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4 Common Issues in Property Management and Their Solutions

4 Common Issues in Property Management and Their Solutions

Profitably managing an owned property is quite a daunting task. Many owners incur losses, when they are unable to tackle certain situations. Here are five problems that are quite common, while managing properties, and their possible solutions.  

1) Maintenance Issues

Buildings and individual houses need ongoing maintenance in structural aspects, plumbing, and electrical systems. Anything can pop up at any time, and repairs have to be attended to immediately to avoid inconveniences to tenants. The best solutions for managing maintenance issues is to have a preventive maintenance program in place, and have a professional staff attending to the repairs.

2) Handling Tenants and their Complaints

Complains from tenants can keep pouring in on a daily basis. These complaints range from small issues with other tenants, to major complaints to do with the state of the property. However, most complaints are to do with repairs or correcting something on the property. It could be about the illumination in the common areas and requests for brighter lights, or it could be about the potholes in the driveway. Every complaint needs to be looked into and cannot be ignored, especially ones that show potential problems in structural aspects of the building. Tenants should also feel that their complaints are being heard and appropriate action is being taken.

3) Payment Issues

Not receiving rent on time is a major issue faced by all property owners. Most tenants have a range of excuses at hand for not making payments. Missed payments, late payments, check payments are all cause of concern and can eat away at the profits. Solution to this problem requires a multiple pronged approach. Firstly, there should be a person in charge who will go around collecting payments on the due dates, which will make tenants aware that they have to keep their payments ready on time. The second aspect is to levy some penalty or late fees, which is a percentage of the total amount owed. This usually works when the property owner is able to enforce it strictly and with precision and reason.

4) Profitability

Profitability is affected by several factors and the overall management of the property. One of the reasons could be due to many units laying vacant on the property. This issue can be handled with the right marketing technique for attracting tenants to the property. Proper advertising and good reputation about the property can make a major difference in getting the right tenants. Sometimes, even when all the units are occupied, the business might still run into losses and this could be for a number of reasons.

This could be due to charging low prices to tenants or improper overall management. For assigning the proper rental price, it is necessary to have the property assessed to know the actual worth of the lodgings, and analyzing what people would be willing to pay. It also helps to do some research on what people are already paying at similar properties in the area. However, in most cases, losses occur due to improper overall management, and the best solution is to hire a professional property management company that is offering comprehensive services for handling all aspects of the property.

The Importance of Preventive Maintenance in Property Management

The Importance of Preventive Maintenance in Property Management

Sudden expensive repairs can become a nightmare in property management, and they take a sizeable sum out of profits. Usually the owner comes to know of the problem when it has become huge and needs immediate fixing. The only solution in such situations is adopting a proactive approach and undertaking preventive maintenance but in some cases it may be too late for this. But this should be the outlook and business practice.

When certain issues are addressed when they are just starting then the cost of fixing them is minimal, and the issue will not escalate into a major problem needing costly repairs. Preventive maintenance will not only reduce costs, but also improve relationships with tenants. Here are certain crucial aspects in a property that need regular monitoring and maintenance.

Bathroom Maintenance

Bathrooms should be regularly monitored on a monthly basis and checked for water leaks and mold formation. Check the sink, toilets, and bathtub areas to see if the caulking is in place. Seepages and leaks can cause costly water damage, which can be prevented by fixing minor leaks. Mold spreads very quickly in moist and warm areas, and if it is left untreated, it can lead to severe structural damage involving costly repairs.

Maintaining Rooftops

Surveying rooftops regularly is an important aspect of preventive maintenance, especially after rains or a spell of severe weather. Roofs should be checked for missing shingles, mold formation, and any damage that is being caused by water. When there are no rooms directly below the roof, the problem can go unnoticed for a long time, and the damage can escalate to something huge. Also, check gutters for any blockages, and maintain them for the water to run off smoothly. Regular monitoring of the roof area can save major repair costs and costly maintenance.  

Monitoring Electrical Components
 
Faulty wiring and defective appliances can cause short circuits, which pose major fire hazards. Before tenants move into the property, perform a full inspection of the wiring and check for any issues in all electrical appliances. Inspections should be conducted by certified electricians to ensure all electrical components are compliant with building regulations. If any incident involving electricity is reported by tenants, the problem should be attended immediately and fixed.

