Inside South Carolina Property Management: Daily Duties
Property management is not for the faint of heart! Property managers are constantly trying to balance an owner’s investment objectives with the tenants’ rights and terms of the lease. While trying to appease both parties, they are often in a position of having to deliver bad news. Below are some general day-to-day principles of property management but also how we at Palmetto State Properties work specifically to give you an idea of how we serve you.
Searching for an experienced partner to manage your rental property? Palmetto State Properties is known for their ability to manage, market and maintain rental properties in the greater Charleston, SC area. Contact us today.
Day-to-Day Duties of a Property Manager
At the crux of it, as property managers, we are inundated with tasks that we must take care of with expert care. And while we appreciate that everyone’s issue is an emergency to them, it is our responsibility to prioritize and dispatch our resources (i.e., vendors, partners, employees, etc.) to best address as many issues as possible in order of urgency.
We usually kickstart our day by reviewing maintenance requests, as some of them, by law, have a very strict timeline. This involves checking emails, voicemails, and requests submitted through our property management software (i.e., Tenant Portal). It is not uncommon to receive 100+ emails per day…which can be frustrating for property owners who expect a response right away, so we do our best to accommodate that, too.
We then move on to more administrative tasks, like approving invoices, signing important documents, renewing rental contracts, and more including:
- – Reviewing vendor estimates and sending it to the owners for approval
- – Reviewing outstanding service requests to ensure all are in the process of being addressed/repaired
- – Maintaining vendor contracts and vetting new vendors
- – Posting/marketing new properties
- – Answering web inquiries
- – Qualifying, scheduling and showing prospective applicants available properties
- – Processing security deposit refunds
- – Creating monthly and quarterly reports
- – Answering phone calls
- – Keeping up-to-date accounting records
- – Sending tax documents to property owners
But no two days are the same; some of our tasks aren’t done every day, and some of them might get pushed off for more urgent needs. Our goal is to respond to all requests, inquiries, etc., within 24 hours of receiving.
Other Tasks We Take Care of for Property Owners
Thorough Applicant Vetting
Property owners expect a property manager to secure responsible, reliable tenants. To do this, a property manager must take seriously the task of vetting every applicant for a rental unit. The applicant vetting tasks delegated to property managers include everything it takes to help ensure tenant quality. These tasks typically include:
- – Checking applicants’ background and credit history
- – Verifying their employment/income and any references
- – Contacting previous landlords
Some property managers don’t take the time and trouble to speak with a prospective tenant’s former landlord. But one brief conversation can tell you a lot about an individual’s track record as a tenant, such as noise complaints from neighboring tenants, issues with a pet, damage to the rental property beyond normal wear, difficulty collecting rent payments, or eviction. Our incredible property managers make sure to investigate every individual thoroughly before they become a tenant.
Move-Out Supervision
Property managers are usually tasked with managing the transition between tenants. This can include carpet cleaning, paint touch-up or complete repainting, repairing any damage, professional cleaning, and removal of odors from pets or smoking (Palmetto State Properties does not allow smoking in any of its properties). Move-out supervision can even include the disposition of items left behind by tenants, such as unwanted furniture. In short, property managers are responsible for making everything move-in ready for the next tenant.
Lease Negotiation and Enforcement
A lease is a legally binding contract that establishes the rights and responsibilities of both landlord and tenant. Negotiating lease terms and enforcing them is a key aspect of property management and one that landlords typically delegate to their property managers. Negotiable items may include the length of the lease, whether or not it’s renewable, the rent amount, conditions under which pets are allowed, specific services the landlord will provide (such as trash collection or internet service), and the charges for them. A lease also spells out the procedures and schedule for paying rent, any late fees or other charges that could be applied, and the consequences of violating any terms of the lease, including eviction.
Rental Property Marketing Services
We use Comparative Rental Market Analyses to get insight into current market rates for your property. Our recommendations are not just based on data, however, but extensive experience. We always recommend a rental rate that is competitive based on the market conditions. And while we’re happy to accommodate an owner’s request for a higher rate, we will closely monitor the activity and feedback to ensure it does get “stale” by sitting on the market too long. We’ll also make sure your property has high-quality pictures of everything necessary to attract the best tenants.
Next, we’ll list your property on the Charleston Area Multiple Listing Service (MLS), which goes to the 7,000 agents in the Charleston Tri-County area. The listing will be posted on Zillow, Trulia, HotPads, Realtor.com, and more. And we use our great working relationship with our local and regional relocation companies, providing you with a wide audience and marketing opportunities. Finally, we’ll make sure you’re posted on Facebook and Instagram to reach all demographics.
Why We Have the Lowest Turn-Over Rates
Our team is our foundation, and we prioritize their well-being and growth. We believe in investing in our people through competitive compensation, professional development opportunities, and a supportive work environment that understands the pressure property managers face from all sides.
All of this lends to a collaborative and thriving team with minimal turnover. Our low turnover rate translates to a stable and efficient environment that consistently delivers exceptional service to residents and property owners. It’s a win-win-win for everyone involved.
Work With Palmetto State Properties Today
Whether you own one rental property or many, by yourself or with one or more partners or investors, we have the property management professionals, support staff, and network of maintenance and repair experts to meet just about any property management need you might have.
Reach out to us today to discuss how we can help you.
