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Property Manager | The Three Kinds of Maintenance Your Rental Property Will Need

Property Manager | The Three Kinds of Maintenance Your Rental Property Will Need

When you decide to become a property manager, one of the major tasks you will find becoming part of your job is overseeing the property maintenance. Investors need the values of their homes to rise while making a profit on rent and when a home is falling into disarray, there are issues to be fixed, and maintenance has not been a priority, home values fall and so does resident retention and rent value.  

Three Types of Rental Home Maintenance

There are three types of maintenance that a property manager must provide for single-family rental homes. Providing these types of maintenance will ensure that owners and tenants stay happy, and properties stay filled with no vacancies.

Preventative Maintenance-There are a few different preventative maintenance tasks that all single-family homes need, including duct cleaning, air filter change, annual roof inspections, and yard maintenance. A lot of these tasks will fall on the renter, but the property manager is often the person in charge of the bigger preventative maintenance tasks such as roofing inspections since the investor is the one who holds the warranty.

Corrective Maintenance-The bulk of maintenance a property manager has to conduct on a single-family home is corrective maintenance. This type of maintenance is when a tenant calls and says that something is broken and needs to be fixed, there’s a leak, crack in the wall, the garbage disposal stopped working, or other issues that the tenant cannot fix on their own. Depending on the issue, some of these things might be the tenant’s responsibility. A property manager needs to make sure that all of the tenant’s maintenance responsibilities are clearly spelled out in the lease.

Emergency Maintenance-The worst nightmare for a property manager is often an emergency maintenance issue such as flooding, break-in, natural disaster, pipes bursting, gas line breaks, or other issues that can affect the safety and security of tenants. Emergency maintenance is hopefully the type of maintenance that will take up the least amount of time for a property manager.

Maintenance takes up a lot of time for homeowners, renters, and your property manager. Make sure everyone involved in the property understands what part of the maintenance they are responsible for to avoid lease violations and keep the property in great shape.

If you’re looking for a property manager in Midlands who can ensure the maintenance on your single-family rental is always taken care of, call Scott Properties at 843-790-4929.

 

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Property Manager | Making Your Single-Family Home More Appealing to Renters

Property Manager | Making Your Single-Family Home More Appealing to Renters

A great property manager is always looking for ways to appeal to new renters and remain competitive in the market. With the price of rent going up all over the United States but especially in large metro areas like Midlands, new renters are going to be looking for the best value with for their money and won’t want to shell out more than $1,000 per month for a sub-par single-family home in a nice neighborhood. Investors need a property manager that can keep up with the trends in single-family homes and market the value of the property to renters willing to pay top dollar for their rental.

Here are some things a property manager can do to make their single-family homes more appealing to renters:

  1. Landscaping-A home’s landscaping is one of the major factors that enhance curb appeal. Don’t do anything that requires the tenants to put in a lot of work into maintaining the landscaping; however, as this responsibility could drive prospects away. Many tenants will be looking for a property manager that will include landscaping duties in the rental fees. Providing landscaping such as fresh mulch, tree trimming, and annual grass seed when needed, can increase the single-family home rental value.
  2. Upgrade the Technology and Security-Home security has come a long way in the last decade, and many homes are equipped with doorbells that have motion-detecting cameras inside to film everyone that comes to their door and alerts the homeowner through an app. Including a home security system set up for tenants is another great way a property manager can increase the rent value.
  3. Offer Upgrades-When your long-term renters no longer see the value in renewing their lease, especially If a property manager is raising the rent, one thing you can do is offer upgrades for renewal. A fresh coat of interior or exterior paint? Professional carpet cleaning? New landscaping? There are plenty of services a property manager can offer tenants for retention.

One of the top ways a property manager can make a home more appealing is by always providing high-quality customer service and making sure tenants know they are valued. Make sure you are communicating with your tenants and understand their needs and what they are looking for in a single-family home.

