by Barker Realty, Inc. | May 24, 2022 | Cary Investment Property, Cary Property Management, Featured Article, Property Management Blog, Property Management Company
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!
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. | 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.
