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 10, 2023 | Raleigh Property Management, Tips for Property Investors
In our previous post, we discussed the four biggest reasons people move to Raleigh: its abundant job opportunities; access to world-class healthcare; its nationally-ranked higher education options; and its unique central location. But there’s another big reason why people come to Raleigh—it’s fun! Raleigh’s thriving arts, sports, and foodie culture make it chock full of things to do. Below are a few reasons to invest in Raleigh NC property.
Arts, Culture, & Nightlife
Raleigh’s many colleges, and its status as one of the best cities for young professionals, attract young people from all over the country. As a result, Raleigh’s population is extremely young and vibrant. Every weekend sees people flocking to Raleigh’s numerous music venues, theatres, museums, restaurants, and bars. And if the usual nighttime scenes ever get boring, there’s always a concert, festival, or parade happening in Downtown Raleigh.
Basketball & Football
With three major universities located just minutes away, Raleigh’s sports rivalries are fierce, loud, and historic. The NCCA and ACC tournaments are practically city holidays in the Triangle, with every street, hotel, and barstool filling up with excited fans. When basketball season is through, you can watch NC State, UNC, and Duke go at each other again on the football field.
Warm Weather & Greenery
Nestled in the middle of the Piedmont, Raleigh is situated on mostly-flat land that gently slopes eastward towards the coastal plain. The climate is somewhat beachy, too: breezy and mild, with short, warm winters. Snow is a rare occurrence, and it’s rare for the temperature to drop below freezing. Raleigh’s balmy climate make it a favorite choice for retirees and, well, everyone. (The pollen, on the other hand, is another issue.)
Crime & Government
According to the FBI’s Uniform Crime Reports, Raleigh’s reported crime incidents are usually lower than the state and national average. Its neighboring city, Cary, ranks consistently as one of the top 3 safest cities in America.
On a somewhat-related note, Raleigh is also a great place to live if you would like to become more politically involved. As the capital and seat of government for a noted “swing” state, Raleigh is a theatre where national conversations are always playing out.
Need a Raleigh Property Management Company? Call Barker Realty
If you need help finding an investment property management company in Raleigh, contact our agents at Barker Realty. With over 35 years of experience in buying, selling, and managing investment property, we have the experience and industry know-how to help you find a great investment. 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!
by Barker Realty, Inc. | Aug 23, 2022 | Investment Property Blog, Property Management Company, Tips for Landlords, Tips for Property Investors
It can be challenging to find the best property managers in your area. Fortunately, if you know what to look for, then it should be easier for you to find the right person or the right firm to represent your investment properties and your tenants. There are several things you should look for before hiring someone to manage your rental properties in Cary, Apex, Raleigh or throughout the Triangle region.
1. Have a Creative Website
The internet is the first place that people look when they are trying to find a product or service they need. Property management companies should see the importance of having a professional website, like Barker Realty. The website should highlight the benefits of working with the company and understand the value they would bring to you, your tenants and your property. You're on ours now and here's the Owner Services page with loads of information https://barker-inc.com/residential-management-rentals/owner-services/.
2. Use Social Media
Many people also use social media to locate companies to work with and also want to view online reviews, too. LinkedIn and Facebook are some of the websites that you should check out to see how the property management company interacts with their customers, new customers, if they are responding to both negative and positive reviews, and so much more. One of the many great things about checking out a social media page is that you can see what our company does every day with pictures of work, seasonal specials, employee spotlights, and much more to help build trust in doing business with us.
3. Hiring is an Investment
Hiring a professional property management company or individual manager can get expensive. However, like most services, you get what you pay for. You may want to save some money and go with an individual, which is completely fine as long as they are providing you value and are responsive to your need and your tenants. On the other hand, you may need a bigger team with more resources, and that's when a company may be the best fit. Just remember, hiring a property manager is an investment into your overall portfolio. Go with experience. Go with responsiveness and reliability. But, always know they should have your best interests in mind at all times to benefit you and your properties in the long run.
4. Use of Technology
Property management is saturated with new technology from management software, billing, online applications, the list goes on. Consider the technology being used by a property manager or a company as part of your arsenal in delivering a smooth process for your tenants and how you can track the services being provided.
5. What Can Make You Stand Out
Key differentiators are a driving factor in the selection process. There are plenty of capable property managers in the Apex, Cary and Raleigh area and many other larger or growing cities throughout the country. However, what are you looking for that can set you apart as well from the competition? Property investors don't always think about this notion of how can a property management company make your properties stand out from all the rest. Ask these from your property manager when in the hiring process or looking to retain a company's services. You may be surprised and pleased with their responses.
Contact Barker Realty for more information about hiring the best property manager or a reputable property management company who will always keep your best interests in mind.
