by Barker Realty, Inc. | Oct 6, 2020 | Landscaping & Grounds, Pest Control, Repair & Upgrades, Tips for Landlords
Like any other structure, your rental needs ongoing maintenance to keep it in good condition and to ensure it retains its value. Summer is a great time to get some critical things done. Use this summer rental maintenance checklist from our experienced property managers in Apex.
Exterior of the Building
Rental maintenance on the outside of the building is important for maintaining property value.
- Clean out gutters and downspouts. The removal of debris from the gutters will help keep water from spilling over into the yard, driveway, doorway, patios, etc. Keep the downspouts open is also just as important so water can flow smoothly away from the home or property foundation.
- Have your chimney and fireplace inspected. If you have a gas or wood burning fireplace, it’s vital to have these appliances inspected annually, especially if you are burning and using frequently. The Fall is the best time to have this done, so you’re ready for the colder months ahe ad.
- HVAC inspections also are key. We recommend having your HVAC inspected as well, especially after a long hot summer. This will ensure the furnace and units can heat your home and property efficiently.
- Pressure wash the exterior. This will remove layers of dust and bird droppings. It will give the property an instant facelift while also uncovering any other problems lurking under the dirt.
- Inspect the siding. Look for loose pieces of siding. If you have wood siding, look for signs of rot like deteriorating wood or bubbling paint. Have repairs made if needed.
- Check the brick. If the exterior is brick, look for places where the mortar may be deteriorating. You may need to have it tuckpointed.
- Check the foundation. Cracks allow water, insects, and radon to come into the basement or crawlspace. Leaks can cause the foundation to deteriorate and can even undermine the structure of the house.
- Repair and paint the outside as needed. You don’t need to paint every year. However, if the paint is faded, chipped or cracked, it is time to bring out the paintbrushes.
Other Maintenance
There are other summer rental maintenance jobs that you need to do to keep your rental property in good condition.
- Have the HVAC system checked and serviced. You need that unit to last as long as possible. Annual maintenance is key to making that happen.
- Clean the dryer vent. If your tenants have a dryer, make sure the vent is clear. A clogged dryer vent is a fire waiting to happen.
- Fill cracks on the sidewalk or driveway. Cracks are a tripping hazard, plus you want to keep the concrete or asphalt from deteriorating further.
At Barker Realty, our property managers in Apex use this checklist to keep their properties in great shape and are attentive to any needs from both landlords and tenants to maintain a presentable, and functional property. Get in touch with us for more information or to discuss your rental properties with our team to help you manage your investments.
by Barker Realty, Inc. | Sep 15, 2020 | Barker Realty, Property Management Blog, Property Management Company, Subletting
What Is a Sublease?
A sublease is an agreement that is made between the tenant and a third party. The original tenant will become the landlord to the person who is subleasing the home or apartment. Every local property manager needs to know if their tenants are subleasing.
There are many problems that a Raleigh property management company can have if someone is subleasing the apartment. For example, you can end up with an unapproved person living on your property. You may also have a tenant who decides to leave unannounced and not pay the rent.
Why a Tenant May Decide to Sublease
Many tenants decide to sublease if they are going to be away from their home for an extended period of time. Others have to move out of their home before the lease is up. Subleasing may be a good option because it allows the tenant to continue their obligations while they are away.
Risks of Subletting
Every local property manager needs to be aware of the fact that subleasing has its risks. Property managers spend a lot of time making sure that they properly screen people. However, if the original tenant is not living in the home, then you may not know who is living on your property. You may also have a big mess if the person who is subleasing decides to move out.
Benefits of Subletting
Property management services can sometimes benefit from subletting. It helps rent payments continue, and the property stays occupied. Property managers can also save time and money.
Should a Landlord Allow Subletting?
Most places allow subletting. It is a good idea to check the laws in your area to make sure that it is legal for you to do this. You should make sure that your lease has a subleasing clause.
If you are in need of property management services, then you can contact us.
by Barker Realty, Inc. | Sep 1, 2020 | Barker Realty, Property Management Blog, Tips for Property Investors
Here is the thing. When you decide to buy property, be ready to spend significantly. Further, if you, a Raleigh property investor, have ready cash, you can get the property and cash flow right away. Only that, very few investors can afford such huge sums of money at short notice. Then, if you’ve identified a prime property and are constrained by cash, here are 4 top ways to solve this challenge.
1. Get a Homeowner’s Mortgage
Mention property financing and the traditional mortgage option comes to mind. Well, guess what? It is still as effective today as it was during the Great Depression. It is a go-to for most homebuyers since it spreads the repayments up to 30 years.
Homeowners can maintain large debt through affordable monthly repayments. Still, as local property investors, we advise opting for a mortgage with the shortest repayment period that you can manage. That way, you will be mortgage-free sooner and venture into bigger investments. Other benefits include:
- A lower down payment
- Lower interest rates for persons with good credit rating
- Access to special rates and benefits from the local banks
2. Hard Money Loan
A property investor in Raleigh NC, may use their existing real property to secure their next home purchase. The hard money loan attracts high costs and an LTV ratio. In turn, this strategy comes as a last resort or as a short-term bridge loan.
