by Barker Realty, Inc. | Aug 22, 2023 | Local Property Management, Property Management Company, Tips for Landlords
When it comes to rental property management, it’s often a balancing act between building profitable relationships with tenants and maintaining the property for long-term success. Unless you’re a seasoned property manager with years of experience, mastering the art of rental property management can be tricky, to say the least. However, there’s a solution to this problem that more and more landlords are discovering – hiring a property management company.
Building on Success: Practical Advice from Seasoned Property Managers for Streamlined Rental Property Management
The benefits of hiring a property management company for your rental properties are numerous. The first benefit is getting access to the expertise of seasoned property managers who have the experience and knowledge to streamline the entire process. Seasoned property managers can provide practical advice on all aspects of rental property management, from finding and keeping high-quality tenants to maintaining the property’s value and profitability. Their experience and knowledge also help to mitigate risk and save time and money.
Mastering the Art of Rental Property Management: Expert Insights and Best Practices from Our Esteemed Property Managers
By hiring a property management company, landlords can benefit from access to expert insights and best practices to ensure that their rental properties are managed professionally, efficiently, and in a cost-effective manner. Property management experts know how to minimize vacancies and increase rental yields, while also being skilled in handling tenant complaints and ensuring that property maintenance is done correctly. Additionally, working with property management experts can help landlords stay compliant with regulatory requirements and other legal issues, reducing their stress levels considerably.
Advancing Your Knowledge in Rental Property Management: Cutting-Edge Strategies and Proven Methods from Our Property Management Veterans
Finally, property management companies offer a wealth of knowledge and cutting-edge strategies to help landlords maximize rental property performance. The property management companies have trusted relationships with vendors, contractors, and lenders, allowing them to find the best deals and prices for renovations, repairs, or upgrades. Since they have worked on similar projects hundreds of times, they know to make a well-informed decision based on your specific needs. You can count on them to take on any rental property issues that may arise and is beyond your knowledge. Collaborating with property management veterans empowers landlords to stay ahead of trends and make proactive decisions to expand and grow rental property portfolios.
Investing in rental property can be a lucrative and rewarding endeavor. However, rental property management requires specialized knowledge and skills that not all landlords have. Hiring a property management company can help to streamline the process and maximize rental property value while minimizing risks and headaches. Don’t let the stress of rental property management keep you from achieving your investment goals. Give yourself a break and let the property management experts handle it.
by Barker Realty, Inc. | Jul 5, 2023 | Local Property Management, Property Management Company, Tips for Landlords
Increased Profitability: How a Property Management Company can Help Maximize Your Rental Income
Property management companies have a wealth of knowledge and experience when it comes to increasing rental property profitability. They are experts at setting competitive rental rates based on extensive market research and analyzing local rental trends. By hiring a property management company, you can be confident that your rental rates are optimized for maximum profitability.
Property management companies can also help reduce vacancies by implementing strategies to quickly fill vacant properties. By creating an effective marketing plan and utilizing their extensive network, they can quickly attract high-quality tenants to your property, which ultimately leads to increased profitability. Property managers can also minimize the costs associated with vacancies by ensuring that properties are properly maintained and in top condition for new tenants.
Tenant Screening and Management: Why Professionals are Better Equipped to Select and Manage Tenants
Selecting the right tenants can be a time-consuming process that requires thorough background checks and interview screenings. Professional property management companies are better equipped to handle this task due to their experience in dealing with prospective tenants. They can easily spot warning signs of problematic tenants, such as a history of late payments or previous evictions. By avoiding such tenants, landlords can avoid costly legal battles and potential property damage.
Moreover, property management companies can provide a structured and coordinated communication system for tenants. They can handle all tenant-related queries, complaints, and issues, leaving landlords free to focus on other tasks. Additionally, property management companies are better equipped to handle emergencies, as they have access to a large network of contractors and service providers who can quickly resolve any issues and minimize rental property downtime.
Property Maintenance and Oversight: The Importance of Regular Inspections and Maintenance for Your Rental Properties
Proper property maintenance is essential for the longevity of rental properties. Property management companies can handle regular inspections, maintenance, and repairs on your behalf. This ensures that your property remains in good condition and compliant with all local regulations. By doing so, you can also avoid potential lawsuits or tenant disputes related to poor maintenance.
Property management companies are also adept at budgeting for regular maintenance expenses, as well as unexpected repairs and replacements. This allows landlords to better anticipate costs and avoid any financial surprises.
In conclusion, hiring a property management company is a smart choice for landlords who want to maximize their rental property’s profitability. It can help reduce vacancies, select high-quality tenants, and keep the property in good condition. With the additional benefits of saving time and money, it’s clear that a property management company is a valuable asset in the successful operation of rental properties.
