Increased Profitability: How a Property Management Company can Help Maximize Your Rental Income
Property management companies have a wealth of knowledge and experience when it comes to increasing rental property profitability. They are experts at setting competitive rental rates based on extensive market research and analyzing local rental trends. By hiring a property management company, you can be confident that your rental rates are optimized for maximum profitability.
Property management companies can also help reduce vacancies by implementing strategies to quickly fill vacant properties. By creating an effective marketing plan and utilizing their extensive network, they can quickly attract high-quality tenants to your property, which ultimately leads to increased profitability. Property managers can also minimize the costs associated with vacancies by ensuring that properties are properly maintained and in top condition for new tenants.
Tenant Screening and Management: Why Professionals are Better Equipped to Select and Manage Tenants
Selecting the right tenants can be a time-consuming process that requires thorough background checks and interview screenings. Professional property management companies are better equipped to handle this task due to their experience in dealing with prospective tenants. They can easily spot warning signs of problematic tenants, such as a history of late payments or previous evictions. By avoiding such tenants, landlords can avoid costly legal battles and potential property damage.
Moreover, property management companies can provide a structured and coordinated communication system for tenants. They can handle all tenant-related queries, complaints, and issues, leaving landlords free to focus on other tasks. Additionally, property management companies are better equipped to handle emergencies, as they have access to a large network of contractors and service providers who can quickly resolve any issues and minimize rental property downtime.
Property Maintenance and Oversight: The Importance of Regular Inspections and Maintenance for Your Rental Properties
Proper property maintenance is essential for the longevity of rental properties. Property management companies can handle regular inspections, maintenance, and repairs on your behalf. This ensures that your property remains in good condition and compliant with all local regulations. By doing so, you can also avoid potential lawsuits or tenant disputes related to poor maintenance.
Property management companies are also adept at budgeting for regular maintenance expenses, as well as unexpected repairs and replacements. This allows landlords to better anticipate costs and avoid any financial surprises.
In conclusion, hiring a property management company is a smart choice for landlords who want to maximize their rental property’s profitability. It can help reduce vacancies, select high-quality tenants, and keep the property in good condition. With the additional benefits of saving time and money, it’s clear that a property management company is a valuable asset in the successful operation of rental properties.
Rental season is a challenging time for property managers as there are many things that can make it difficult for a property management company to fill the vacancies. More millennials are starting to buy homes. Occupancy rates are also starting to decrease. Fortunately, there are many seasonal leasing tips that will make it easier and our team wanted to share a few.
Show off Your Rentals
It is estimated that half of the US population use their mobile phones in order to find a place to rent. That is why it is important to make sure that your website is optimized for mobile use. You also need to make sure that you put your rental listings in the right place, there are good pictures and amenities are listed to enhance the property.
Follow Up With Them Quickly
Most renters want to get information about a property as quickly as possible. When someone inquires about the property, you will need to follow up with them as soon as possible. Barker has an efficient system in place to follow-up with all potential tenants and answers the numerous questions they may have.
Screen Your Tenants
Bad tenants can create a nightmare for a property management company, which is why you will need to thoroughly-screen them. Do a background check, credit check and have them fill out an application. Barker has a strong lease agreement and thoroughly vets each and every applicant.
Effortless Conversions
You want to get your new tenants moved in without having to go through additional paperwork. A streamlined process will make things a lot easier for you. Barker allows for online lease signing, has a new tenant checklist and even offers a moving assistance service called Updater for our residents.
Make Your Renters Happy
If your renters are happy, then it is likely that they will stick with you for a long time. It is also easier to retain tenants than attract new ones. You can make your tenants happy by addressing their problems and concerns quickly. You may also want to give them a renewal incentive.
If you need help from our property managers in Apex, feel free to contact us for more information.
For property owners in the Apex area, investing in real estate properties can be a great option. However, for those investments to be successful, you will need to keep them occupied. There are certain times of the year that can be very busy with renters. To ensure you do as well as possible, there are seasonal leasing tips that should be followed.
Showcase Your Property
One of the best seasonal leasing tips to follow would be to showcase your property. Many property owners make the mistake of not showing off their investment enough. If you want your homes to lease quickly, host open houses and make them look as attractive as possible inside and out.
Follow Up
When working with our experienced property managers in Apex, you also want to make sure you follow up with potential tenants quickly. Property managers should be able to show units to prospective tenants, answer follow-up questions, and doing a variety of other things to make sure that prospects are interested in the property.