Pest Extermination

If the property is in an area that is prone to certain pest infestations, then it is better to monitor the premises for such bugs and pests. If a problem is detected or reported by any tenant, then the whole property has to be fumigated by a professional extermination service. Termite infestation can occur at any time in any area, and therefore it is necessary to be vigilant and keep a look out for the signs of such infestation. Termite infestation is the most dangerous, since these critters will or can damage the structural integrity of the property. Therefore, repairs can be very costly and certainly impact any rental company’s bottom line.

A Property Management Company that is Dedicated & Competent

Property management can be time consuming and involves a lot of effort, especially preventive maintenance. It is therefore best to leave this important aspect of property management in the capable hands of Talley Properties in Charlotte, NC. They have been around for more than thirty years and have an impressive record of accomplishment in managing properties.

Put Your Vacant North Carolina Property to Good Use and Earn from It

Put Your Vacant North Carolina Property to Good Use and Earn from It

Many in the Charlotte region are realizing that the Great American Dream—a house in the suburbs with white picket fences—is best left a dream, at least for the time being. The economy is still shaky and many prudent individuals realize that shelling out a fortune or incurring a debt to buy a house is a risky proposition. So, it is not unnatural to find that renting a house is a more popular option in the Charlotte region than buying one.

Patience is a Virtue

Homeowners in areas such as Davidson, Waxhaw, and Pineville have put up their townhouses for rent hoping to earn some quick and easy money. In fact, if you are a homeowner and intend to sell your property, it is a prudent idea to wait awhile for the prices to rise (they will because the economy is looking up slowly) and meanwhile, earn some unexpected revenue by leasing your house instead of keeping it vacant.

The Current Status

Unfortunately, many homeowners in the Charlotte area have realized this and the real estate scene is right now flooded with vacation home rentals and condos for rental. So, whether your property is located in the quaint and quiet suburb of McAdenville, the small town of Weddington, or the bustling city of Rock Hill, you will have a tough time making your property stand out amongst competitors and catch the eye of a prospective tenant.

Pros in the Business

If you do not want to spend a fortune to hire a professional marketer to spread the word about your property, then list it on the website of

Talley Properties, Inc. They have been in the business of property management in the Charlotte region for more than three decades and know the ropes of marketing all too well. Their list of apartment and home rentals is the most comprehensive one around and draws in potential tenants looking for vacation homes rentals, condos rentals, or other housing rentals from all over the region and beyond. The listings are crafted and worded for maximum search engine visibility for the most commonly-used search terms and thus reach almost countless prospective tenants all over the country.

When you advertise with Talley Properties, you spare yourself the hassles and the expenses of hiring a marketer or putting up your ad on multiple media. You can thus take advantage of the economic boom that is sweeping cities in the Charlotte region like Gastonia and Kannapolis to woo prospective tenants with your property.

Tips to Profit by Leasing Your House in North Carolina

Tips to Profit by Leasing Your House in North Carolina

Leasing a piece of property is more than just planting a big orange signboard on the front yard or posting an ad on Craigslist and taking in the first person who answers it as your tenant. In fact, the signboard or the Craigslist post will hardly bring you tenants and you cannot hope to make a profit by leasing your property if you are not choosy about your tenant! Making a profit by leasing your house in North Carolina will elicit some bit of hard work from you; after all, there is nothing as a free lunch. The following are some tips to help your task:

Make your rental property habitable and safe for your tenant. Before you put up your house for rent, make sure that it is habitable and safe for a prospective tenant. This is not only your responsibility as a landlord but a desirable housing unit will also attract more prospective tenants.

What is more, the structural updates that you may make to your apartment for rent or vacation rental property will allow you to quote and receive a higher amount of rent. For instance, apartments or homes for rent with new hardwood floors, an upgraded plumbing system, and/or energy-efficient heating and cooling systems can rightfully command higher rents than dwelling units with cracked floors and/or old and rundown utility systems.

Decide on the amount of rent to charge. But only after you have carried out a thorough research. You have to keep the following considerations in mind when deciding on the rental amount—it should be at par with similar dwelling units in the area and should be neither too high nor too low in order to attract tenants. Pore over local newspapers and browse online advertisements to figure out the average amount of rent for rental properties in the area that are similar to yours. If possible, visit some houses and apartments for rent to compare them to yours. Decide on a rental amount and make sure that is not so high that it will keep away tenants nor so low that it will make prospective tenants wonder if something is wrong with the property.

