by Barker Realty, Inc. | Nov 22, 2022 | Cary Investment Property, Cary Property Management, Featured Article, Investment Property Blog, Property Management Company
We find many people are investing in the real estate sector today, especially in thriving markets like the Cary-Durham region of North Carolina. It is a lucrative industry that can have high returns. Just like any other investment needing full attention by professionals who are dedicated to your best interests, real estate requires proper management. Therefore, property owners should always consider the services of rental property managers. These professionals help manage your building or home(s) and rent them out to reliable tenants through a thorough application process like Barker Realty provides.
Getting involved with tenants daily is not an easy task. It requires an experienced manager from a licensed property management company. Our property management services involve the following duties:
- Collecting rents
- Handling issues that affect tenants
- Ensuring that the property is well-maintained
- Making sure that the landlord’s property is structurally secure
- Taking appropriate actions against tenants who fail to pay rent on time
Therefore, if you want to be relieved from these tasks in order to focus on growing your portfolio further, we recommend hiring a property manager company who possess the following traits:
1. Communication Skills
Property management requires excellent communication skills between tenants and property owners or the management staff. Tenants and property owners should be able to reach the manager for non-emergency and emergency issues all the same. Therefore, both written and verbal communication skills are required to maintain a professional demeanor and is beneficial in handling difficult situations
2. People-Oriented
Based on our decades of experience, Barker Realty has learned that people-oriented managers interact with tenants more efficiently. Any property management service provider needs to place quality and competent tenants into residences.
3. Trustworthy and Ethical
An excellent management company is transparent and honest. The property management profession requires trustworthiness, responsiveness, and full disclosure for the owners in how the tenants are held accountable and processes are being followed. At Barker Realty, this is what we stand for — to build long lasting relationships with our clients through personal attention and exemplary service.
4. Knowledgeable and Experienced
Property managers should be able to interpret financial reports quickly and be able to decipher between a reliable tenant compared to one who may not be the right fit. Additionally, all property managers should be knowledgeable about the latest real estate regulations and property ownership laws. It is recommended to take the appropriate time to perform due diligence and interviews with your prospective managers to also make sure they are a good fit for you and your investment portfolio.
5. Marketing Skills
At Barker Realty, we know that marketing of our owners’ properties is crucial to the success of the relationship. Your property managers should be competent at online marketing with the goal of showing up online when people are searching for a new place to rent. They should also have clear rental signs, a professional showing agent, and a diverse rental portfolio to reach a wide range of rental clients.
6. Organized
An organized manager pays keen attention to details and they DO sweat the small stuff to ensure your property is managed properly. Being able to enhance proper maintenance of your property throughout the year, keep paperwork readily available, and check in with tenants are tasks which help your property thrive.
If you own property or are looking to invest in property in the Cary area, consider the above in your search for a reputable local property management company like Barker Realty. It’s important to get a knowledgeable and success-oriented team on your side.
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. | 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.
by Barker Realty, Inc. | Jul 19, 2022 | Featured Article, Property Management Blog, Tenant Management, Tips for Landlords, Tips for Property Investors
It is easy for people to get a short-term lease in the digital age. However, there are a number of risks that are associated with subletting an apartment or house. Property damage, liability issues and stealing furniture are some of the many risks associated with subletting, which our team at Barker Realty works hard to avoid for our rental property owners.
The law can vary from place to place. However, people who are caught subletting can expect to pay a hefty fine. For example, the fine in Miami, FL starts at $20,000. There may be additional fines if you live in certain communities. Contact Barker Realty to get more information about potential fines in and around Cary, NC if you’re considering subletting to see if your community or lease agreement allows this change in terms.
How to Prevent People From Subletting with a Lease Agreement
There are several things that our Cary property managers can do to prevent subletting. The lease is a document that is legally-blinding. Many people try to sublet because it is not forbidden in the contract, however, Barker Realty highly advises that every rental property lease contain one or all of the following clauses.
No Subletting or Assignments
Renters shall not sublet or assign the premises. All tenants have to fill out an application and be approved before moving in. Renters are responsible for paying rent and any damage for the remainder of the lease term.
Invitees or Guests
If guests or invitees cause damage to the property, then renters are responsible for paying for the damages. Guests are not allowed on the property longterm without having a property manager’s or landlord’s permission.
Our experienced Cary property managers help prevent subletting by making this a clause in the lease agreement allowing the right to evict tenants who violate this agreement. Furthermore, it is a good idea to require that every tenant has renters insurance.
Work with a Reputable Property Management Company
Hiring the right property manager is one of the keys to avoiding this nightmare. They will put the best terms in their agreement, so tenants know that subleasing is not allowed. They will be able to clearly explain the ramifications of breaching the agreement and can enforce an eviction policy. Additionally, they will do periodic checks in order to ensure that no one who is not on the lease is living inside of the home.
Get in touch with Barker Realty, a investment and rental property management company based in Cary, NC to talk about our services or have us represent your property to give you peace of mind.
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 6, 2021 | Featured Article, Property Management Blog, Property Management Company, Safety & Security, Tips for Landlords
Managers are some of the most critical team members in any company offering property management services. Just like any other company, safety and security of your team should always be top priority.
The roles assigned to managers, including showing properties and homes to strangers, is somewhat unsafe when you think about it, and property managers are expected to perform their duties as well as take precautions to minimize risks that come with the job.
Below are 10 safety tips that our property managers at Barker Realty follow before going into the field, which we’d like to share with you.
1. Gather Information about the Client
Collecting information before meeting any client is crucial. The info might reveal whether a client poses any threat or has any ill motive towards you or your company. Proper screening of clients can help you collect relevant client information.
2. Meet Clients at the Office
The first meeting with a client should always be at the company offices. You get first impressions and get to judge their character. Collecting information about a potential client including where they work and their current home address will be more comfortable in the office.
3. Be Cautious
Always leave valuables at homes or the workplace. Also, avoid giving too much personal information to your client.
4. Follow Company Financial Policy
Always let clients know the company financial policy. Rent and security deposits should be paid directly to the company’s bank accounts. Also, avoid handling too much cash in front of a client.
5. Be Assertive
If you feel uncomfortable around a client, excuse yourself. Get to a safe place and inform a trusted co-worker. In this business, it’s recommendable that you always trust your instincts.
6. Maintain a Good Relationship with Co-Workers
Always ensure you have someone on standby who knows your schedules for the day. A trusted colleague or your boss may prove very helpful. In case of you don’t return on time, they will know how to locate you.
7. Always Play Safe
Avoid going into basements, attics or closets. Open the door to a room, allow clients to go first as you follow them behind.
8. Let Clients Know Your Schedule
If you have other appointments, let your clients know that other people are expecting you. Show your client how important your job is to you in a friendly way.
9. Use Surveillance Equipment
Install CCTV cameras on your office premises. Cameras will be useful for facial recognition of clients who walk in out of the office premises. Surveillance adds protection the property by identifying threats fast.
10. Attend Training Seminars
Most companies that offer property management services have safety and work conduct seminars. Attend these workshops to improve your knowledge base.
If you have additional questions or looking for an excellent property management service provider, look no further. Request an appointment today with our Apex property managers full of experience and expertise, especially when it comes to remaining safe in the field.
