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. | Mar 10, 2020 | Barker Realty, Property Management Blog, Property Management Company, Tips for Landlords
There’s no doubt that these are stressful times for everyone, especially landlords. With so much economic uncertainty, it can become easy to become overwhelmed by fears and anxieties. Before you do, though, take a moment to step back, breathe, and refocus. Recognize that your tenants are depending on you to provide some sense of leadership and direction, since you are the one in control of their home, and becoming overwhelmed is bad for them and you. Below are some stress management tips for landlords which can help you help you keep calm and carry on during this, and other, crises.
Manage Your Media Intake
While it’s good to stay informed about the latest developments surrounding the Coronavirus, being too informed does little good and a lot of harm. As terrible stories continue to emerge from Italy, New York, and other epicenters of the pandemic, you may find yourself submerged in misinformation and worst-case scenarios that paints a pretty black picture. Pay close attention to your emotions as you read the news, and step away if you start to feel overwhelmed. It may be necessary to stop consuming news entirely, or limit your consumption to a specific timeframe and duration each day (e.g., thirty minutes each evening).
Put Your Mind to Work
The mind is a very dangerous place to be during a time of crisis. Instead of sitting around and stewing in your thoughts, give your brain an assignment—any assignment. This can be as simple as completing a difficult crossword puzzle, or testing yourself on basic knowledge, like naming the capital of each U.S. state or the countries of Africa. It is very difficult—nigh impossible—for your brain to worry and solve problems simultaneously.
Make a Goal and Focus on Crushing It
If you find yourself out of work due to the pandemic, don’t fall into the trap of browsing the web and watching T.V. all day. Recognize that this is your chance, perhaps your only chance in a while, to tackle a big goal you never have time for, or take steps to come out even stronger once the crisis is over. If you have creative aspirations, try working on your novel, developing your body of work or learning a new craft or skill. If you have always dreamed of starting a side-business, put together a business plan, try your hand at building a website, research ideas for logos, and create social media pages. Always wanted muscular arms, or a six-pack of abs? Now’s your chance to make it happen!
Practice Grounding Exercises
Much has been written about mindfulness and breathing techniques when managing anxiety, but one less-popular technique, which is often much more effective, is that of mental grounding. When things get tough, simply take out a piece of paper and record all the physical details of your surroundings: the number of tiles in the floor or ceiling; everything you can see from your window; the precise color of each object in your line of vision. Since your brain cannot focus on the external world at the same time as your internal dialogue, this helps quell panicked emotions and reaffirm that, while some things feel out of control, everything around you is still here.
Stay Strong – And Come Out On Top
Aside from staying indoors and practicing social distancing, there is very little landlords can do to bring the Coronavirus pandemic to an end. What we can do is let our tenants know that we are here for them; that we will work with them as best as we can; and that we are taking steps to keep the property safe, sanitary, and secure. By being available, calm, and compassionate to our tenants’ needs, we stand to forge stronger, longer tenant relationships that will last long after this situation is past.
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 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!
