New Year...New Me

New Year
New Year, new me. That's what all of us are hearing from all different parts of the internet and those we know. Perhaps even you are saying this. Now believe me, there is absolutely nothing wrong with having a new year's resolution. I don't want you to think that I'm making fun of bettering yourself. I personally never found the point of a resolution, but that doesn't mean I don't respect those who do, especially if you are able to stick to it.
The fun thing about resolutions is that it doesn't have to be about just yourself. In fact, quite a few people I know take the new year to better their properties. Even if sprucing a place up is impractical due to the winter months, making your plans to do so is always a good idea. Styles and trends change so much that it can be hard to keep up. If you keep pushing it off, it can easily become a job that seems daunting and almost impossible. However, if you revisit your décor even just once a year it can seem like a nice, quick and easy task.
If you believe that your building has no issues in regards to how it looks cosmetically, perhaps taking a quick look at all of the internal workings around this time of the year would be useful. Make sure that your electrical work is up to code, be sure that the visible plumbing is nice and tight, and double check that all of the flooring is safe, be it carpet or hard wood. Look at the caulking in the windows and around the sink and tub. If it could use a cleaning or be redone, take some time to do that. These are simple things that will need to be done from time to time.
If it has been a few years since your space has had its last coat of paint, think about refreshing it. This is especially true if the building is friendly to smokers or if pets are allowed. A fresh coat of paint can help to make any apartment look well kept.
Think of what your rental property would have on their New Year's resolution list if it were a person. If possible, pull a few of these from time to time and help it along. After all, buildings can't do it on their own.

Cheers to Property Owners

Talley Properties
To the fulfilment of the American dream. Be it a house or a piece of real estate, the returns from ownership are seemingly guaranteed. Real estate, for instance, has appreciated 5% per year post the second world war.
A place to call your own
With home ownership comes the freedom from monthly rent, coupled with the freedom to do what you wish to your house. On the fly renovations, the stability and security that elicits from having your own place to call home and belonging to a community. Not to mention the renting or leasing option to earn you extra income. There seems to be every reason to be a property owner.
To buy or not to buy
While the above sounds rosy for current property owners, the smile quickly fades off potential buyers or investors. Down payment for any real estate or property transaction involves huge amounts of money, dealing hefty blows to one's pockets. Nevertheless, it is required before anything can be in your name. that aside, monthly mortgage payments leave little in terms of spending money. Brave all these storms and voila!
Consistent Benefit
But with property acquisition comes the huge responsibility of property management. Ensuring your hard earned investment is in fact beneficial to you several years down the line. Up to a certain point after which you may of course decide to sell. But you're not there yet. Question is, how can you consistently profit off your property?
Additional costs like up keep expenses to keep the house in shape, property taxes, utilities and property taxes all come into play. And soon, for some more than others, ownership may become a burden, especially with the possibility of foreclosure. Why not have someone else do all the worrying for you?
Property managers
Knowing about their existence and knowing how they can actually help are different things. Depending on the agreed on managerial contract, different managers take on different aspects of handling residential, commercial or industrial properties.
Should you want to sell your property, property managers meet prospective buyers, handle the negotiations and legal requirements.
In case you opt to rent out your property, the firm has the duty to find and screen tenants. This includes marketing the property to fill any vacancies, sorting through potential tenants including background checks. This will lead to selection of the right tenants.
Property managers also handle lease agreements and handle any complaints pertaining to the property.
Talley properties
Talley Properties, Inc. is a property management firm serving the Charlotte real estate industry. Talley Properties is focused on midrange to high end residential and commercial property management since 1980. Since its founding it strives to provide full service management to investors of all types. It does not matter if you're just starting in the property management market or a seasoned investor, Talley Properties can assist you with ALL aspects of property management from property purchase to day to day management operations.
For all property owners and potential property owners residing in or around North Carolina, let Talley Properties do all the heavy lifting for you.

Collecting Rent

Rent
One of the most important things for landlords to do is collect the rent at the end, or beginning, of the month. Every landlord has a different way of doing this, and now that technology has progressed even farther, there are dozens of possible routes to take to get this done. Here are some ideas if you are tired of the same old rent collection routine.
1. Mail It In. Some landlords prefer to have the rent check mailed in to them every week. There could be a multitude of reasons for that, but it is a tried and true method that rarely goes wrong.
2. Credit/Debit Card. Instead of having your tenant write out a rent check every month, some landlords instead use a card swiping technology such as Square to collect the payments. This means that everything is electronic and there is no paper waste. If the resident wishes, however, they may be emailed a receipt for their own records.
3. Online Banking. Some landlords prefer to have everything done online. A few days before the rent is due, the tenant will go online and transfer the funds into an account that was set up specially for them which the landlord also has access to. In their leisure, then, the landlord will withdraw the money from this account and place it in their own. This may also house the security deposit so that the tenant can see, but not access, the money that is there. This way everyone knows when the money goes in and a check or card cannot bounce or cause overdraft fees.
4. Use Talley. This is our personal favorite technique for collecting the rent. If you are located in the Charlotte North Carolina area, using Talley is going to be your best bet for collecting the rent. You don't need to worry about keeping track of everyone's payments since we do all of that for you. We have a firm policy and you can always be sure that the payments will get to you in a timely fashion.
While any of these tactics are going to work for you, we believe your best choice is to contact Talley Property Management and allow us to collect the rent for you. We have a set schedule of rent being due on the first of every month and late after the fifth. This takes the concern off of your shoulders and allows you to worry about all the other things in your life.