Make sure that the rent amount covers the cost of maintaining your property. After you have figured out the rental amount, do some more number crunching to ensure that it will comfortably cover all the expenses on the property and still let you pocket up to six percent of the value as profit. The rent amount should ideally cover any mortgage payment, costs of maintenance and repairs, and vacancy costs.

Market your rental property. All the hard work that you may have put in after following the above-mentioned tips will come to a naught if you cannot reach out to a focused group of target audience and market your property. Thankfully, this is one task that you need not be bothered with. List your home for rent on the website of Talley Properties, Inc. Their website contains a comprehensive list of homes and apartments for rent and is browsed by countless prospective tenants every day. You can rest assure that your vacation rental or condo rental or apartment on rent will be lapped up in no time at all.

Choose a tenant only after screening. Finally, make sure that you delve into the credit history and do a criminal records check before you take in a tenant. Do not rely on the data brokers on the Internet to provide you with the details. Instead, prepare an application form where a prospective tenant will be required to provide information regarding his identity, criminal background, and credit history. If you intend to carryout a credit check, make sure that you have the tenant’s signed permission.

Vital Rental Tips

Whether you have a home for rent in Mint Hill, a condo rental property in Kings Mountain, or an apartment on rent in Kannapolis, the above-mentioned tips will ensure that you can reap the profit by leasing your real estate property.

Fair Housing in the United States

Fair Housing in the United States

The month of April in 2013 was the month the government dedicated to spread awareness about the Fair Housing Act and fair housing in general. It is essential for property managers to have a clear and complete understanding of legislation related for fair housing to make certain that the tenant selection process they employ is fair, and avoids unnecessary and unwarranted lawsuits. Choosing the right tenant is necessary to attract responsible people who respect the property which is their temporary home. But the choice of the right tenant has also to be carefully balanced to comply with state, federal, and local discrimination laws.

Protecting Yourself and Your Cordial Residents

A complete understanding of fair housing enactments – state and federal –is critical regardless of whether you are part of a sizeable property management company or a lone operator taking care of just a handful of rental properties single-handedly. Discrimination where property is concerned can have nasty consequences which can result in significant financial loss and the respect of the community if you wrongly refuse housing to someone. If that person does not pass a background check or appears to be a gangster or a thug, that is another matter though. If you cannot properly judge who is a thug or not you should not be working for this related government agency or a rental property company.
The genesis of current housing legislation began with the Fair Housing Act of 1968 a federal enactment which forbade discrimination on grounds of color, race, national origin, and religion. The law was subsequently amended to include discrimination on grounds of sex, disabilities and families with children. With the amendments came stricter penalties for violations.

This legislation covered real estate practices like pre-sale advertising, the terms of sale or a rental agreement, and refusal of housing for whatever reason.

Not Condoned at All

Property owners face severe consequences for discrimination. If a tenant believes there has been discrimination in the rental or buying process he/she can register a complaint with the local department of human rights and may also consult an attorney. Tenants are also protected by tenant advocacy groups and the last thing a property manager or owner needs is to be cited for perceived discrimination in a lawsuit.

Here are some points on discrimination and fair housing which property managers would do well to observe.

Treat all prospective tenants uniformly. Keep a high standard of communication by observing a polite and respectful tone at all times and have a standard list of questions for all. A respectful tone and consistency ensures unintentional discrimination or any situation which could remotely be alleged as unlawful.

Offer the same level of accommodation to all. This way no one tenant can accuse you of inconsistency or favoritism or having withheld advantages which were offered to others.

Stay clear of stereotypes or preconceived notions. Keep alert for warning signs but otherwise give the benefit of doubt to tenants. Do not entertain pre-conceived notions about a tenant because of race, nationality, or religion either at the screening process or after occupation.

Stay on top of state laws to ensure that you have a complete knowledge of local legislation to protect you from uninvited legal action. If you are not up-to-date on the latest enactments and local laws, take the trouble to educate yourself. It’s well worth the effort.

A Company Comprised with Kindness

Talley Properties of Charlotte NC is one of the oldest property management companies in the Charlotte region. It constantly keeps itself informed of changes in local laws and so keeps out of legal quagmires. As a policy this company prides itself on running a real estate business with consistency, equality, and respect being the overriding attributes.

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