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 shorter–term 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 single–family.

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

Property Manager | How A Property Manager Can Use Social Media

Property Manager | Millennials are 80 million strong and the largest group of renters and homebuyers in the United States. Nearly all millennials have a social media presence, and if you’re a property manager, you should know that platforms such as Facebook, Twitter, and Instagram are the best ways to stay in touch while you’re on the go. If you want to be the best property manager, you should try a few of our tips on how to best leverage social media to attract and retain tenants.

1. Promote Neighborhood Events- If your rental property is in an HOA or neighborhood that has community events, you can help your renters stay connected to what’s going on around them by promoting what’s happening. Find out what the HOA hashtags are and if there’s a calendar of events you can incorporate into your property manager page.

2. Share Vacancies- If you’re a property manager with many homes around the Midlands Metro area, you can share current and upcoming vacancies on your social media page. Your current tenants are likely to share your posts about rentals available, especially if they are happy tenants. You can also reward your tenants by asking them to share using a hashtag specific to your business. Offer your tenants to be entered into a drawing for a free carpet cleaning or $50 off their rent for sharing vacancies and track their shares using the hashtag.

3. Send Out Alerts- A great property manager keeps up with anything in Midlands that could affect tenants and their home from weather alerts to road closures in the neighborhood. Send out alerts via social media to give your tenants valuable info about the community when it’s needed.

4. Building Your Brand- If you want your business to stand out, you have to create a brand, and social media is the best way to do this. Your tenants may not get a lot of face-to-face time with you, but they can still get to know the business through social media. When your tenants have a connection with you, your resident retention will go up!

If you need a property manager with social media know-how to make the most of your investment, call Scott Properties at 843-212-9672.

Property Manager | Raising Rent Without Losing Tenants

Property Manager | The minimum wage is increasing, the cost of food, gas, and living, in general, is all going up. This means that the cost involved in having investment property is going up as well, and, unfortunately, this cost needs to be passed on to the tenant. No property manager expects tenants to be happy about their rent going up, but there are a few things that you can do to make the transition go smoothly without the resident decides to vacate.

1. Write a Rent Increase Letter- Do not wait until the tenant is in front of you to sign their renewal for them to find out that their rent is going up. Send a letter at least 90 days before the end of their lease, letting them know about the increase and continue to follow up with them to ensure there are no surprises. Make sure to check with your local laws regarding rent control and rent increase procedures also and always send the letter certified mail so you know it’s delivered, or deliver the message in person yourself.

2. Lease Details- A property manager needs to be sure that leases are complete and thorough and include a clause about rental increases. Some leases details guarantee that rent won’t increase for a certain amount of time and also spell out what the property manager and tenant responsibilities are.

3. Five Percent Rule- The best way to raise rent and keep tenants is not to price gauge the rent. While you want to keep your rent in line with the market rent trends, raising the rent by more than five percent is a great way to lose tenants fast. Try to keep in mind that this is affecting their budget too.

4. Consider Upgrades- You’re asking your tenants to pay more, so they should get more too, right? Offering your tenants a fresh coat of paint, carpet cleaning, or new landscaping options is a great way to make that rent increase hurt a little less and keep your tenants happy. Ask your tenants what they might like and try to accommodate whenever possible.

If you are looking for a professional property manager, call Scott Properties today at 843-212-9672.

Midlands Property Management | Why Midlands Property Management Companies Charge Application Fees

Midlands Property Management | Application fees are a touchy subject when it comes to landlord/tenant relationships. Tenants certainly don’t like the extra expense, and Charleston property management companies certainly don’t enjoy having to collect and process all the fees. However, application fees are necessary for quite a few reasons.

1. Checks Cost Money- Midlands property management companies, have to purchase software or pay subscription fees to conduct proper credit and background checks. Each time a background check is done on a potential renter, it costs the company money. Imagine if all the applications came back unapproved, and the Midlands property management has to cover all of those charges themselves? They’d be out of business.

