Carolina Forest Rental Properties can maximize your income, reduce your risk and protect your investment. Managing single-family rental property requires day-to-day attention and a wide range of expertise. We have the experience and resources to achieve your rental property goals. Listed below are just a few of the advantages of working with the professionals at Carolina Forest Rental Properties.
The property should be in the best possible condition to attract a quality resident tenant. This includes professional cleaning and carpet cleaning as well as fresh paint and landscaping. Our management professionals are more than happy to inspect your property and offer our suggestions.
Many factors determine the “rental range” of a property. These include local competition, condition of the property, age of the property, geographic location of the property and proximity to amenities. As experts in the field, we know the market and the competitive rental ranges for your property. If the property is marketed too high it will be vacant much longer. If it is marketed too low, you are not realizing the most income from your investment.
Your property will be added to our rental availability list. One of our property managers will take photographs of your property and add those to our web site. A sign will be placed on the property (if allowed by HOA). Each property is assigned to a property management team to track the marketing effectiveness for the individual property and coordinate showings.
Every prospective tenant must complete an application and pay an application fee. We process the application and are provided a credit background and score, criminal background and name and SS# verification. We then contact current landlord, current employer and complete a search of the Horry County Public Index site to determine any judgments and/or eviction notices.
Vacancy periods can be affected by many factors. These include the current market, the condition of the property and the time of year. On average, in today’s market, it takes between 30 and 45 days to rent a home. Keep in mind, many potential tenants must give a 30-day notice to their current landlord. Furthermore, properties rent more slowly during the Holidays between November and the New Year.
Statistics indicate that a large proportion of people own pets. Restricting pets reduces the number of available qualified tenants. In general, a well-behaved cat or dog causes very little wear and tear on a home. A $250.00-$400.00 non-refundable pet fee is paid by the tenant for the pet to live in the home.
Our lease agreements prohibit smoking inside the property. This policy does not significantly reduce the marketability of the property.
In federal, state, and local Fair Housing regulations children come under the protective class of “familiar status”. It is unlawful to discriminate against children in any way.
Yes. A deposit equivalent to a month’s rent is collected from the tenant and placed into our trust account. The security deposit is held until the end of lease term. Once the tenant vacates the property, a comprehensive inspection is completed to determine if any of the security deposit is needed to address any issue beyond normal wear-and-tear.
The rent is due on the first of each month. The tenant has until the 5th of the month as a grace period. If, on the 6th of the month, we have not received rent, we are contacting the tenant to demand payment. If rent is not paid by the 15th of the month, we begin collection procedures. This may include filing the tenant in the Magistrate court.
Real Estate Regulations require that rental checks must have cleared the bank and the accounts reconciled to the penny before disbursing funds. Therefore, payments to owners along with statements are processed around the 15th of the month.
A property specialist is always on call for emergencies. We have an extensive network of maintenance personnel and sub-contractors to handle any emergency on your property, day or night. We are on call 24 hours a day 365 days a year.
Over 95% of rental agreements are for one year. Other agreements range from six to eighteen months. At the end of the lease term the owner can decide to offer renewal to the tenant (if the tenant wishes to remain) or offer non-renewal. If the market has changed the owner can raise the rent at lease end.
If funds are not available the property manager will carry the charge to future month’s rental collection, otherwise, CFRP will contact owner for payment arrangements.
Keep in mind, some maintenance requests can result in rent abatement if not handled in a timely manner, so time is always of the essence.
The tenant is responsible for the rent for the term of the lease. If a tenant leaves before the termination date they will be charged for rent until the home is re-let. We, on behalf of the owner, will do everything possible to re-let the home and minimize the residents’ cost.
A refundable security deposit taken at move-in is usually sufficient to handle the minor damage caused by tenants. If the tenant leaves the property owing money for rent and/or damages they will be billed. If they do not pay we will file with a collection agency and the tenant will forfeit the deposit to the owner.
The PM Package
Our Full Residential Property Management Package
The following is a brief discussion of what is included in our Full Residential Property Management Package
DILIGENT PLACEMENT: Property managers accept calls and inquiries regarding your home. They arrange appointments and coordinate showings of your property.
We have an impressive track record in placing quality tenants. We believe the most important part of professional property management is finding a qualified tenant for your home.
Carolina Forest Rental Properties marketing program is one of the best in Myrtle Beach. Most important is our reputation. We are known for quality homes and professional management practices. Promotion efforts may include media advertising, rental brochures, signs, flyers, and our web site. We receive many inquiries by e-mail and have custom software that matches tenants with available homes.
Overview of Marketing Resources
After a potential tenant is located we conduct an extensive screening process. This process includes credit reports, reference checks and personal interviews. After acceptance, we complete negotiations, execute contracts, process documents and facilitate the tenant’s move into the home.
Overview of tenant Screening
PROFESSIONAL MANAGEMENT: Property managers collect rent, address tenant issues, periodically inspect the property and personally supervise the home. The manager provides an “arms length” relationship between owner and tenant. At all times, the owner’s identity will be held private.
If there is a problem, whether it is collecting rent or settling tenant disputes, we will handle the situation appropriately. We are knowledgeable in the legal and contractual relationships involved in renting property. If necessary, we are prepared to make a court appearance.
We employ only the most skilled and reliable maintenance personnel and contractors.
Our staff insures that maintenance personnel and contractors are not paid until all work is satisfactorily completed.
Overview of Managing the Property
QUALITY MAINTENANCE: Property managers supervise maintenance and subcontractor activity.
We employ only the most skilled and reliable maintenance personnel. Property managers normally supervise necessary home maintenance. The actual maintenance expenses for the home are the responsibility of the homeowner. Every effort is made to control maintenance costs while maintaining the integrity and value of the property. Problem reports are verified to eliminate unnecessary service calls. Maintenance that is the tenant’s responsibility or fault is billed to the tenant. All maintenance personnel are properly licensed bonded and insured. Contractors are not paid until all work is satisfactorily completed.
MONTHLY FINANCIAL REPORTING: Property managers provide monthly statements for your rental income and expenses.
We can handle all your accounting and payment requirements. Income checks and property statements are processed around the 15th of the month. Proceeds are either mailed or direct deposited each month. A complete statement of your property account and an income statement are provided each month. Account history is stored on-line and/or on paper for three years. We can quickly search your records on request. At the end of the year, we prepare a complete package for your tax preparer. Periodically and upon request, we send information on the status of your home and the local real estate market.
MANAGEMENT FEES: We charge 10% of gross monthly income. We charge no upfront fees, no re-rent fees and we do not take the first month’s rent as a fee. These are all common charges by other Property Management Companies.
PREVENTIVE MAINTENANCE FEE: Our $25 a month preventative maintenance fee allows us to enter the property on an every-other-month basis to inspect the condition of the property and determine if any issues need to be addressed. Issues could include excessive wear-and-tear on the carpet and walls, pets that have been introduced into the property and other issues that may reduce the rentability and condition of the property. If we find an issue, we are able to address the problem with the tenant immediately, instead of waiting until they vacate the property and we attempt to locate them.
The Owner Portal provides owners with secure online access to information about the your account and properties. In addition, you can submit online requests for work orders and update contact information.