There are many people who are interested in investing in rental property as it can be a great financial move for a variety of reasons. Not only can investors make money off of monthly cash flow from the collected rent, but there is also financial benefit in the equity appreciation build-up over time. You are essentially having someone else pay your mortgage and insurance on a piece of property that can retain value or appreciate, especially in the Raleigh-Triangle market.
At Barker Realty, our property management company highly recommends conducting research before investing in real estate in your area to make sure it will be a great fit for your business or you personally. Talk with others. Talk with experts. Learn as much as you can about how investing in rental property could be a game changer for you and your portfolio. Here are some tips to help you along the way!
Find a Rental Property
The best rental properties are in areas that are growing rapidly. The biggest predictor of future price appreciation in an area is the growth of the population. In addition, a growing population will have many renters who are willing to live in your property.
With the competitive real estate market, it may be difficult to find a rental property that meets your needs. You should look for a property that will produce positive cash flow every month. You need to plan out your expenses with the property and then look at what the home will rent for. Hiring property managers is part of the rental process. These costs need to be accounted for as well.
Financing
Real estate investors need to understand how to use financing options for their benefit. Financing is the best way to purchase a rental property if you do not have the cash to do so. Some real estate investors borrow too much money and get into financial trouble. Instead of doing this, borrow money in a conservative way. This will help you reduce the overall risk that you have in an investment.
A good property management company can help you find the right loan for you. Many people who work for a property management company have years of experience in the real estate field.
Hiring Help
No one wants to answer calls in the middle of the night from tenants. Hiring property managers is the best way to reduce your stress while owning a property. You need to look at online reviews before making a decision on the company that you want to work with. You should work with a company that has quality customer service and support at all hours.
Rental property can help you get to the next level in your finances. However, be realistic with yourself. It’s not easy and it is not a way to get rich quickly, but it will help you build wealth over time when done the right way. With the strong housing market, now is a great time to look for an investment property in your area.
Contact Barker Realty today for more information about investing in real estate, rental properties, and overall property management services.
There are many excellent reasons to work with Barker Realty when you need professional management for your rental property in Raleigh. Today, we’re focusing on the three top reasons to consider hiring us to take care of anything your investment property needs.
Property Management Raleigh: Experience
Barker Realty is an experienced property management company. We have successfully managed and maintained rental properties in Raleigh and the Triangle since 1984. Our property managers are all licensed North Carolina Realtors with skill, experience, expertise, and persistence.
Property Management Raleigh: Excellence
All of our property managers and team members work hard to maintain high standards. We insist on excellence while we promote, position, and protect your property. For example, we use metrics to track the efficiency of our advertising and our lead management system. We can provide reports specific to your property’s activities at any time, and it can be as detailed as you need. We are also rigorous with our screening process. All of our tenant screening starts with extensive background checks, and we strive to place only the most well qualified residents in your home. During the course of the tenancy and between lease periods, we advise you about the necessary repairs that are needed at your home, and we maintain your property well to attract the best tenants and the highest rents.
Raleigh Property Management: Owner-Focused
As your Raleigh property manager, our responsibility is always to you – the owner. We work to minimize your expenses and maximize the value of your investment. We use a strong, enforceable lease which is comprehensive and includes a number of house rules we have developed over our 33 years of property management experience.
Please consider us for all your Raleigh property management needs. We would appreciate the opportunity to add value to your property with all of our expertise and local market knowledge. Contact us at Barker Realty; we look forward to hearing from you.
Whether you constructed or bought the property you own, you understand how huge an investment it is. This is why you will spare no effort to ensure that your property is in good condition at all times. With regular property inspections throughout the year, you will not only ascertain the structural integrity of the building but will also have a chance to correct any defects in a timely manner so as to protect your asset. Even though you may have property managers, here are some other benefits of property inspections.
1. Documentation of Property Condition
Annual property inspections will give you a great opportunity to document lease violations at your property or unreported damage. By hiring a qualified professional to do the job, we will not only check for tenant damages but we will also assess the overall condition of the property.
2. Check & Improve Owner Liability
When you own property, regular inspections will help you be sure that your investment is safe and in good condition. Once you have had a professional property inspection done, you will easily establish whether appliances, such as smoke detectors & CO2 detectors, are in perfect working condition. As a property owner, you will have fulfilled your responsibility of a well maintained environment for all occupants of the building.
