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

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
Auben Realty of the Midlands
at .

Property Management Services in Columbia SC | Help for Landlords During COVID-19

COVID19 has put a strain on property investors all over the country and
property management services in Columbia SC
are feeling the burden right along with them. When you’re a property manager or landlord, bringing in the rent is part of the job description and property owners are depending on you to make it happen; however, with job losses and rent moratoriums happening, some landlords aren’t seeing any rental income coming in. Luckily, there is help available.

Property management services in Columbia SC
are working with their investors and property owners to make sure they realize all the programs currently available to keep afloat during these uncertain times. Here are some of the top programs available for landlords to find relief:

Mortgage forbearance under the CARES Act makes it possible to stop your mortgage payments; however, all these payments will come due at once when the pandemic or CARES act expires. One of the best things you can do if you apply for mortgage forbearance is to also apply for other financial aid options for relief.

Paycheck Protection Program offers loan forgiveness for business that keep their employees such as landlords who hire property management services in Columbia SC.

Economic Injury Disaster Loans provides relief to small businesses who are currently experiencing loss of income because of COVID such as landlords who are not receiving rental income.

SBA Express Bridge Loans are available to all property owners who already have relationships with the small business association and an SBA express lender to access up to $25,000.

SBA Debt Relief is another great choice for small business owners such as property investors. The SBA can pay up to 6 months of principal, interest, and fees on microloans and other types of loans.

Municipal relief is often available through local city or county government programs. Cities all over the United States are using emergency funds to offer grants and loans to small business owners.

COVID-19 has turned life upside down for tenants and landlords alike. The pandemic has made tensions run high, but property owners, managers, landlords, and tenants should try to take advantage of the programs available for assistance.

If you are interested in hiring property manager services in Columbia SC to help you navigate the changes with the pandemic, call
Auben Realty
at .

Property Manager | The Three Kinds of Maintenance Your Rental Property Will Need

When you decide to become a property manager, one of the major tasks you will find becoming part of your job is overseeing the property maintenance. Investors need the values of their homes to rise while making a profit on rent and when a home is falling into disarray, there are issues to be fixed, and maintenance has not been a priority, home values fall and so does resident retention and rent value.

Three Types of Rental Home Maintenance

There are three types of maintenance that a property manager must provide for single-family rental homes. Providing these types of maintenance will ensure that owners and tenants stay happy, and properties stay filled with no vacancies.

Preventative Maintenance-
There are a few different preventative maintenance tasks that all single-family homes need, including duct cleaning, air filter change, annual roof inspections, and yard maintenance. A lot of these tasks will fall on the renter, but the property manager is often the person in charge of the bigger preventative maintenance tasks such as roofing inspections since the investor is the one who holds the warranty.

Corrective Maintenance-
The bulk of maintenance a property manager has to conduct on a single-family home is corrective maintenance. This type of maintenance is when a tenant calls and says that something is broken and needs to be fixed, there’s a leak, crack in the wall, the garbage disposal stopped working, or other issues that the tenant cannot fix on their own. Depending on the issue, some of these things might be the tenant’s responsibility. A property manager needs to make sure that all of the tenant’s maintenance responsibilities are clearly spelled out in the lease.

Emergency Maintenance-
The worst nightmare for a property manager is often an emergency maintenance issue such as flooding, break-in, natural disaster, pipes bursting, gas line breaks, or other issues that can affect the safety and security of tenants. Emergency maintenance is hopefully the type of maintenance that will take up the least amount of time for a property manager.

Maintenance takes up a lot of time for homeowners, renters, and your property manager. Make sure everyone involved in the property understands what part of the maintenance they are responsible for to avoid lease violations and keep the property in great shape.

If you’re looking for a property manager in Charleston who can ensure the maintenance on your single-family rental is always taken care of
, call Auben Realty
at .

