Myrtle Beach Lease Expirations and Renewals

Myrtle Beach Lease Expirations and Renewals Overview Maintaining awareness of when your property lease expires is a key to repeated renewals by a tenant.  Some landlords are afraid to contact or discuss the lease renewal in hopes the tenant will forget.  But this is a poor concept.  The tenant is going to do what is in their best interests, so addressing their future plans gives you a chance to have some input into their thinking. By establishing contact at least 90 days prior to expiration, you determine how they like living in the property. You also can address any unresolved maintenance issues and what you are doing to satisfy them in a timely manner. Additionally, they want to know if the rent will increase and by the amount the landlord will require. It’s possible the next year can be determined by a mutual agreement that satisfies both parties concerns.  Moving is a hassle, expensive and there is no guarantee that the next residence will be a better lifestyle for them. Don’t be afraid to increase the rent – Educate your residents to expect small but incremental lease renewals. As a rental property owner, your bills go up annually. Build in a yearly rent increase just to stay even on your income. However, never be excessive in the amount of monthly increase. You never want to lose a good tenant over rent increases. The market adjusts periodically to a landlord’s advantage. Remember that over time, a good tenant can save you a lot of money in turnover costs and vacancy expenses. Our Services Whether you self-manage or use a property manager for your Myrtle Beach rental property portfolio, your goal is always the same — keeping great tenants for as long as possible is the name of this game. The Berkshire Hathaway HomeServices – Coastal Real Estate team is here to serve as a property management resource to you along the Grand Strand of Myrtle Beach. If you are working through a lease renewal or have questions on any other property management topics, give our team a call. 843-232-0000. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000

Complete Fall Maintenance Checklist for Your Rental Property

Complete Fall Maintenance Checklist or Your Rental Property Fall is nearly in full swing, and we want to make sure your rental property is ready for a change in season! Compiled below is a checklist of the areas you should pay attention to when preparing your property for the cooler months and the continuing storm season along the Grand Strand. Inspect the roof and clean out gutters Stop leaks before they happen by checking the roof for potential concerns; carefully search for holes or broken shingles. Before the autumn leaves start to fall, clean out the current leaves and twigs from your gutter to ensure it doesn’t become backed-up. Freshen up the landscaping Rake dead leaves, trim grass, and supply surrounding plants with the necessary nutrients. Trim trees that are close to your property and make sure they are stable enough for a storm to blow through. If a tree close to the property is dead, consider removing it to make sure no future damage ensues. Don’t forget to check the drainage system in the yard and make improvements if necessary. Not only does a freshly manicured lawn look appealing, but it can also help save your home when a storm blows through.  Replace batteries and lightbulbs To ensure your tenants stay safe, replace the smoke detector and carbon monoxide detector batteries, and test both to confirm that they are working properly. Remember that the batteries should be replaced every six months, and the detectors should be tested every month. To make sure your tenants stay happy and bright, replace lightbulbs as needed in both the interior and the exterior of the property. Seal everything Check all doors and windows to ensure they are properly sealed from harsh wind and rain, and to save on heating and energy costs. If you find them less than satisfactory, seal concerning areas with caulking. In some cases, windows and doors may have to be entirely replaced.  Check and maintain HVAC system To guarantee it works properly and lasts longer throughout the fall and winter months, perform routine maintenance on your property’s HVAC system. It is recommended to replace the filters every thirty to ninety days, clean the vents regularly, and clean the outdoor unit as well. Most importantly, before the cold becomes too brutal, make sure your heating system works. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000

Should Tenants Do Their Own Repairs?

Should Tenants Do Their Own Repairs? Most often a property manager has received the dreaded midnight phone call from an angry tenant filing a maintenance complaint. Sometimes the problem may require a simple solution, however, there are times where the problem is more complex, requiring electrical or plumbing expertise. No matter the situation, the age-old question of, “Should the tenant fix it?” exists. To aid in the answer, here are some steps to take when considering who should be responsible for repairs.  Assess Urgency: First, determine the urgency of the situation. When a tenant calls, ask for a complete  description of the problem in detail, as well as an assessment of how urgent the situation is. When receiving this information, use your best judgement to determine whether the damage is a pressing matter to take care of now, or something that can wait until the morning. For example, a leaky faucet will survive the night, but a pipe burst requires immediate attention. If the damage requires quick action, it is best to call an expert to handle the situation right away. However, if the damage can withstand some time, go to the property to assess the damage first-hand. You should also ask the tenant how the damage occurred. This will help you get a good idea of what type of repairs will be needed, which in turn, will help determine who is best suited to fix it.  Tenant at Fault: If the tenant is responsible for the cause of damage, and the damage is considerably small, then the tenant should also be responsible for repairing it. Examples of this include patching small holes in the wall, or replacing a broken light fixture. However, if the damage is considerably large and requires more complicated repairs, the property manager should be responsible for either fixing it, or hiring a professional to do so. In this case, the tenant should still be responsible for paying for the damage and repairs.  Normal Wear and Tear: If the damage is a result of breaking down from daily living, then the property manager should be responsible for repairs. However, the question of whether the manager should attempt to repair the problem themselves, or hire an expert still requires more thought. As a good rule of thumb, if the property manager does not have experience in making a specific repair, then he or she should consider calling a professional. A professional should also be called anytime a repair requires a license, or contains potential risk – both safety-wise and money-wise.  An example of this includes electrical wiring repairs. Summary: So, should tenants do their own repairs? The answer depends on the urgency, situation, legality, and your best judgement as a property manager. You should count on your tenant to take care of minute issues, however, a more demanding repair will require someone with special expertise. But, for any repair situation, always remember to communicate your solution with the tenant to avoid any possible confusion.  CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000