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Top 5 Worst Property Management Mistakes | Property Management In Columbia, SC

Author: MediaBeast
Categories: Property Management Company
property management in Columbia, SC

If you’re a property owner in South Carolina, you know how profitable rental properties can be. But managing rental properties is a not an easy task. It requires a lot of knowledge, attention to detail, experience, and effort to ensure your property runs smoothly and profitably. Therefore, many property owners and landlords seek professional help for property management in Columbia, SC, to handle the often tedious and complicated tasks.

On the other hand, those who choose to manage their own rental properties independently can easily make mistakes that could cost them time, money, and a lot of stress. To help you avoid these blunders, here are the top five worst rental property mistakes to steer clear of:

1. Keeping a Bad Tenant Just Because You Know Them | Property Management In Columbia, SC

It’s important to remember that renting out a property is a business, and you cannot let personal emotions or familiarity with a tenant come into play when making decisions.

If you have an unreliable tenant who is always late on rent or one who has damaged the property, it’s time to let them go. Otherwise, you’re committing one of the top rental property mistakes that will cost you in the long run.

2. Not Having a Solid Lease Agreement

A solid lease agreement is essential for protecting your property and your rights as a landlord. It should clearly outline the terms of the rental agreement, including rent payment due dates, late payment fees, maintenance responsibilities, and more.

3. Ignoring Tenant Complaints and Concerns

As a landlord or property manager, it’s essential to address tenant complaints and concerns promptly and professionally. Ignoring them can lead to unhappy tenants and hurt your reputation as a landlord.

4. Not Preparing for Vacancies

Vacancies are inevitable in the rental property market, but failing to prepare for them can cost you time and money. You must have a plan to market your rental property and attract quality tenants even if you have no current vacancies. It is one of the best proactive steps for efficient property management in Columbia, SC that will help minimize vacancy rates and maintain your cash flow.

5. Not Inspecting the Property Before Leasing

Imagine you’ve just leased your property and later discovered severe property damage. Now, you cannot blame the tenant for the damages because you forgot to inspect the property and have no proof that the tenant might have caused it. So, you must pay for the repairs and maintenance expenses from your pocket.

Therefore, inspecting the property thoroughly before leasing it out is critical so that you can document any existing damages and avoid such costly surprises.

Avoid All These Rental Property Mistakes with Professional Property Management in Columbia, SC

Scott Properties Midlands understands how one mistake in property management can have costly and long-term repercussions. We offer professional property management in Columbia, SC, to help landlords handle everything from tenant screening to rent collection. Our property managers are well-trained and experienced to ensure your rental property runs smoothly and profitably.

Contact us today to learn more!

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Rent your Home Columbia | Rent your Home Faster with these Updates

Author: MediaBeast
Categories: Property Management,Property Management in Columbia SC,Property Management in Lexington SC,Residential Property Management in Lexington, SC,Scott Properties,Uncategorized

Rental homes are in hot demand, but developers are scrambling to build more housing to keep up with population growth in the Midlands. Investors in rental properties can find a lot of luck in attracting and retaining high-quality tenants by making updates that will have applicants clamoring to get a showing. 

 

Best Updates to Make To Rental Properties 

The best updates to make before you rent your home in Columbia are the fast and easy updates including:

  • Fresh coat of paint in the interior
  • Replacing carpet
  • Upgrading appliances
  • Refacing cabinets 
  • maxing/polishing non carpeted flooring
  • Replacing the tub surround 
  • Adding simple landscaping to the exterior 

These simple and quick updates to rental properties make a big impact during applicant tours because it helps the home look cleaner and brighter. However, investors who want to rent their home in Columbia and stay towards the above average end of the market rent can consider:

  • Replacing siding or fresh exterior painting 
  • Replacing laminate flooring with tile or hardwood
  • Replacing cabinets 
  • Remodeling the master bathroom
  • Creating outdoor space such as a deck, patio, or garden

 

In addition to making updates and renovations to increase the rent value on the home, investors should always stay on top of pest control, keeping landscaping up to date (including tree trimming and pruning), and more. Keeping rental properties in pristine condition can be difficult, especially once a new tenant moves in. Investors should ensure that their property management company includes mandates in the lease for proper interior and exterior care of the home, as well as biannual inspections of the home.

 

One of the worst things that can happen to an investor is a tenant not taking care of a property and previous updates and renovations being ruined. Working with property managers to provide oversight to your investments can help you yield a larger return, and increase the value of your property. 

 

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

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Property Management Company Columbia | Rental Trends to Look For in 2023

Author: MediaBeast
Categories: Property Management,Property Management in Columbia SC,Uncategorized

South Carolina home values have increased by nearly 27% in the last year and the trend will continue into 2023. The housing market is so strong because of high demand and limited supply of single family homes. Throw inflation in the mix which is causing contractors to spend more and more on building, and the biggest trend for 2023 will be rent increases. However, there are a few more trends a property management company in Columbia should consider to keep returns increasing. 

