by Barker Realty, Inc. | Jan 26, 2021 | Investment Property Blog, Property Selection, Taxes & Financing, Tips for Property Investors
If you are interested in investment property management, then there are a number of factors that you will have to consider. The time of the year is one of the many things that a rental property investor takes into account to fine homes for ‘at-price’ or below list. Not to mention, much of the competition is off the market due to half of home purchases take place during the fast paced, over-priced spring and summer months.
However, studies have shown that people who purchase a home in October get a 2.6% fair market value discount. And those people who purchase a home in December and January get a 2% fair market value discount.
Fair market value discounts drop during the spring months. That is why the best time for a rental property investor to purchase property can be during the winter months. There are several other reasons why investors should buy property during the winter and our team helps explain a little more below.
Increased Demand During the Spring and Summer Months
Many people purchase homes during the spring and summer months. People who have families move during the summer months because they do not want their children’s school schedule disrupted. Competition increases when the demand increases. This increases property prices.
Most people are not interested in moving during the winter months. They spend time with their family during the holidays. They also do not have extra money for moving. This is why there is less competition. You will have fewer people to compete with if you buy property during winter.
Desperation
Decreased demand creates a problem with sellers. Many sellers are impatient and do not want to wait until the warmer months. That is why they are willing to decrease their prices. However, you have to be careful. Some sellers will sell property that is in poor condition.
Climate
Climate can change the way that a property looks. A property may look great in the summer, but it can look dull in the winter. Snow can hide the more appealing features of the home and make people less likely to buy, hence why sellers are willing to lower their prices in the winter.
Get in touch with our Apex property managers today for more information or to schedule a meeting with our team!
by Barker Realty, Inc. | Jan 7, 2020 | Investment Property Blog, Property Management Blog, Property Selection, Tips for Property Investors
The days of real estate investors traveling from neighborhood to neighborhood on the hunt for housing opportunities are long gone. Nowadays, buyers don’t have to confine their search to just one city or state—in fact, some buyers will purchase a property in another state, without even setting foot inside. While we aren’t advocating for this particular strategy, we can’t help but get excited about a world that is truly a property investor’s oyster. Below are some of the most promising cities to add to your search in 2020.
Atlanta, Georgia
Google, Microsoft, Coca Cola and Verizon are just a few of the major corporations that have recently expanded their presence in Atlanta. Known as one of the largest tech hubs in America, Atlanta’s business-friendly climate and relatively affordable housing environment continue to attract startups and established companies alike. As more and more players enter the market and create job opportunities, Atlanta’s single-family rental market is expected to see steady growth. By the numbers, single-family home appreciation was very strong last year at 13.1%.
Raleigh, North Carolina
Massive educational institutions and a flourishing technology center have long made Raleigh an excellent opportunity for real estate investors, and the latest reports show that this trend will continue in 2020. In the first half of 2019, financial investment activity in Raleigh reached $385 million, and the city boasts more than 89,000 tech jobs. In fact, on the list of biggest technology hubs in the U.S., Raleigh ranks #3, just behind Silicon Valley and San Francisco. All of this means that 2020 real estate investors are guaranteed a good rate of return on a Raleigh rental residential or commercial property.
Orlando, Florida
Thanks as always to its steady Disney World traffic, Orlando is expected to report another high watermark in tourism this year. Hailed as America’s most-visited city, Orlando is a great market for rental property, due to the high percentage of leisure- and hospitality-sector jobs. Key metrics to watch include an annual population growth of 2.4%, and a forecasted household growth of 3.4%.
Jacksonville, Florida
Steady population growth in Jacksonville, particularly from retirees who have the luxury of discretionary income, have helped Jacksonville become one of the most promising real estate markets in the U.S. Sandy beaches, championship golf courses, and historical military attractions draw tourists to the area year-round, and make it a reliable investment for property investors to bank on. Jacksonville experienced 3.7% rent growth in 2018, and household growth is forecasted at 2.1% in 2019.
Looking for Investment Property in Raleigh NC?
When you’re considering purchasing rental property in Raleigh, an experienced property management company can help you make the best decision! And once 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. | Aug 20, 2019 | Property Management Blog, Property Selection, Raleigh Investment Property, Raleigh Property Management
By anyone’s estimate, Raleigh is thriving. Our real estate and housing markets are experiencing a huge boon; our universities are growing and expanding; and increasing job opportunities are drawing young professionals from all over the country. We were curious to know what those jobs are, exactly—so we studied at the Bureau of Labor Statistic’s 2018 report (at the time of this writing, the 2019 report has not yet been released) to study the top occupations of Raleigh residents. Read on to learn more about Raleigh’s diverse career landscape!