2. Shows Tenant Dedication- There’s a good chance that a landlord will have to show a vacant home many times before the right tenant comes along that wants to fill out the application. When you charge an application fee, only tenants who are serious about moving in will fill out the forms, so no one’s time is wasted.

3. Shows Tenant Has Income- Charging a small application fee helps you to know if your tenant will be able to afford to pay rent. If a prospective tenant is unhappy about paying a small application fee, it’s probably not realistic to expect them to pay a deposit and first month‘s rent if their application is approved.

4. Income for the Company- Tenant application fees are retained by Charleston property management companies and can produce a little bit of extra income for the company that can be put into marketing, hiring, and general business expenses. Some Midlands property management companies also invest in homes themselves in addition to having homeowners and investment property clients they are working for.

Hiring a property manager to take care of your investment is the smart decision to make when buying a rental property. Give Scott Properties a call today to see how we can help your investment grow at 843-212-9672.

Midlands Property Management | Where To Begin With Your New Rental Property Purchase

Midlands Property Management | Purchasing rental property is an excellent investment in your future income that can provide a safety net for your family or passive income for travel and leisure. Finding the perfect rental property to purchase can be exciting. Some owners even decide to buy land and build houses specifically to have single-family rental properties. There’s a lot that goes into getting your new rental property off the ground though, and our rental property management in Midlands tips will have you getting the hang of things quick. 

1. Get Insured- You should get insurance as soon as you have the signed contract for the home in your hand. The last thing you want is your investment to go up in the smoke, flood, or get broken into before you even have tenants to worry about. It’s smart to get liability coverage as well. Once you have tenants, you can enforce a policy of tenants having rental insurance to cover their personal belongings. 
2. Inspect the Property- Although you probably had a home inspection done during the purchase negotiations, rental property management in Midlands always send out property managers to the new rental home locations to do their own inspection. You’ll need to decide on any upgrades you want to make to the home or things you need to fix before you start advertising to tenants. 
3. Become Familiar with Landlord-Tenant Laws- You’ll need to know at least the basics of landlord-tenant laws in Midlands, SC before you start renting your home to tenants. These laws can be super confusing and hard to understand, but you’ve got to know the rules to ensure you don’t overstep or break the law. 
4. Hire a Company for Rental Property Management in Midlands- Investing and making significant financial decisions might be your greatest strength, but when it comes to the day-to-day running of the property, communicating with tenants, contractors, staff, and vendors, you’ll want to hire someone with experience like Scott Properties where they specialize in rental property management in Midlands. 

If you’re ready to make the leap and hire a property manager in Midlands, call Scott Properties at 843-790-4929.

Rental Property Management Midlands | What You Need to Know About Landlord Harassment 

Rental Property Management Midlands | Every property manager has horror stories to tell about stressful tensions between themselves and their tenants. No property manager wants to have a conflict with the people renting from them, but sometimes confrontation with tenants is unavoidable if they are committing lease violations. There’s a fine line to cross before property manager actions cross over into landlord harassment. Here’s what you need to know about landlord harassment and what your rights as a property manager are:

1. What is Landlord Harassment? When a landlord is trying to pressure or intimidate a tenant, or using aggressive methods of communication towards the tenant, this is considered landlord harassment. To prove a property manager is committing landlord harassment the behavior usually must be ongoing. 
2. What Constitutes Landlord Harassment? There are many different ways a landlord could be harassing a tenant. Some of the most common forms of harassment towards tenants include:

• Illegal entry
• Turning off utilities
• Taking away services or amenities that are included in the lease
• Refusing maintenance requests
• Changing the locks
• Taking personal possessions out of the rental home 
• Increasing rent
• Not giving proper notice for entry, eviction, or lease violations
• Trying to buyout a tenant
• Threatening a tenant verbally 
• Threatening a tenant physically 
• Refusing rent payments
• Filing false charges against tenants
• Serving fake eviction notices to the tenant
• Sexual harassment 

This list is not exhaustive of everything a landlord can do that is considered harassment. If you’re a property manager concerned about harassment allegations, the best way to protect yourself is to follow the rules in the lease precisely as written. 

