by Barker Realty, Inc. | Feb 18, 2020 | Investment Property Blog, Tenant Management, Tips for Landlords, Tips for Property Investors
Investing in rental property is a great way to generate a steady stream of income—but unfortunately, it’s not as easy as signing on the dotted line and letting the payments roll in. Property management takes a lot of patience, communication, and hard work, and many property buyers who see their investment as a “side gig” are often dismayed to find that it has similar demands to a full-time job.
If you have other things in life that demand your time and attention, a property manager can take all the worry off your shoulders and run the day-to-day details of tenant interaction, rent collection, property maintenance, etc. Below are some ways a Raleigh property management company can make your life much easier!
Resolving Tenant Issues
A big part of a property manager’s job is tenant interaction—answering questions related to the lease, resolving complaints, and filling out maintenance requests, to name a few tasks. Having a Raleigh property manager is beneficial for two reasons: first, as we discussed in the intro, because all this issue resolution takes up a significant amount of time.
And secondly, it places a third party between the owner (you) and the tenant. When the owner stays a rather distant figure from the day-to-day property tasks, tenants are more likely to have respect for you, your property and your regulations.
Handling the Paperwork
For some, one of the best aspects of hiring a property management firm is handing over the paperwork to someone else. A rental management firm can complete all the paperwork involved in finding and screening tenants, checking credit reports, conducting background checks, drawing up lease agreements, and keeping track of monthly rent. If you own an entire building with a high turnover rate, the reduction in paperwork can be well worth the cost of hiring a property management company.
Acquiring and Evicting Tenants
The other big part of a property manager’s job is filling empty units and keeping them filled. A property manager will advertise open units, conduct tours, interview and screen prospective tenants, draw up leases, and handle applications, move-ins, and move-outs. If a tenant ever needs to be evicted, a property manager will also handle the legal aspects of the eviction process so that you don’t have to have significant involvement.
Final Thoughts: Should I Invest in Raleigh Property Management?
Since we are a Raleigh property management company, you probably expect that we will say yes, every investment property owner should hire a management team to help out. The truth is, though, that some owners–those with an open schedule, head for details, and excellent people skills–are able to handle the job themselves. However, if your time is already booked with other responsibilities, we encourage you not to go it alone—property management is not for the weak of heart (or limited of schedule!) Similarly, if you find interacting with people stressful, hiring a property manager to interface with tenants and contractors for you will probably be well worth the investment.
Barker Realty, Inc. is a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. To set up a consultation appointment with one of our skilled representatives, click here.
by Barker Realty, Inc. | Feb 4, 2020 | Property Management Blog, Tenant Management, Tips for Landlords, Tips for Property Investors
If you own investment property in Raleigh, you don’t need us to tell you how stressful it can be. Keeping your property maintained, acquiring new tenants, and managing the ones you have can take a toll on landlords, especially those who are operating alone. However, if you want to be successful, stress management isn’t an option—it’s a necessary part of your overall business strategy. If you can’t find ways to relax and recharge, you won’t be able to give your best to your tenants or your investment. Below are some ways to relax and refocus from our Raleigh property managers.
Become a Master Prioritizer
If you haven’t mastered prioritization yet, now’s the time to make it, well, a priority. If you try to do every single thing on your list, you’ll quickly become overwhelmed. Instead, highlight the top five, or even top three items you’d like to accomplish in a day, and focus only on these. If even that is too overwhelming, go even smaller: highlight the one most crucial thing on your list, and tackle that before moving on to the next.
Take Note of What’s Going Right
As a landlord, it’s easy to get caught up in all the things that are behind schedule, unfilled, or in need of repair. One good way to reduce your stress level is to try focusing on the things that are going right. A pen and a piece of paper are all you need—physically writing down your successes at the end of each day will help you have something concrete to focus on when things get tough.
Take Periodic Breaks
If you find yourself spinning your wheels and not getting anywhere, step away from the desk (and phone, and email). As a property owner, you’re your own boss, so take advantage of it! Take a long walk; sit on a bench and soak in some Vitamin D; or run a small errand—anything that takes your mind off of work. Once you’re refreshed, you’ll be better equipped to tackle the challenge anew.