Aging Residents

Rental Property
We are all getting older. In the time you took to read that, you have grown older, even if it is by an infinitesimal amount. Now that the so called "Baby Boomer" generation is beginning to grow into senior citizens, we are seeing more and more people turn 65 and up every year. This is both a good thing and a difficult thing. I say difficult because this means more and more people that may be looking into renting an apartment or property from you will have certain requirements. This may be for them, for their family, or for people they commonly have over. How can you make your residences more friendly for those who may not move as well as they once did?
One of the first things you can do is widen doorways. Doorways, especially in older buildings, are often not wheelchair or walker friendly. This can present a major problem for basic mobility around the house. Also, if there is a lip at the doorway, try removing them. Trying to get a wheelchair up and over them may not be difficult when someone is pushing your chair, but if a person must do it themselves it can prove to be a difficult and sometimes dangerous task.
Another thing you can do is modify or get rid of any stairs you have. If you are renting out a two floor home, look into the installation of a chair lift. If there is a specific resident that is asking for this, you may even be able to split the cost with them depending on the situation. If your floor plan has two or three stairs to get from one room to another, contact a contractor and see if there is anything that can be done to make them more handicap accessible. It is a lot of work, but it should help you in the long run.
With the size of senior citizens growing, it's no surprise that more and more are looking for places to settle. You will likely have a leg up on other property owners if you make sure that your location will accommodate the needs of those who are beginning to grow older. Ask around and see what else may be useful to you when trying to make your apartment more accessible.

Renter Complaints

Talley Properties
Nothing in this world is ever perfect. Unfortunately, this does include your renter and their feelings about the rental property. While many of these complaints will be about maintenance issues, which there should be a clause about in the lease, there will always be at least one tenant that complains about something else that is "wrong" with the property. Here are some of the most common complaints and how to deal with them.
1. Noise. Noise is just about the biggest complaint next to maintenance issues. This noise can be coming from anywhere. It may be someone else's pets, a neighbor being too loud late into the night, or even a normal neighborhood noise that they were unaware of before moving in. While these complaints can be a problem for both ends, there are some things you cannot solve. The best way to handle this complaint is either speak to the other tenants that may be involved, or offer to add insulation or soundproofing material to dampen the noise.
2. Pest Complaints. No matter how clean the property is, there is always the possibility of pests entering the home. This chance increases if it is a ground level or lower apartment, if the area is damp, and the time of year. Many mice and other critters try to find warmth around the winter time and somehow find their way in. This is a very serious complaint and should be dealt with swiftly and without argument. Don't spend time trying to get your tenant to use home remedies to get rid of pests, simply call an exterminator. Although they may be expensive, the costs of repairs to the apartment or your reputation as a landlord are worth a lot more.
3. Keys. You'd be surprised how often keys are an issue when someone is moving in. Always keep an extra set of keys on hand just in case something doesn't work right. Also, always be sure to change and secure the locks when someone new moves in, as it is very likely that the previous tenants made copies of the keys when they lived there.
Many complaints are things that you can easily deal with or have already accounted for in the lease. Unfortunately, no one can think of everything and so there will always be some snag that comes up. These are three of the most common, and we hope that this helps you when you do have to deal with them.