Property Manager | Making Your Single-Family Home More Appealing to Renters

A great property manager is always looking for ways to appeal to new renters and remain competitive in the market. With the price of rent going up all over the United States but especially in large metro areas like Charleston, new renters are going to be looking for the best value with for their money and won’t want to shell out more than $1,000 per month for a sub-par single-family home in a nice neighborhood. Investors need a property manager that can keep up with the trends in single-family homes and market the value of the property to renters willing to pay top dollar for their rental.

Here are some things a property manager can do to make their single-family homes more appealing to renters:

Landscaping-
A home’s landscaping is one of the major factors that enhance curb appeal. Don’t do anything that requires the tenants to put in a lot of work into maintaining the landscaping; however, as this responsibility could drive prospects away. Many tenants will be looking for a property manager that will include landscaping duties in the rental fees. Providing landscaping such as fresh mulch, tree trimming, and annual grass seed when needed, can increase the single-family home rental value.

Upgrade the Technology and Security-
Home security has come a long way in the last decade, and many homes are equipped with doorbells that have motion-detecting cameras inside to film everyone that comes to their door and alerts the homeowner through an app. Including a home security system set up for tenants is another great way a property manager can increase the rent value.

Offer Upgrades-
When your long-term renters no longer see the value in renewing their lease, especially If a property manager is raising the rent, one thing you can do is offer upgrades for renewal. A fresh coat of interior or exterior paint? Professional carpet cleaning? New landscaping? There are plenty of services a property manager can offer tenants for retention.

One of the top ways a property manager can make a home more appealing is by always providing high-quality customer service and making sure tenants know they are valued. Make sure you are communicating with your tenants and understand their needs and what they are looking for in a single-family home.

If you’re an investor looking for a great property manager in Charleston, call
Auben Realty
at .

Property Manager | Key Factors Investors Need to Track For Their Rental Properties

Property Manager | Key Factors Investors Need to Track Their Rental Properties

A rental property owner needs to understand how their single-family rental homes are performing if they want to know what their profits are. There are a few key performance indicators that a property owner or property manager needs to track to get the full picture of how well their rental is doing. It comes down to more than just rental income vs. expenses. Make sure your property management company is looking at these financial and operational indicators:

Financial Key Performance Indicators

The financial key performance indicators will tell a property manager how the rental property is doing on a financial level. The rent falls into this category, along with expenses, but you need a much more in-depth financial ledger if you plan to file business taxes, apply for a loan, grant, or need to make other significant financial decisions.

These are the financial key performance indicators that a property manager needs to track:

Gross Rent

Average rent increase

Average rent per square foot

Profit margin

Vacancy rate

The average cost to turn a home

The average cost of monthly repairs

Cash on cash return

Cashflow

Return on investment

Depreciation

Vacancy losses

Delinquency losses

Eviction losses

Property tax

Capital improvements

Insurance

Utilities

Marketing

Background and credit checks

Property management software subscriptions

Rental website subscriptions

Legal fees

Accounting fees

Manager fees

Mortgage interest

Vendor payments

Operational Key Performance Indicators

Knowing the operational key performance indicators will allow an owner to see how effective their property manager is and how the property manager is affecting the overall return on investment.

A property manager should be tracking these operational key performance indicators:

% successful renewals

Average rent increase per year per lease

Rent increase for new tenants vs. the previous tenant

Applications that come in

Percent of applications denied and approved

Average day to process an application

Percent of lease breaks

Percent of evictions

Delinquency rates

Average days rent late

Percent of leases terminated each year

Average days vacant units are on the market

Number of days a home takes to turn

Days a unit is vacant

Number of work orders entered and days to complete

Tenancy Duration

A property management company who can track these key performance metrics will better understand the property and increase profits for owners quickly.

If you need a property manager that effectively manages your property across all metrics, give
Auben Realty a call at .

