by Barker Realty, Inc. | Nov 9, 2021 | Tenant Acquisition, Tenant Management, Tips for Landlords, Tips for Property Investors
A lease is a lot like the rules to a game.
The key to getting everyone to follow the rules is to make sure that they are stated at the beginning, in writing and signed off on. A property management company does not have anything to enforce if there is no lease agreement. And same applies to you, the rental property investor.
The lease agreement helps the property management company and tenants understand what is expected of them as outlined below with some tips and insight from Barker Realty.
Key Components of a Lease
There are several things that a property management company needs to include in the lease to ensure it is strong and enforceable.
- The name of the landlord and tenant.
- The property address
- The terms of the rental payments (ie: when is rent to be paid, how much is rent, what’s included in rent, late payment policy, etc)
- Lease term: When it starts and when it ends
- Information about the security
- Whether pets are allowed
- Right of Entry: When can the landlord enter?
It is a good idea for a property manager to include a clause about subletting. Some tenants will want to sublet. However, you have to decide whether you will allow this. If you allow subletting, then the new tenant should have to go through the same approval process.
You will also need to let the tenant know how much notice is required to move out of the apartment when the lease expires. The typical length of time is requiring a 60-day notice. Keep in mind that if you do not include this in the clause, then you may lose one month of rent. You will not be able to get a new tenant until the lease expires.
Be careful about copying the template of other leases. This can be convenient, but it is important to note that laws can vary from state to state. That is why you do not want to use a California template if you live in Texas.
If you already have a lease agreement, then it is a good idea to double-check it. It is not too late to make the necessary changes. Make sure that all of the aforementioned items have been addressed properly and it’s never a bad idea to have an attorney review to make sure it’s buttoned up and fair to all parties involved in signing.
Taking the right steps will ensure that your lease protects your tenant, you and the property. Barker Realty has worked over our 30+ years of experience to develop a strong and enforceable lease. Contact us today for more information on our property managers in Raleigh for professional and reliable services.
by Barker Realty, Inc. | May 5, 2020 | Barker Realty, Property Management Blog, Tenant Acquisition, Tips for Landlords
Once you’ve purchased your Raleigh investment property, signed all the paperwork, and made all the renovations and touch-ups you desire, you’re doubtlessly eager to start filling up rooms with tenants. However, don’t let your enthusiasm cloud your vision. Taking the time to find responsible, respectful, gainfully-employed tenants will save you a lot of headache and money in the long run, even if it means you have to sacrifice a few rent checks now. Below are the 3 most important tenant screening tips to follow, from our Raleigh property management team.
Always Require an Application
An application seems like a pretty basic no-brainer, but you’d be surprised at the number of property owners who forgo this simple step. Make no mistake: ex-tenants with troubled rental histories are out there, looking for a new place that won’t thoroughly investigate their past. An ideal candidate should have no issue with submitting an application and waiting for approval.
Always Run a Credit Check
The best way to gain insight into a potential renter’s payment habits is to review their credit activity over the past seven years. Even if a prospective tenant has a strong credit score right now, they may still have missed payments on a previous property. Of course, making a mistake in the past shouldn’t exclude someone from moving forward—but that’s a decision you need to weigh with full understanding of the risks involved.
Always Run a Background Check
Again, this is another basic protocol that shouldn’t even bear mentioning, but again, we hear of so many property owners in our industry who forgo it! No matter how nice a prospective tenant seems or what their story is, it’s important to always run both a background check and criminal record check on them. Again, you don’t have to scrap an application for someone who has simply made a mistake or two in the past—but you do need to be fully informed of what you’re getting into.
Need Raleigh Property Management Help? Call Barker Realty!
Most property managers who forgo these three tips aren’t stupid—they’re simply pressed for time, and don’t have the resources to devote to proper tenant screening. If this description applies to you, consider working with a Raleigh property manager who can handle tenant screening and other tasks for you. A bad tenant can easily cost a property owner thousands of dollars in damages, legal fees, and other costs, so having a good property manager on your side is well worth the investment! To learn more about us and what we do, please click here.
by Barker Realty, Inc. | Mar 10, 2020 | Barker Realty, Raleigh Property Management, Tenant Acquisition, Tips for Landlords
Owning a Raleigh investment property is tough work. In addition to understanding the legalities of leasing and handling the property upkeep, you also have to make sure that every tenant is a responsible, respectful individual who won’t disturb the property or their neighbors. Unfortunately, this can be tricky to do in the best of circumstances, and when the tenants are the property owner’s friends, situations can quickly become murky. Below are some reasons why you should never rent to friends (or friends’ children).
