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. | Feb 18, 2020 | Investment Property Blog, Tenant Management, Tips for Landlords, Tips for Property Investors
Investing in rental property is a great way to generate a steady stream of income—but unfortunately, it’s not as easy as signing on the dotted line and letting the payments roll in. Property management takes a lot of patience, communication, and hard work, and many property buyers who see their investment as a “side gig” are often dismayed to find that it has similar demands to a full-time job.
If you have other things in life that demand your time and attention, a property manager can take all the worry off your shoulders and run the day-to-day details of tenant interaction, rent collection, property maintenance, etc. Below are some ways a Raleigh property management company can make your life much easier!
Resolving Tenant Issues
A big part of a property manager’s job is tenant interaction—answering questions related to the lease, resolving complaints, and filling out maintenance requests, to name a few tasks. Having a Raleigh property manager is beneficial for two reasons: first, as we discussed in the intro, because all this issue resolution takes up a significant amount of time.
And secondly, it places a third party between the owner (you) and the tenant. When the owner stays a rather distant figure from the day-to-day property tasks, tenants are more likely to have respect for you, your property and your regulations.
Handling the 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.
Acquiring and Evicting Tenants
The other big part of a property manager’s job is filling empty units and keeping them filled. A property manager will advertise open units, conduct tours, interview and screen prospective tenants, draw up leases, and handle applications, move-ins, and move-outs. If a tenant ever needs to be evicted, a property manager will also handle the legal aspects of the eviction process so that you don’t have to have significant involvement.
Final Thoughts: Should I Invest in Raleigh Property Management?
Since we are a Raleigh property management company, you probably expect that we will say yes, every investment property owner should hire a management team to help out. The truth is, though, that some owners–those with an open schedule, head for details, and excellent people skills–are able to handle the job themselves. However, if your time is already booked with other responsibilities, we encourage you not to go it alone—property management is not for the weak of heart (or limited of schedule!) Similarly, if you find interacting with people stressful, hiring a property manager to interface with tenants and contractors for you will probably be well worth the investment.
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. | Feb 4, 2020 | Property Management Blog, Tenant Management, Tips for Landlords, Tips for Property Investors
If you own investment property in Raleigh, you don’t need us to tell you how stressful it can be. Keeping your property maintained, acquiring new tenants, and managing the ones you have can take a toll on landlords, especially those who are operating alone. However, if you want to be successful, stress management isn’t an option—it’s a necessary part of your overall business strategy. If you can’t find ways to relax and recharge, you won’t be able to give your best to your tenants or your investment. Below are some ways to relax and refocus from our Raleigh property managers.
Become a Master Prioritizer
If you haven’t mastered prioritization yet, now’s the time to make it, well, a priority. If you try to do every single thing on your list, you’ll quickly become overwhelmed. Instead, highlight the top five, or even top three items you’d like to accomplish in a day, and focus only on these. If even that is too overwhelming, go even smaller: highlight the one most crucial thing on your list, and tackle that before moving on to the next.
Take Note of What’s Going Right
As a landlord, it’s easy to get caught up in all the things that are behind schedule, unfilled, or in need of repair. One good way to reduce your stress level is to try focusing on the things that are going right. A pen and a piece of paper are all you need—physically writing down your successes at the end of each day will help you have something concrete to focus on when things get tough.
Take Periodic Breaks
If you find yourself spinning your wheels and not getting anywhere, step away from the desk (and phone, and email). As a property owner, you’re your own boss, so take advantage of it! Take a long walk; sit on a bench and soak in some Vitamin D; or run a small errand—anything that takes your mind off of work. Once you’re refreshed, you’ll be better equipped to tackle the challenge anew.
Delegate, Delegate, Delegate
If running your investment property is driving you crazy, maybe it’s time to acquire some helping hands. Accountants can help you keep your books straight; marketing companies can help you reach new prospective tenants; and landscaping companies can keep the grounds clean.
Most importantly, a property management company can handle all of people the above, plus your tenants, and all the day-to-day tasks that are currently eating up your schedule. If you need a property management company in Raleigh, call Barker Realty, Inc. for a consultation appointment, and get ready for a more controlled, relaxing life!
