by Barker Realty, Inc. | Jun 18, 2019 | Local Property Management, Property Management Blog, Property Management Company, Tips for Property Investors
Buying an investment property is a great way to generate a healthy income stream. However, it’s not as easy as buying a unit, renting it out, and letting the payments come in. Property management takes a lot of patience and hard work, and if you don’t want it to become your full-time job, your best bet is finding someone for whom that’s the case. A property manager can take all the worry off your shoulders so that you really are making money with minimal stress.
Here are some ways property management companies can make your life much easier!
Tenant Management
Tenants require a significant amount of interaction, especially if you have several at one time. Maintenance issues pop up; rental payments are due; and other tiny issues occur which need to be addressed, lest you risk bad word of mouth or even litigation. A property management firm takes over all day-to-day tenant interactions and responsibilities so that you don’t have to constantly be on call 24/7.
Tenant Acquisition and Eviction
A property management firm will advertise open units, interview and screen prospective tenants, draw up leases, and handle move-ins and move-outs, saving you a significant amount of time and hassles. In the worst-case scenarios, they are also responsible for handling evictions. One big bonus of working with a property management company is that they are knowledgeable in the legal aspects of the eviction process, and will generally know how to proceed better than a new or inexperienced landlord.
Paperwork
For some, one of the best aspects of hiring a property management firm is handing over the paperwork to someone else. A rental management firm can complete all the paperwork involved in finding and screening tenants, checking credit reports, conducting background checks, drawing up lease agreements, and keeping track of monthly rent. If you own an entire building with a high turnover rate, the reduction in paperwork can be well worth the cost of hiring a property management company.
Repairs and Maintenance
As a landlord, you won’t just own a house or building – you will also likely own the land it’s sitting on. In addition to the repair and maintenance of buildings and individual units, you will also need to devote some resources to making sure the land is attractive and well-maintained. That can include planting and keeping flowerbeds; repairing pathways; mowing lawns; installing grass sprinkler systems; and scheduling regular pest control. A property management company can hire the contractors or landscapers that will perform this upkeep and ensure that the work is being performed adequately.
Final Thoughts: Should I Invest in Raleigh Property Management?
If you have the time and expertise to manage your own property, and if you are comfortable being on call 24/7 to handle various issues, you may find that you prefer to manage your property yourself. However, if your time is already booked with other responsibilities, or if you find interacting with people stressful, you are probably better off hiring some outside help. Once you’ve outsourced the work to someone else, you can breathe easy and enjoy the benefits of your investment property!
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. | 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.
by Barker Realty, Inc. | Mar 5, 2019 | Local Property Management, Property Management Company, Raleigh Investment Property, Raleigh Property Management
When you are searching for a Raleigh NC property management company to take care of your investment property, here are a few essential qualities to look for.
Responsiveness
If a major issue arises in your investment property, such as a water main break or serious storm damage, you will want a company that is available 24/7 and able to communicate in a quick and timely manner. Look for a property management company that always gets back to you promptly.
Experience
When you are researching your property management options, be sure to inquire as to the number of clients the company has served and how many years it has been in business. A property management company that has experience managing multiple, diverse properties over a long period of time will be much more capable than a company which has only managed one or two.
Accounting Services
One of the best advantages of hiring an investment property management company is that it can manage rental fees, contractor payments, and miscellaneous financial elements for you. For this reason, when you meet with a potential company, be sure to inquire as to the financial or accounting services it offers.
Partner with a Raleigh NC Property Management Company Today
Barker Realty, Inc. is a full-service real estate brokerage firm with more than thirty years of experience in Raleigh NC property management. Whether you are interested in buying, selling, or investing, let us put our vast resources behind you and your real estate goals. To set up an appointment with one of our skilled property managers, click here.
