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, 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.
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. | Nov 19, 2019 | Property Management Blog, Raleigh Property Management, Tenant Management, Tips for Landlords
This blog is the second half in our two-part series, “Understanding Evictions.” In our previous post, we discussed steps Raleigh property managers should take early on in the eviction process. We observed that most tenants opt to change their ways (or more commonly, pay owed rent) before the matter goes to court, since a bad court record can hurt them in the future. However, some cases do make it to court, and these are the ones we will discuss today.
After Delivering the Eviction Notice
Once you have delivered an Eviction Notice, you will have a waiting period, which should be stipulated in your lease agreement. It is usually between 10-30 days, depending on your location. The waiting period is just that–waiting for the tenant to respond or take action. If your waiting period passes without any sign of change, it will be time to file the eviction with your local court.
Formally Filing an Eviction
To file an eviction, you will have to go to your local courthouse in person and pay a fee. You will also likely have to present a receipt from the post office to prove that you have allowed the requisite amount of time to pass after sending the eviction notice. If all is as it should be, the clerk of court will schedule a time for a hearing. A summons will be sent to your tenant on your behalf; there is no need for you to do anything.
Preparing for the Hearing
As the date of your hearing approaches, gather all related documentation and proof of your claim, including:
- Lease agreements
- Bounced checks
- Records of payment of any kind
- Records of the communication between you and your tenant (phone and email)
- A copy of the written notice that you provided your tenant
- Dated proof that the tenant received the notice (this can be a receipt from the Post Office)
Remember to get some sleep the night before your scheduled court date so that you are attentive during the hearing. Always be honest, and let your documentation/evidence speak for itself.
Evicting the Tenant
If all goes well in court, the eviction will be granted and the tenant will be assigned a set amount of time to leave. This can range from 48 hours to a week. If your tenant does not leave by the deadline, you will have the right to have them and their possessions escorted out by law enforcement.
Collecting Back Rent
If the eviction was financially motivated, your next priority will be collecting past-due rent. Some courts will allow you to combine the eviction with a small claims lawsuit, as long as the two cases are related. If this is the case, you can sue for back-rent at the same time as the eviction case. If your local court does not allow this, you’ll have to file a separate small claims lawsuit to pursue the owed rent money.
Protecting Yourself in the Future: Hire a Raleigh Property Management Company
Evictions can be time-consuming and costly—up to $5,000 per tenant! The best way to avoid them is to gathering as much information as you can about potential tenants before they move in. Our experienced Raleigh property management company can thoroughly screen rental applicants so you can rest assured you are receiving high-quality, trustworthy tenants. To learn more about Barker Realty and what we do, click here!
