by Barker Realty, Inc. | Jul 18, 2018 | Cary Investment Property, Cary Property Management, Investment Property Blog, Property Selection
Regardless of whether you are looking for a single-family home, apartment or townhome, you will have to spend a lot of time looking at Raleigh rental property listings. You will also have to spend a lot of time visiting the places and talking to people who work in rental property management in Raleigh. There are several things that you can do in order to save time and money.
3. Details
Anyone who works in rental property management will recommend that you pay attention to all of the details in the listings. Pay attention to the floor plan, square foot, storage space and the number of bedrooms and bathrooms. Additionally, you may want to choose a place that is located near shopping centers, entertainment centers, and freeways.
2. Amenities
You will also need to pay attention to the amenities when you are looking through Raleigh rental property listings. Kitchen appliances and heating are not the only amenities that you should be looking for. Private outdoor spaces, ample storage, and in-unit laundry are some of the amenities that you may want your new home to have.
You should also look for shared amenities such as swimming pools, outdoor spaces and fitness areas.
1. The Costs
You will need to make sure that the landlord is clear on all of the costs. In addition to the monthly rates, you will need to pay a security deposit, and you are responsible for the utilities associated with your property. If you are bringing a pet with you, and your property allows it, you will have to pay a pet deposit. You will need to add up all of the costs in order to determine whether the price of the new place is feasible. Barker requires that your income be equal to or greater than 3x the monthly rent.
If you are looking for experienced property management in Raleigh, contact Barker Realty today to view one of our available properties.
by Barker Realty, Inc. | Jun 22, 2018 | Apex Investment Property, Apex Property Management, Featured Article, Taxes & Financing, Tips for Property Investors
This is the age old question!
Rental property management can be a lucrative profession and we get asked this question all the time. It is easy for you to make money from rental properties, but that all hinges on many factors to determine how much money you can make renting your property in Raleigh.
Calculate Your Income
The first thing that you will need to do is calculate your monthly income. You do this by multiplying the monthly rent by the number of houses or apartments that are being rented. For example, you charge $1,000 in rent and you own 3 properties, you will bring in $3,000 per month from the rent.
Calculate Your Expenses
You will have to calculate your expenses in order to make money from rental properties. Insurance, taxes, mortgage payments and a management fee to your management company are some of the expenses that you will have to take into consideration. You will also have to consider the cost of maintenance and other expenses, such as utilities and landscaping while vacant, capital improvements needed over the years, etc. Additionally, if you are a member of the HOA, then you will have to include those fees as well.
Total the Results
The money that you have left over, after you cover all of your expenses, will be your profit. Ideally, you should not only have enough money to cover your costs, but you should also have money left over that can come back to you directly to reinvest or save. If your expenses are making it difficult for you to make ends meet, then you may have to raise the price of the rent or find ways to trim your expenses. For example, you may want to shop around for a different insurance provider or other contractors potentially hired to help with upkeep on your property.
If you are looking for a Raleigh property management company that can handle your investment properties or you just want to speak with someone about your potential opportunity to rent your home or condo or building, then give our Raleigh property managers a call today.
by Barker Realty, Inc. | Oct 23, 2017 | Cary Investment Property, Cary Property Management, Local Property Management, Property Management Company
If you are seeking to hire a property manager, then you are undoubtedly wanting to save time on your investment properties or rental properties. There are several questions that you should ask rental property managers before you pick the company or person to hire. Asking the right questions will help you get the best Raleigh property management company. Here are 7 things to consider shared by the team at Barker Realty.
1. How Will You Market the Property?
Marketing helps potential tenants know about the property. The way a property is marketed will determine whether it stays full or has vacancies. There are numerous ways to market the property on the internet. The most popular places to market the properties are MLS, Craigslist, Zillow and their website in order to gain exposure to searchers for rentals. Think about the various ways property managers can reach people these days; online, mailers, yard signs, etc. There are many options to take into consideration.
2. How are Tenants Screened?
You have to carefully select your tenants or have your tenants selected on your behalf. You need tenants who will make timely rent payments and keep the property in good shape. If tenants are thoroughly-screened, this can help you avoid a lot of headaches in the future. You should feel confident that your property manager will implement thorough due diligence in the application process. Ask about the systems that are used to check background, credit and rental history.
3. How Close is the Office to Your Property?
If your property manager has an office that is close, then that will make things more convenient for you for meetings and communication. You need someone who can take care of problems even if the problems occur after hours or over the weekends/holidays.
4. Will You Explain the Process to Me?
A good property manager should be able to confidently and concisely explain everything to you in a way that you can understand. You do not want to hire someone who cannot explain what they are doing or are unsure with how to handle a specific situation that can and most likely will arise with tenants from all walks of life.
5. How Do Property Managers Charge for Repairs?
Some property managers will up-charge a fee for any repairs. Others will take a percentage of the repair costs. You need to inquire about this before you hire and get in writing within your respective agreements.
