by Barker Realty, Inc. | Oct 11, 2022 | Tenant Acquisition, Tenant Management
Property Rental Applications: What You Should Include and Why It Needs To Be Top Priority
When real estate investors put their time and money into a rental property, the last thing you want is for that property to be rented to someone who won’t pay their rent or destroys the property. That’s why hiring professional property managers or a property management company can be crucial. Just as critical, though, is the application. If you hadn’t thought about using an application, you should.
Quality Tenants
You want to make sure that you’re renting to quality tenants. A quality tenant is someone who is able to afford the rent (a general rule of thumb is that their income is at least three times the rent), has a stable job, has paid their rent on time in the past, has a clean criminal record, and is responsible. It is best to have a process that confirms the information.
Rental Property Application
Property managers review applications every day. Hiring a property management company will give you the ability to use a rental property application without having to create it or review it yourself. However, before hiring someone, you should look over their application.
It should include, at a minimum:
- Contact info for the prospective tenant
- Current address and landlord’s name and contact info (prior landlords are a bonus)
- Current employers, job title, salary, length of employment
- Credit and background check authorization
If any of these things are missing from the application, ask for them to be added. If a prospective tenant fails to fill in any of this information, that should be a red flag.
Verify Information
Real estate investors should also make sure that their property manager verifies the information that the prospective tenant provides. They should verify employment and references. When possible, they should contact the current landlord and make sure the tenant pays rent on time, and isn’t a lot of trouble. They should also contact prior landlords. While a current landlord may lie to get rid of a problem tenant, a prior landlord will have no reason to lie and thus will admit if the tenant failed to pay rent, damaged the property, etc.
Get in touch with us today to find out how we can assist you!
by Barker Realty, Inc. | Sep 20, 2022 | Featured Article, Tenant Acquisition, Tenant Management
Many investment property managers want to know what they need to do if they purchase a tenant occupied property. The first steps that you take will determine your success as a property manager. Here are some items from Barker Realty to consider implementing to get you started and on the right track.
Collect Previous Documents
It’s important for the property management company to collect all necessary and supporting documentation. This documentation could outline: Who is the tenant? What is in the lease? What amount of money are they paying each month? Another documentation item to collect will be the rent roll, residential lease, tenant applications, lease addendums, inventory-condition report and others. Contact us for more information or to schedule a consult with a seasoned property manager in our office to help you start the process.
Let the Tenant(s) Know
It will be the role of the investment property managers to let the tenant know about the new owner. Tenants should have a right to know who they will be paying. You will have to decide whether you want to hire a property manager, or you want to take care of this yourself. Notifications by multiple channels via mail, email, a phone call or even in-person are great ways to communicate with tenants regarding these types of changes to their living space, but also to their life.
Frequently Asked Questions About Tenant Occupied Property
Letting the tenant know about the change and collecting the necessary paperwork are the basics. Next, we’d like to share a quick list of questions that you may have.
Q: How Easy is it to Make the Transition?
A: The transition should not be difficult if the information is easily available. The process will only be difficult if there are documents missing. Consider all angles and cover all bases when taking over a tenant occupied property and be prepared to quickly make decisions.
Q: Will I Keep the Tenants?
A: You may be wondering whether you should keep your current tenants or get new ones. Is the tenant paying the rent on time? Is the tenant paying the market rent? Have they made any repair requests? Those are some of the questions that you should ask to deem the tenants in good standing order or one who could pose issues in the future. Communication is going to be key at this point.
Q: What Are Some Things That Can Go Wrong?
A: The honest answer to this is, ANYTHING. Really! Problems can arise from anything or anywhere, so it’s crucial to implement processes like taking proper move-in pictures or creating and checking off an inventory condition report. If you have any issues with your tenant, then you will not be able to prove anything in court without the necessary documentation. Additionally, a missing rent roll can also create problems. You will not know whether they paid last month or still owe. A tenant can tell you that they paid their rent, but they really did not. You cannot prove that they did not pay if you have a rent roll.
In need of a highly skilled and valuable property management company in Durham, NC? Barker Realty is only a phone call or web form submission away. Contact us anytime!
by Barker Realty, Inc. | Sep 6, 2022 | Cary Property Management, Company News, Investment Property Blog, Property Selection
If you own a rental property in the Cary area, keeping it in good condition and properly maintained is very important. Properties that are not well kept will continue to wear down and eventually will lose their value. Due to the extreme heat, maintaining a property in Cary after the heat of summer does come with some challenges.
Fortunately, along with the help of our experienced property managers in Cary, there are summer rental maintenance tips that can be followed that will help to keep your property in great shape.