Healthcare and Medical Occupations – 47,530 Employees
Raleigh is well-known for its prestigious hospitals and abundant medical research facilities. Patients travel to Raleigh from all over the country to take advantage of services offered by the Duke Raleigh Hospital, UNC REX Hospital, and WakeMed Hospitals. If you work in the healthcare field, you will find that Raleigh is rich in opportunities. (Note: The Bureau of Labor Statistics divides healthcare into two sectors: The Healthcare and Medical sector, and Healthcare Support (such as nurses, aides, and therapy assistants). For this list, we combined the sectors into one umbrella field with a total of 47,530 employees.)
Food Preparation – 59,650 Employees
Like any city, Raleigh has a thriving restaurant scene. Our diverse population has given rise to a diverse array of cuisines, including Indian, Thai, Korean, Mexican, Irish, Italian, Japanese, and Ethiopian—and the list goes on and on! If you’re a foodie who loves to sample new things, you’ll never find yourself without options in Raleigh. And if you’re a restauranteur dreaming of expanding, you’ll find a rich and hungry clientele.
Business and Financial Operations – 59,650 Employees
As we said in the introduction, business is booming in Raleigh. And that means that anyone who has to do with money—Adjustors and appraisers; accountants and auditors; analysts and real estate assessors; financial advisors—will find plenty of open seats here. Raleigh’s financial market is going strong, which is why no time has been better to invest in property.
Sales – 74,590 Employees
So far, the list has included management and financial occupations. Another key component of business? Sales. The #2 occupation in Raleigh is sales work, a sector encompassing retail workers and supervisors; real estate agents and sales brokers; and even telemarketers and models. Our population of young professionals starting out has a lot of demand for household products, appliances, and furniture, and many wealthier demographics retire here and can spend their leisure hours shopping. If you’re considering an investment property in Raleigh, you’ll find tenants with either plenty to spend, and lots of time to spend it; or busy young people with a lot of needs to fill.
Office and Administrative Support – 91,370 Employees
And what is the #1 most common job in Raleigh? The humble office assistant. Yes, of about 630,000 occupations surveyed, a whopping 91,370 perform administrative or customer service work that makes the rest of our lives easier.
The sector is likely so large because it’s so diverse: it consists of administrative support workers; bookkeeping and payroll clerks; bank tellers; customer service representatives; hotel desk associates; ticket agents; police, fire, and ambulance dispatchers; meter readers; postal clerks and mail sorters; legal secretaries, executive assistants, proofreaders…and many more! Surprising as it may seem, most of Raleigh’s employees are quietly in the background, making almost every industry run smoothly.
Looking for Investment Property in Raleigh? Call Barker Today!
If you’re looking to benefit from Raleigh’s thriving economy, call Barker Reality! We are a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. Our experienced agents can help you select an investment property, purchase it, and maintain it. To set up an appointment with one of our skilled property managers, click here.
by Barker Realty, Inc. | Jul 23, 2019 | Property Selection, Raleigh Investment Property, Raleigh Property Management, Tips for Property Investors
In our previous blog post, we discussed some potential risks that come with investing in Raleigh property, and how aspiring landlords can mitigate them. Below are even more tips on how to have a successful and profitable property investment experience.
Risk: You purchase investment property, but your tenants are constantly leaving.
Solution: Build strong relationships with your tenants.
The best way to gain uninterrupted revenue is keeping your tenants happy. This can often be accomplished simply by keeping the property clean and well-maintained. If a tenant submits a maintenance request, make sure it is taken care of right away. If there is an issue with trash, pests, animal waste, or something else, make sure that it is addressed.
You can also build positive relationships with your tenants. Send out holiday or birthday cards, hold community-building events, and try to be on a first-name basis with them. While these little touches take extra time, they are not a waste—they can be the difference between a rental property that is full and one that is empty. If you don’t have time to build relationships with your tenants (and manage the property and maintenance), a property management company can do it for you.
Risk: You invest in property in a good neighborhood, but struggle to attract tenants.
Solution: Stay on top of updates.
This goes back to what we said above: keep your property clean, pleasant, and well-maintained, and you’re more likely to both attract new tenants and keep them. Make sure you conduct a thorough home inspection between each tenant, and proactively repair any issues you notice. You can also add new amenities, replace outdated appliances, replace laminate floors with hardwood, and make other minor, yet important changes that will make your property more attractive. If you’ve done all you can to make the property clean, aesthetically pleasing, and in good repair, then your next step is launching a marketing or advertising campaign, which a property management company can also help you with.
Risk: You invest in a good property in a nice area, and keep it maintained, but for some reason, demand suddenly drops off.
Solution: Hedge your bets.