It’s Impossible to Maintain a Professional Relationship
Tenant-landlord relationships should be, first and foremost, professional. As the owner of a Raleigh rental property, you are responsible for setting the rules, and your tenants are responsible for following them. When you rent to a friend, you’ll find that the professional boundary gets muddled. Your pal might ask for leniency and special allowances that you wouldn’t grant another tenant, or take advantage of your relationship to ignore rules of the rental agreement. On your part, you will start to feel resentful and taken for granted, which leads us to our next point:
It Could Cost You Your Friendship
You probably like your friend a lot; after all, that’s why you decided to rent to them! However, renting to a friend starts you both down a path that leads to nothing but disaster. If you and your friend run into disagreements about the lease and the property, your entire friendship may suffer. Your friend may feel resentful that, despite your good relationship, you are refusing to cut them some slack; you may resent that they are taking advantage of your history to skirt the rules. At the end of the day, this can cause a serious rift that will last long after the lease period is over.
In The End, You’re The One Who Has to Pay
If your rental agreement states that no pets are allowed, and your buddy thinks you’ll be fine with his German Shepherd because you go way back, you’re the one who’s going to be left cleaning up the mess on the floor. Your friend can simply hop-skip to another property—hopefully one that’s less tolerant of his behavior—but as the landlord, you don’t have that option; you will either have to make repairs and restorations that his security deposit doesn’t cover (if he had one). Rather than run the risk of a ruined apartment and a ruined friendship, you’re better off adhering to one simple rule: no friends allowed.
Get Quality Help from a Raleigh Property Management Company
Being a landlord is tough enough as it is; you don’t want to add to the pile by putting a couple of your closest friends under a roof that you manage. Fortunately, there are plenty of tools at your disposal to help you find responsible, clean, polite tenants. A Raleigh property management company such as Barker Realty can help you vet tenants, take care of their issues; manage their rental payments, and much more. To schedule a meeting with one of our incredible property managers, please click here.
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. | Sep 23, 2019 | Property Management Blog, Tenant Acquisition, Tenant Management, Tips for Landlords
Almost all investment properties include a criminal background check, credit card check, landlord reference check, proof of employment, and eviction report in their tenant screening process—and these are all musts for you, as well. By asking just a few simple questions, you can separate the wheat from the chaff and only allow qualified renters to sign a lease. Below are key questions to ask when screening tenants for your Cary investment property.
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What date would you like to move in?
This is one of the best preliminary tenant screening questions, because it quickly establishes whether or not you and your applicant will be the right fit for each other. Perhaps you have a vacancy that needs to be filled immediately, but your potential tenant can’t move in for another month or so. Or, perhaps the applicant is looking for somewhere to live immediately. It you determine up-front that your property won’t work out for each other’s timeline, you’ll save yourself significant time and hassle.
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How long have you lived in your current home?
It’s smart to ask potential renters about the duration of their past and current residencies. If they seem to lack stability, hopping around from property to property, chances are that they’re likely to do the same to you, leaving you with a vacancy to fill. Keep in mind, though, that this behavior is more typical for recent graduates and young professionals, so it is not always necessarily a red flag.
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Why are you moving?
This simple, yet mighty question could help to reveal a tenant’s past issues which they will bring to the new property. Ask tenants what bothered them about their previous living situation, and note how they communicate their frustration. If your very first interaction with a potential tenant leaves you wanting to pull out your hair, just imagine what it will be like when they have a legal right to the property! It might be better to save yourself the headache, and move on.
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Are you a pet owner?
This isn’t so much a question you should ask the tenant, as much as a question you should try to answer for yourself through observation. Many pet owners do not give an honest answer when asked this question, because they do not want to incur the additional fees. However, you could use context clues to suss out more information. You may be able to observe cat or dog hair clinging to their clothing, for instance. This is why we highly recommend interviewing prospects in person, not over the phone.
Make Property Investment Easy with Barker Realty Property Management
While credit reports, background checks, and reference checks are indispensable parts of the tenant screening process, nothing compares to the “gut feeling” a seasoned property manager has when speaking to a prospect. With over 30 years in the Raleigh property management arena, we know what makes a good tenant and what makes a bad one—and we’re happy to pass our expertise onto you!
If you need help screening tenants or any other aspect of investment property management in Cary or Raleigh, call Barker Realty today. We can’t wait to help you find and manage the Raleigh investment property of your dreams!
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.
