by Barker Realty, Inc. | Dec 6, 2022 | Property Selection, Raleigh Investment Property, Taxes & Financing, Tips for Property Investors
Owning property is a great investment, as it requires little daily effort once you’ve made the initial commitments. If you’re ready to break into the Raleigh real estate market, here are some real estate investment tips that will help you launch your investing career.
Remember that real estate property appreciates
Unlike some purchases, like cars, your real estate property investment will not necessarily depreciate after your purchase. In fact, some property owners find that the value of their investment far exceeds what they paid. For example, if you buy a single-family home or apartment building for a low price, manage it through a real estate management company, and sell it after it appreciates, you can get an excellent return on your investment with minimal trouble or hassle.
Don’t be afraid to start small
Perhaps you cannot currently afford to invest in a large apartment building–or you can, but are nervous about making such a big commitment. Not a problem! Even if you purchase a small house and rent out the property to tenants, you are still considered an investor. You can gain experience with your smaller purchase, and then work your way up to a bigger investment over time.
Work with a professional real estate manager
Rental property doesn’t come with the uncertainty that many investors suffer when putting their money into the stock market–but it does come with some risk. In order to ensure the best success possible, work closely with a real estate management company to understand the cost of maintaining a certain property; taxes and insurance requirements, and all the other details.
Build up a budget
While real estate can yield substantial returns in the long run, you should expect a minimal return for the first two years. For that reason, you may want to consider paying for your property in cash, so that you do not accumulate interest or risk foreclosure. You can also, of course, take out a small loan, if you are confident that you can pay the mortgage without monthly rent coming in. Barker Realty’s experienced sales brokers can help you explore the best financing option for you.
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.
by Barker Realty, Inc. | Aug 20, 2019 | Property Management Blog, Property Selection, Raleigh Investment Property, Raleigh Property Management
By anyone’s estimate, Raleigh is thriving. Our real estate and housing markets are experiencing a huge boon; our universities are growing and expanding; and increasing job opportunities are drawing young professionals from all over the country. We were curious to know what those jobs are, exactly—so we studied at the Bureau of Labor Statistic’s 2018 report (at the time of this writing, the 2019 report has not yet been released) to study the top occupations of Raleigh residents. Read on to learn more about Raleigh’s diverse career landscape!
Healthcare and Medical Occupations – 47,530 Employees
Raleigh is well-known for its prestigious hospitals and abundant medical research facilities. Patients travel to Raleigh from all over the country to take advantage of services offered by the Duke Raleigh Hospital, UNC REX Hospital, and WakeMed Hospitals. If you work in the healthcare field, you will find that Raleigh is rich in opportunities. (Note: The Bureau of Labor Statistics divides healthcare into two sectors: The Healthcare and Medical sector, and Healthcare Support (such as nurses, aides, and therapy assistants). For this list, we combined the sectors into one umbrella field with a total of 47,530 employees.)
Food Preparation – 59,650 Employees
Like any city, Raleigh has a thriving restaurant scene. Our diverse population has given rise to a diverse array of cuisines, including Indian, Thai, Korean, Mexican, Irish, Italian, Japanese, and Ethiopian—and the list goes on and on! If you’re a foodie who loves to sample new things, you’ll never find yourself without options in Raleigh. And if you’re a restauranteur dreaming of expanding, you’ll find a rich and hungry clientele.
Business and Financial Operations – 59,650 Employees
As we said in the introduction, business is booming in Raleigh. And that means that anyone who has to do with money—Adjustors and appraisers; accountants and auditors; analysts and real estate assessors; financial advisors—will find plenty of open seats here. Raleigh’s financial market is going strong, which is why no time has been better to invest in property.
Sales – 74,590 Employees
So far, the list has included management and financial occupations. Another key component of business? Sales. The #2 occupation in Raleigh is sales work, a sector encompassing retail workers and supervisors; real estate agents and sales brokers; and even telemarketers and models. Our population of young professionals starting out has a lot of demand for household products, appliances, and furniture, and many wealthier demographics retire here and can spend their leisure hours shopping. If you’re considering an investment property in Raleigh, you’ll find tenants with either plenty to spend, and lots of time to spend it; or busy young people with a lot of needs to fill.
Office and Administrative Support – 91,370 Employees
And what is the #1 most common job in Raleigh? The humble office assistant. Yes, of about 630,000 occupations surveyed, a whopping 91,370 perform administrative or customer service work that makes the rest of our lives easier.
