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. | Jul 23, 2019 | Property Selection, Raleigh Investment Property, Raleigh Property Management, Tips for Property Investors
In our previous blog post, we discussed some potential risks that come with investing in Raleigh property, and how aspiring landlords can mitigate them. Below are even more tips on how to have a successful and profitable property investment experience.
Risk: You purchase investment property, but your tenants are constantly leaving.
Solution: Build strong relationships with your tenants.
The best way to gain uninterrupted revenue is keeping your tenants happy. This can often be accomplished simply by keeping the property clean and well-maintained. If a tenant submits a maintenance request, make sure it is taken care of right away. If there is an issue with trash, pests, animal waste, or something else, make sure that it is addressed.
You can also build positive relationships with your tenants. Send out holiday or birthday cards, hold community-building events, and try to be on a first-name basis with them. While these little touches take extra time, they are not a waste—they can be the difference between a rental property that is full and one that is empty. If you don’t have time to build relationships with your tenants (and manage the property and maintenance), a property management company can do it for you.
Risk: You invest in property in a good neighborhood, but struggle to attract tenants.
Solution: Stay on top of updates.
This goes back to what we said above: keep your property clean, pleasant, and well-maintained, and you’re more likely to both attract new tenants and keep them. Make sure you conduct a thorough home inspection between each tenant, and proactively repair any issues you notice. You can also add new amenities, replace outdated appliances, replace laminate floors with hardwood, and make other minor, yet important changes that will make your property more attractive. If you’ve done all you can to make the property clean, aesthetically pleasing, and in good repair, then your next step is launching a marketing or advertising campaign, which a property management company can also help you with.
Risk: You invest in a good property in a nice area, and keep it maintained, but for some reason, demand suddenly drops off.
Solution: Hedge your bets.
If you want to make sure that you earn a profit, and it’s within your financial power to do so, consider investing in multiple properties at once, in different areas. That way, if the housing market takes an unexpected dip, you will have another property which can continue generating revenue. The real estate market is constantly fluctuating up and down, so having a few eggs in different baskets isn’t a bad idea. If you aren’t sure which property you should purchase, again, a property management service can help guide your decision.
The Bottom Line: Nothing Is Risk-Free
If reading about all these potential risks is making you nervous, remember that all investments—whether business, stocks, or real estate—come with risk. As long as you do your research, put in the time, and consult someone with industry experience, you should be able to make a good profit off of your property—especially in Raleigh, which is one of the fastest-growing cities in the U.S.!
Interested in Raleigh Investment Property? Call Barker Realty
If you’d like to invest in Raleigh property, but find yourself overwhelmed with possibilities, call Barker Realty. We’ll help you identify and purchase a solid investment, then help keep it in top condition so you don’t have to worry. To schedule an appointment with one of our real estate specialists, give us a call here.
