by Barker Realty, Inc. | Apr 14, 2020 | Property Management Blog, Raleigh Property Management, Tenant Management, Tips for Landlords
Though we are only a few months into weathering the coronavirus pandemic, it has effectively changed life as we know it. Below are some tips that can help you maintain a positive landlord-tenant relationship during these tough times.
Remember That You are a Leader
First things first: remember that, to your tenants, you are in a leadership position. You control one of the most important aspects of their lives—their housing—and that means that, like it or not, you are a voice in their community that they will turn to for guidance and reassurance. Keeping this frame of mind will help you stop thinking of yourself as a victim on a sinking ship, and start thinking of yourself as a leader guiding the way through a dark tunnel. While you don’t have more answers than anyone else does, you can corral the troops, so to speak.
Inform & Reassure Tenants
If you have not already done so, send an email to your tenants alerting them to the measures and precautions you are taking to prevent the spread of COVID-19. You should also use this as an opportunity to assuage fears, open the lines of communication, and address tenant concerns. Let your tenants know that, though you have not yet finalized a plan for addressing rental defaults, they will not be kicked out onto the street overnight if they cannot make rental payments. If citizens start to think they might lose everything very quickly, it could result in mass hysteria, which will only negatively impact you (and everyone else in your community) even further.
Explore Your Options
As we stated above, there is no one blanket way to address the financial impact of the pandemic. The actions you take will depend on your city and state ordinances, personal feelings, budget, current tenant relationship, and estimation of the future. The important thing to remember is that you are not alone, and that every other property owner in your city is facing the same questions. Reach out to local housing committees and state housing boards to discuss your options regarding funding and rent collection. You might work with local and federal government agencies to help your tenants find aid; work out a repayment plan once the crisis is past; waive late fees; or take some other course of action.
Prioritize a Positive Tenant Relationship
Without knowing you personally, can’t tell you how to manage your financial situation amidst this crisis. But what we can tell you from our experience in property management is that good tenants are worth their weight in gold. If you have tenants who are pleasant to interact with, timely with rent payments, respectful of your property, and respectful of their neighbors, it might be financially worth more in the long run to keep them than to replace them. “Good tenants” are actually saving you a lot of money in property damage repair, pest extermination costs, cleaning and trash pickup, and more; whilst bad tenants can often be an endless hole of frustration and lost revenue. For these reasons, sending out a panicked letter stating that you expect your rental payments come hell or high water might damage your long-term profitability more than it helps it.
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. | Feb 18, 2020 | Investment Property Blog, Tenant Management, Tips for Landlords, Tips for Property Investors
Investing in rental property is a great way to generate a steady stream of income—but unfortunately, it’s not as easy as signing on the dotted line and letting the payments roll in. Property management takes a lot of patience, communication, and hard work, and many property buyers who see their investment as a “side gig” are often dismayed to find that it has similar demands to a full-time job.
If you have other things in life that demand your time and attention, a property manager can take all the worry off your shoulders and run the day-to-day details of tenant interaction, rent collection, property maintenance, etc. Below are some ways a Raleigh property management company can make your life much easier!
Resolving Tenant Issues
A big part of a property manager’s job is tenant interaction—answering questions related to the lease, resolving complaints, and filling out maintenance requests, to name a few tasks. Having a Raleigh property manager is beneficial for two reasons: first, as we discussed in the intro, because all this issue resolution takes up a significant amount of time.
And secondly, it places a third party between the owner (you) and the tenant. When the owner stays a rather distant figure from the day-to-day property tasks, tenants are more likely to have respect for you, your property and your regulations.
Handling the Paperwork
For some, one of the best aspects of hiring a property management firm is handing over the paperwork to someone else. A rental management firm can complete all the paperwork involved in finding and screening tenants, checking credit reports, conducting background checks, drawing up lease agreements, and keeping track of monthly rent. If you own an entire building with a high turnover rate, the reduction in paperwork can be well worth the cost of hiring a property management company.