If you want to make sure that you earn a profit, and it’s within your financial power to do so, consider investing in multiple properties at once, in different areas. That way, if the housing market takes an unexpected dip, you will have another property which can continue generating revenue. The real estate market is constantly fluctuating up and down, so having a few eggs in different baskets isn’t a bad idea. If you aren’t sure which property you should purchase, again, a property management service can help guide your decision.
The Bottom Line: Nothing Is Risk-Free
If reading about all these potential risks is making you nervous, remember that all investments—whether business, stocks, or real estate—come with risk. As long as you do your research, put in the time, and consult someone with industry experience, you should be able to make a good profit off of your property—especially in Raleigh, which is one of the fastest-growing cities in the U.S.!
Interested in Raleigh Investment Property? Call Barker Realty
If you’d like to invest in Raleigh property, but find yourself overwhelmed with possibilities, call Barker Realty. We’ll help you identify and purchase a solid investment, then help keep it in top condition so you don’t have to worry. To schedule an appointment with one of our real estate specialists, give us a call here.
by Barker Realty, Inc. | Jun 4, 2019 | Property Management Company, Property Selection, Raleigh Property Management, Safety & Security, Tips for Landlords
As a landlord, one of your top priorities should be keeping your investment property secure. Firstly, so that your tenants feel safe and protected; and secondly, because a property that is constantly being robbed or vandalized might scare away potential tenants in the future.
While many safety measures are up to the tenants themselves (locking the doors, etc.), here are a few steps you can take as a property owner to protect your investment.
Install Solid Doors
Flimsy, cheap doors, or doors with a lot of windows, can easily be kicked or smashed in by unwanted guests. To make sure your property is as secure as possible, it’s a good idea to install thick wooden or metal doors at each entryway. Even though the tenant’s rental insurance will usually cover damages from a break-in, the money you spend on extra security will still be worth the hassle and worry.
Install Lighting and Cameras
Lighting up an outdoor area is an easy and relatively inexpensive way to deter intruders. It also helps your tenants feel safer on the property, and reduces the risk of tenants injuring themselves in the dark. Motion sensor lights are excellent deterrents which don’t use a lot of electricity. Adding surveillance cameras is also a good way to deter criminal activity.
Document All of Your Valuables
If you include furnishings with your investment property, then it is a good idea to have a detailed record of all the items in the building. If your property is broken into and something is stolen, this will make it easier to replace and claim it through your insurance. Document the manufacturer, model name, serial number, and color of each item, whenever possible. This also includes appliances.
Need More Property Management Tips?
If you need more tips and ideas on taking care of your investment property, or would like to invest in Raleigh property, call Barker Realty. With over 30 years of experience in the real estate investment industry, there are very few questions we can’t answer! To speak with one of our helpful associates, just give us a call.
by Barker Realty, Inc. | Mar 21, 2019 | Property Selection, Raleigh Investment Property, Raleigh Property Management, Tips for Property Investors
After more than 35 years in the Raleigh NC property management business, we’ve seen almost every trick in the book when it comes to disguising a property’s flaws. If you’re browsing investment properties for sale this week, here are some red flags that might indicate it isn’t as new, clean, or safe as it appears.
New Paint and Carpet; Nothing Else
When sellers put investment properties on the market, it’s standard to give them a fresh coat of paint and new carpeting. But other details like the tiles, trim, and foundation will often be left as-is. Therefore, pay attention to these areas when browsing available options, and ask if the kitchen or bathroom have been updated. If not, it’s possible that the owner doesn’t have the budget to make any other harder-to-find improvements, either.
Cans, Bottles, and Noise
It’s always a smart idea to tour the neighborhood in which the investment property is located after hours. Listen and look for dogs barking, road noise, loud neighbors, beer cans, and trash. Note the location of the nearest college–if the property is near a lot of rambunctious students, it might be one to avoid (although your property will always be in high demand). You might also call the police department and ask how many reports have been recently filed in the neighborhood.
Excessive Caulk
It’s not always possible to tour investment properties when it’s raining outside, but if you can, it will allow you to see any water issues in the foundation. If you tour the property on a dry day, look for multiple, thick layers of caulk around windows and other points of entry, indicating that there might be a leakage problem.
Overwhelming Air Fresheners
If you walk into the property and are immediately hit by the scent of air fresheners, it might be covering up smells like animal urine, smoke, or mold. Most real estate agents light a candle or bake cookies to make a property more inviting, so a little bit of scent is to be expected, but if it seems that an entire can has been emptied, be wary.
Invest for Success with a Raleigh NC Property Management Company
Barker Realty, Inc. is a leading full-service real estate management, investment and development company in Raleigh and the surrounding areas. If you’re looking for a qualified, experienced Raleigh NC property management company, our agents are ready to help. Click here to check out our listings, and contact us here to set up an appointment!
