MANAGING YOUR RENTAL PROPERTY

This is our seven-step method to successfully manage your rental property.  When you work with us, this is the scope of services we will provide.  It is not necessarily inclusive of everything we may encounter while managing your property.  It is an outline that shows the different steps involved and how we can help you.  We will guide you through this process and assist you every step of the way!

1. DETERMINE THE MONTHLY RENT FOR YOUR PROPERTY

  • Review and Analyze the current rental market in your specific area or subdivision. Consider…
  • Homes currently for rent.
  • Homes recently rented.
  • We will measure your house, if needed to determine the correct square footage.
  • Based on the current rental market in your area, discuss and determine a “Range in Monthly Rent” for your property.
  • Recommend a Monthly Rent for your property.

2. PREPARING YOUR HOME FOR RENT

  • Discuss the condition of your property and determine if there are any repairs or improvements you should make, or if you should rent in "As-Is" condition.
  • Discuss the difference between repairs and improvements.
  • Determine if any specific repairs or improvements will help your property rent quicker or result in an increase in the monthly rent.
  • Provide you with information on Things to Do to prepare your home for rent.
  • Discuss the advantages of a Home Warranty.

3. CALCULATE YOUR EXPENSES & NET PROCEEDS

  • Itemize and explain costs for which the owner is typically responsible.
  • Discuss the Origination Fee and Leasing Fee upon the execution of the new lease.
  • Discuss the Monthly Management Fee.
  • Discuss the Reserve Account which can be established and maintained for repairs on your property.
  • Discuss the Monthly Rental Statement we send each month with the rent.
  • Discuss the Annual Income & Expense Statement we send at the end of each year for your income tax purposes.

4. ADVERTISING AND MARKETING YOUR PROPERTY

  • We will provide maximum exposure to rent your property.
  • We will place your property on numerous Real Estate Search Websites.
  • We will list your home in the Charleston Trident Association of Realtors (CTAR) Multiple Listing Service or “MLS” System.  Your property will be included on all the “Search The MLS” websites.  Literally thousands of local Realtors and Buyers will have easy access to the information on your property.
  • We will list your home on www.Realtor.com.  This site is sponsored by the National Association of Realtors and has more information about real estate and homes for sale or rent than any other real estate website you will find.  Potential tenants from all over the country will search this website for property for sale and rent in the Charleston Area.
  • We will place a “For Rent” sign in the front yard.
  • We will provide an MLS lockbox for easy access to show your home.


5. SCREENING THE PROSPECTIVE TENANT

  • We have a very Detailed and Thorough Application Process. 
  • We will Thoroughly Screen ALL of the prospective tenants for your property.
  • We require an Application Fee from the tenant to pay for their Credit Report and Background check.
  • We verify current income and employment.
  • We verify previous rental or mortgage payment history.
  • Discuss the “Pro’s and Con’s” of renting to the prospective tenant.
  • Help you make the decision.  Recommend to either accept or reject the prospective tenant.

 

6. SIGNING THE LEASE AGREEMENT

  • Once we have an acceptable tenant, we need to negotiate and sign the Residential Rental Agreement.
  • We use a very detailed 13-page Rental Agreement that covers many points of concern.  We will discuss and explain each and every point of concern to make clearly understand the Rental Agreement.

7. OCCUPANCY       

·        Once the Rental Agreement is signed, the tenant moves into the property.
·        We will conduct a Pre-Occupancy Inspection with the tenant to document the condition of the property, room by room as well as the exterior.
·        We will make written notes, as well as take photos as necessary, so we will have an accurate description as to the property condition upon the tenant taking occupancy.
·        We will periodically inspect the property and notify you of any concerns.
·        We will coordinate the transferring of the utilities with you and the tenant.
·        We will conduct a Post-Occupancy Inspection with the tenant to document the condition of the property upon the termination of the lease and the tenant vacating the property.