by Barker Realty, Inc. | Mar 7, 2023 | Featured Article, Property Management Blog, Property Management Company, Repair & Upgrades, Tips for Landlords
New rental property managers or someone who’s just started with a new property management company may wonder what constitutes normal wear and tear on a rental property compared to what constitutes damage to a rental property.
Normal wear and tear can be vaguely defined as the depreciation that occurs through normal daily living in the home. But what does that actually mean? Let’s look at some examples of the differences between normal wear and tear and damage.
Carpet
Matted carpet is normal wear and tear, the result of people walking back and forth or furniture sitting in the same place for many months or even years. Burned or stained carpet, however, is damage.
Walls
Small nail holes in the walls, from hanging photos or small knick-knacks, is normal wear and tear. Large holes in the wall are damage. Fading or yellowing paint is normal wear and tear, while large wall stains are damage. Loose wallpaper is normal wear and tear, while crayon markings, ripped paper or large stains are damage. Worn electrical switches or receptacles are normal wear and tear, while ones that are missing, melted or burned are damage (Note: melted or burned ones may not be the tenant’s fault if there is an electrical problem).
Hardwood, Linoleum & Tile Floors
Lightly scuffed hardwood floors are wear and tear, scratches, chips and deep gouges are damage. Worn linoleum is wear and tear, while holes in it are damage. Loose or mildly cracked tiles are wear and tear, missing or shattered tiles are damage.
Windows & Window Coverings
Faded curtains are wear and tear, while stained or torn curtains are damage. Dirty window screens are wear and tear, while cut or missing screens are damage. A cracked windowpane because the building settled is wear and tear, while a shattered window from a baseball being thrown at it is damage.
Hiring a local real estate management company can help avoid some of the damage. Rental property managers from a property management company or local real estate management company can perform regular inspections to ensure that damage is caught before it becomes more severe. The knowledge of a potential inspection can keep tenants on their best behavior, preventing damage before it starts.
Ask us how Barker Realty can help you today!
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. | Jun 7, 2022 | Property Management Blog, Property Management Company, Property Selection, Tips for Property Investors
There are many people who are interested in investing in rental property as it can be a great financial move for a variety of reasons. Not only can investors make money off of monthly cash flow from the collected rent, but there is also financial benefit in the equity appreciation build-up over time. You are essentially having someone else pay your mortgage and insurance on a piece of property that can retain value or appreciate, especially in the Durham-Triangle market.
At Barker Realty, our property management company highly recommends conducting research before investing in real estate in your area to make sure it will be a great fit for your business or you personally. Talk with others. Talk with experts. Learn as much as you can about how investing in rental property could be a game changer for you and your portfolio. Here are some tips to help you along the way!
Find a Rental Property
The best rental properties are in areas that are growing rapidly. The biggest predictor of future price appreciation in an area is the growth of the population. In addition, a growing population will have many renters who are willing to live in your property.
With the competitive real estate market, it may be difficult to find a rental property that meets your needs. You should look for a property that will produce positive cash flow every month. You need to plan out your expenses with the property and then look at what the home will rent for. Hiring property managers is part of the rental process. These costs need to be accounted for as well.
Financing
Real estate investors need to understand how to use financing options for their benefit. Financing is the best way to purchase a rental property if you do not have the cash to do so. Some real estate investors borrow too much money and get into financial trouble. Instead of doing this, borrow money in a conservative way. This will help you reduce the overall risk that you have in an investment.
Hiring Help
No one wants to answer calls in the middle of the night from tenants. Hiring property managers is the best way to reduce your stress while owning a property. You need to look at online reviews before making a decision on the company that you want to work with. You should work with a company that has quality customer service and support at all hours.
Rental property can help you get to the next level in your finances. However, be realistic with yourself. It’s not easy and it is not a way to get rich quickly, but it will help you build wealth over time when done the right way. With the strong housing market, now is a great time to look for an investment property in your area.
Contact Barker Realty today for more information about investing in real estate, rental properties and overall property management services.
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. | May 10, 2022 | Property Management Blog, Tenant Acquisition, Tenant Management, Tips for Landlords
Tenants are the heart of the property and if property managers and rental property investors do not have them this affects their investment. The property/properties become less desirable and they aren’t generating income. Property investors often have one question in mind, “How do you keep the properties filled in order to maximize revenue?”. One major answer to that question is communication.
From the Tenants Perspective
Many tenants believe that their property managers really do not care about them. They think that property managers are just there to send out letters and collect money. If that is the tenant’s point of view, then they do not have any reason to renew their lease. They may start looking for a new place to live long before their lease is up and at that point, it’s hard to get them back or to change their mind.
Communication is Essential
It is important to keep the lines of communication open between tenants and property managers in order to build trust in each other. Property managers should be able to address any concerns that the tenant has. Even if they cannot solve the problem right away, they should still show that they care about the issue and will help to figure out a solution. It’s a great feeling knowing that you’ve been heard.
Property managers can also show appreciation to their tenants. You can give your tenants a thank you phone call or offer other benefits for renewing their lease. These are small ways that you can let your tenants know that they are appreciated. This shows the tenant that their presence is appreciated.
Going above and beyond can make a major difference in tenant retention. It is important to make sure that your tenants feel as though their voices are heard, and they are valued. Keep in mind that if you are able to retain more tenants, then you will be able to bring in more rental income and have a better reputation for your investors or property owners as well.
Get in touch with Barker Realty if you are in need of a polite, experienced, and over-communicating property management company. We look forward to working with you!
