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Property Management in Lexington SC | What Must a Lease Include?

Property Management in Lexington SC

The lease is the most important part of a rental relationship between tenants and property management in Lexington SC. The lease is a legally binding agreement that both tenants and landlords, owners, or property managers must abide by. The property manager is responsible for creating and enforcing a lease so ensuring that everything needing to be covered is included in this legally binding document is vital to protecting everyone’s rights under the law.

Lease Check List

Some leases are pages long while others are only a few paragraphs. The more detailed your lease is, the better protected owners and property management in Lexington SC will be when it comes to landlord-tenant laws and regulations. Use this checklist to ensure your lease is comprehensive and legal.

  • Lease term
  • Security deposit amounts
  • Rental due dates
  • Penalties for missed or late rent payments
  • Names of all tenants and occupants
  • Property manager responsibilities including repairs and maintenance, pest control, lawn care, etc.
  • Pet policy
  • Deposit return policy
  • Policies on noise, guests, HOA dues, smoking, painting, updates, or other reasonable restrictions on use, damage, home cleanliness, home inspections and other rules.
  • Tenant responsibilities such as obtaining renter’s insurance, having utilities turned on in the tenant’s name, keeping those utilities on, and other responsibilities.
  • Penalties for lease violations
  • Expectations regarding communications between staff and tenants
  • Policies on lease renewal
  • Policies on eviction process
  • Contact information for the property manager.

One thing that a property owner can do to ensure that a lease is legal and employable is get advice from their lawyer. Contractual attorneys specialize in leases and other contracts involving property and business arrangements. Many times, you can partner with a legal expert through a property management in Lexington SC company to ensure your lease is detailed, comprehensive, and inclusive of everything you need to protect all parties involved in the agreement.

If you are ready to partner with a property management team, call Scott Properties at 803-951-0702.

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Property Management in Lexington SC | What Does a Property Manager Do Between Tenants?

Property Management in Lexington SC

Employees in property management in Lexington SC are always extremely busy when homes are filled with tenants. Besides rent collection, a property manager must handle maintenance requests, vendors, property owners, and fielding phone calls from prospective tenants all day long. You might think a property manager will get a break between tenants when homes are empty, but this is often when things get even busier. 

Tasks that Property Managers Must While Homes Are Vacant

The last thing a property management in Lexington SC company wants is for a home to be vacant for long. The more days a house sits unrented, the more money the property owner is losing. Property managers need to do everything they can to make sure the home is ready to rent including maintenance such as:

  • Painting
  • Carpet cleaning
  • Deep cleaning
  • Fixing anything broken
  • Replacing flooring
  • Lawn and garden maintenance
  • Replacing air filters
  • Drywall repairs
  • Odor removal
  • And more!

While the property manager is not the one doing these tasks typically, they do have to oversee the maintenance team to ensure everything is done to company standards. Besides this process, property management in Lexington SC company focus is always on marketing and renting. Property managers will need to be listing the property as available online, putting a sign in the front, fielding phone calls, showing the home when ready and scheduling those appointments, meeting with vendors, and sending reports to owners.

Property managers also have a lot of loose ends to tie up with previous tenants that they need to worry about such as past due unpaid balances on accounts, return of security deposits when applicable, and ensuring that the move out process was completed.

The burden of these tasks and amount of time they take to complete is the top reason investors hire a professional property management company to manage their rental homes.

If you are interested in property management services, call. Scott Properties of the Midlands at 803-951-0702.

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Property Management in Lexington SC | When You Should Raise the Rent

Property Management in Lexington SC

One of the most uncomfortable things for a rental property owner to do is raise the rent on their tenants. However, everyone who works in property management in Lexington SC has had to increase the rent and it’s never a fun time. We have been able to come up with some best practices around when the best time to raise the rent is that will minimize the tension between property management and tenants.

  1. When It’s Time to Renew: You can only raise the rent when it is time to renew and sign a new contract. The property management in Lexington SC is just as beholden to the rent as tenants are and cannot charge any more than what is outlined in the lease.
  2. When Property Value Goes Up: Most landlords do not raise rent annually unless the market rent has increased, or the property value has gone up. The rental home may increase in value as properties are reassessed, upgrades and enhancements are made, or the neighborhood because more desirable.
  3. When You Aren’t Charging Enough: Some people who are new to property management in Lexington SC think they should charge below market value in rent just to undercut the other owners and try to get more tenants coming to them first. This is a bad practice because you are costing the property owner money and reputation when it comes to the worth of their rental properties.

How To Tell A Tenant Rent is Going Up

You should notify tenants within 60-90 days of their lease renewal that rent will be increasing. Most landlords choose to send a letter and/or email to tenants to remind them of their lease renewal deadline. Also included will often be the details on rent increases or any other new policies or lease changes tenants can expect. Make sure to always stay to the facts, remain calm, and keep communication with your tenants open and honest when it comes to rent increases and other changes in the lease.

If you’re looking for property management in Lexington SC, call Scott Properties at 803-951-0702.