3. Government Loans
Are you a Raleigh property investor seeking financing for your first home? Consider the government-backed VA or FHA loans. These are homeowner financing subsidized by the government. The Federal Direct Loans protect the lenders from default. Here are their attributes:
- Lower interest rates
- Up to 3.5% down payment; VA loans have zero down payments
- Gifts and concessions permissible to cater for the closing costs
- More refinancing options
- VA loans have no monthly insurance premiums
These loans are still applicable to your subsequent owner-occupied properties.
4. Private Lending
Apart from the mentioned strategies, local property investors still rely on their family members and friends for private loans. Here, there are flexible loan terms and interest rates. Plus, the borrowers build trust by repaying on time.
Contact Our Raleigh Property Management Company Today!
Are you a property investor in Raleigh NC, seeking appropriate funding for your next purchase? Come and learn about the options you have. Talk to us today.
by Barker Realty, Inc. | Aug 18, 2020 | Barker Realty, Local Property Management, Raleigh Property Management
Our Raleigh NC property managers have been in the business of taking care of homes for a long time, and with winter coming, they have a few simple tips that can keep units snug and dry. Just a few hours of preventative work while the weather is still warm can help avoid major headaches in the colder months.
1. Clean Gutters and Window Wells
This is one of the simplest maintenance tricks, and one of the most effective. Whether tackling this chore yourself or reaching out to your local Raleigh property management team, it is an important step for winter readiness. A dirty gutter and window wells will hold ice and snow, block drainage, and cause overflow. This can cause long term damage and even encourage mold growth. A simple cleanup avoids all these problems.
2. Sump Pump Maintenance
Another area where prevention will lead to savings is sump pump maintenance. Raleigh NC property managers can help to locate the exit pipe and clear it of debris. The pipe should also be far enough from the home to not direct water right back into the building’s foundation, which can cause mold or decay. It’s also important to test the pump itself by pouring water into the pump pit and seeing if the pump turns on – and then off – appropriately.
3. Electrical System Maintenance
Winter often puts added strain on electrical systems. The longer nights and shorter days mean lights are on for far longer than summer. Many heating systems also add to the load. Our Raleigh property management team recommends that homeowners and tenants alike take a quick look at their main electrical panel – or calls the management team to do so – to check for sparks, frayed insulation, or other obvious signs of wear and tear. A multi-meter tool is also helpful in testing that outlets are all in working order.
4. Bleed Radiators
This is a simple procedure worth doing at least once per year. After running the radiators at max temp for just a few minutes, turn the boiler back off and start bleeding radiators one by one. As air is being released, use a bucket or tray underneath to catch any stray water. Once each radiator has been bled, check the air pressure in the boiler itself. It’s as simple as that!
5. Examine Doors and Windows
Poorly fitting doors and windows let out an enormous amount of heat. Doing a quick check of each opening for leaks, gaps, and other defects allows you to schedule any fixes prior to the arrival of cold weather, saving both money and future discomfort.
6. Weatherproof Pipes
The extreme cold can cause pipes to freeze, and then to sometimes burst upon thawing. This is an expensive problem that simple maintenance can avoid. Rather than wait for an expensive break, check pipes in fall for any signs of cracking or wear. A plumber can be called in for a non-emergency fix if needed, but even if no obvious damage is observed insulating tape can be wrapped around outdoor pipes for extra protection against the elements.
7. Chimney and Fireplace Inspections & Sweep
Whether you have a gas fireplace or a wood burning fireplace, you should have your fireplace and chimney inspected on an annual basis and cleaned as well, especially if you burn a lot. Keeping a clean chimney reduces the need for a Raleigh chimney repair company to need to fix any issues. You can stay ahead of any concerns which may arise when you haven’t had the system checked regularly.
Simple and quick maintenance is the key to avoiding time-consuming and expensive repairs. Though many of these fixes can be done by a handy person, the simpler solution for anyone with a demanding schedule is to simply search for property management near me and let professionals take the lead.
by Barker Realty, Inc. | Aug 4, 2020 | Barker Realty, Property Management Company, Tips for Property Investors
The real estate sector is lucrative. If you own property in different states, you can turn one of the houses into a rental home. Such financial decisions help people generate passive income as they pay for other assets they expect to own in the near future.
The Raleigh NC property manager will be tasked with looking for tenants and also managing them. Before hiring a property management company in Raleigh, you should always ask the following questions:
1. Ask about how you will receive the rental income.
The Raleigh NC property manager will be tasked with collecting the rent. Always ask the property managers near me when and how they plan to collect the rent. Each property manager will have a unique way to distribute the rental income after collecting it. For instance, some property management firms may distribute the rental income on the 10th of every month.
2. Ask about the property management charges.
The property management company in Raleigh will charge for the services offered. In this case, the property management firm will collect rental income and oversee the maintenance processes. Once you are knowledgeable about the property management charges, you can calculate the expected income from your property.
3. How often will the property be inspected?
After hiring a property manager, you have entrusted them with your property. They are supposed to oversee everything ranging from inspecting and maintaining the property. It is important to ask the property manager about the number of times they will be inspecting the property.
The property should be inspected at least twice each year. During the inspection process, it will be possible to look into whether there is any maintenance required.
4. How will the property management firm handle the maintenance processes?
As a landlord, you are assured of maintenance requests and taxes. As you hire a property management firm, you should inquire about how they usually handle the maintenance process regarding price, quality, and other issues. Make sure the property manager is in a position to ensure the maintenance is done cost-effectively and efficiently.
There are property management firms that have a maintenance team. Such companies usually keep track of everything, and they also offer quality services. They are also cost-effective.