3. Avoid Deferred Maintenance
While your property management company may inform you of areas that need repairs and maintenance, there is a good chance that some specific areas will be overlooked. By addressing any structural issues in good time, you will not only avoid deferred maintenance and repairs but will also save a significant amount of money.
4. Validate Insurance Policies
In some cases, landlord insurance may demand that annual property inspections be carried out on your property. If you fail to do the inspections within the stipulated timeframe, you may risk losing coverage or getting the policy invalidated. This is why you should arrange for property inspections to comply with the requirements of your insurance policy.
5. Increase Tenant Retention
When you make sure that the structural integrity of your building is maintained, you will ensure that your tenants feel cared for. When they feel safe, this may help you to retain them, building a relationship for a considerable period of time. In the long run, you may enjoy higher and consistent return on your rental property.
Hiring a local Cary property management company like Barker Realty will also help to add value to your property. It is advisable to take time before settling on the property managers that will meet your needs. Contact us today to learn how we can help you enjoy the peace of mind that comes with property ownership.
Barker Realty proudly serves the Wake County area, including Raleigh, Cary, Apex, Wake Forest, Fuquay Varina, Clayton, Knightdale, Garner, Holly Springs, Zebulon, and Wendell.
Barker Realty has been in the Triangle real estate market since 1984. Let’s discuss the property management services we offer to Triangle area investors, and what we can do to help you be more successful with your rental property.
Property Management Raleigh: Marketing
We will market your property in several strategic ways. We will list it on the Triangle Multiple Listing Service, market it on various rental websites, our own Barker Realty website, and we’ll post rental signs at your property in attention-grabbing locations. We have a dedicated showing agent who will arrange to show your property to prospective tenants. We also have several trained staff members who will handle any inquiries that come in about your property.
Property Management Raleigh: Leasing
When prospective tenants are seriously interested, we solicit and process all applications. Our screening process is thorough and rigorous. We include a credit check and a criminal background check. We also conduct rental verifications with current and previous landlords. We ask for verification of income and employment as well. Once we find and approve a qualified tenant, we prepare lease documents for your tenant before move in. Also, we ensure your property is move in ready by performing move in inspections to document the condition of your home.
Property Management Raleigh: Tenant Occupancy
During occupancy, we take care of any tenant issues that arise. We will collect rent, identify maintenance issues, respond to repair requests, and be available to you and your tenants to answer any questions or handle any issues. At the end of the lease term, we conduct a move out inspection to compare to the move in inspection and prepare a list of needed repairs between tenants. We then process the security deposit itemization according to the North Carolina Security Deposit Act.
These are just a few of the things your property manager might handle on a daily basis. When you work with us, you can be confident that we’ll be the eyes and ears for your investment. Contact us at Barker Realty if you have any questions or if you’d like to hear more about our property management services in Wake County.
Some real estate investors, particularly new ones, see hiring property managers or a property management company as an unnecessary expense. But, they can actually be a huge benefit to your income.
Here are four important reasons to hire a property management company to oversee your rental property:
1. Set the Best Rent for Your Property
You could spend hours, days, or even weeks scrolling rental listings to try and find comparable properties and the rent they’re getting. But a local real estate management company will have a good handle on the local market and be able to tell you how much to charge to ensure that you not only get quality tenants and low turnover but also get the most income out of your property. Plus, property management companies have access to professional sources such as MLS (multiple listing service).
2. Market, Advertise and Show Your Property
Managing your property alone you can spend hours every week crafting ads, fielding phone calls, text messages and emails about the property, and showing the home to prospective tenants. Unless the rental property is your full-time job, this takes time away from your family, work, and downtime. Property managers do this every day. They have the experience and knowledge to quickly create ads, and it is their full-time job to answer prospective tenant questions and show the home. This frees up your time, and also provides more flexibility to the prospective tenant, as they don’t have to work around your schedule.
3. Manage Vendor Relationships
Plumbers, electricians, appliance repair technicians – at some point, they’re all going to need to come to your rental property to repair or replace something, whether it’s through tenant damage or simple wear and tear. As a real estate investor, you’ll always get the same rate that any other private party would get. A property manager, however, may get a discount because they manage so many properties and can give an extensive amount of work to the vendor. You’ll save money and get high-quality repairs through vetted vendors.
4. Ensure Compliance with Housing Regulations and Property Laws
As a real estate investor, you likely did your research before you started. But the regulations and laws can be exhausting, confusing, constantly changing and hard to read. A property management company will be thoroughly familiar with all the regulations and laws, and they will ensure that you comply with them all.
Give Barker Realty a call today to see how we can help!