Screen Tenants
It is important that applicants are screened properly. Run a full background check that includes running credit reports, criminal background checks, income verification, and referrals from current and previous landlords. This will help you in obtaining a quality tenant.
Provide Good Service
Ultimately, for your investment to perform well, you will need to provide good service. By working with our Apex property management company, you will be able to develop a plan and protocol for dealing with tenants and ensuring their needs are met. Satisfied tenants are more likely to stay longterm, which will reduce your turnover. It will also improve your reputation in the marketplace, which will make it easier to lease properties in the future.
Barker Realty is trained and skilled at managing these details. If you are interested in learning more about our services and letting us manage the details of your Apex investment property please contact us today!
How to Avoid Dangers from Rental Property Fireplaces!
Many tenants use fireplaces during the winter months, which is why it is important for tenants to know how to safely use a fireplace, from gas to wood burning to everything in between. Properly using a fireplace will prevent smoke damage, fires and a homeowner nightmare. Not to mention investors potentially losing their entire investment property from a fire. It’s happened plenty of times and our team at Barker Realty really focuses on educating both our clients, investors and tenants about these potential dangers.
Facts & Precautions
According to the National Fire Protection Association, home fires cause 374,000 homes catch on fire per year. This costs $8 billion in damage every year. Fireplaces are one of the top causes of home fires. Fifty percent of home fires occur during the months of December, January and February.
Obstructed flue, creosote buildup and fireplace damage are one of the leading causes of fires. Fireplace damage can also cause fires. Safety is of the utmost importance. Fortunately, there are several things that you can do in order to prevent fires.
We advise all Durham property managers, investors, rental property managers and landlords to have their chimney inspected and cleaned by a professional every year. If you have a wood-burning fireplace, then creosote will build up inside of the fireplace and flue. Creosote does not deposit inside of a gas fireplace. However, deposit and moisture can develop inside of a gas fireplace, which can also cause big issues down the road, such as causing the fireplace to deteriorate and not function properly.
You will also need to make sure that carbon monoxide detectors and smoke detectors are working properly. The home should have a fire extinguisher inside of it. Furthermore, Durham property managers should educate new tenants about fireplace safety. They should also educate people about what they should do in order to properly use their fireplaces.
Let tenants know that they need to contact management as soon as possible if they suspect that something is wrong with the fireplace. There may not be a problem with the fireplace, but it is better to be safe than sorry.
If you need an experienced property management company to guide you through your new investment property or to take over your current portfolio, contact Barker Realty today to schedule a time to meet/talk. Our team is confident in helping you keep your rentals safe and your tenants happy.
New rental property managers or someone who’s just started with a new property management company may wonder what constitutes normal wear and tear on a rental property compared to what constitutes damage to a rental property.
Normal wear and tear can be vaguely defined as the depreciation that occurs through normal daily living in the home. But what does that actually mean? Let’s look at some examples of the differences between normal wear and tear and damage.
Carpet
Matted carpet is normal wear and tear, the result of people walking back and forth or furniture sitting in the same place for many months or even years. Burned or stained carpet, however, is damage.
Walls
Small nail holes in the walls, from hanging photos or small knick-knacks, is normal wear and tear. Large holes in the wall are damage. Fading or yellowing paint is normal wear and tear, while large wall stains are damage. Loose wallpaper is normal wear and tear, while crayon markings, ripped paper or large stains are damage. Worn electrical switches or receptacles are normal wear and tear, while ones that are missing, melted or burned are damage (Note: melted or burned ones may not be the tenant’s fault if there is an electrical problem).
Hardwood, Linoleum & Tile Floors
Lightly scuffed hardwood floors are wear and tear, scratches, chips and deep gouges are damage. Worn linoleum is wear and tear, while holes in it are damage. Loose or mildly cracked tiles are wear and tear, missing or shattered tiles are damage.
Windows & Window Coverings
Faded curtains are wear and tear, while stained or torn curtains are damage. Dirty window screens are wear and tear, while cut or missing screens are damage. A cracked windowpane because the building settled is wear and tear, while a shattered window from a baseball being thrown at it is damage.
Hiring a local real estate management company can help avoid some of the damage. Rental property managers from a property management company or local real estate management company can perform regular inspections to ensure that damage is caught before it becomes more severe. The knowledge of a potential inspection can keep tenants on their best behavior, preventing damage before it starts.
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.
