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Property Management|How Property Management Companies Can Boost Your Profits

Thinking that a property management company can actually help your profits while a percentage of the rental income is paid to them in fees every month. While a property management company, at first, will cost you money out of pocket, there are many ways that hiring property management can actually increase the profits overall.

Property management companies have the resources and expertise to rent your property quickly and efficiently. Think about how long a home may sit empty between tenants. The amount of time it takes for you to turn the home yourself, market, and then lease the unit. The property could sit empty for weeks or even months, creating no income and only debt for the owner. A property management company is able to market your property in the latest and most effective ways, employs people to do the turn, and is up to date on all regulations regarding the leasing process and fair housing. Property management companies make it possible to have little empty time between leases.

Property management companies also save you time and everyone knows that time is money. Rather than the homeowner having to field calls, show the home, do the paperwork, and provide maintenance, a property management company handles all the tasks associated with home rentals. A property management company will also employ maintenance staff that is reliable and knowledgeable, so you never have to make a guess at what may be wrong with the central air, dishwasher, or furnace. This is another way a property management company can increase your profits. You don’t have to waste money or time on guesswork. Maintenance issues get fixed right the first time when you have professionals managing your rental home.

Scott Properties is a property management company that wants to make sure that your experience as a rental homeowner is the best it can be. Contact us today to discuss our property management services!

 

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How A Property Manager Can Gear up For Leasing Season

Summer is upon us and people love to move in and out during this time. The kids are out of school, they have vacation time, the weather if warm, and there are rental homes available in Midlands, South Carolina that never stay vacant long. With hundreds of families moving to Midlands every month, there will always be a need for rental homes. Midlands America’s largest and fastest growing city and a property manager needs to gear up for leasing season if they have any vacant properties.

  1. Schedule Open House Showings

    Trying to book back to back appointments to show a rental home can be hard. When appointments go long, or people arrive late, this can put a kink in your entire day and even drive away tenants because they don’t want to wait. A terrific way to solve this problem is for a property manager to schedule an open house. When leads call in to inquire about rentals, the property manager or leasing agents can invite them to the open house. Try to have a several hour time frames that the rental homes will be open.

  2. Make Sure Marketing is Updated

    Make sure you are advertising the correct homes that you have for lease. Properties may begin to fill up quickly and a property manager will need to update marketing frequently to advertise what is left for leasing. A property manager should also gear up with bright, new color flyers, brochures, and applications before the rush of leasing season starts. They may also want to have pens, coasters, or other promotional items for prospects to take with them after showing the home.

  3. Turn the Home Quickly

    When a tenant moves out, depending on the use and damages, the turn may take several weeks. If you have tenants moving out during the height of leasing season, try to get the rental home turned as quickly as possible. One thing a property manager can do is hire seasonal maintenance workers that can help out with tasks such as turns, maintenance, and landscaping.

If managing rentals homes during leasing season seems like something you would like to leave to a professional team that includes a property manager, and staff, give Scott Properties a call today.

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Property Manager | Would You Make A Great Property Manager?

Property managers have fun jobs. You get to help people find a home to rent that they can call their own. Being a property manager allows you to meet new people, do some traveling, and market your properties in the community. This career is one that requires you to be in front of people and tech savvy, organized but also flexible, and someone who can keep tenants and property owners happy.

Have you been considering a career as a property manager? Are you thinking about renting out your home or flipping houses to rent? There are a lot of ways people get into a property manager role, but there are a few skills you will need if you want to be great at your job.

  1. You must be friendly and relatable. One of the most important personality traits of someone who is a property manager is to be friendly and relatable. You must be able to talk to people openly and be outgoing when trying to lease a property. You must also be approachable to renters and relatable to make them want to keep renting the home.
  2. You must be organized. A property manager sometimes manages multiple units or homes. You have to stay on top of move-in dates, move out dates, inspections, cleanings, maintenance, showings for leasing, marketing appointments and more. You also may be responsible for paying other people who work for you and creating a schedule. If you aren’t organized a property manager job may not be best for you.
  3. You have to be flexible. As much as you need to be organized, you have to be able to change your plans and reorganize in the moment. You may have someone walk into your office or call you wanting to see a home right away. A tenant may have an emergency, a natural disaster could create problems at multiple properties. Being flexible is a must for an extraordinary property manager.

Being a property manager is a rewarding career for the right type of person. If you are looking for a property manager that possesses the above traits, Contact Scott Properties today!

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What No One Tells You About Being A Property Manager

Being a property manager comes with a lot of perks. If you own a home and want to turn it into a rental home, managing the property may appeal to you because you can make residual income on a property you are already invested in. You may feel like you can even manage the property on your own from your retirement home across the country. Depending on the type of lease you offer your renters, you could be doing a whole lot or very little for tenants; however, the less you offer the fewer interested renters you will have.

While being a property manager may seem like a dream job for house flippers or even people who are retiring, moving away, but don’t want to sell their home. There are a few things you need to consider before you take on the role of property manager yourself.