Delegate, Delegate, Delegate
If running your investment property is driving you crazy, maybe it’s time to acquire some helping hands. Accountants can help you keep your books straight; marketing companies can help you reach new prospective tenants; and landscaping companies can keep the grounds clean.
Most importantly, a property management company can handle all of people the above, plus your tenants, and all the day-to-day tasks that are currently eating up your schedule. If you need a property management company in Raleigh, call Barker Realty, Inc. for a consultation appointment, and get ready for a more controlled, relaxing life!
by Barker Realty, Inc. | Jan 21, 2020 | Tenant Acquisition, Tenant Management, Tips for Landlords, Tips for Property Investors
If you’re a Raleigh rental property owner, amenities are a must if you want to attract quality tenants. And in a competitive market, going above and beyond the usual pool, fitness center, and laundry room will set your rental property apart from the rest. Below are a few unique amenity ideas to consider adding to your apartment building, condominium, or single-family home in Raleigh.
Pet-Friendly Additions
With more and more millennials choosing pets over kids, pet-friendly amenities are a must if you want to attract young professionals to your property. Popular amenities for pet owners include doggie waste bag dispensers, doggie playgrounds, and walking trails. If you’ve got a big budget to work with, you can go one further by adding complimentary dog walking, grooming, and day-care services on-site.
Playrooms for Kids
Of course, it’s important to also cater to those who do have kids. Instead of just having an outdoor play area—a great draw on its own—you can up the ante by offering an indoor playroom, too. Playrooms that are adjacent to, and visible from, the fitness center are a great way to let parents work out while keeping an eye on things, and it will provide a place for kids to burn off their extra energy that isn’t over your other tenants’ heads.
Community Garden
A community garden is a great way to bring residents together to grow sustainable, zero-packaging food at home. Condominium and apartment residents especially will appreciate the opportunity to enjoy the outdoors despite lacking a backyard. You can make your investment property even more eco-friendly by setting up compost bins, rainwater collectors, and solar-powered lighting. Let young, eco-savvy renters know that your property is different from the rest!
Tech Centers
Facility-wide internet access is an absolute must in modern housing communities. But don’t just stop there—consider providing a quiet space where residents can work remotely when the need arises. A shared printer, coffee pot, multi-port USB charger, and a nice plant can help create a peaceful, useful workplace. You might even consider stocking basic office supplies such as staplers, though they may be at risk of theft.
Prayer/Meditation Room
Many modern properties are adding interfaith “quiet rooms” to their properties, where people of all belief systems can reflect, pray, meditate, or practice calming techniques. You might include a small library of books; comfortable chairs; devotional literature; prayer rugs; or even yoga mats. Amenities like this are a great way to catch renters’ attention which show that you are devoted to their health and well-being.
Need a Property Management Company in Raleigh?
If you’re considering purchasing rental property in Raleigh, an experienced property management company can help! Our experienced property managers can help you choose a smart investment that will appreciate, and then help you manage tenant relationships, property maintenance, and more. If you’re ready to become a Raleigh landlord, call Barker Realty today.
by Barker Realty, Inc. | Jan 7, 2020 | Investment Property Blog, Property Management Blog, Property Selection, Tips for Property Investors
The days of real estate investors traveling from neighborhood to neighborhood on the hunt for housing opportunities are long gone. Nowadays, buyers don’t have to confine their search to just one city or state—in fact, some buyers will purchase a property in another state, without even setting foot inside. While we aren’t advocating for this particular strategy, we can’t help but get excited about a world that is truly a property investor’s oyster. Below are some of the most promising cities to add to your search in 2020.
Atlanta, Georgia
Google, Microsoft, Coca Cola and Verizon are just a few of the major corporations that have recently expanded their presence in Atlanta. Known as one of the largest tech hubs in America, Atlanta’s business-friendly climate and relatively affordable housing environment continue to attract startups and established companies alike. As more and more players enter the market and create job opportunities, Atlanta’s single-family rental market is expected to see steady growth. By the numbers, single-family home appreciation was very strong last year at 13.1%.
Raleigh, North Carolina
Massive educational institutions and a flourishing technology center have long made Raleigh an excellent opportunity for real estate investors, and the latest reports show that this trend will continue in 2020. In the first half of 2019, financial investment activity in Raleigh reached $385 million, and the city boasts more than 89,000 tech jobs. In fact, on the list of biggest technology hubs in the U.S., Raleigh ranks #3, just behind Silicon Valley and San Francisco. All of this means that 2020 real estate investors are guaranteed a good rate of return on a Raleigh rental residential or commercial property.