3. What Isn’t Harassment? Landlords do have legal rights to the properties they are managing. Some things that are not landlord harassment include:

• Emergency entry into a home
• Filing evictions in accordance with the rules outlined in the lease
• Raising rent with proper notice for all units or to increase the value of a unit to match others in the area
• Sending notifications of legitimate lease violations
• Turning off Utilities for nonpayment per lease terms
• Sending a buyout request to a tenant
• Changing locks for victims of domestic violence

If you’re looking for a property manager that has no risk of committing landlord harassment, contact Scot Properties of Midlands at 843-790-4929.

Rental Property Management Midlands | What Owners Should Know About Property Management Fees

Rental Property Management Midlands | The best way to invest in your rental property is to hire a Midlands property management company to manage your single-family home. Midlands property management companies, will do everything a landlord would do plus more, leaving investors and owners time to enjoy their lives and collect a passive income that doesn’t need much hands-on work from them. One thing owners and investors must be aware of however, before hiring Midlands property management is that they all charge a fee for their service.  

Here’s what you need to know about property management fees:

1. You Get What You Pay For- Cheap Midlands property management fees usually equal cheap, low-quality service that won’t yield you a high return on your investment. Some companies offer low fees to amass many owner clients but then get stuck trying to divide their time between all the properties efficiently. This will end up costing you more than you’re paying in Midlands property management fees. 
2. Compare Fees- Shop around to different Midlands property management companies and compare the fee schedule for what you as the owner receive in return. You also need to understand the differences between companies and check out reviews for the various companies as well. Sometimes you can negotiate the price with property management companies also. 
3. Understand the Fee Schedule- Included with your Midlands property management fee may many different things such as the management fee, set-up, leasing, and advertising fees, a maintenance account with money available, reserve fund fee, eviction processing fees, and much more. You need to ensure that when you are signing a contract with a Midlands property management company you understand precisely what you are paying for. Don’t be afraid to ask for further explanation or for terms you aren’t comfortable with to be reconsidered. 

If you’re ready to invest in single-family rentals and are looking for the best Midlands property management team, call Scott Properties of Midlands at 843-790-4929. 

Midlands Property Management | Tips for Telling Tenants About Rent Increases

Midlands Property Management | One of the most challenging things a property manager has to do is notify long term tenants about rent increases. Property in Midlands has been rising in value for years, and there’s no reason why the rent shouldn’t be increasing as well, especially if the home has been updated and maintained by the property manager. Still, rent increases often cause tension and conflict between the property manager and tenants which can be uncomfortable. Follow our tips for dealing with rental increases to decrease the stress and get that lease renewal signed. 

1. Know the Rent Increase Guidelines in Your State- There are different laws in every state dealing with landlord-tenant relations and rent. Before you increase rent ensure that you are familiar with the rules in your state, the rules in the homeowner’s association if the property is in one, and the rules of the lease. You may find restrictions on how often and by how much you can raise rent or maximum caps on rent prices. 
2. Send A Letter- You should never wait until the tenant is in your office to sign their new lease to inform them of a rent increase. Putting someone on the spot is never a good idea for anything. You should make sure to send a polite letter that officially documents the communication and informs the tenant of the increase at least 60 days in advance of their lease renewal. 
3. What You Include in Your Letter- A property manager needs to include the tenant’s full name, address of the property, date the letter was written, date the increase goes into effect, the amount of the rise, and the current cost of rent; along with the property manager information. 
4. Ask For Response- Include a letter or a tear-off portion at the end of the message you send that the tenant can drop off with their next rental payment or sooner where they can choose whether they accept the rent increase and will be in to sign their renewal; or that they reject the increase and will vacate by the last day of the lease agreement. 

If you’re looking for a property manager that can help you navigate the problematic landlord processes, call Scott Properties of Midlands at 843-790-4929.