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!
Many homes sustain extensive damage during the harsh winter months. Your Raleigh rental property, however, doesn’t have to be one of them. Prepare for the worst and avoid costly repairs with the following winter real estate maintenance tips.
Clean out the gutters
Leaves and debris can block water and allow it to pool. Then, when the cold hits, it freezes, causing your gutters to warp and crack. Therefore, be sure to clean your gutters one last time before winter comes. You may also want to disconnect and drain your garden hoses after doing so
Take time to insulate
An important aspect of winter property maintenance is insulating and sealing your home so that heat can’t escape. Be sure to caulk any holes in your walls; apply weather stripping to your doors and windows; and seal any seams. Make sure that you fully insulate your attic or basement as well.
Inspect and fix the roof
A key component of your real estate maintenance schedule should be roof inspection and repairs. You don’t want to discover a leaky roof in the middle of a heavy storm! It may also be a good idea to remove nearby tree branches that could fall and weigh down the roof’s surface.
Wrap up your pipes
A broken or burst pipe can cause extensive property damage. Insulation sleeves are a simple, affordable option that can help you avoid a disaster and overall headache. If you are a Raleigh property manager, advise your tenants to leave the faucets dripping overnight when temperatures sink below freezing.
Need Raleigh property management help? Call Barker Realty
These winter property maintenance tips can help you stay warm and cozy when storms come. If you need any help or assistance, Barker Realty and our sister company, Barker Property Maintenance, are just a call away. Our professionally certified plumbers, electricians and general contractors are always available to assist your residential, commercial, or rental property needs.
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 the classifieds to try to 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
Real estate investors, managing your property alone, 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!
Barker Realty proudly serves the Wake County area, including Raleigh, Cary, Apex, Wake Forest, Fuquay Varina, Clayton, Knightdale, Garner, Holly Springs, Zebulon, and Wendell.
At Barker Realty, we have been managing rental properties in the Triangle area since 1984. In 1996, Barker Property Maintenance Company was formed as a sister company to Barker Realty. While this is a separate company that functions on its own, it offers a quick and affordable resource for our property managers and the owners with which they work. Today, we would like to share a few ways we handle maintenance issues for our property owners.
One way to avoid large expenses is through preventative maintenance measures. At Barker Realty, we offer periodic maintenance services, such as gutter cleaning, filter changes, and annual service contracts for your heating and air conditioning systems. We also offer annual under-house inspections as well.
Property Maintenance Accountability
Through our maintenance company, we are able to provide more accountability to our property owners. Whether one of our staff technicians or a vendor is working on your home, everything we do is warranted by Barker Property Maintenance Company. Our technicians offer feedback and recommendations when they’re servicing your property, because preserving the condition of your property is important to us. When we work with an outside vendor, we require that they be licensed and insured. This provides additional protection for you and your investment.
Raleigh Property Management: Our Availability
Our maintenance team is available and accessible 24/7 for after-hour emergencies. One of our technicians will speak directly with your tenant and if possible, walk them through the remediation of the problem. This may mitigate any damage to your property and save you money on potentially expensive after-hours repair work.
A sublease is an agreement that is made between the tenant and a third party. The original tenant will become the landlord to the person who is subleasing the home or apartment. Every local property manager needs to know if their tenants are subleasing.
There are many problems that a Raleigh property management company can have if someone is subleasing the apartment. For example, you can end up with an unapproved person living on your property. You may also have a tenant who decides to leave unannounced and not pay the rent.
Why a Tenant May Decide to Sublease
Many tenants decide to sublease if they are going to be away from their home for an extended period of time. Others have to move out of their home before the lease is up. Subleasing may be a good option because it allows the tenant to continue their obligations while they are away.
Risks of Subletting
Every local property manager needs to be aware of the fact that subleasing has its risks. Property managers spend a lot of time making sure that they properly screen people. However, if the original tenant is not living in the home, then you may not know who is living on your property. You may also have a big mess if the person who is subleasing decides to move out.
Benefits of Subletting
Property management services can sometimes benefit from subletting. It helps rent payments continue, and the property stays occupied. Property managers can also save time and money.
Should a Landlord Allow Subletting?
Most places allow subletting. It is a good idea to check the laws in your area to make sure that it is legal for you to do this. You should make sure that your lease has a subleasing clause.
If you are in need of property management services, then you can contact us.
Here is the thing. When you decide to buy property, be ready to spend significantly. Further, if you, a Raleigh property investor, have ready cash, you can get the property and cash flow right away. Only that, very few investors can afford such huge sums of money at short notice. Then, if you’ve identified a prime property and are constrained by cash, here are 4 top ways to solve this challenge.
1. Get a Homeowner’s Mortgage
Mention property financing and the traditional mortgage option comes to mind. Well, guess what? It is still as effective today as it was during the Great Depression. It is a go-to for most homebuyers since it spreads the repayments up to 30 years.
Homeowners can maintain large debt through affordable monthly repayments. Still, as local property investors, we advise opting for a mortgage with the shortest repayment period that you can manage. That way, you will be mortgage-free sooner and venture into bigger investments. Other benefits include:
A lower down payment
Lower interest rates for persons with good credit rating
Access to special rates and benefits from the local banks
2. Hard Money Loan
A property investor in Raleigh NC, may use their existing real property to secure their next home purchase. The hard money loan attracts high costs and an LTV ratio. In turn, this strategy comes as a last resort or as a short-term bridge loan.
3. Government Loans
Are you a Raleigh property investor seeking financing for your first home? Consider the government-backed VA or FHA loans. These are homeowner financing subsidized by the government. The Federal Direct Loans protect the lenders from default. Here are their attributes:
Lower interest rates
Up to 3.5% down payment; VA loans have zero down payments
Gifts and concessions permissible to cater for the closing costs
More refinancing options
VA loans have no monthly insurance premiums
These loans are still applicable to your subsequent owner-occupied properties.
4. Private Lending
Apart from the mentioned strategies, local property investors still rely on their family members and friends for private loans. Here, there are flexible loan terms and interest rates. Plus, the borrowers build trust by repaying on time.
Contact Our Raleigh Property Management Company Today!
Are you a property investor in Raleigh NC, seeking appropriate funding for your next purchase? Come and learn about the options you have. Talk to us today.
