New Businesses coming to the Grand Strand

2016 is a big year for Myrtle Beach with all kinds of exciting changes and new attractions, shops, restaurants, and more.

Broadway at the Beach has been undergoing several changes including a new nightclub called Club Oz, a new attraction called Master’s Edition Fine Art Gallery, The Beef Jerky Store, Kilwins candy store, Wahlburgers – a famous burger chain founded by the Wahlberg family – as well as the demolishing of Planet Hollywood across the street. Also, a craft brew restaurant called American Tap House is in the process of being built at Broadway and expected to be open by summer.

At the intersection of Highway 544 and Highway 17 Bypass, construction crews are breaking ground for a Panera Bread, a Mod Pizza, and EyeMart Express. Towards the beach at the 544 and 17 Business intersection, there is a new Popeyes and a Vogue Nails and Spa in the Walmart Neighborhood Market shopping center.

Rockin’ Jump, an indoor trampoline park, recently opened next to the Children’s Museum of South Carolina located in the old Office Depot building. This attraction features several jumping areas and games for all ages.

New Walmart and long awaited gas station at the corner of Highway 17 Bypass and Farrow Parkway recently opened in May. More businesses are expected to show up in this conveniently located shopping center.

Rental Property Investment Tips for Beginners

The appeal of real estate investing is simple: it offers residual income, price appreciation, and the safety of owning a hard asset. Real estate has produced many of the world’s wealthy people so there are plenty of reasons to think that property is a sound investment. If you’re young and you’re looking to purchase a new home to live in, you may be considering purchasing an investment property as a first home. While most people wait until after they’ve bought their first or second home to begin investing in real estate, you could start much sooner than you think. But like any investment, it’s better to be well-informed before diving in. Here are some things to consider when choosing an investment property.

Take the time to learn about real estate

This can be quite difficult and time consuming, but if you can’t get past it then investing may not be right for you. Talk to friends, relatives, current property managers, anyone willing to impart their knowledge onto you. Ask questions and be eager to learn. This will take some time but is crucial to the investment process.

Define your goals and strategy

Whether you want to start with a single-family house and rent it out annually or purchase an oceanfront condo for weekly vacation rentals, it’s important to know your goals and have a strategy in mind. Do your research and come up with a game plan. Don’t get in over your head. It’s not a good idea for a first time investor to attempt flipping a house or buying an apartment building.

Choosing the right property

When it comes to selecting investment real estate, you need to consider some features that will increase your return on investment. Location is the most important factor as desirable areas rent for much higher than slums. A great location makes up for shortcomings, such as small bedrooms and limited space. Keep in mind you can always renovate a property, but you can’t change the location. Make sure the property is rentable, and if possible, buy it already rented. Don’t buy a fixer-upper if this is your first property, you’ll most likely end up spending too much on renovation.

Like any investment, keep your expectations realistic. Your first property isn’t going to yield a huge revenue overnight, it is a gradual process. Real estate can be a risky business for someone who is just starting out. For first time investors, it’s best to find a good property manager and let them do their job.

Resident Retention: How to Keep Your Tenants Happy

As property managers, we often refer to our properties as communities and our goal is always to keep our tenants happy. We chose this business because we love working with people and we strive to build long-lasting relationships. Here are our top three tips for tenant retention.

1. Create a sense of community

There are many ways to encourage renters to engage in social activities. Community events are a great way to do this. Consider holding a community garage sale or even a outdoor movie night. If the community has a pool or clubhouse, that is a great way to get everyone together in the same place. Simple events and social gatherings encourage residents to gather and get to know each other. Tenants are less likely to leave if they have strong relationships with their neighbors. If you don’t already, start a monthly newsletter with local announcements.

2. Take action

Forget the “Golden Rule” – treat others how THEY want to be treated. Everyone wants everything done right – and right now – so the more you can do to accommodate the tenants’ needs and schedules, the happier they are. Show your appreciation to long-term tenants and take their concerns seriously. If they call to complain about maintenance issues or somebody in their parking spot, respond promptly and let them know that it’s being taken care of. Don’t make them complain more than once about the same problem.

3. Talk to your tenants

Don’t wait for something to go wrong to reach out to your residents. Know them, talk to them, care about them. Reach out to them year round, not just at lease renewal time. Send out a survey to see what you can do better as a property manager. The only way you can find out what’s important to them is to understand and get feedback.

While renters move for many reasons, some of them are out of your control, however you can impact resident retention by how you treat your tenants. It’s easier and less expensive to keep the residents you have than to acquire new ones. So, if you’re not already, start taking the necessary steps to keep your renters happy and strive to provide the lifestyle that will make them stay.