If you’re an investor looking for a great property manager in Midlands, call Scott Properties at 843-790-4929.

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Property Manager | Key Factors Investors Need to Track For Their Rental Properties

Property Manager | Key Factors Investors Need to Track Their Rental Properties

A rental property owner needs to understand how their single-family rental homes are performing if they want to know what their profits are. There are a few key performance indicators that a property owner or property manager needs to track to get the full picture of how well their rental is doing. It comes down to more than just rental income vs. expenses. Make sure your property management company is looking at these financial and operational indicators:

Financial Key Performance Indicators

The financial key performance indicators will tell a property manager how the rental property is doing on a financial level. The rent falls into this category, along with expenses, but you need a much more in-depth financial ledger if you plan to file business taxes, apply for a loan, grant, or need to make other significant financial decisions.

These are the financial key performance indicators that a property manager needs to track:

  • Gross Rent
  • Average rent increase
  • Average rent per square foot
  • Profit margin
  • Vacancy rate
  • The average cost to turn a home
  • The average cost of monthly repairs
  • Cash on cash return
  • Cashflow
  • Return on investment
  • Depreciation
  • Vacancy losses
  • Delinquency losses
  • Eviction losses
  • Property tax
  • Capital improvements
  • Insurance
  • Utilities
  • Marketing
  • Background and credit checks
  • Property management software subscriptions
  • Rental website subscriptions
  • Legal fees
  • Accounting fees
  • Manager fees
  • Mortgage interest
  • Vendor payments

Operational Key Performance Indicators

Knowing the operational key performance indicators will allow an owner to see how effective their property manager is and how the property manager is affecting the overall return on investment.

A property manager should be tracking these operational key performance indicators:

  • % successful renewals
  • Average rent increase per year per lease
  • Rent increase for new tenants vs. the previous tenant
  • Applications that come in
  • Percent of applications denied and approved
  • Average day to process an application
  • Percent of lease breaks
  • Percent of evictions
  • Delinquency rates
  • Average days rent late
  • Percent of leases terminated each year
  • Average days vacant units are on the market
  • Number of days a home takes to turn
  • Days a unit is vacant
  • Number of work orders entered and days to complete
  • Tenancy Duration

A property management company who can track these key performance metrics will better understand the property and increase profits for owners quickly.

If you need a property manager that effectively manages your property across all metrics, give Scott Properties a call at 843-202-4274.

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Rental Property Management in Midlands | Investing in Single Family Real Estate in 2020

Rental Property Management in Midlands | Investing in Single Family Real Estate in 2020

Have you ever pondered jumping into rental property management in Midlands? If your answer is “yes,” 2020 is the time to invest in single-family real estate. Some experts are saying with the economy slowing down, 2020 could be a challenging or risky time for investors, especially in coastal cities where economies revolve around shipping yards for importing and exporting goods around the world. However, in big markets like Midlands, the economy is still thriving with businesses in the IT sector and other markets. Home prices are also stabilizing, although still planned to increase by an additional three percent in 2020, along with rent prices. Buying into rental property management in Midlands early in the year will be the best time.

Rent Vs. Own Gap

The recent surge in the prices of single-family homes has made buying just out of reach for the average first-time homebuyer but still a great investment for those who want to go into rental property management in Midlands. Would-be homebuyers with families are still looking for single-family homes to meet their needs for space and privacy which means there is unimaginable rental income to be made, especially in Midlands.

Rental Property Management in Midlands

Buying the perfect home to rent out is the easy part; managing a property with tenants afterward is long, and often tedious, work. Marketing a vacant home, leasing, maintenance, upkeep, and everything else that goes into property management can be easily managed by outsourcing this work to a property management company.

Property management companies take the burden of managing the properties off of the investors’ hands so they can focus on other things and just let the profits roll in. With the price of renting rising in big cities and metropolitan areas, investors are looking to make a nice return on their investment when they rely on the right rental property management company.

