Ways to Attract Tenants - Charlotte Property Management

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Renting out your extra space is a fantastic way to earn some extra money. It’s a great source of passive income for those who already have their hands full with their lives and their careers. Online platforms have made it so easy to advertise yourself and start booking tenants within minutes.

But what if you’ve never done this before? How do you go about advertising your space and attracting tenants? Believe it or not, there are other people just like you who are renting out their space. They seem to be attracting quite a bit of attention, and you’re starting to feel like you might not have anything to offer. But that couldn’t be further from the truth! Your space is valuable and profitable, and we’ll walk through some ways you can attract potential tenants.

First things first, understand that you can’t always change the space you’re working with. You may remodel, redecorate, and update the space with flashy amenities, but that can get expensive, and there are some things that are out of your control. Learn to love what you currently have to offer. What makes you stand out from the other offerings currently on the market? What do you bring to the table that others cannot? Every space is unique. Highlight the positive aspects, and accentuate the benefits of your space.

Once you’ve identified your standout qualities, compose a quality listing. A well-written, detailed listing with stellar photos will instantly attract attention, whether online or printed on physical flyers for handout. As people start to show interest, be sure to schedule individual walkthroughs and property showings. This gives you a chance to address any questions or concerns in a one-on-one setting.

Of course, walkthroughs involve a fair amount of scrutiny from potential tenants. Be sure to put your best foot forward: clean house, attractive decorations, relaxed and easygoing atmosphere, operational appliances and utilities, etc. This is your chance to elaborate on everything that you might not have put on the listing. Show off your knowledge of the house, the property, and the surrounding community. Once again, highlight all the best features and amenities, especially hose included with the house, such as pool or gym access.

In the end, it’s all about perception. While you should never deceive or over-promise, you should do everything in your power to make your space appear desirable. A highly desirable space will stand out from its peers and catch the eye of potential tenants. Follow these tips to get started on the path to consistent passive income!

Hot Neighborhoods in Charlotte - Charlotte Property Management

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With so many wonderful opportunities cropping up, there has never been a better time to live in the Charlotte area. Whether you want to live close to the action in the very heart of the city or you want to stick to the outskirts, there’s a place for everyone. The theme for this list is diversity, which should present plenty of options for the influx of people migrating to the Queen City. Thinking about moving? Or perhaps you’re a local who simply wants to know more about your surroundings? Whatever your purpose, here is a list of some of the hottest neighborhoods in the Charlotte area.

  • Beginning in the very heart of the city, this neighborhood needs no introduction. Home to tall skyscrapers and corporate headquarters, this district is also home to around 30,000 people. The shops, restaurants, cultural activities, and nightlife attract many buyers. Will you be one to call Uptown your home?
  • Fourth Ward. Contrary to soaring buildings and busy streets of Uptown, the Fourth Ward offers quiet streets and charming homes. The neighborhood underwent revitalization in the 1970s, and it is now experiencing a social and economic boom. The Fourth Ward might be ideal for those who want to experience Uptown without living in the center of the action. Uptown is within walking distance of many of the homes.
  • University City. Even if you’re not a student at the University of North Carolina at Charlotte, you can still reap the benefits that come with the area. University City is surrounded by the UNCC campus. While not particularly close to Uptown, this neighborhood offers its own selection of shops, restaurants, and venues. If you still want to visit Uptown, the two neighborhoods are linked by the city’s light rail system.
  • An abbreviation for North Davidson, NoDa has become synonymous with the arts. Galleries and live music events are commonplace in this district, as is the atmosphere of joy and community. NoDa is made all the more popular by its proximity to the Uptown area. If you’re seeking a place to connect and cut loose, this neighborhood might be just the place you’re looking for.

Needless to say, Charlotte has a lot going on. The diversity in culture, history, and current social landscape is staggering. Charlotte has often been described as many smaller cities within one large city. With this in mind, perhaps you’ll find your ideal neighborhood as you navigate the Queen City!

How Cold Weather Impacts Homes - Charlotte Property Management

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As we inch ever closer to the end of the year, the mild fall weather will give way to bitter cold and possible winter precipitation. But even as we begin to spend more of our time indoors and take refuge from the cold, how are our homes being affected by the winter weather? It’s important to be aware of possible adverse effects and practice preventative measures to keep your home as weatherproof as possible.

First, outdoor cold will naturally lower the temperature of your home. Nobody likes to feel cold in their own home. We go inside to escape the elements and regulate our atmosphere. As the cold lowers the temperature indoors, residents will want to increase the temperature. Thermostats, heaters, and even fireplaces will have to use more energy to battle the dropping temperatures. More energy means more money spent. During the winter, energy and electric bills can see a sharp increase as people prioritize comfort. This coming winter, save some money by lowering the thermostat a few degrees, or monitor your appliances to limit the electricity used by a fireplace or heater. As you spend time in your home, battle the cold and save money by wearing heavier clothing or using blankets.