Acquiring and Evicting Tenants
The other big part of a property manager’s job is filling empty units and keeping them filled. A property manager will advertise open units, conduct tours, interview and screen prospective tenants, draw up leases, and handle applications, move-ins, and move-outs. If a tenant ever needs to be evicted, a property manager will also handle the legal aspects of the eviction process so that you don’t have to have significant involvement.
Final Thoughts: Should I Invest in Raleigh Property Management?
Since we are a Raleigh property management company, you probably expect that we will say yes, every investment property owner should hire a management team to help out. The truth is, though, that some owners–those with an open schedule, head for details, and excellent people skills–are able to handle the job themselves. However, if your time is already booked with other responsibilities, we encourage you not to go it alone—property management is not for the weak of heart (or limited of schedule!) Similarly, if you find interacting with people stressful, hiring a property manager to interface with tenants and contractors for you will probably be well worth the investment.
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. | Feb 4, 2020 | Property Management Blog, Tenant Management, Tips for Landlords, Tips for Property Investors
If you own investment property in Raleigh, you don’t need us to tell you how stressful it can be. Keeping your property maintained, acquiring new tenants, and managing the ones you have can take a toll on landlords, especially those who are operating alone. However, if you want to be successful, stress management isn’t an option—it’s a necessary part of your overall business strategy. If you can’t find ways to relax and recharge, you won’t be able to give your best to your tenants or your investment. Below are some ways to relax and refocus from our Raleigh property managers.
Become a Master Prioritizer
If you haven’t mastered prioritization yet, now’s the time to make it, well, a priority. If you try to do every single thing on your list, you’ll quickly become overwhelmed. Instead, highlight the top five, or even top three items you’d like to accomplish in a day, and focus only on these. If even that is too overwhelming, go even smaller: highlight the one most crucial thing on your list, and tackle that before moving on to the next.
Take Note of What’s Going Right
As a landlord, it’s easy to get caught up in all the things that are behind schedule, unfilled, or in need of repair. One good way to reduce your stress level is to try focusing on the things that are going right. A pen and a piece of paper are all you need—physically writing down your successes at the end of each day will help you have something concrete to focus on when things get tough.
Take Periodic Breaks
If you find yourself spinning your wheels and not getting anywhere, step away from the desk (and phone, and email). As a property owner, you’re your own boss, so take advantage of it! Take a long walk; sit on a bench and soak in some Vitamin D; or run a small errand—anything that takes your mind off of work. Once you’re refreshed, you’ll be better equipped to tackle the challenge anew.
Delegate, Delegate, Delegate
If running your investment property is driving you crazy, maybe it’s time to acquire some helping hands. Accountants can help you keep your books straight; marketing companies can help you reach new prospective tenants; and landscaping companies can keep the grounds clean.
Most importantly, a property management company can handle all of people the above, plus your tenants, and all the day-to-day tasks that are currently eating up your schedule. If you need a property management company in Raleigh, call Barker Realty, Inc. for a consultation appointment, and get ready for a more controlled, relaxing life!
by Barker Realty, Inc. | Jan 21, 2020 | Tenant Acquisition, Tenant Management, Tips for Landlords, Tips for Property Investors
If you’re a Raleigh rental property owner, amenities are a must if you want to attract quality tenants. And in a competitive market, going above and beyond the usual pool, fitness center, and laundry room will set your rental property apart from the rest. Below are a few unique amenity ideas to consider adding to your apartment building, condominium, or single-family home in Raleigh.
Pet-Friendly Additions
With more and more millennials choosing pets over kids, pet-friendly amenities are a must if you want to attract young professionals to your property. Popular amenities for pet owners include doggie waste bag dispensers, doggie playgrounds, and walking trails. If you’ve got a big budget to work with, you can go one further by adding complimentary dog walking, grooming, and day-care services on-site.