Three Traits of a Great Property Manager

Talley Properties
Property managers need skills to build relationships on which they may depend on. This article is about three of the most reliable words to create an environment of trust and loyalty in all aspects of management in the housing industry.
These three words are necessary for success in the field.
Integrity
The first is integrity, without which your reputation and relationships are not going to stand the test of time. Are you a person who keeps his promises and whose word is as "good as gold"? Is what is offered on the home leasing agreements and property listings what you actually offer?
Without integrity there lacks credibility, and without trust, faith withers and fades. To keep its clients, every property management firm should be trustworthy. Yes, this is a simplistic word. The question here is can you deny its importance?
Dedicate an early morning or a weekend 'downtime' to review the promises made to colleagues, customers and residents. Are they dedicated to their satisfaction? It is so easy to fall into the habit of using promotions or marketing and sales concepts that tend to over-promise and under deliver. If you're really honest with yourself and others, people will trust you.
Ultimately, we all want to do business with honest people whose personal ethics are based on integrity. Through self-assessment and with the help of trusted advisors we can strengthen our own.
Improvement
The second word is improvement. This may especially be related to the sectors of services and maintenance of the buildings we manage. Have your maintenance problems improved in recent years since you've been a property manager? What have you done lately to assess how to handle complaints and maintenance issues? It is because of improvement that cities like Charlotte, Gastonia and Rock Hill in Carolina have booming housing industries, thanks to firms like Tallley properties.
The opposite of improvement may be the word "deterioration". If your rental units are not preserved and carefully maintained at a scheduled basis, deterioration is the result. To begin to improving in this area as a good property manager, begin meeting with service providers on a regular basis. Look at several things like the history of work orders, go ahead and check how they were addressed, and what percentage of success resulted. Is the quality of its maintenance processes proportional to the owners and residents who pay rent? What steps can be done today for continuous improvement?
Innovation
The third word to get the best results in your business as a good property manager is innovation. In short, innovation is the will to be creative, think outside the box. "No problem can be solved from the same level of consciousness that created it," said the genius Albert Einstein.
Are you open to better ways, more efficient ways of running your business? Procrastination is a major obstacle to preventive innovation. Start today to find out who you work with, explore great ideas for innovative progress. Watch how you approach ideas. Many of the latest available technologies arise from the need of innovate effective solutions. This helps in saving time and protecting your most important relationships. Find out where these technologies are.
Integrity, improvement and innovation will maintain those aspects of daily life that most clients treasure. These three powerful words when utilized effectively ensure you serve and succeed where others fail.

Getting Residents in the Winter

Getting Residents
The winter is a notoriously difficult time to find people to rent to. Although it seems like more and more people are catching onto this fact and trying to use it to their advantage, it doesn't always work that easily. Most people just cannot move during the winter due to many reasons. This may be work, school, or a previous lease. While this is true, so is the fact that there will always be unexpected circumstances or emergencies which require people to move at strange times. While you may be lucky enough to capture the attention of someone who is moving quickly for whatever reason, this won't always be the case. What can you do to try and entice someone to move during this season so you have little to no down time in regards to the income you get from your rental property? These are a few ideas that you may want to try next time you find yourself without a resident during the colder months.
1. Put Up Fliers. This is considered an old school technique, but we say if it isn't broke, don't fix it! Ask around at local businesses if you can put up fliers in their establishments that advertise your vacancy. Make sure you have your contact information and any relevant descriptions of the property and arrangement. Include the address, the rental amount, any amenities, pet policy, and size of the rental so that you only get people who are seriously looking for something exactly like what you have. If a business is reluctant to allow this, perhaps you can offer to put in a good word with your new tenant for their company when someone moves in. It will be a win-win!
2. Rental Application. A rental application is an invaluable tool when it comes to trying to let an apartment. You can ask for all the information you may need on a couple of sheets of paper so you never have to go looking for it. This can include their name, social, and references. Just make sure to state that family isn't a good source for them to use.
These are only two small tips to get good residents. There are many more that will make their way to this site if you stick around, so grab a cup of tea or cocoa and keep reading!

Relationship With Your Tenants

Talley Properties
Having a good relationship with your tenant is one of the most important things that you can accomplish in this business. We cannot overstate the importance of making sure that you and your tenant are understanding of each other and respectful as well. After all, these are the people that pay you rent and live in your property. While there are ways to prevent or be reimbursed for severe damage or lack of payment, the headache that can accompany a poor relationship has no cure. There are countless reasons why making sure you stay amiable with your resident is important, and each one is as big as the last.
First of all, as previously stated, they pay you money for you to offer a place of shelter. Now, we are not stating that if you don't have a good relationship with your tenant that they will stop paying you, but that has been known to happen. People become unhappy with the arrangement for a variety of reasons, and they may either refuse to continue paying rent and force an eviction or they may move as soon as their lease is up.
When you are looking for a resident, you are normally looking for someone who will stay long term. Your goal is to ensure that you will have the income from your rental property for quite a while to come. If you end up having a poor relationship with your tenant, they will likely only stay for the duration of the lease before leaving. This means you no longer have that income and need to start the process all over again. This itself is a headache for both parties, as normally a renter will be looking for a long term living space as well.
Having a negative relationship with a tenant may make it more difficult for you to rent again as well. Many people take to social media to explain their experiences and anyone can take a quick look on a search engine to find out what people think of you as a landlord. You certainly don't want to have your name written in a bad light for everyone to see.
Creating a good relationship can be hard, but it is certainly worth it in the long run. Soon, you will see some tips on how to ensure that good relationship. We hope that you are already using them.

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