by Barker Realty, Inc. | May 5, 2020 | Barker Realty, Property Management Blog, Tenant Acquisition, Tips for Landlords
Once you’ve purchased your Raleigh investment property, signed all the paperwork, and made all the renovations and touch-ups you desire, you’re doubtlessly eager to start filling up rooms with tenants. However, don’t let your enthusiasm cloud your vision. Taking the time to find responsible, respectful, gainfully-employed tenants will save you a lot of headache and money in the long run, even if it means you have to sacrifice a few rent checks now. Below are the 3 most important tenant screening tips to follow, from our Raleigh property management team.
Always Require an Application
An application seems like a pretty basic no-brainer, but you’d be surprised at the number of property owners who forgo this simple step. Make no mistake: ex-tenants with troubled rental histories are out there, looking for a new place that won’t thoroughly investigate their past. An ideal candidate should have no issue with submitting an application and waiting for approval.
Always Run a Credit Check
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 right now, they may still have missed payments on a previous property. Of course, making a mistake in the past shouldn’t exclude someone from moving forward—but that’s a decision you need to weigh with full understanding of the risks involved.
Always Run a Background Check
Again, this is another basic protocol that shouldn’t even bear mentioning, but again, we hear of so many property owners in our industry who forgo it! No matter how nice a prospective tenant seems or what their story is, it’s important to always run both a background check and criminal record check on them. Again, you don’t have to scrap an application for someone who has simply made a mistake or two in the past—but you do need to be fully informed of what you’re getting into.
Need Raleigh Property Management Help? Call Barker Realty!
Most property managers who forgo these three tips aren’t stupid—they’re simply pressed for time, and don’t have the resources to devote to proper tenant screening. If this description applies to you, consider working with a Raleigh property manager who can handle tenant screening and other tasks for you. A bad tenant can easily cost a property owner thousands of dollars in damages, legal fees, and other costs, so having a good property manager on your side is well worth the investment! To learn more about us and what we do, please click here.
by Barker Realty, Inc. | Mar 10, 2020 | Barker Realty, Raleigh Property Management, Tenant Acquisition, Tips for Landlords
Owning a Raleigh investment property is tough work. In addition to understanding the legalities of leasing and handling the property upkeep, you also have to make sure that every tenant is a responsible, respectful individual who won’t disturb the property or their neighbors. Unfortunately, this can be tricky to do in the best of circumstances, and when the tenants are the property owner’s friends, situations can quickly become murky. Below are some reasons why you should never rent to friends (or friends’ children).
It’s Impossible to Maintain a Professional Relationship
Tenant-landlord relationships should be, first and foremost, professional. As the owner of a Raleigh rental property, you are responsible for setting the rules, and your tenants are responsible for following them. When you rent to a friend, you’ll find that the professional boundary gets muddled. Your pal might ask for leniency and special allowances that you wouldn’t grant another tenant, or take advantage of your relationship to ignore rules of the rental agreement. On your part, you will start to feel resentful and taken for granted, which leads us to our next point:
It Could Cost You Your Friendship
You probably like your friend a lot; after all, that’s why you decided to rent to them! However, renting to a friend starts you both down a path that leads to nothing but disaster. If you and your friend run into disagreements about the lease and the property, your entire friendship may suffer. Your friend may feel resentful that, despite your good relationship, you are refusing to cut them some slack; you may resent that they are taking advantage of your history to skirt the rules. At the end of the day, this can cause a serious rift that will last long after the lease period is over.
In The End, You’re The One Who Has to Pay
If your rental agreement states that no pets are allowed, and your buddy thinks you’ll be fine with his German Shepherd because you go way back, you’re the one who’s going to be left cleaning up the mess on the floor. Your friend can simply hop-skip to another property—hopefully one that’s less tolerant of his behavior—but as the landlord, you don’t have that option; you will either have to make repairs and restorations that his security deposit doesn’t cover (if he had one). Rather than run the risk of a ruined apartment and a ruined friendship, you’re better off adhering to one simple rule: no friends allowed.
Get Quality Help from a Raleigh Property Management Company
Being a landlord is tough enough as it is; you don’t want to add to the pile by putting a couple of your closest friends under a roof that you manage. Fortunately, there are plenty of tools at your disposal to help you find responsible, clean, polite tenants. A Raleigh property management company such as Barker Realty can help you vet tenants, take care of their issues; manage their rental payments, and much more. To schedule a meeting with one of our incredible property managers, please click here.
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.
