by Barker Realty, Inc. | Aug 4, 2020 | Barker Realty, Property Management Company, Tips for Property Investors
The real estate sector is lucrative. If you own property in different states, you can turn one of the houses into a rental home. Such financial decisions help people generate passive income as they pay for other assets they expect to own in the near future.
The Raleigh NC property manager will be tasked with looking for tenants and also managing them. Before hiring a property management company in Raleigh, you should always ask the following questions:
1. Ask about how you will receive the rental income.
The Raleigh NC property manager will be tasked with collecting the rent. Always ask the property managers near me when and how they plan to collect the rent. Each property manager will have a unique way to distribute the rental income after collecting it. For instance, some property management firms may distribute the rental income on the 10th of every month.
2. Ask about the property management charges.
The property management company in Raleigh will charge for the services offered. In this case, the property management firm will collect rental income and oversee the maintenance processes. Once you are knowledgeable about the property management charges, you can calculate the expected income from your property.
3. How often will the property be inspected?
After hiring a property manager, you have entrusted them with your property. They are supposed to oversee everything ranging from inspecting and maintaining the property. It is important to ask the property manager about the number of times they will be inspecting the property.
The property should be inspected at least twice each year. During the inspection process, it will be possible to look into whether there is any maintenance required.
4. How will the property management firm handle the maintenance processes?
As a landlord, you are assured of maintenance requests and taxes. As you hire a property management firm, you should inquire about how they usually handle the maintenance process regarding price, quality, and other issues. Make sure the property manager is in a position to ensure the maintenance is done cost-effectively and efficiently.
There are property management firms that have a maintenance team. Such companies usually keep track of everything, and they also offer quality services. They are also cost-effective.
by Barker Realty, Inc. | Jun 23, 2020 | Property Management Company, Raleigh Investment Property, Raleigh Property Management
Owning property is a great investment, as it requires little daily effort once you’ve made the initial commitments. If you’re ready to break into the Raleigh real estate market, here are some real estate investment tips that will help you launch your investing career.
Remember That Real Estate Property Appreciates
Unlike some purchases, like cars, your real estate property investment will not necessarily depreciate after your purchase. In fact, some property owners find that the value of their investment far exceeds what they paid. For example, if you buy a single-family home or apartment building for a low price, manage it through a real estate management company, and sell it after it appreciates, you can get an excellent return on your investment with minimal trouble or hassle.
Don’t Be Afraid To Start Small
Perhaps you cannot currently afford to invest in a large apartment building–or you can, but are nervous about making such a big commitment. Not a problem! Even if you purchase a small house and rent out the property to tenants, you are still considered an investor. You can gain experience with your smaller purchase, and then work your way up to a bigger investment over time.
Work with A Professional Real Estate Manager
Rental property doesn’t come with the uncertainty that many investors suffer when putting their money into the stock market–but it does come with some risk. In order to ensure the best success possible, work closely with a real estate management company to understand the cost of maintaining a certain property; taxes and insurance requirements, and all the other details.
Build Up an Investment Budget
While real estate can yield substantial returns in the long run, you should expect a minimal return for the first two years. For that reason, you may want to consider paying for your property in cash, so that you do not accumulate interest or risk foreclosure. You can also, of course, take out a small loan, if you are confident that you can pay the mortgage without monthly rent coming in. When you’re ready to start investing, Barker Realty’s experienced sales brokers can help you explore the best financing option for you.
by Barker Realty, Inc. | May 19, 2020 | Property Management Blog, Property Management Company, Raleigh Investment Property, Tips for Landlords
As a property owner, you are probably already aware that service animals must be accommodated in all public property, including rental property. However, since the line between “service animal” and “therapy animal” can be a bit blurred, upholding accommodation laws can be a bit confusing. Here’s everything you need to know about having service animals in your apartment complex, condo unit, or rental home.
Service Animals vs. Emotional Support Animals
The Americans with Disabilities Act (ADA) classifies a service animal as a dog—not any other animal—that is trained to perform tasks for a disabled person (defined as someone with “a physical or mental impairment that substantially limits one or more major life activities.”) Importantly, the dog must be trained to take a specific action to assist its owner; for example, alerting a diabetic that his or her blood sugar levels are too low.
An “emotional support animal”, however, does not take a specific action to assist its owner. So, for instance, if a dog is trained to sense a panic attack, and bring the owner medication or a phone, it is legally defined as a service animal. But if the dog merely helps provide therapeutic comfort through its presence, it is not considered as a service animal under the ADA or Fair Housing Act.
Many animal rights groups encourage pet owners to obtain a doctor’s note stating that they have a medical need for an emotional support animal. However, the ADA is firm on the fact that a doctor’s note does not turn a companion animal into a service animal. While emotional support animals, comfort animals, or therapy animals are often used to relieve loneliness, depression, anxiety, and certain phobias, they are not protected as service animals unless they have been specifically trained to perform a task for a disabled person. Medical conditions such as anxiety and depression, while serious, are usually not considered disabilities.
Service Animals and the Fair Housing Act
Importantly, if a person is disabled, it does not matter if the animal is a service or companion animal. Under the Fair Housing Act, landlords must provide reasonable accommodations to people with disabilities so that they have an equal opportunity to enjoy and use a dwelling. In cases when a person with a disability uses an emotional support animal, a reasonable accommodation may include waiving a no-pet rule or a pet deposit.
Property owners may not ask a housing applicant about the existence, nature, and extent of his or her disability. However, an individual with a disability who requests a reasonable accommodation may be asked to certify, in writing, (1) that the tenant or a member of his or her family is a person with a disability; (2) the need for the animal to assist the person with that specific disability; and (3) that the animal actually assists the person with a disability.
Need Help Managing Your Raleigh Investment Property?
Hopefully, these tips will help you be fully ADA compliant when it comes to the subject of service animals. However, it’s important to remember that laws vary from state to state, and decisions can always be challenged or disputed, so if you have any confusion in this area it’s best to hire legal counsel. If you need help managing your Raleigh investment property or tenants, contact Barker Realty today.
by Barker Realty, Inc. | Mar 10, 2020 | Barker Realty, Property Management Blog, Property Management Company, Tips for Landlords
There’s no doubt that these are stressful times for everyone, especially landlords. With so much economic uncertainty, it can become easy to become overwhelmed by fears and anxieties. Before you do, though, take a moment to step back, breathe, and refocus. Recognize that your tenants are depending on you to provide some sense of leadership and direction, since you are the one in control of their home, and becoming overwhelmed is bad for them and you. Below are some stress management tips for landlords which can help you help you keep calm and carry on during this, and other, crises.
Manage Your Media Intake
While it’s good to stay informed about the latest developments surrounding the Coronavirus, being too informed does little good and a lot of harm. As terrible stories continue to emerge from Italy, New York, and other epicenters of the pandemic, you may find yourself submerged in misinformation and worst-case scenarios that paints a pretty black picture. Pay close attention to your emotions as you read the news, and step away if you start to feel overwhelmed. It may be necessary to stop consuming news entirely, or limit your consumption to a specific timeframe and duration each day (e.g., thirty minutes each evening).
Put Your Mind to Work
The mind is a very dangerous place to be during a time of crisis. Instead of sitting around and stewing in your thoughts, give your brain an assignment—any assignment. This can be as simple as completing a difficult crossword puzzle, or testing yourself on basic knowledge, like naming the capital of each U.S. state or the countries of Africa. It is very difficult—nigh impossible—for your brain to worry and solve problems simultaneously.
Make a Goal and Focus on Crushing It
If you find yourself out of work due to the pandemic, don’t fall into the trap of browsing the web and watching T.V. all day. Recognize that this is your chance, perhaps your only chance in a while, to tackle a big goal you never have time for, or take steps to come out even stronger once the crisis is over. If you have creative aspirations, try working on your novel, developing your body of work or learning a new craft or skill. If you have always dreamed of starting a side-business, put together a business plan, try your hand at building a website, research ideas for logos, and create social media pages. Always wanted muscular arms, or a six-pack of abs? Now’s your chance to make it happen!
Practice Grounding Exercises
Much has been written about mindfulness and breathing techniques when managing anxiety, but one less-popular technique, which is often much more effective, is that of mental grounding. When things get tough, simply take out a piece of paper and record all the physical details of your surroundings: the number of tiles in the floor or ceiling; everything you can see from your window; the precise color of each object in your line of vision. Since your brain cannot focus on the external world at the same time as your internal dialogue, this helps quell panicked emotions and reaffirm that, while some things feel out of control, everything around you is still here.
Stay Strong – And Come Out On Top
Aside from staying indoors and practicing social distancing, there is very little landlords can do to bring the Coronavirus pandemic to an end. What we can do is let our tenants know that we are here for them; that we will work with them as best as we can; and that we are taking steps to keep the property safe, sanitary, and secure. By being available, calm, and compassionate to our tenants’ needs, we stand to forge stronger, longer tenant relationships that will last long after this situation is past.
Barker Realty, Inc. is a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. To set up a consultation appointment with one of our skilled representatives, click here.
by Barker Realty, Inc. | Oct 29, 2019 | Property Management Blog, Property Management Company, Safety & Security, Tips for Landlords
Before the sugar high hits and the creepers come a-crawlin’, there are few steps Raleigh property managers should take in order to give their residents the safest, happiest Halloween possible. Below are a few Halloween safety tips for landlords and rental property owners!
Invest in Good Lighting
We have mentioned a few times before how important it is to invest in bright, high-quality for your investment property. Good lighting will help residents stay safe on pathways, steps, and entrances, and provide a feeling of security while they are journeying to their car, the mailbox, the pool, or the trash area. If you haven’t already set up good lighting, now’s the time to do it!
Clear Common Areas
Halloween night will no doubt see a lot of excited, sugar-crazed children in bulky costumes returning from trick-or-treating fun. Before the night arrives, do a quick safety scan for debris, trash, fallen branches, holes, and any other tripping hazards. It’s better to be safe than sorry!
Advise Tenants to Keep Pets Inside
Even the most well-behaved pet can become anxious amid all the chaos and hubbub of Halloween night. Combine that with a lot of strangers in scary costumes–which your pet probably doesn’t consider a costume–and you have a recipe for disaster. Advise your tenants to keep all pets inside on the 31st to protect trick-or-treating children and other residents. In addition, remind your tenants that cats, especially black cats, can become targets of unscrupulous neighborhood hooligans on Halloween night, and should therefore be kept safely indoors.
Distribute Fire Safety Reminders
Finally, take into consideration the plentiful candle-lit decorations and Jack-O’-Lanterns that will likely be scattered throughout your rental property on Halloween, and decide what you would like to do about these sources of open flame. You might want to impose a ban on open-flame decorations altogether, requiring electric tea lights instead. Or, you could just take this opportunity to remind residents about proper fire procedures. Regardless of your open flame policy, have your property management team verify that all smoke alarms are in working order before the festivities occur.
Investing in rental property doesn’t have to be scary with Barker Realty!
Sending out tenant reminders; cleaning up your property; replacing burned-out bulbs; checking smoke alarms: all of these things take time. If you’d rather spend that time on other commitments, call our Raleigh NC property management company. Our experienced property managers can help you secure the right Raleigh investment property, and then keep it running like clockwork. That way you can insure that your investment has no tricks, and all treats!
by Barker Realty, Inc. | Sep 9, 2019 | Property Management Blog, Property Management Company, Repair & Upgrades, Tenant Acquisition
If you own an investment property in Raleigh NC (or anywhere else, for that matter), you’ve doubtlessly thought of countless luxury amenities you’d like to add—big-ticket items like swimming pools, new kitchen appliances, or new paint. However, what with all the other costs involved in Raleigh property management, these big additions might be out of the question.
However, there are many small, relatively affordable ways you can upgrade your property to increase its value and attract more long-term, high-quality renters. Below are 6 low-cost upgrades that can give your Raleigh rental property an extra boost.
Add Unique Cabinet Handles
Swapping standard, plain cabinet handles for something exciting and different is a great way to make potential tenants look twice when touring your investment property. Instead of going for traditional plain metal handles, try adding fixtures that have a pop of color, or a unique, modern design. You might also consider adding unique grate covers or more interesting door knobs.
Genuine Tile Floors and Backsplash
Most property owners choose adhesive tile laminate to cover their kitchen and bathroom floors. Although these are easier to replace, they’re a safe, “cheap”-feeling choice that tenants have come to expect. Installing genuine tiles with real grout gives your rental property that extra “oomph” that sets it apart from the rest. As an added bonus, you could even add a genuine tile backsplash behind the stove.
Popcorn Ceilings and Crown Molding
Popcorn ceilings are the default ceiling type for low-cost investment properties, and as such, many tenants find them distasteful or indicative that the property is “old.” Convert your popcorn ceiling to a smooth, flat ceiling, and you’ll be sure to attract quality tenants that last. You could even go one step further and add crown molding to the kitchen or other areas. These two simple upgrades add a lot of elegance to your property.
High-quality Faucets and Shower Heads
Modern tenants have come to expect plain or old faucet and shower heads, so why not surprise them with attractive, modern upgrades? Try going the extra mile with a unique design or touch-free feature. Adding “rain” showerheads can be a big selling point for some renters, especially those in the older demographic.
High-Quality Apartments Equal High-Quality Tenants!
Although none of these upgrades are exactly “cheap”, they all have the same thing in common: they improve the quality of living for your tenants. Although workout rooms and tennis courts are nice amenities, tenants spend most of their time in their living space, and it is therefore that space which is the deciding factor when a prospect is choosing a property. By upgrading these seemingly-minor details, you can greatly increase your space’s value and attract mature, well-behaved, quality tenants who last.
Barker Realty, Inc. is a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. To set up an appointment with one of our skilled property managers, click here.