  1. Being Available is a MUST. Homes have emergencies. Think of the last time you had to deal with a basement flooding, water heater that stops working, or your central air gives out in the dead of summer. These things happen, and renters don’t always know how to fix these issues themselves. One of the main reasons people rent is to not have to provide maintenance themselves.
  2. You’ll need available cash or credit for emergencies. That water heater that stopped working, the flooded basement, a termite infestation happens. You need cash or credit on hand to be able to take care of emergency situations that happen at your property.
  3. Late rent situations can leave you high and dry. If a tenant doesn’t pay rent, you have to go through the proper legal channels for eviction which can take several months in some cases. Not only will you have legal fees to pay and back rent to try to collect on, you may have some property damages you are left with as well.

Being a property manager can be a fantastic career, but a huge headache for property owners. Consider hiring Scott Properties to handle your property manager needs!

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3 Steps a Property Manager Must Take to Lease a Home

Leasing homes is one of the main priorities of a property manager. While there are many other tasks to be done, none of those would exist without tenants living in homes for rent. A property manager begins looking for new tenants on a home as soon as a current lease is not renewed. The leasing process can often be a long one, but it is possible to market, show, and lease a home right away with some renters. Having a quick turnaround on leases is important to keep profits up and owners happy. These are the steps a property manager takes to leasing a home.

  1. Marketing- As soon as you know a specific unit will be available, you should start marketing that property. Marketing can be done over the radio, through commercials, and through digital channels. You should know who the target market for your properties is and market to those demographics. You should be able to take inbound calls and emails to set appointments and answer questions. A property manager also should make outbound calls to leads they already have.
  2. Showing-While there are some people who will rent a home without seeing It first, such as people who are relocating for work, most people will want to see the home before signing a lease. When you show the home your salesmanship skills should be kicked into high gear to ensure the lead falls in love with the property and wants to become a tenant. A property manager should always make sure that the home is well kept, clean, and presentable before showing it.
  3. Leasing-Once the lead decides that they want to live in the rental home, you will have them fill out an application and other necessary paperwork. If your lead passes the application, you will need them to sign the lease forms with the agreed move-in dates and all terms of the contract. Paperwork is the most tedious but also the most necessary step to leasing a property.

A property manager from Scott Properties is able to follow through on all steps of the leasing process as well as managing the property. Contact us for a professional and skilled property manager to lease your rental homes.

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The Pros and Cons of Using Property Management

If you own property with rental homes, there may come a time when you have to decide if you want to be a landlord or hire a property management company. Earning income through rental homes can be a wonderful way to build a business, but managing multiple homes, and sometimes even one, can be difficult and time-consuming. Especially if you do not live on site or near the rental homes, property management can be a headache. Before you hire a property management company to take the burden of being a landlord off your hands, consider these pros and cons.

Property Management Pros

Using a property management company means that you will pay a fee to have a third party manage your rental home. Here are the pros of using property management:

Professionals in marketing
Expert leasing agents
Legal knowledge
Maintenance staff employed
Collection of rent and fees
Fields all phone calls from leads and tenants
Knows the best vendors in the area
Often has discounts with vendors in the area
Available for tenant emergencies
Adheres to a property budget
Finds best tenants for your property
Handles all tenant requests and communications

 

Cons of Using Property Management

While the benefits of using a property management company are numerous, there are a few disadvantages to hiring a third party for your rental property.

Reduction of profit margin

  • Loss of hands-on control

Property management companies cost money. They will often require a deposit up front that can be used for marketing and payment purposes. After a home is rented, the property management company will usually retain a certain percentage (usually around 10%) of the monthly rent in their fees. The property owner is responsible for providing payment for all invoices to vendors or maintenance issues in most cases.

Scott Properties is the perfect solution for property management needs in Midlands. Contact us today to see how we can help you!

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The Benefits of Working in Property Management

Working in property management is an exciting and rewarding career. There are many different people who make property management companies successful from the property manager, to the leasing agents, housekeeping and maintenance staff, and others. A property management company is an entire team of people that are working to ensure a property is managed well and is profitable.

Property management positions can be full time, part time or even seasonal depending on the rental market. In markets where there is snow, a company may need to hire maintenance just for seasonal snow removal. In the summer, temporary landscapers and yard maintenance workers may be employed. No matter what your position in a property management company, there are many benefits to be a part of one.

  1. Daytime hours- Most positions at a property management company work during regular business hours such as 9-5. There are often shift rotations for after-hours maintenance and a property manager must be available anytime; however, for the majority of your working hours, a property management company will have you working during the day.
  2. Grow Professionally- Working for a property management company will help you develop your skills and grow professionally. Regardless of your position in property management, you will need a lot of different skills to be successful. Some of the best employees and managers come from property management companies.
  3. Networking Opportunities- There are many different people who you will meet in property management from vendors and staff, to tenants and leads. Throughout your day you will be meeting new people and getting a lot of opportunities to have conversations. If you are a social butterfly or outgoing person, working in property management could be ideal for you!
  4. Job Stability- People will always need somewhere to live and with the difficulties of the housing market, there is never a shortage of people who prefer to rent. Working in property management includes job security and stability.