Orlando, Florida
Thanks as always to its steady Disney World traffic, Orlando is expected to report another high watermark in tourism this year. Hailed as America’s most-visited city, Orlando is a great market for rental property, due to the high percentage of leisure- and hospitality-sector jobs. Key metrics to watch include an annual population growth of 2.4%, and a forecasted household growth of 3.4%.
Jacksonville, Florida
Steady population growth in Jacksonville, particularly from retirees who have the luxury of discretionary income, have helped Jacksonville become one of the most promising real estate markets in the U.S. Sandy beaches, championship golf courses, and historical military attractions draw tourists to the area year-round, and make it a reliable investment for property investors to bank on. Jacksonville experienced 3.7% rent growth in 2018, and household growth is forecasted at 2.1% in 2019.
Looking for Investment Property in Raleigh NC?
When you’re considering purchasing rental property in Raleigh, an experienced property management company can help you make the best decision! And once you have made your investment, we can help you manage tenants, rent, property maintenance, and more. If you’re ready to become a Raleigh landlord, call Barker Realty today.
by Barker Realty, Inc. | Dec 24, 2019 | Property Management Blog, Repair & Upgrades, Tenant Management, Tips for Landlords
Owning a Raleigh investment property has a lot of advantages. It’s one of the easiest ways to earn a significant amount of income, without much stress or hassle (that is, so long as you’ve got a property management company to handle all the day-to-day paperwork and upkeep.)
However, it’s undeniable that there are some occasions when being a landlord can definitely be a headache. One of the worst situations landlords must sometimes face is that of a hostile, angry tenant who destroys the property as revenge against perceived slights (like eviction proceedings.) In today’s property management blog, we discuss what to do if you are ever in this situation. Keeping a cool head and following these tips will go a long way towards getting your property fixed and your money back.
Document Everything
The first step is (literally) assessing the damage. If the tenant still lives in the property, you are legally required to give him or her a 24-hour notice before entering the unit for an inspection. You can easily do this by posting the notice on the door. When you inspect the rental unit, take clear, well-lit, time-stamped pictures of all the damage. It’s also a good idea to take a video camera and film every inch of the investment property, even parts that are undamaged, in case the tenant adds more.
File a Police Report
Your next step is contacting your local police department to report the incident. The police report will be invaluable supporting evidence in court. Be aware that calling the police to file a report is not the same as arresting the tenant for illegal activity. However, if the damage is significant enough and numerous valuable items were stolen, the police may also consider it a criminal case and file charges.
Gather Bids for Repairs and Make Them
If your tenant has already been evicted, it’s a good idea to get the property tenant-ready as soon as possible to minimize your financial costs. Make sure all your documentation is saved and backed up to a secure server, and then invite contractors to provide repair estimates. Keep copies of the bids and subsequent invoices for your court case. If the damage is extensive enough, your insurance might be able to cover some of the costs as well.
Deduct Costs from the Security Deposit
In an event like this, it’s likely that the cost of repairs will exceed the amount of the deposit. However, you are still legally required to send the tenant an itemized list of repairs with the corresponding cost deducted from the deposit. The form you must fill out is called a Security Deposit Disposition form. Under North Carolina law, a landlord must return the tenant’s security deposit along with the disposition form within 30 days after the tenant has moved out.
Seek Legal Help
At this point, it is time to seek legal action. Usually, you will need to file a lawsuit in civil court seeking compensation for the cost of repairs of the damage. It is advisable to hire an attorney to help you with this action.
Avoid Bad Tenants with Raleigh Property Management
Unfortunately, there isn’t much you can do to avoid situations like this once they are already happening—but you can take steps to mitigate the chance of them happening in the first place. Purchasing an investment property in a safe neighborhood; carefully vetting tenant applications; and developing strong, positive relationships with tenants can all go a long way to keeping your property safe and secure. And the easiest way to do all that is hiring a Raleigh property management company to help and advise you! If you need help finding or managing investment property in Raleigh, call Barker Realty Inc. today, and we’ll be happy to get you started on the right track.