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. | Dec 20, 2022 | Property Management Company, Property Selection, Raleigh Investment Property, Tips for Property Investors
Choosing a new investment property in Raleigh NC can be an exciting, yet frightening, challenge. If you choose wisely, your investment will be likely to pay off in the long-term; if you choose poorly, you might find yourself with something that’s more trouble than it’s worth. Not to worry, though: our experienced Raleigh NC property managers know exactly what you should look for. Here are a few of our tried-and-tested tips.
Quality Neighborhood
The quality of the neighborhood will determine the type of tenants you attract. If you purchase investment property near a university, for example, it is likely that students will dominate your pool of potential tenants. Some landlords prefer leasing in these areas, because the steady flow of students means the units will always be in high demand. However, there are also many downsides of renting to students, too. Wherever you are considering purchasing investment property, study the area carefully and try to get a “feel” for the type of residents living there.
Affordable Property Taxes
Property taxes tend to vary widely, especially in Raleigh. High property taxes are not always a bad thing if they’re applied to a great neighborhood that attracts long-term tenants, but be aware that there are less-desirable places with high taxes, too. The municipality’s assessment office will have all the tax information you need on file, and if you need help understanding what to look for, a realtor or property management company can help.
Schools in Close Proximity
Nearby schools are generally a good thing for homeowners and landlords, regardless of whether or not you personally have children. Families with children will always want to live near a reputable school, and this means that the property will be more valuable. If you are planning to live in or near the property and manage it yourself, however, be sure to factor in the hassle of the morning and afternoon school rush, which might become a nuisance as you travel to and from the area.
Low Crime Rates
Obviously, you will want a property that is low on crime. This will both make it easier to attract and retain quality tenants, and reduce the risk of vandalism, theft, and break-ins on the property itself. To determine the area’s crime statistics, you can contact the local police or public library. Try to note whether the recent crimes are petty, or serious, and whether the felony crimes are frequent, or scattered outliers. One other good tip for both landlords and renters scouting out a property: ask the local pizza delivery drivers what they think of the area. They will have personally interacted with many of the residents, and probably have a “No Delivery” list for high-danger areas.
Choose a Great Raleigh NC Investment Property with Barker Realty!
When you’re considering purchasing rental property in Raleigh, an experienced property management company can help you make the best decision! After you have made your investment, we can help you manage tenants, rent, property maintenance, and more. If you’re ready to become a Raleigh landlord, call Barker Realty today.
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. | Nov 8, 2022 | Local Property Management, Property Management Company, Raleigh Investment Property, Tips for Property Investors
As a property owner, you may be constantly looking to cut costs, even with wanting to hire property managers who charge low rates. However, not all property management service providers live up to their name and sometimes, unfortunately, you get what you pay for.
Therefore, take your time in this decision making process to find the right management company. Whoever you hire should adequately serve your unique needs at a reasonable cost among being responsive to both you and your tenants’ requests or questions. Over the years here at Barker Realty, our team has seen and heard a lot, so we would like to share a quick list of five of the most basic, yet important, traits your new property management firm should possess.
1. Excellent Communication Skills
Property management involves interactions with different types of people of all ages, races, backgrounds and income levels. An experienced property management firm should be able to clearly and concisely communicate with everyone involved in the property management process. This could include property owners, tenants, and maintenance partners. An excellent property management firm should be able to pass the correct information regarding your property to those involved in an effective manner.
2. Trustworthiness and Honesty
If yours is a tenant occupied property, it’s likely that you will mandate the property managers to collect rent and security deposits on your behalf. The best property management firm should have your best interest at heart when performing this task. In that case, the managers should perform their duties in an honest and a trustworthy manner. It is critical that the managers should always uphold integrity when making monetary decisions regarding your property.
3. Market Rules and Regulations Awareness
The real estate market is governed by specific local, state, and federal rules and regulations. The right investment property managers should be not only aware of all these rules but also keep you up to date with them. This helps to protect you and your investment over time.
4. Standard Operating Procedures
The best property management firm should have standard operating procedures for every task. Rather than having a random approach, property managers should be able to inform you what exactly should be done when. Some of the procedures include how contracts are awarded, maintenance requests, inspections, tenant communication, application processes and practices to increase the value of your property.
5. Excellent Partner Relationships
Any tenant occupied property is bound to suffer maintenance issues. An excellent property manager should keep a good working relationship with all the maintenance partners. Working with the same partner might allow the company to enjoy lower rates and discounts at the same level of expertise. A good relationship will ensure your property is taken care of and earning you a return on your investment.
Are you tired of your current property manager offering you inferior services? Contact us today as Barker Realty guarantees excellent services each and every day!