If you are looking to use a property management company in Midlands, Contact Scott Properties for the best property managers available.

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Property Management Tips and Tricks for Leasing Season

May is the beginning of leasing season. Students are graduating and moving out, looking for houses for rent. People who have been anxious and wanting to move, but not during the cooler winter months or holiday times are jumping on the chance to pack up and go now. Rental growth in many large cities across the US is slowing down though. There is a growing need every year as the population increases, however, millennials are finding it easy to buy homes now that the housing market is stable again. You can still fill your vacancies and achieve 100% occupied by following these tips and tricks.

Maximize Marketing-Digital marketing is the way to reach new tenants. Radio advertising, mall kiosks, and bill boards are simply not seeing the ROI that they have in the past. Making sure you can reach your future tenants online is important and your marketing budget should reflect that. Someone on your property management team should be an expert in SEO and the newest virtual reality marketing trends.

Automate it-If your tenants are students, they expect a response to any inquiry, whether an emergency or not, within 2 hours. You should try to be available during business hours for future tenants, but you should also make sure to respond to inquiries off the clock to. You can automate much of the leasing process to make it smoother and faster. Allow people to book appointments online, take virtual tours, and have an automated email message that generates during off hours.

 

Technology Upgrades-Technology is getting smarter and the population is getting savvy to it. Take some time to update your rental homes with keyless locks, smart home technologies, energy saving appliances, environmentally friendly options, and apps that can be used to send maintenance requests, pay rent, or send an inquiry. Leasing season can be hectic for property management, but a good team will fill vacant units quickly and increase resident retention through smart growth and development.

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What a Property Manager Will Do for You

Many people get into flipping houses because they know they will get a great return on their investment. Renovating a house can be fun and exciting but finding someone to live there when it’s all finished can be a challenge. Even after you have secured a renter, it may surprise you that there is a lot to be a landlord that you may not have thought of before. For property owners that want to continue flipping houses and turning them into rental homes, their hands may become full rather quickly. Companies like Scott Properties can be hired to manage your property for you. What will a property manager do for you though?

  1. Marketing-A property manager is an expert in the rental market in your area. They will know the best ways to reach prospective tenants and be knowledgeable on best marketing practices.
  2. Managing Tenants- Property Managers are there for your residents 24/7 and always have a system in place for after-hours emergencies. They can deal with resident complaints, resident retention, planning for upgrades on the property and making sure residents are adhering to the lease.
  3. Collects Rent-When you own several rental properties, managing the money can be tricky. Property managers take on the responsibility of collecting and processing rent payments, assessing late fees and damages, and pursuing collections on tenants.
  4. Maintenance-The property manager is who renters will contact for maintenance requests. Sometimes, the property manager will have a maintenance manager that renters can contact instead, but the property manager is the person that makes sure it all gets done, handles getting the tools and materials for the job, and follows up with the renter.
  5. Pursuing Eviction-When residents fail to pay rent on time or break their lease and an eviction is necessary, the property manager can handle the ins and outs of the legal system and represent you in court.

Scott Properties is a great solution to meet your needs for a property manager. Let us take the stress off your shoulders so you can continue to do what you love.

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How A Property Manager Can Implement Smoke Free Policies

Not too long ago, in December 2016, the department of Housing and Urban Development, HUD, instituted a new law requiring properties that cater to low-income tenants and public housing to be smoke-free by July 2018. This new law requires that prohibited tobacco products, such as cigarettes, be  banned from rental units and shared areas. Tenants who wish to smoke must be more than 25 feet from the building. This law only applies to public housing; however, private rental companies and landlords are considering implementing these rules as well.

Smoke Damage to Properties

Smoking inside of a home can decrease the value by up to 29%. The chemicals in nicotine stain walls, ceilings, floors, and the smell clings to everything–even furniture. This residue left over from cigarette smoke is sometimes referred to as third-hand smoke. Real estate agents know it is more difficult to sell a home that has been smoked in and many prospective home buyers won’t buy a home that has been smoked in so why would a renter want to live somewhere that has smoke damage?

How to Transition Tenants

If you have long-term tenants that have smoked in their rental homes for a long time, they may be extremely resistant to change. New tenants may feel as though the rules are changing soon after they got there. There are a few ways a property manager can go about implements smoke free policies.

If you are managing a property that the new law applies to, well, you have the law on your side and your tenants should realize this isn’t a policy that was up to you. If you are a property manager that is not affected by the law, but still wish to implement the new policies you will have to tread more carefully. Most of the time it is wise to implement the policy unit by unit as leases are being renewed. Make sure to give tenants ample notice of the policy changing so that they can start looking for a new place to live if they can’t live with a smoke-free policy.