How do I prepare my property for the rental market?

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.

How do I determine the rental amount for my property?

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.

How do you market the property?

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.

Do you conduct background evaluations on prospective tenants?

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.

How long will it take to rent?

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.

What are the policies regarding Pets?

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.

What about smokers?

Our lease agreements prohibit smoking inside the property. This policy does not significantly reduce the marketability of the property.

Is it possible to refuse to rent to families with children?

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.

Is a security deposit collected up front?

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.

What happens if the rent is late?

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.

When are monthly funds distributed?

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.

Who handles emergencies?

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.

What is the average length of tenancy?

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.

How are repairs handled?

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.

What happens if the tenant leaves before the end of the lease?

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.

How is the owner protected if the tenant damages the property?

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.