Experienced property managers at Scott Properties are waiting to talk to investors about their single-family homes today! Call 843-779-6527 to learn more about how we can help owners.

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Midlands Property Management | How to Rent Your Home Fast

Midlands Property Management | How to Rent Your Home Fast

Midlands property management can be a fast-paced and exciting venture, especially in single-family home investing. The housing market in Midlands is still favorable to renters, and with the market value of rent, increasing right along with the price of homes, investors with vacant homes should focus on getting them rent-ready and on the market—ASAP!

Here’s what investors need to do to get their vacant homes rented fast:

  1. Focus on Curb Appeal- Midlands property management companies are most successful when they manage the best-looking properties. If you want to rent your home fast, it needs to have great curb appeal, including a clean, maintained lawn, safe walkways, and entries, a great looking exterior, and a welcoming ambiance. The right property managment copmanies know that the curb appeal is the first step to filling your home.
  2. Marketing- After your property is in tip-top shape and the curb appeal is off the charts, the property management companies are going to push marketing. The first step is to get high-quality professional photographs of the interior and exterior of the property. You might even consider a virtual tour or live tour that is recorded and ready to be uploaded to your property management website. After you’ve got the pictures and content, you need there are several sites available for posting your rental including rent.com, Zillow, and craigslist.
  3. Schedule an Open House- Property management companies with homes in desirable neighborhoods should consider holding an open house for renters, much like realtors. This practice can save Midlands property management a lot of time in individual showings and also show prospective renters that this single-family home is in high demand. You’ll be more likely to get applications back quickly, with completed information and fees when you have an open house.

If this all sounds like a lot, you should consider hiring one of the great Midlands property management companies to ensure you are getting the most out of your single-family home investment. Midlands property management knows the ins and outs of rentals including the laws and ordinances that affect individual neighborhoods.

If you’re ready to partner with Midlands property management, call Scott Propertiestoday at 843-790-4929.

 

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Midlands Property Management | Why Your Tenant’s Trust Matters

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

 

 

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The Importance of Vendor Credentialing for A Property Manager

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.

 

 

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

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.

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Rental Property Management in Midlands | How to Find Cheap Investment Properties

Rental Property Management in Midlands | How to Find Cheap Investment Properties

If you’ve wanted to get into the rental property management in Midlands business, the first thing you’ll need to know is how to find cheap investment properties. Most investors who make the best return on their investment do so by getting the best deals on their properties and then charging a fair market rate for the rent. With home buying slowing a bit from previous years, now is a great time for investors to be able to make amazing deals on the homes people will love to rent.

Tips From our Rental Property Management in Midlands

One of the best ways you can save on your investment properties is to study the MLS data for your area. You will be able to see all the available homes for sale, filter by price, and other criteria, and get alerts for new listings. You can also “favorite” homes for sale and get alerts when they go down or up in price. Study your favorite homes, and if you see they’ve been on the market for six months or longer, you are in a great position to start making deals and get your rental property management in Midlands company started off with a great home for cheap.

You can also find foreclosures in the MLS, and while some of these homes are not great choices for single-family rentals in Midlands, a foreclosure can be a good opportunity if the amount to rehab the home won’t exceed the home’s worth when it’s all said and done. You should also check out trustee or county auctions to get the lowest possible price.

Homes are often cheaper outside of the metropolitan areas of Midlands and can be a great choice for first-time investors as well. There are many families that love the atmosphere of the smaller towns with easy accessibility to the Midlands Metro Region. Most rental property management in Midlands companies own a variety of properties in several neighbors to be able to meet the needs of many different families.

If you own a single-family home that you’d like to rent out, call Scott Properties – 843-790-4929.

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Property Manager | Should You Rent Your Home to College Students? (Scott Properties)

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 shorterterm 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 singlefamily.

4. Damages- While any renter can damage a home, student rentals tend to incur more losses than singlefamily 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.