Rental Property Management in Charleston | Investing in Single Family Real Estate in 2020

Have you ever pondered jumping into rental property management in Charleston? If your answer is “yes,” 2020 is the time to invest in single-family real estate. Some experts are saying with the economy slowing down, 2020 could be a challenging or risky time for investors, especially in coastal cities where economies revolve around shipping yards for importing and exporting goods around the world. However, in big markets like Charleston, the economy is still thriving with businesses in the IT sector and other markets. Home prices are also stabilizing, although still planned to increase by an additional three percent in 2020, along with rent prices. Buying into rental property management in Charleston early in the year will be the best time.

Rent Vs. Own Gap

The recent surge in the prices of single-family homes has made buying just out of reach for the average first-time homebuyer but still a great investment for those who want to go into rental property management in Charleston. Would-be homebuyers with families are still looking for single-family homes to meet their needs for space and privacy which means there is unimaginable rental income to be made, especially in Charleston.

Rental Property Management in Charleston

Buying the perfect home to rent out is the easy part; managing a property with tenants afterward is long, and often tedious, work. Marketing a vacant home, leasing, maintenance, upkeep, and everything else that goes into property management can be easily managed by outsourcing this work to a property management company.

Property management companies take the burden of managing the properties off of the investors’ hands so they can focus on other things and just let the profits roll in. With the price of renting rising in big cities and metropolitan areas, investors are looking to make a nice return on their investment when they rely on the right rental property management company.

Experienced property managers at
Auben Realty
are waiting to talk to investors about their single-family homes today! Call to learn more about how we can help owners.

Charleston Property Management | How to Rent Your Home Fast

Charleston property management can be a fast-paced and exciting venture, especially in single-family home investing. The housing market in Charleston is still favorable to renters, and with the market value of rent, increasing right along with the price of homes, investors with vacant homes should focus on getting them rent-ready and on the market—ASAP!

Here’s what investors need to do to get their vacant homes rented fast:

Focus on Curb Appeal-
Charleston property management companies are most successful when they manage the best-looking properties. If you want to rent your home fast, it needs to have great curb appeal, including a clean, maintained lawn, safe walkways, and entries, a great looking exterior, and a welcoming ambiance. The right property managment copmanies know that the curb appeal is the first step to filling your home.

Marketing-
After your property is in tip-top shape and the curb appeal is off the charts, the property management companies are going to push marketing. The first step is to get high-quality professional photographs of the interior and exterior of the property. You might even consider a virtual tour or live tour that is recorded and ready to be uploaded to your property management website. After you’ve got the pictures and content, you need there are several sites available for posting your rental including rent.com, Zillow, and craigslist.

Schedule an Open House- P
roperty management companies with homes in desirable neighborhoods should consider holding an open house for renters, much like realtors. This practice can save Charleston property management a lot of time in individual showings and also show prospective renters that this single-family home is in high demand. You’ll be more likely to get applications back quickly, with completed information and fees when you have an open house.

If this all sounds like a lot, you should consider hiring one of the great Charleston property management companies to ensure you are getting the most out of your single-family home investment. Charleston property management knows the ins and outs of rentals including the laws and ordinances that affect individual neighborhoods.

If you’re ready to partner with Charleston property management, call
Auben Realty
today at .

Charleston Property Management | Why Your Tenant’s Trust Matters

Charleston property management companies often think about how their vendors can be trusted and whether or not their tenants can be trusted, but some rarely think about the importance of their tenants also trusting them. If you own a Charleston property management company, you should consider how you can help your tenants trust you more, and we’ll explain why it is important.

How Charleston Property Management Companies Can Gain Tenant Trust

There are many ways that you can earn your tenant’s trust. One of the most important reasons for your tenants to trust your property management group is because it improves your landlord-tenant relationship. The more your tenants trust you, the less likely they will be to damage the property, pay rent late, or incur lease violations.

Here are a few things you can offer your tenants to increase their trust in your Charleston property management company:

Charge reasonable screening fees- When renters are looking for a new place to live, they are going to be cringing at the expenses. New deposits, first-month rent, last month’s rent, pet fees, applications, moving fees—it all adds up quickly. When a Charleston property management company has reasonable upfront fees, tenants are much happier and likely to rent.

