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!
by Barker Realty, Inc. | Oct 29, 2019 | Property Management Blog, Property Management Company, Safety & Security, Tips for Landlords
Before the sugar high hits and the creepers come a-crawlin’, there are few steps Raleigh property managers should take in order to give their residents the safest, happiest Halloween possible. Below are a few Halloween safety tips for landlords and rental property owners!
Invest in Good Lighting
We have mentioned a few times before how important it is to invest in bright, high-quality for your investment property. Good lighting will help residents stay safe on pathways, steps, and entrances, and provide a feeling of security while they are journeying to their car, the mailbox, the pool, or the trash area. If you haven’t already set up good lighting, now’s the time to do it!
Clear Common Areas
Halloween night will no doubt see a lot of excited, sugar-crazed children in bulky costumes returning from trick-or-treating fun. Before the night arrives, do a quick safety scan for debris, trash, fallen branches, holes, and any other tripping hazards. It’s better to be safe than sorry!
Advise Tenants to Keep Pets Inside
Even the most well-behaved pet can become anxious amid all the chaos and hubbub of Halloween night. Combine that with a lot of strangers in scary costumes–which your pet probably doesn’t consider a costume–and you have a recipe for disaster. Advise your tenants to keep all pets inside on the 31st to protect trick-or-treating children and other residents. In addition, remind your tenants that cats, especially black cats, can become targets of unscrupulous neighborhood hooligans on Halloween night, and should therefore be kept safely indoors.
Distribute Fire Safety Reminders
Finally, take into consideration the plentiful candle-lit decorations and Jack-O’-Lanterns that will likely be scattered throughout your rental property on Halloween, and decide what you would like to do about these sources of open flame. You might want to impose a ban on open-flame decorations altogether, requiring electric tea lights instead. Or, you could just take this opportunity to remind residents about proper fire procedures. Regardless of your open flame policy, have your property management team verify that all smoke alarms are in working order before the festivities occur.
Investing in rental property doesn’t have to be scary with Barker Realty!
Sending out tenant reminders; cleaning up your property; replacing burned-out bulbs; checking smoke alarms: all of these things take time. If you’d rather spend that time on other commitments, call our Raleigh NC property management company. Our experienced property managers can help you secure the right Raleigh investment property, and then keep it running like clockwork. That way you can insure that your investment has no tricks, and all treats!
by Barker Realty, Inc. | Jan 5, 2019 | Property Management Blog, Tenant Acquisition, Tenant Management, Tips for Landlords
Even though you’re excited to rent out a freshly renovated apartment building or single-family residence, don’t let your enthusiasm cloud your vision. Even though you undoubtedly want to rent to the first bidders, it’s important to find the right people who will bolster positive tenant relations (and treat your property with respect!) Here are some real estate screening tips that will help you find quality tenants.
Always request an application
Having a potential tenant fill out an application lets them know that they will be thoroughly screened. Many prospective renters with troubled rental histories will bow out gracefully upon seeing your intent to investigate their past. An ideal candidate will have no issue with both credit and background checks.
Run a credit check
In some cases, consumers have figured out the credit reporting system and know that activity is reported every 30 days. They could be using this time to apply for residence because they know that their credibility will drop soon. 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, they may still have missed payments or a significant income-to-debt ratio.
Run a background check
It is important to run both a background check and criminal records check on every prospective tenant. An applicant who has made a mistake or two in the past may have just fallen on hard times, but someone who is consistent with his offenses may be bad news for your property.
Need property management in Raleigh? Call Barker Realty
Finding and managing tenants isn’t easy. Signing a bad tenant can easily cost a real estate investor thousands of dollars if the deal goes south, or damage existing tenant relations at the very least. Hiring a Raleigh property management company like Barker Realty is an excellent way to save time and reduce frustration with the whole process. For just a small monthly fee, we can quickly find and screen tenants and protect your investment property. If you have more questions or have more property management questions, just give us a call!
