a great way to lose tenants fast. Try to keep in mind that this is affecting their budget too.

4. Consider Upgrades- You’re asking your tenants to pay more, so they should get more too, right? Offering your tenants a fresh coat of paint, carpet cleaning, or new landscaping options is a great way to make that rent increase hurt a little less and keep your tenants happy. Ask your tenants what they might like and try to accommodate whenever possible.

If you are looking for a professional property manager, call Scott Properties today at 843-212-9672.

Midlands Property Management | Why Midlands Property Management Companies Charge Application Fees

Midlands Property Management | Application fees are a touchy subject when it comes to landlord/tenant relationships. Tenants certainly don’t like the extra expense, and Charleston property management companies certainly don’t enjoy having to collect and process all the fees. However, application fees are necessary for quite a few reasons.

1. Checks Cost Money- Midlands property management companies, have to purchase software or pay subscription fees to conduct proper credit and background checks. Each time a background check is done on a potential renter, it costs the company money. Imagine if all the applications came back unapproved, and the Midlands property management has to cover all of those charges themselves? They’d be out of business.

2. Shows Tenant Dedication- There’s a good chance that a landlord will have to show a vacant home many times before the right tenant comes along that wants to fill out the application. When you charge an application fee, only tenants who are serious about moving in will fill out the forms, so no one’s time is wasted.

3. Shows Tenant Has Income- Charging a small application fee helps you to know if your tenant will be able to afford to pay rent. If a prospective tenant is unhappy about paying a small application fee, it’s probably not realistic to expect them to pay a deposit and first month‘s rent if their application is approved.

4. Income for the Company- Tenant application fees are retained by Charleston property management companies and can produce a little bit of extra income for the company that can be put into marketing, hiring, and general business expenses. Some Midlands property management companies also invest in homes themselves in addition to having homeowners and investment property clients they are working for.

Hiring a property manager to take care of your investment is the smart decision to make when buying a rental property. Give Scott Properties a call today to see how we can help your investment grow at 843-212-9672.

Midlands Property Management | Where To Begin With Your New Rental Property Purchase

Midlands Property Management | Purchasing rental property is an excellent investment in your future income that can provide a safety net for your family or passive income for travel and leisure. Finding the perfect rental property to purchase can be exciting. Some owners even decide to buy land and build houses specifically to have single-family rental properties. There’s a lot that goes into getting your new rental property off the ground though, and our rental property management in Midlands tips will have you getting the hang of things quick. 

1. Get Insured- You should get insurance as soon as you have the signed contract for the home in your hand. The last thing you want is your investment to go up in the smoke, flood, or get broken into before you even have tenants to worry about. It’s smart to get liability coverage as well. Once you have tenants, you can enforce a policy of tenants having rental insurance to cover their personal belongings. 
2. Inspect the Property- Although you probably had a home inspection done during the purchase negotiations, rental property management in Midlands always send out property managers to the new rental home locations to do their own inspection. You’ll need to decide on any upgrades you want to make to the home or things you need to fix before you start advertising to tenants. 
3. Become Familiar with Landlord-Tenant Laws- You’ll need to know at least the basics of landlord-tenant laws in Midlands, SC before you start renting your home to tenants. These laws can be super confusing and hard to understand, but you’ve got to know the rules to ensure you don’t overstep or break the law. 
4. Hire a Company for Rental Property Management in Midlands- Investing and making significant financial decisions might be your greatest strength, but when it comes to the day-to-day running of the property, communicating with tenants, contractors, staff, and vendors, you’ll want to hire someone with experience like Scott Properties where they specialize in rental property management in Midlands. 

If you’re ready to make the leap and hire a property manager in Midlands, call Scott Properties at 843-790-4929.