Trends in Rental Properties

  1. Cohabitating in Single-Family- More and more single young adults are finding themselves looking for single-family homes where they can cohabitate with friends to save money. Sometimes a property management company in Columbia can increase profits by charging rent per bedroom when there are multiple unrelated adults living in a home.
  2. Shorter Term Leases- The market is changing quickly and shorter term leases allow a property management company in Columbia to be flexible when it comes to terms such as rent. Generally landlords cannot change the price of rent until lease renewal time, with inflation rising as fast as it is, landlords need to be able to keep up with market trends.
  3. Summer Vacation Rental- One of the best ways to make higher profits on homes used for student housing in South Carolina is to rent the home for summer vacation rentals. These types of rental turn a profit fast, especially if the property is close to the beach. 

One of the best ways for investors to keep up with the trends in the ever-changing rental market is to use a property management company in Columbia. Property managers keep a close eye on market trends and rates, take care of all the day-to-day tasks associated with being a landlord, collect and process rent, and much more. Taking on these duties allows investors to focus on their business, while a manager focuses on the tenants. 

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

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Rental Policies Essential to be in Your Lease | Property Management Companies in Columbia SC

Author: MediaBeast
Categories: Propert Manager,Property Management,Property Management Companies in Columbia SC

A lease is the most important and essential component to renting your single-family home. The lease is a legally binding document that outlines the rental amount, due dates, and obligations of the landlord and tenant. Having a lawyer or experienced property management companies in Columbia SC involved in creating your lease is always a good idea. Property managers are experts in leasing and can let you know the policies that are most essential to protect owners and the property. 

Most Important Lease Policies for Property Management Companies in Columbia SC

  • Fees- There are more charges that tenants are responsible for above and beyond rent; however, these fees must be outlined in the lease to be enforceable. Fees could include municipal garbage, bulk waste, or recycling fees, late fees, lease violation penalty fees, charges made to the deposit such as cleaning fees post move-out, pet fees, and more. 
  • Overnight Visitor Policies- Long term overnight visitors can quickly end up becoming roommates which can put your tenants over the occupancy limits in the lease. Too many people living in a house and not being on the lease is a problem property management companies in Columbia SC are familiar with and we always recommend having clear occupancy policies for visitors and tenants. 
  • Exterior Upkeep- Lawns, sidewalks, porches, patios, decks, gardens, garages, and other exterior areas of the property require upkeep from mowing and weed pulling to keeping these areas free from trash and debris. Outlining responsibilities of the landlord and the tenant in the lease for these areas is important to maintaining the curb appeal of the property. 
  • Renewal and Termination Policies- The last thing you want is for a tenant to move out unexpectedly and be stuck with unplanned costs to clean, market, and lease the property. Adding policies that outline how to properly terminate or renew a lease will protect your investment financially. Make sure to consider how far in advance tenants must renew or give notice of moving out, any early termination fees or late renewal fees, and what the move out procedures should be. 

These four policies are essential to have in each property lease; however, there are many other factors that are very important. Partnering with property management companies in Columbia SC is a great way to ensure your leases are legally binding, protect your property and investment, and increase your return on investment. 

If you’re ready to talk about your property management options, give Scott Properties a call at 803-951-0702.

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Property Management in Columbia SC | Why Social Media Matters for Landlords

Author: Scott Wallace
Categories: Uncategorized
Property Management in Columbia SC

Once upon a time, a landlord could rent a house quickly by posting an add to craigslist and a sign in the front yard. Today, all the best companies doing property management in Columbia SC understand that social media matters—a lot. Not every property owner wants to focus on social media, it can be tedious and time consuming, but there are incredibly good reasons why you should be connected:

  • Most single-family home renters are between 25 and 38 years old. These young people rely on Facebook and Instagram to connect them with the world with nearly the entire Unites States population in this age range having access to the internet and a smart phone.
  • Images are everything and platforms like Instagram are perfect for showcasing your beautiful coastal homes if you work in property management in Columbia SC. The historic homes against beautiful Southern landscapes can skyrocket the algorithms and ensure your posts are seen.
  • Social Media is a wonderful way for property owners to post reminders or links to fun events happening in the neighborhood. They might also post information on bulk waste pickup, landscape waste collection, or other vital services. Social media is also most renter’s preferred way to find out about new homes for rent.
  • Marketplace on Facebook allows property owners to post rentals. Tenants have access to many different filters to narrow down the number of bedrooms and bathrooms they need, rent they can afford, and other necessities for the perfect rental. Utilizing the social media marketplaces to highlight your rental homes is one of the best ways that property management in Columbia SC for booking appointments and getting new interest.
  • Tenants and prospective tenants can leave reviews on your social media page that will attract new renters in the future. Many renters go to a company’s social media business page to check the public opinion on a landlord before signing a lease or paying an application fee.

One of the best ways to stay on top of your social media game is to hire a property manager that has excellent marketing skills. There is no time like the present to dive into your social media goals and see your investment explode with new opportunities.

If you are ready to make your investment the best it can be, call Scott Properties of Columbia at 803-951-0702.

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