Second, cold weather can have potentially disastrous effects on water pipes. If left exposed or unprotected, the water that flows through the pipes will begin to freeze. Water is much more dense than solid ice, meaning the same amount of liquid water will take up less space than it would in its solid state. In other words, water expands as it freezes. This process of freezing and expanding can cause pipes to buckle or burst from the inside. The last thing you want is to spend money repairing damages caused by a broken water pipe. This issue can be prevented by using insulated pipes, or you could even let your faucets drip to keep the pipes from stagnating.

Finally, the winter precipitation that comes with cold weather can have a negative effect on the exterior of your house. Snow, sleet, and hail are not exactly gentle. Be sure that the outdoor materials are weatherproof and can stand the rough treatment that comes with colder temperatures. Also be sure that these materials are energy efficient, able to trap and hold heat inside the house.

As the weather turns colder, start thinking ahead. Save time and money by following the tips above; you and your home will stay warm all winter long. Follow Talley Properties for more tips and tricks on how to save money and add value to your home.

Fall Moving - 5 Things to Consider - Charlotte Property Management

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Moving is a stressful process. You’re always keeping track of where things are going, when things are going, and getting settled in at your new place while making sure the old place is properly cared for. Not only that, but it’s important to consider when and at what time of year the move is happening. As we head into fall, there are several things that homeowners should be aware of if their move-in date happens to fall between October and December. Here’s a quick list for those of you who are in the midst of transition and those who are still considering their options:

  1. Fall is cheaper. Believe it or not, summer is one of the most popular times to move homes. As kids get out of school and families take time off from work, it’s a natural time of transition. After the summer rush dies down, moving companies and rental trucks are no longer in high demand. This means increased availability, greater flexibility, and more options and opportunity to compare prices. Spend some time finding the best deals on moving essentials.
  2. School calendars vary. If you have students who attend public school, be sure to keep an eye on the calendar for your new school district. The different districts often have separate schedules that don’t align exactly, so be certain you know which one your family falls under and get plugged in.
  3. Double-check utilities Be sure that the utilities are connected and activated by the time you arrive on moving day. Light is essential, but heat is also critical during the chilly fall days and cold nights. You don’t want to spend the first few nights in your new house freezing or huddled around a fireplace for warmth.
  4. Unpack and declutter As you pack, try to prepare for the season ahead. Be sure that your fall clothing and accessories are easily accessible so that they can be unpacked first. Take this opportunity to declutter what you won’t need, especially the things that have accumulated in your home and closet over the summer.
  5. Protect your flooring. Fall weather brings rain and mud, both of which often hitch a ride on our shoes and end up inside our homes. At the very least, you and your family could track in fallen leaves. Protect your brand-new flooring with plastic, cardboard, or floor mats.

While summer may be the most convenient time to move houses, fall certainly has its benefits. It’s cheaper and easier to find a moving option, and it gives you an opportunity to downsize and declutter. Just be sure to follow these tips and avoid some of the pitfalls that come with this time of year. Follow Talley Properties for more on property management and housing.

Influences on Rent - Charlotte Property Management

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You’re a landlord who’s looking to rent out your space. Everything is set up and ready, but you need to settle on a price. How much should you charge? That’s a tough question, one that will vary depending on several factors. So, what are some of the factors that dictate price point? Here’s a list of the things you need to consider as you work through this process.

  • Square footage. This is a no-brainer. If you’re offering plenty of space, especially compared to similar local rental properties, the tenants will have a higher rental fee. Additional bedrooms and bathrooms are a dealbreaker for many prospective clients, so people will likely be willing to pay more for the extra space.
  • Storage. Storage is especially important for those who want a long-term rental. An abundance of closets, shelves, and cabinets will add value to the space. Otherwise, tenants will have to rent an additional storage facility from a third party, making them less likely to pay a premium for your space. If, on the other hand, you have plenty of available storage options, be sure to highlight the advantages and factor that into your asking price.
  • Amenities and appliances. Many rentals include access to appliances and special amenities. Are the refrigerator, stovetop, and oven sufficient in serving their purposes? Have they been recently upgraded with new and noteworthy features? Does the space have efficient heating and air conditioning? Do tenants have access to a pool or any other recreational facilities? Consider these questions and carefully weigh your answers as you determine an appropriate price point.
  • Location. The most expensive rental properties are typically central to a major city or town, close to shopping and entertainment. The further one has to drive to get from the rental to their preferred activities, the less they will be willing to pay. Of course, a different tenant might enjoy the solitude of being removed from the hustle and bustle of city life. You can accentuate the positives in almost any area, as long as it is clean and safe. Try marketing your location differently to attract different clients.
  • Cleanliness and maintenance. This was discussed briefly in the previous point, but a welcoming and well-maintained property will always dictate a higher rental fee. Put some effort into making the place look clean and attractive. As a landlord, it’s largely your responsibility to ensure the tenants are satisfied with the accommodations. Often, this includes looking after utilities and performing regular maintenance checks.
  • Parking. Whether long-term or short-term, every tenant needs a place to park their car(s) during their stay. An abundance of convenient parking will certainly attract clients, but it’s more likely that the lack of such accommodations will hurt your chances at dictating a higher price. Occasionally this is unavoidable given the location of your property, but do your best to make arrangements and be sure to give potential clients every possible opportunity.
Remember, the bigger, better, and more you have to offer your tenants, the higher they will be willing to go in rental fees. Keep these points in mind as you settle on a decision. Try it out and adjust your demands as needed. Ultimately, it’s up to you to negotiate a price that everyone is satisfied with.

