Welcome to Charleston Property Company's ultimate guide to residential rental property leasing and renewals.
If you own and operate rental properties in the Charleston area, you'll want to keep reading! In this blog post, we'll cover best practices for leasing and renewing rental properties. We'll also talk about some red flags to avoid when working with residential property management companies.
With these tips, you'll experience better quality tenants, a more effective renewal process, and more revenue!
Leasing a residential rental property involves finding the right tenant, setting the right rent amount, and executing the lease agreement correctly.
If you've gone through this process before, you know plenty can go wrong with finding good tenants and making sure everyone understands and follows the lease agreement.
When choosing a property manager to handle the listing, tenant selection, and leasing process, make sure they do a few critical things well. A reputable property management company should have:
A thorough tenant screening process
Conduct market research to ensure competitive rental rates
Ensure that the lease agreement complies with all local and state laws and regulations
The best Charleston, SC, property management company prioritizes excellent practices in these areas so property owners succeed!
One of the most important steps in leasing a rental property is finding the right tenant. An excellent property management team should have a thorough tenant screening process, including a background check, credit check, and rental history verification.
This process can help ensure that the tenant is reliable, financially responsible, and has a good rental history. Property managers also prioritize finding good renters that will take good care of your property and pay rent on time!
Another critical aspect of leasing a rental property and reaching your financial goals is setting the right rent amount.
When the monthly rent amount is too high, your property is likely to sit vacant. However, when the rent is too low, you're not generating enough revenue to cover expenses and build your wealth.
A property manager should conduct market research to ensure the rental rate is competitive and reflects the current rental market conditions in Charleston, SC. This can help attract high-quality tenants and ensure a consistent return on investment for a rental property owner.
The lease agreement is a legally binding document that outlines the terms of the tenancy. The best professional property management experts should ensure that the lease agreement complies with all local and state laws and regulations and that all parties understand and agree to the terms of the agreement.
Your property manager must also have processes in place to enforce the lease throughout the term.
Finding new tenants is important when a property is vacant, but lease renewals are essential for keeping good residents in place and ensuring a steady stream of rental income.
The best Charleston property managers will have a proactive renewal process in place that includes notifying tenants of their lease expiration date, conducting a lease renewal review, and negotiating new lease terms. They should also assess the tenant's payment history, maintenance requests, and compliance with the lease agreement to negotiate a new lease agreement that reflects current market conditions and ensures a reasonable return on investment for the landlord.
Improving your resident renewal rate is one of the best ways to maximize revenue from rental properties!
While a good property manager can be the best way to avoid issues and make more money from your properties, not all property managers deliver excellent services.
One of the most common mistakes made by subpar property management companies is the failure to conduct a thorough tenant screening process. This can result in significant financial losses for the landlord, including property damage, unpaid rent, and eviction costs.
Another costly mistake is the absence of a process for setting the right rent amount. If a property management company does not conduct market research or has a flawed approach to setting rental rates, property owners may lose out on potential income or attract unreliable tenants.
Lastly, neglecting the renewal process is another costly mistake. If a property manager does not have a renewal process in place, you may lose good tenants and face potential vacancies, resulting in a loss of rental income.
Owning successful rental properties involves finding the right tenant, setting the right rent amount, executing the lease agreement correctly, and having a renewal process in place.
At Charleston Property Company, we deliver exceptional customer service and attention to detail in all of these areas (and more). Our team has years of experience in the Charleston rental market, and we're committed to helping our clients maximize their rental property's potential.
If you're looking for a reliable and reputable residential property management company in Charleston, SC, contact us today to learn more about how we can help!
Learn more about the best property management companies in Charleston! Download a free copy of the "Top Ten Property Management Companies in Charleston, SC."