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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.

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.

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.