Southern Strand Realty
Property Management and Leasing FAQs
Q: What type of rental properties do you manage?
We specialize in single family homes in and around the Myrtle Beach area.
Q: What areas do you handle?
Our Property Management service area includes Horry County and Georgetown County. If you have properties outside of these areas, contact us and we can help you find a solution or refer you to another property management company.
Q: What Property Management experience and credentials do you offer?
We are licensed Realtors and are members of the Myrtle Beach Board of Realtors. Our Company offers you the level of experience and expertise you should seek from any property management company you hire.
Top
Q: Why should I hire you as my Property Management company?
Turning over your rental property to the care of someone you don't know is an emotional experience. Talk to several property managers before hiring one, and ask questions. You want to be able to trust your property manager so that you won't be worrying about your home. The more research and information you gather, the better you will feel about your final decision.
Q: How much will my house rent for?
Generally, most homes in and around Myrtle Beach are currently renting for about 0.5% to 0.8% of the home's market sales value.
The more expensive your home, the lower the ratio of sales to rent value. For example, a $150,000 three bedroom home may rent for $800 to $1100 per month in Myrtle Beach depending on the neighborhood, the competition and the condition, while a $240,000 home may only rent for $1400 to $1700.
Top
Q: What will you do to rent my house?
FOR RENT SIGNS - Posted at the property with an information number.
All for rent listings are now available to home searchers through the various public gateways, such as our website and http://RealtyForSaleOrRent.com as well as many others.
INTERNET LISTINGS - Our available homes for rent in Myrtle Beach are posted online and updated regularly with photos, maps and complete details for the convenience of those searching for a new home.
LEASING LOCATORS - We make all of our listings available to the many Lease Locator companies in Myrtle Beach area. These non-Realtor companies specialize in helping tenants find apartments, duplexes and homes for rent in Myrtle Beach.
YELLOW PAGES - Generates many calls each week from tenant prospects.
WORD OF MOUTH / REFERRALS - Current and past tenants, friends of our tenants, referrals from other agents that we network with.
CORRECT PRICING - Even the best and nicest homes for rent will not lease quickly if overpriced. This is now more important than ever as Myrtle Beach is glutted with homes for rent and the rent prices have dropped in all areas from their 2001 prices. We make sure your rental home is priced according to current market conditions.
THOROUGH PREPARATION - Even the best located and well priced rental homes will not lease quickly in our current Myrtle Beach market if the rental home is not in top showing condition. Homes for rent in the Myrtle Beach area absolutely must show well and have an attractive "curb appeal" or they will sit empty for months. Part of our job as property manager is to make sure your rental home is presented in a clean and attractive condition so that it will attract a good tenant.
Top
Q: What, specifically, do you do to qualify a tenant after they have applied to rent my house?
LANDLORD REFERENCES - We talk to past landlords and ask detailed, open ended questions about the applicant's past performance.
CREDIT REPORT - We obtain a credit report which tells us the applicant's current and past performance toward meeting their financial obligations. It also tells us their monthly debt, credit score, and shows their previous addresses (which we compare to addresses listed on the application). An applicant should have current clean credit to qualify.
DRIVER LICENSE VERIFICATION - We pull a copy of the applicant's public drivers license data to determine if the addresses given on the application are consistent and also when and what the last drivers license activity was, such as a renewal or change of address.
PROPERTY TAX SEARCH - If a private individual is listed as previous or current landlord, we will pull the tax records and verify that the person listed actually owns the property.
EMPLOYMENT/INCOME - We contact the employer to verify length of employment, status, and income. An applicant should earn at least 3 to 4 times the monthly rent in gross income to qualify for rental.
PETS - We don't allow animals/pets into managed properties unless you direct us to do so.
Top
Q: How do you make sure the tenant is taking good care of my home while renting?