The sector is likely so large because it’s so diverse: it consists of administrative support workers; bookkeeping and payroll clerks; bank tellers; customer service representatives; hotel desk associates; ticket agents; police, fire, and ambulance dispatchers; meter readers; postal clerks and mail sorters; legal secretaries, executive assistants, proofreaders…and many more! Surprising as it may seem, most of Raleigh’s employees are quietly in the background, making almost every industry run smoothly.
Looking for Investment Property in Raleigh? Call Barker Today!
If you’re looking to benefit from Raleigh’s thriving economy, call Barker Reality! We are a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. Our experienced agents can help you select an investment property, purchase it, and maintain it. To set up an appointment with one of our skilled property managers, click here.
by Barker Realty, Inc. | Aug 6, 2019 | Property Management Blog, Raleigh Investment Property, Raleigh Property Management, Tips for Property Investors
Raleigh’s thriving real estate boom and abundant career opportunities are drawing young professionals here from all over the country. But what are those jobs, exactly? To find out exactly what Raleigh employees are up to, we took a look at the Bureau of Labor Statistic’s 2018 report, which analyzed 629,570 Raleigh occupations. Below are some of the top industries in the City of Oaks.
Construction and Extraction – 28,420
With so many houses and rental properties going up everywhere you look, it’s no wonder that construction is the 10th most common occupation in Raleigh. Anyone who works in construction and development will find steady business here—from roofing, to flooring, to real estate and beyond.
Management – 31,060
Due to its centralized location and various other benefits, Raleigh is full of business opportunities, and is therefore host to plenty of advertisers, marketers, and managers. If you work in anything corporate or management-related, you’ll never find yourself without job options in Raleigh.
Computer & Mathematics – 35,840
With three major research universities within about an hour of each other, Raleigh is a major hub for science, research, and technology. In fact, Raleigh is smack dab in the middle of an area referred to as the “Research Triangle.” Scientists, students, and researchers flock to this area from all over the world to develop innovations that change lives.
Transportation & Material Moving – 36,450
As we mentioned, one of the best things about Raleigh is its ideal centralized location. To put things in perspective, it takes about 6 hours to drive from Raleigh to Atlanta, and 4 hours to drive from here to Washington D.C.—meaning that whether you’re going North or South, you will probably pass through Raleigh. Similarly, if you’re going across the state from Wilmington to Asheville, or vice versa, you will be able to pass through Raleigh, too. To sum up, all this makes Raleigh a favorite site for transportation, shipping and handling companies who find us extremely convenient to their operations.
Education & Training – 38,010
If you know how many universities and schools are located in Raleigh, our huge quantity of educators isn’t a surprise. Raleigh’s NC State University alone holds 30,000 students; Duke University, UNC Chapel Hill, and Wake Forest University are a few miles away. Raleigh’s primary school system has been nationally recognized for its diversity and innovation, as well. All that means that if you’re an educator or administrator, you’ll have plenty of opportunity.
by Barker Realty, Inc. | May 21, 2019 | Property Management Blog, Property Management Company, Raleigh Property Management, Tips for Property Investors
If you own a condo, duplex, or other type of investment property, a property manager is a necessity. A good property manager can take all the nitty-gritty details of managing a property off your hands, so you can reap in the rewards with minimal stress and hassle. Since this person will be your right-hand-man (or woman), finding a good manager is extremely important. Here are some tips on finding the best property management company for you.
Ask for References
Property management is quite challenging, so your first priority should be finding someone with experience. A good property management company should have several strong recommendations and references from previous or current clients. While it might be tempting to go with the first property management company you find, this can be a big mistake. An inexperienced property manager won’t be able to predict, and handle, the challenges that lie ahead—such as missed rent payments, insect problems, and maintenance issues, just to name a few.
Ask the Right Questions
During the interview process, it’s important to ask questions that will reveal the applicant’s decision making skills, industry know-how, and personality. Some good potential questions to ask a property management company include:
- What is your process for screening potential tenants?
- How long does it typically take you to fill a vacant property?
- How many units have you managed/are you currently managing?
- What is your process for fulfilling maintenance requests?
- What is your process when a tenant doesn’t pay rent on time?
- Have you ever filed an eviction? If so, did the process go smoothly?
A good property manager should readily have answers to these questions. If not, consider it a red flag that they won’t be able to handle the responsibilities quite as well as someone else.
Hire a Raleigh NC Property Management Company
A good property management firm can significantly lighten the load and take the worry off your shoulders so that you can devote your time and energy to other things. If you would like to learn more about purchasing an investment property in Raleigh, NC, call Barker Realty. We are 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.