6. Will I Be Charged When the Property is Empty?
You should find out whether you will be charged a fee when the property is empty. You should also ask if you will be charged if the tenant does not pay rent.
7. What Other Fees Will I Be Charged?
Identify your total cost for hiring any rental management company from small to large costs, setup, or ongoing fees. Your property manager should explain the fees to you in detail and again, get everything in writing through an agreement. It will be worth it in the long run and if you plan to expand your investment property portfolio.
Barker Realty will be able to answer any and all questions you may have about property management and all of the minute details that accompany it. If you are interested in a Raleigh property management service like Barker Realty, contact us today for more information or to schedule an appointment.
by Barker Realty, Inc. | Sep 27, 2017 | Investment Property Blog, Taxes & Financing, Tips for Landlords, Tips for Property Investors
Real estate can be a powerful investment. Buy the right home, and you can rent it out to other families and individuals throughout the years, earning a hefty monthly income as you do. Of course, buying your first home for rent might not be as simple as it seems on the surface. There are a lot of legalities and other concerns to think about, so if you want to make sure that you stay ahead of the curve, then you’re going to need some help from a specialist.
If you want to discover the possibilities of buying a house to rent out, but you want to keep the stress factor to an absolute minimum, the following tips could help.
- Get the Right Advice and Do Your Research
The most important thing you can do to protect yourself when you’re thinking of buying a house to rent out is getting the insight and support of a professional team. The right property management team can not only give you advice on what you need to do as a landlord, but they can also take a lot of the hard work of owning an investment property off your plate.
At the same time, remember to do your own research too. Take courses where you can, read books on investment and talk to other people who have spent some time exploring the market. The more you know about real estate investment, the more confident you will feel when you start your new venture. Just as you wouldn’t move into a new house without help from a professional moving team like our friends at Bellhops Moving Raleigh, you shouldn’t start your venture without insights from specialists.
- Know What to Buy
Once you’ve got the right experts by your side, it’s important to think about how you can get the best house for your future. After all, you want a home that’s going to attract a whole host of potential renters, but you may have to make some compromises if you want to keep your initial investments low. The key is to figure out what you can compromise on. For instance, having to powerwash your home before you sell it is no problem, but if you’ll have to rebuild a roof before you can put the space on the market, then that’s something else entirely.
Check the structural integrity of the home carefully when you’re looking for a bargain, and remember that location is often more important than how a home looks when it comes to attracting renters. Ensure that the neighborhood has plenty of things that appeal to a wide audience.
- Make Sure You Have the Right Finances
Finally, reducing the stress of investing in a home to rent means making sure that you have a good idea of all the finances that you’ll need to deal with, including estimating repairs and other important maintenance costs. Remember that the mortgage cost is only one of the expenses that you’ll need to consider, even if it is your largest outlay. You’ll also need to consider things like repair and maintenance costs too.
Buying your first investment property isn’t always easy, but the more prepared you are from day one, the more comfortable the process should be.
![Updater: A Service for our Residents]()
by Barker Realty, Inc. | Aug 1, 2017 | Barker Realty, Company News, Investment Property Blog, Property Management Company
UPDATER, A TOOL TO MAKE MOVING EASIER
When it comes to moving, the struggle, unfortunately, isn’t over once you’ve found your new home. Whether it’s changing your address, finding home service providers, or simply packing up your life into boxes, every step of the moving process is tedious, time-consuming, and downright stressful. To help simplify the moving process, we are offer Updater to all our residents! In case you haven’t heard of it, Updater is a web app that allows residents to save time – and stay organized – during the moving process.
HERE’S WHAT YOU CAN DO WITH YOUR UPDATER ACCOUNT:
Connect Utilities & Home Services
Updater connects you to the utility providers you need to set up in your new home. Additionally, Updater’s personalized Moving Concierge helps you find the best deals on the Internet, cable, phone, and other home services in your area. Updater can even schedule installation on your behalf!
Find and Book a Reputable Moving Company
Updater helps you compare, schedule in-home estimates, and book trustworthy, pre-approved moving companies. Forward Your Mail Save the trip to the Post Office by filling out your official USPS mail forwarding form directly within Updater.
Purchase Renter’s Insurance
Updater makes it easy to purchase renters insurance and make sure your belongings are safe and sound in your new home.
Update Your Accounts
Frequent flyer accounts, alumni associations, magazine subscriptions, etc.— Updater makes it easy to notify the businesses and organizations you care about of your new address.
Send Moving Announcements
Don’t forget to keep friends and family in the loop! Updater’s digital moving announcements let you add a personal message and even link to your new address on Google Maps. Claim Exclusive Moving Deals Updater helps you compare, schedule in-home estimates, and book trustworthy, pre-approved moving companies.
Barker Realty is always trying to improve our customer service and amenities for our residents. Updater is one of the tools that provide a high level of individualized customer service to our residents.