Include Yard Maintenance- Many tenants choose to rent single-family homes because they don’t want the responsibility of owning a home. Including yard maintenance in the rental price is a great way to earn your tenant’s trust.

Be Willing to Go Above and Beyond- The lease agreement outlines what the responsibilities of the landlord and tenants are; however, whenever a Charleston property manager can go above and beyond for their tenants, it shows that they care. Going above and beyond for your tenants also goes a long way in earning their trust and helping them feel comfortable coming to you with problems.

One of the best ways to ensure you have your tenant’s trust is to hire a Charleston property management company that is reputable and delivers results.

When you’re ready to partner with a management company,
call Auben Realty –

The Importance of Vendor Credentialing for A Property Manager

Real estate investors love hiring property management companies because these companies come with maintenance crews and built-in vendor relationships that make property maintenance easy and convenient. When a property manager does the proper credentialing on their vendors, they can reduce risk and save a lot of time and hassle.

A property manager needs to be able to verify the criminal history of employees of the vendors, ensure the vendors are properly insured, as well as their quality of work and a financial estimate for their services. When vendors don’t carry the proper credentials or cannot answer your questions, you run the risk of poor workmanship, improper repair work, and fraud among other things.

What to Keep in Mind When Verifying Vendor Credentials

A property manager needs to verify vendor credentials before they hire a company to complete any work. You should also do yearly reviews on all of your vendors to ensure their quality standards are still the same, their rates are still competitive, and they’ve kept up with their licensing and insurance. You’ll also want to get updated rosters on employees, especially those who will be working on your properties. The vendors you work with should be honest and willing to tell you if anyone on their team has offenses on their criminal record that are not conducive to providing services for a property manager.

Following Up with Vendor Services

A great property manager will follow up with tenants after vendors’ services to ensure that the work was completed in a timely manner, that the vendors were courteous and respectful, and that the job was actually completed. You can learn a lot about your vendors by talking to your tenants and getting their honest reviews of the services provided. At the end of the day, it’s great if the vendor makes you happy, but what a property manager really needs is for the tenants to be happy and satisfied.

If you are looking for a great property manager in Charleston who works with the best vendors in the area, call
Auben Realty –
.

Property Manager | Is Investing in Single-Family Rental Real Estate a Good Idea?

Making investments is a great way to protect your financial future for retirement or uncertain economic times. However, knowing what to invest your money in can be a challenging task. The housing market rises and falls it seems, and after the recession more than ten years ago, some people are still wary of investing in single-family rental real estate. If you ask any property manager however, this real estate niche is still growing, evolving, and seeing profits.

There are two major trends that the single-family rental niche has benefitted from. The first is the baby boomer generation selling their family homes and downsizing, leaving great properties for sale to real estate investors. Some of these baby boomers who have their mortgages paid off are even going into the property management business themselves and renting out their large homes. The second trend is the fact that millennials who grew up during the recession are wary of buying a home and experiencing another economic disaster, so they are looking for single-family homes to rent from a property manager.

Housing Market Forecast for Charleston 2020

The economy in South Carolina is great, with historically low unemployment numbers. However, the current trade war has made investors wary of another economic crash. Global markets including China and Germany have also slowed their trading, and interest rates have been in flux after the Federal Reserve raised its key borrowing measure four times in 2018 and then lowered in 2019. However, there is great news for the housing market.

Labor market predictions have remained stable and strong throughout the year, which is the biggest predictor of the housing market, according to top economists. There are more jobs than people to fill them, which means more workers will have to be brought in to fill positions, and those workers will need to rent a home from a property manager who specializes in single-family homes. All of this means that now is the perfect time to invest in a single-family home and a property manager that can maximize your return on investment.

If you’re ready to hire a property manager for your residence,
call Auben Realty –
.