The most important factor is careful tenant selection to protect your property from being rented to irresponsible people. During the lease term, we may have occasion to enter the property for repair or maintenance reasons and will use that opportunity to have a look. If we are fortunate enough not to have any repairs or maintenance at your property over an extended period of time, we can schedule a preventative maintenance walk-through to make sure the air filter is being changed, that the smoke alarms have batteries, etc.
Q: What do you do if they are not taking care of my property as they should, or you discover unauthorized pets?
We give the tenant an opportunity to correct the situation and they usually do. If a problem persists, we will make a joint decision with you based on that specific situation.
Q: What happens if the tenant does not pay their rent?
On the 4th of each month, we send late notices to all tenants with unpaid rent. We will post an eviction notice before the 10th day of the month if payment is not received by then. If the tenant has experienced a one-time event which has caused them a financial hardship, and they don't have a history of problems, it is best to let them catch up. If a tenant has an ongoing pattern of late payments, broken promises or evasiveness, then eviction is usually the best course of action. Full evictions, when necessary, can usually be completed by the end of the month.
Top
Q: How informed will I be about what happens with my property?
We will let you know about it right away of any emergencies or potential interruptions to your ordinary cash flow (loss of tenant or major repair). Non emergency items will be communicated along with your monthly statements and you can contact us at anytime.
Q: How do you handle maintenance requests?
Tenants can call, fax or email their non-emergency maintenance. For emergencies, tenants can call us 24 hours a day. After we receive a repair request, we generally contact the tenant to determine the exact nature of the problem before sending a service technician.
Q: Do you hold some of my money for repairs? How much?
We hold back $300 per unit in your account to cover any repair costs that may be incurred.
Top
Q: How do I know you won’t spend my money on large repairs without my approval?
For non-emergency repairs of less than $300, we take care of it without notifying you. For emergency repairs where 1) the health or safety of a tenant is at risk, or 2) the property will incur damage if immediate action is not taken, we will initiate the repair work, even if it is higher that the $300 limit, and contact you right away.
Top
Q: When do you mail the owner's checks and statements?
Owners checks and statements are mailed out no later than the 15th of each month.
Q: Can you put my rental proceeds directly into my checking account?
We will be happy to send your check directly to your bank for immediate deposit and send the statements to you. This is not an electronic transfer, but rather we mail the check directly to the bank for deposit.
Q: What will I receive with my monthly statement?
The monthly statement showing all income and expenses for the accounting period and the original receipts for any repairs. We don't mark up repair invoices and we send you the original copy so you'll see what was done.
Q: How much is your monthly property management fee?
Our property management fee is 7 percent of the monthly rent, with a $65 per month minimum.
Q: How much is the leasing fee?
The leasing commission is 70 percent of the first month's rent for new tenants, and a $50 renewal charge for retaining current residents. We absorb all the costs of leasing the property including MLS fees, internet marketing, for rent signs, lockboxes, etc.
Q: Are your property management fees negotiable?
If you have multiple properties that are commonly located, give us a call and we may be able to negotiate a discounted rate.
Top
Q: Are there administrative fees or other service charges up and above the property management and leasing fees?
No.
Q: Does your property management agreement give you exclusive right to sell my property?
No. We can sell your property if you would like us to, but we don't bind you to that in the management agreement.
Q: Is the Property Management Agreement a standard, widely used form?
Yes. We use the Myrtle Beach Association of Realtors Property Management Agreement. If you have Adobe Acrobat Reader you can view a copy of our property management agreement and Residential Lease Agreement.
Sample Property Management Agreement
Sample Residential Lease Agreement
Top
Q: Who holds the tenant's security deposit?
All security deposits will be held in our deposit trust account.
Q: How much security deposit do you charge the tenant?
The common deposit amount charged in Myrtle Beach is 75% of one month's rent.
Q: Are you licensed Realtors?
We are licensed Realtors and are members of the Myrtle Beach Board of Realtors
Q: How soon can you company start managing my home?
We can start the process immediately by obtaining some information about you and your property. Give us a call.
Top
:
