by Barker Realty, Inc. | Aug 8, 2023 | Featured Article, Raleigh Investment Property, Raleigh Property Management, Tips for Property Investors
Property investment is a popular way to generate wealth. However, managing a property can be daunting and time-consuming, especially when you have multiple properties. That’s where property management companies come in. They can help investors streamline their operations, keep tenants happy, and protect their investments.
Streamlined Operations: How Property Management Companies Help Property Investors
Hiring a property management company can help investors streamline their operations. These companies can take care of day-to-day tasks such as screening tenants, lease administration, rent collection, and maintenance. This frees up investors’ time and allows them to focus on other aspects of their business. Property management companies also have the resources and expertise to handle more complex tasks such as legal issues, eviction procedures, and emergency repairs. They have access to trusted contractors and vendors who can quickly address any maintenance or repair issues that arise.
Happy Tenants, Happy Owners: The Importance of Tenant Satisfaction in Property Management
Tenant satisfaction is crucial in property management. Happy tenants are more likely to renew their leases, which reduces vacancy rates and turnover costs. Good property management companies make tenant satisfaction a priority by providing excellent customer service, addressing tenant concerns quickly, and keeping the property in good condition. Property management companies also handle tenant disputes and enforce lease agreements, which helps maintain a peaceful and harmonious living environment. They also keep tenants informed about important property updates and events, which encourages community building.
Protecting Your Investment: How Property Management Companies Secure Your Properties
Investing in property is a significant financial commitment, and it’s essential to protect that investment. Property management companies help secure properties by conducting regular maintenance and inspections, ensuring that the property remains in good condition. Property management companies also have strict tenant screening processes, which reduce the risk of renting to problematic tenants. They also enforce lease agreements and conduct move-in/move-out inspections, which protects investors from financial loss due to property damage or unpaid rent. In addition, property management companies have a deep understanding of landlord-tenant laws and regulations, which can help investors avoid legal issues and financial penalties. In conclusion, property management companies provide valuable services to property investors. They help streamline operations, keep tenants happy and satisfied, and protect investments. If you’re a property investor looking for ways to maximize your returns and minimize your workload, consider hiring a property management company.
by Barker Realty, Inc. | Feb 7, 2023 | Investment Property Blog, Property Selection, Raleigh Investment Property, Tips for Property Investors
How is Technology Changing and Improving Real Estate?
When it came to investing, real estate was traditionally something of a game for people who had access to money and capital, making it difficult for people with a moderate income to be able to purchase property unless you spoke to the right people. You had to schedule visitations over the phone where you would talk with someone prior to walking into your prospective home with an actual tour guide. Through the use of property management software, managing real estate has become much easier and more accountable.
Virtual reality and artificial intelligence have been catching a lot of attention recently and may be integrated as part of our touring program, and we’re confident our current clients and new tenants will see a lot of value in utilizing this new, innovative form of technology to help rental properties even faster.
Innovation on the Horizon
Some property management companies are making it part of its mission to give investors and prospects the access they need to ensure that the property they’re looking at is right for them. We mentioned earlier how technology has changed the game of real estate management. Gone are the days where there are numerous obstacles that prevent investors or prospects from seeking out the property that they want. With the use of artificial intelligence, they provide automation to real estate agents that was not readily available in years past. Robots conduct menial tasks that were originally tied to the agents themselves before they came into existence.
Virtual reality also makes it easier for people to do remote tours of a property to see if they’re interested in it or not. No longer having to step foot in a house or house(s) they’re not yet familiar with, properties can be pre-staged with virtual furniture so that prospects have an idea of what exactly they’re looking into. Investors are already taking advantage of this significant advancement as it makes it easier for them to make determinations as to whether they want to go all-in or not on the property.
Let’s Begin the Conversation for Your Investment Properties
In summary, we have discussed two fairly recent developments in the technology sector and how investors are using them to their advantage. As Barker Realty continues to improve ways of doing business and assisting are many clients and property investors, we are dedicated to making life easier for new homeowners and investors alike to meet their goals. Investing in technology is another way we help set ourselves apart. Who knows, we may be utilizing virtual reality and AI in the near future, too!
by Barker Realty, Inc. | Jan 24, 2023 | Featured Article, Local Property Management, Property Selection, Raleigh Investment Property, Raleigh Property Management
Raleigh, NC has experienced exponential growth in recent years, and it’s easy to see why. With plenty of job prospects, higher education options, and real estate investment opportunities, Raleigh is a hot spot for young professionals. Here’s why people are flocking to Raleigh–and why investing in rental property here is a great idea.
Abundant Career Opportunities
Raleigh is a thriving hub for technology, biotechnology, and healthcare, home to some of the largest employers in the Southeast. Startups and small businesses alike can benefit from the abundance of well-funded clients and investors in the area. As for large corporations, they enjoy the luxury of a big-city headquarters without the pricing of, say, New York or San Francisco. In 2016, Raleigh was featured in Forbes as the third best U.S. city for young professionals, and the city continues to top lists of best technical and biomedical jobs.
Convenient Centralized Location
Raleigh in the middle of the state and in the middle of the east coast, making it an ideal central hub for businesses and travelers. Raleigh is 15 minutes from Cary, 20 minutes from Durham, and 40 minutes to Chapel Hill, all thriving cities in their own right. It’s also surrounded by the suburbs of Apex, Garner, Knightdale, Morrisville, and Holly Springs, all of which offer even more potential clients (and renters).
World-Class Healthcare
The Triangle is home to some of the best and brightest healthcare resources in the U.S., like Duke University Medical Center and UNC Medical Center. People across the nation, and even the world, travel to Raleigh to receive care here. Senior people like Raleigh for its temperate climate and its access to health facilities, which is why many choose to retire (and rent) here.
Higher Education Options
Raleigh is home to some of the best schools in the state and, indeed, the country. NC State University, Duke University, UNC Chapel Hill, and Wake Forest University are just some of the biggest names you’ll see in the form of bumper stickers, T-shirts, and flags. Young people are consistently moving here to attend school, and often decide to stay once they graduate. That’s why you’ll never have a shortage of potential tenants here–our great schools are never going away.
Find Your Perfect Raleigh Investment Property Today
There are so many reasons to buy apartments and condos in Raleigh NC, we just couldn’t fit them all into one blog. If you’d like to read even more reasons to invest in Raleigh property, click here. And if you need help finding or managing Raleigh investment property, contact our agents at Barker Realty. With over 35 years of experience, we have the experience and industry know-how to find you exactly what you’re looking for. To schedule an appointment, click here.
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. | Dec 6, 2022 | Property Selection, Raleigh Investment Property, Taxes & Financing, Tips for Property Investors
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 a 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. Barker Realty’s experienced sales brokers can help you explore the best financing option for you.
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!