Roof and Brick
To ensure your roof and bricks are ready for cooler temps and upcoming winter storms, you should enlist of the help of our trusted property managers in Cary to make sure that all of the major elements of the home are functioning properly. Doing this will help to ensure that your home is in good shape and ready for the upcoming fall season.
Clean and Check for Cracks
The end of summer should also be a time to make sure that the property is fully cleaned. You should follow rental maintenance tips and spend time examining the gutters, walkways, foundation, and other areas of the home to make sure they are clean and free of cracks. Any issues that you notice should be addressed immediately and reported to your property manager.
If you are in need of assistance in the management of maintenance of your rental property, you should contact us today. We can provide you with a variety of services to keep your property occupied and properly maintained.
by Barker Realty, Inc. | Aug 23, 2022 | Investment Property Blog, Property Management Company, Tips for Landlords, Tips for Property Investors
It can be challenging to find the best property managers in your area. Fortunately, if you know what to look for, then it should be easier for you to find the right person or the right firm to represent your investment properties and your tenants. There are several things you should look for before hiring someone to manage your rental properties in Cary, Apex, Raleigh or throughout the Triangle region.
1. Have a Creative Website
The internet is the first place that people look when they are trying to find a product or service they need. Property management companies should see the importance of having a professional website, like Barker Realty. The website should highlight the benefits of working with the company and understand the value they would bring to you, your tenants and your property. You're on ours now and here's the Owner Services page with loads of information https://barker-inc.com/residential-management-rentals/owner-services/.
2. Use Social Media
Many people also use social media to locate companies to work with and also want to view online reviews, too. LinkedIn and Facebook are some of the websites that you should check out to see how the property management company interacts with their customers, new customers, if they are responding to both negative and positive reviews, and so much more. One of the many great things about checking out a social media page is that you can see what our company does every day with pictures of work, seasonal specials, employee spotlights, and much more to help build trust in doing business with us.
3. Hiring is an Investment
Hiring a professional property management company or individual manager can get expensive. However, like most services, you get what you pay for. You may want to save some money and go with an individual, which is completely fine as long as they are providing you value and are responsive to your need and your tenants. On the other hand, you may need a bigger team with more resources, and that's when a company may be the best fit. Just remember, hiring a property manager is an investment into your overall portfolio. Go with experience. Go with responsiveness and reliability. But, always know they should have your best interests in mind at all times to benefit you and your properties in the long run.
4. Use of Technology
Property management is saturated with new technology from management software, billing, online applications, the list goes on. Consider the technology being used by a property manager or a company as part of your arsenal in delivering a smooth process for your tenants and how you can track the services being provided.
5. What Can Make You Stand Out
Key differentiators are a driving factor in the selection process. There are plenty of capable property managers in the Apex, Cary and Raleigh area and many other larger or growing cities throughout the country. However, what are you looking for that can set you apart as well from the competition? Property investors don't always think about this notion of how can a property management company make your properties stand out from all the rest. Ask these from your property manager when in the hiring process or looking to retain a company's services. You may be surprised and pleased with their responses.
Contact Barker Realty for more information about hiring the best property manager or a reputable property management company who will always keep your best interests in mind.
by Barker Realty, Inc. | Aug 9, 2022 | Apex Investment Property, Apex Property Management, Featured Article, Property Management Blog, Tips for Property Investors
Many people have a lot of rental property questions and there are a lot of myths about renting, which our Apex property management company would like to clear up and dispel your concerns.
Myth 1: You are Throwing Away Money
Fact: Many people think that because you will not build equity by renting, you are wasting money. However, renting does not waste any money. In fact, our property managers in Apex can help you save money. The cost of maintenance is included in renting.
It may not be a good idea for you to buy a home right now. For example, if you do not have enough money saved up for a down payment, then it is best for you to rent. It may also be a bad idea to buy if you live in a bad housing market.
Myth 2: You Cannot Negotiate With a Apex Property Management Company
Fact: Many people think that landlords have all of the power. However, you have more negotiating power than you think. The most important thing that you can do is read through your entire lease and if there are terms than you want to negotiate, then you have every right to openly discuss these items with your landlord or property management company.
Myth 3: It is Hard to Get Out of Your Lease
Fact: It is not a good idea to sign a long-term lease if you know that you will have to move. However, unexpected things can come up in your life. For example, your roommate may move out. You may also have to move because of a job. You may have health issues. The list goes on.
If you have to move, then you will need to let your landlord know as soon as possible. You may be able to sublet your place. You may have to pay fees, but there is always a way out of your lease and we always recommend to be as open and honest as possible with your landlord or property management company, so you can collectively come up with a solution.
If you have any rental property questions, give Barker Realty a call today. We have property managers in Apex, Cary, Raleigh and throughout the whole Triangle region.