Playrooms for Kids
Of course, it’s important to also cater to those who do have kids. Instead of just having an outdoor play area—a great draw on its own—you can up the ante by offering an indoor playroom, too. Playrooms that are adjacent to, and visible from, the fitness center are a great way to let parents work out while keeping an eye on things, and it will provide a place for kids to burn off their extra energy that isn’t over your other tenants’ heads.
Community Garden
A community garden is a great way to bring residents together to grow sustainable, zero-packaging food at home. Condominium and apartment residents especially will appreciate the opportunity to enjoy the outdoors despite lacking a backyard. You can make your investment property even more eco-friendly by setting up compost bins, rainwater collectors, and solar-powered lighting. Let young, eco-savvy renters know that your property is different from the rest!
Tech Centers
Facility-wide internet access is an absolute must in modern housing communities. But don’t just stop there—consider providing a quiet space where residents can work remotely when the need arises. A shared printer, coffee pot, multi-port USB charger, and a nice plant can help create a peaceful, useful workplace. You might even consider stocking basic office supplies such as staplers, though they may be at risk of theft.
Prayer/Meditation Room
Many modern properties are adding interfaith “quiet rooms” to their properties, where people of all belief systems can reflect, pray, meditate, or practice calming techniques. You might include a small library of books; comfortable chairs; devotional literature; prayer rugs; or even yoga mats. Amenities like this are a great way to catch renters’ attention which show that you are devoted to their health and well-being.
Need a Property Management Company in Raleigh?
If you’re considering purchasing rental property in Raleigh, an experienced property management company can help! Our experienced property managers can help you choose a smart investment that will appreciate, and then help you manage tenant relationships, property maintenance, and more. If you’re ready to become a Raleigh landlord, call Barker Realty today.
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. | Dec 10, 2019 | Raleigh Property Management, Safety & Security, Tenant Management, Tips for Landlords
For many people, the holiday season is the best time of the year. However, all the hustle and bustle of the holidays brings new challenges for landlords and property managers in Raleigh. Below are some tips to keep your Raleigh investment property and tenants as safe as possible this season!
Remind Residents of Fireplace Safety
According to the National Fire Protection Association (NFPA), nearly half of all home heating fires occur in December, January and February. You can reduce the risk by distributing safety reminders to residents; checking the smoke alarms in all rentals; and schedule a chimney inspection and cleaning to ensure proper performance. Additionally, make sure residents are aware of correct evacuation procedures.
Remind Residents of Electric Safety
As residents plug in more and more lights to create the perfect festive atmosphere, beware of how much they are plugging in to which circuits. Instruct tenants to never use more than 3 strings of lights per extension cord, as this presents a definite fire hazard. In addition, remind residents to never leave electric heaters or electric heating blankets plugged in and running. More forgetful residents might want to employ the use of a timer.
Prepare to Melt Icy Roads
Each year, around 22 million tons of rock salt is dumped on roads and sidewalks in the U.S. While this has been shown to reduce vehicular accidents, the environmental costs are significant: it seems into the soil, groundwater, lakes, and streams, making them unsafe for human and animal consumption. Consider these natural ice melting alternatives, and stock up!
Protect Residents from Porch Pirates
The Christmas season means an increase in package deliveries and, unfortunately, an uptick in porch pirates. Installing very obvious surveillance cameras in the parking lots, security lights, and other security measures can go a long way towards making sure your residents’ packages are safe!
Spread Some Holiday Cheer
The holiday season presents a perfect opportunity for landlords to thank their tenants with small treats and gifts. You might make a “holiday care package” containing a sweet treat, fire and electric safety brochures, hand sanitizer (since this is flu season, after all!) and a small gift, like a calendar for the new year or ice scraper. These small tokens will help foster good relationships with your tenants that can last the whole year through!
Barker Realty, Inc is a Raleigh property management company providing tenant screening services, real estate investment consulting, and more to the Raleigh-Durham area. To learn more about our services, click here!
