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Property Management | Deciding to hire property management to take care of your rental property is a big decision and one that should not be made lightly. There may be several companies that boast the best vacancy fill rates or have great reviews, but as an owner, there are common things that you should wonder about. When you begin interviews potential companies to manage your rental property, make sure to ask these questions.

1. Do You Require A Security Deposit?Not requiring a security deposit is a big mistake for homeowners and most property management companies will also charge at least one full month’s rent as a deposit that will be placed in an escrow account according to law. These deposits protect the owner against damages incurred by the tenant.
2. Do You Do Inspections?Believe it or not, many property management companies do not walk through or inspect rental homes to make sure that everything is being taken care of. An excellent property management company should schedule walkthroughs at least twice per year to verify that the house is being treated well.
3. What Are Your Fees?Don’t trust a property management company that has hidden fees or charges for services based on a laundry list. A high-quality management firm should charge a flat percentage rate of the gross monthly rent. Owners also need to ask if the tenant doesn’t pay rent, who is responsible for the rental fee? Some companies may require that the property owner still pay the fee, even if the renter doesn’t pay. Look for a property management firm that doesn’t hold owner’s responsible such as Scott Properties in Midlands.
4. What is The Application Process for Tenants? As the owner of the home, you want to know that the people renting from you will pay on time, not destroy your home, and not cause problems in the neighborhood. Tenants should be screened through an application to determine suitability. Background checks, income verification, and previous rental history along with photo idea should all be part of the application process.

Start with these four questions when you interview property managers. If the answers aren’t to your liking after these four, it is time to move on to a different property management company. Call Scott Properties today to see how we can help you rent your home in Midlands!

Property Manager | When a property manager is handling the leasing of your rental home, you want to trust that they will be able to keep your property safe and incur a profit for every month. One way the property manager you are working with will ensure that your rental property stays safe and valuable is to include mandatory renters’ insurance in the lease agreement.

Why Renters Need Insurance

Many tenants may not want to purchase renter’s insurance. No one wants to take on more bills; however, renter’s insurance should be non-negotiable. Many renters do not understand that when it comes to their belongings, a property owner’s insurance is not liable for damages to the renter’s things. Renters need their insurance to cover them in the event of disasters that result in the loss of property.

Your property manager should ask for a copy of renter’s insurance to prove the renter’s liability coverage if damages are caused to the property as a result of the renter’s negligence. Renters are often surprised to find out that if they leave the water running and flood the apartment, or cause a fire, that they are responsible for the damages, not the property owner.

Where to Get Renters Insurance

Many renters will ask a property manager where they should get renters insurance. Most of the time a renter can receive a discount on their insurance if they package renter’s insurance with their other policies such as car insurance. Tenants should be able to choose whatever insurance provider they prefer, but a property manager may also have suggestions for tenants.

What Does Renters Insurance Not Cover?

While every policy may be different, there are a few things that most renter’s insurance will not cover. Natural Disasters, especially in flood zones such as coastal cities are not covered in renter’s insurance policies; however, additional coverage for these events is generally available. Damage caused by pests is usually not included. High-value items such as antiques, or rare collectibles often require additional coverage as well, especially if their value exceeds your policy limits.

If you are looking for rental property in the Midlands area, call Scott Properties today to see how we can help you rent your home in Midlands!

Property Manager Nightmares: A Trashed House

When property manager is your career, it’s a given that you have walked into some unbelievable situations involving your rental homes. One thing a property manager always dreads is taking that first step through the front door after a resident has moved out and turned in their keys. Sometimes, we are pleasantly surprised that the tenants follow the lease rules on moving out. They leave the home in great condition and even have the carpets shampooed. Then there are other tenants. These tenants leave holes in the walls, food in the fridge, bug infested furniture, nasty bathrooms, and ovens caked in grease. A trashed house is a property manager’s worst nightmares.

How Can A Property Manager Avoid A Trashed House?

The property manager can only do what the law and lease say they can about damages to a home caused by the tenants. A reputable property manager will have a lease that includes everything the tenants are responsible for upon move out. Carpet cleaning, window blinds replacement, and a deep cleaning are often considered the tenants responsibility.

Another option is for the property manager to include in the lease exactly how much will be deducted from the rental deposit for those tasks such as cleaning fees, carpet cleaning and damages. In some cases, if damages exceed the amount of the deposit the property manager is entitled to send a bill for damages to the previous tenant. This depends on the laws in your city and state however.

The most important thing that a property manager can do to avoid a trashed house is to screen tenants. Screening a tenant does not include mean to just run the credit and background check (although you need to do these things first). Call the prospective renter’s previous landlords and employers to get the best idea of the type of renter the prospect will be.

When a home is damaged beyond reasonable expectations, sometimes legal action is necessary. Make sure that you contact the appropriate legal representatives for the rental company and property owner.