by Barker Realty, Inc. | Dec 24, 2019 | Property Management Blog, Repair & Upgrades, Tenant Management, Tips for Landlords
Owning a Raleigh investment property has a lot of advantages. It’s one of the easiest ways to earn a significant amount of income, without much stress or hassle (that is, so long as you’ve got a property management company to handle all the day-to-day paperwork and upkeep.)
However, it’s undeniable that there are some occasions when being a landlord can definitely be a headache. One of the worst situations landlords must sometimes face is that of a hostile, angry tenant who destroys the property as revenge against perceived slights (like eviction proceedings.) In today’s property management blog, we discuss what to do if you are ever in this situation. Keeping a cool head and following these tips will go a long way towards getting your property fixed and your money back.
Document Everything
The first step is (literally) assessing the damage. If the tenant still lives in the property, you are legally required to give him or her a 24-hour notice before entering the unit for an inspection. You can easily do this by posting the notice on the door. When you inspect the rental unit, take clear, well-lit, time-stamped pictures of all the damage. It’s also a good idea to take a video camera and film every inch of the investment property, even parts that are undamaged, in case the tenant adds more.
File a Police Report
Your next step is contacting your local police department to report the incident. The police report will be invaluable supporting evidence in court. Be aware that calling the police to file a report is not the same as arresting the tenant for illegal activity. However, if the damage is significant enough and numerous valuable items were stolen, the police may also consider it a criminal case and file charges.
Gather Bids for Repairs and Make Them
If your tenant has already been evicted, it’s a good idea to get the property tenant-ready as soon as possible to minimize your financial costs. Make sure all your documentation is saved and backed up to a secure server, and then invite contractors to provide repair estimates. Keep copies of the bids and subsequent invoices for your court case. If the damage is extensive enough, your insurance might be able to cover some of the costs as well.
Deduct Costs from the Security Deposit
In an event like this, it’s likely that the cost of repairs will exceed the amount of the deposit. However, you are still legally required to send the tenant an itemized list of repairs with the corresponding cost deducted from the deposit. The form you must fill out is called a Security Deposit Disposition form. Under North Carolina law, a landlord must return the tenant’s security deposit along with the disposition form within 30 days after the tenant has moved out.
Seek Legal Help
At this point, it is time to seek legal action. Usually, you will need to file a lawsuit in civil court seeking compensation for the cost of repairs of the damage. It is advisable to hire an attorney to help you with this action.
Avoid Bad Tenants with Raleigh Property Management
Unfortunately, there isn’t much you can do to avoid situations like this once they are already happening—but you can take steps to mitigate the chance of them happening in the first place. Purchasing an investment property in a safe neighborhood; carefully vetting tenant applications; and developing strong, positive relationships with tenants can all go a long way to keeping your property safe and secure. And the easiest way to do all that is hiring a Raleigh property management company to help and advise you! If you need help finding or managing investment property in Raleigh, call Barker Realty Inc. today, and we’ll be happy to get you started on the right track.
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.
by Barker Realty, Inc. | Aug 4, 2018 | Property Management Blog, Repair & Upgrades, Tenant Management, Tips for Landlords
Owning an investment property in Cary could be a great long-term investment option. While there are benefits that come with owning investment real estate, it can also be a challenge at times. Even when following the best tenant retention tips and choose qualified tenants, there issues that arise things that need to be dealt with. Fortunately, there are tips that you can follow that could help you to better manage even the most challenging situations.
Consistent Approach
One of the most important things to do is follow a consistent approach. You should have policies and procedures set up to follow if a tenant falls behind on rent. Our Cary based property managers are experienced in these processes.
Keep Records and Documentation
When struggling with a tenant that consistently falls behind on rent, or threatens lawsuits, our experienced Cary property managers make sure to keep proper records at all times. It is very important that you document interaction with emails, letters, and other forms of correspondence. This could be valuable in the event the case goes to trial.
Deposits and Insurance
Another headache for landlords is rental property damage. Accidents do happen. Make sure that you are covered in the event of rental property damage by contacting your insurance agent to discuss options to protect you and your home. Require your tenants to carry a renter’s insurance policy. Require a security deposit up front in certified funds to cover damages at move-out.
If you are a property owner in Cary, contact us today to learn more about the services Barker Realty can provide you on managing your investment property the right way.
