Owner FAQ
How much do property management services cost?
For more information, please give us a call at (843) 795-4461 or email us at Admin@SloaneTeamRealty.com
Why Hire a Property Manager?
Real Estate is a wonderful investment but it can provide a lot of hassle and even legal issues if not done properly. Sloane Realty has over 20 years experience in the Residential Rental Market. This becomes especially important if things go wrong. Not making repairs in a timely manner or improperly accessing the property can lead to serious legal issues that many individual home owners must be aware of. Sloane Realty strives to make the Landlord experience a pleasant and more importantly a profitable experience.
What is the status of the rental market today?
The rental market, like most things, is based on supply and demand. There have been many apartments converting into condos, which has forced renters out. The cost to buy a home has also gone up which makes it harder for someone to buy a place, especially first time buyers. All of these things are good for the rental market.
On the other hand, in the past five years investors have been buying single-family homes in record breaking numbers. Couple this with the current sluggish sales market and the rental market today is flooded with more rentals then we have ever had before. This makes pricing your property very important.
A major misconception is that the rental rates have increased with the sales rates. This, unfortunately, is not true. The rental market is all about price. Taking everything into consideration the rental market is still a good market but you have to have a good working knowledge of price. It is one of the most important factors of getting your place rented as quickly as possible.
How do I find a good tenant?
Finding a good tenant is more about screening than advertising. Sloane Realty advertises on over 100 websites plus local business and university housing sites as well as the MLS. To screen our tenants we look at 4 factors:
1.Credit: Credit is pulled for each person living in the home above the age 18. There is no set rule on credit with regards to a credit score per se. It is more important to look for housing and utility types of credit issues with special attention placed to judgments and other collections.
2. Employment History: Each employer is individually contacted so that the information provided by the tenant can be verified.
3. Rental History: We check back at least 2 years and reach out to other Landlords to be sure that the tenant left their property in good condition and has paid any debts owed. We also research the properties to verify the information provided on the application.
4. Criminal and Civil Judgment History: We screen each tenant for any court records including, but not limited to, criminal history.
We look at a tenant as a whole and make a determination based on all factors instead of just one. While we seek to find the best tenant possible, we cannot guarantee that a tenant will not change after moving in. We manage with a firm hand so that tenants remain good throughout their time in your property.
How involved will I be in maintenance repairs?
We have found that some owners liked to be more involved than others and we will make every attempt to accommodate your requests so you can be as involved as much or as little as possible. If a repair is under $350 we typically do not call to inform you of the problem. Any example might be that the kitchen sink is leaking and we sent out a handyman to fix the problem. This is the type of repair that the majority of our owners do not want to be bothered with.
If a repair was to exceed $350 you would typically get a call from our office. There are circumstances where we cannot make contact with the owner and have to make a decision. A decision is made always keeping the owners best interest in mind as well as following the guidelines of the SC Landlord & Tenant Act (i.e. Water Heaters and HVAC Heat are 2 issues we must address immediately). We try to avoid this as much as possible but at times it is unavoidable.
How long will it take to rent my property?
There are a lot of different factors to consider when renting. Location and amenities are important factors when it comes to renting a property. We feel that price is one of the most important factors in renting a property. We also feel that renting to a qualified tenant is important. A tenant’s credit, rental history, and ability to pay deposits are important factors in renting. Waiting for a qualified tenant in the long run is more beneficial then renting to the first person who is interested. Keeping all of these factors in mind it typically takes 30 days to find a qualified tenant.
For More information please do not hesitate to contact our office at 843-795-4461 or Admin@SloaneTeamRealty.com