5 Things to Consider About Property Location - Charlotte Property Management

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Location, location, location. If you’ve heard it once, you’ve heard it a thousand times: where you build your home is just as important as what you build. A suburban neighborhood is going to feel very different from a property set along a highway, which will feel very different from a beach house on the coast. It’s all about the surroundings. Naturally, different people will be looking for different things, but here are a few general things to consider when looking into property location.

  1. Immediate surroundings. This is a big one. Obviously, a home with spectacular lakeside views and a large property will dictate a higher cost than one with a small property set alongside a major road. But, unlike other items on this list, the immediate surroundings can be modified to a certain extent. Accentuate the favorable aspects of the property with the virtually-unlimited potential of landscaping: lawns, flowers, trees, bushes, decks, patios, ponds, and even fire and water features.
  2. Distance to city or town. Transportation is a massive consideration when looking at the location of a property. One must consider their morning commute, as well as access to modern conveniences such as the grocery store and the doctor’s office. How long will it take to drive to these places? Are you willing to spend the money on fuel? No one wants to feel like they spend the majority of their time driving between their home, their job, and their errands. The further a property is located from a major city or town, the less likely you or other prospective buyers are going to be willing to spend.
  3. Neighborhood appeal. What kind of neighborhood is the property set in? Perhaps it’s a quiet suburban neighborhood with young families and elderly retired folks. Perhaps it’s a sketchy part of town with a high crime rate. Perhaps it sits apart from other homes entirely, individual and removed from a cohesive neighborhood. These are all things to consider when looking at a property. Research the area, compare prices, and maybe even get a second opinion from the locals.
  4. School district. If you have children, this may be one of the more important decisions. Favoring a particular school district will put a hard limit on your property options. Furthermore, districts themselves are tricky. A single road may serve two separate districts between one end and the other, so pay close attention to the boundaries and make sure to confirm your decision with someone who is knowledgeable on the subject. You and your children don’t want any surprises when the first day of school arrives.
  5. Future development & amenities. When considering the location of the property, what does the surrounding area offer currently, and what does it promise in the future? Is there potential for growth and development? Are there amenities such as pools, parks, and sports facilities? Although these have nothing to do with the property itself, these are major factors in its value.
When you’re looking for a property, be sure to keep location at the forefront of your mind. It’s all about the appeal of the land and the surrounding area. It may be tempting to sacrifice location for your dream home, so be sure to count the cost and weigh your options. Infrastructure can be built or changed, but location is permanent.

Ways to Keep Up Property Value - Charlotte Property Management

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How much is your property worth? Unfortunately, that’s not entirely up to you. Appraisals take many factors into account when determining the value of a property: location, market, infrastructure, etc. The list goes on, but these are some of the more prominent categories that evaluations fall under. While the location and current market may not be under your control, that’s not to say that you can’t improve the property value yourself. Maybe you’re thinking of selling your home and want to get the best offer possible. Read on for a few ways to maintain a relatively high property value before your next appraisal. These tips can be split into two main categories: property maintenance and building maintenance.

Landscaping may not seem super important in the long run, but a little time and effort can increase curb appeal and boost your overall property value. First things first, let’s begin with the lawn. How does your lawn compare to those of your neighbors? Is it run down, brown, or full of weeds? In the interest of raising your property value (and keeping your lawn from becoming an eyesore), it might be time to pay special attention to your grass. Keeping it neatly mowed is a good start. Consider weed killer and lawn fertilizer to keep the grass healthy and green. As an added bonus, use a manual or electric edge trimmer to give your lawn a professionally manicured look, especially if you live in a small community or neighborhood.

Trees, bushes, and flowers can breathe life and color into a property. First impressions are still important when considering overall value. Start tending a garden, or hire a professional landscaper to transform your land. And it’s not only the plants that need attention, but the infrastructure as well. Decks, patios, gazebos, fences, walls, and outbuildings need to be properly maintained. Ensure they are stained, painted, and secured with the proper hardware.

Of course, the house itself is crucial as well. You’ll be glad to know that you don’t have to go knocking down walls and adding rooms to boost your property value. This can be done in smaller, less intrusive ways. For example, make sure the home appliances and utility systems are properly updated. Leaky pipes, faulty wiring, and an outdated refrigerator certainly won’t contribute to the overall value. While you’re at it, consider incorporating the new smart-home technology currently on the market. Virtual assistants, automatic lights and thermostats, and doorbell cameras can raise the value and make your house stand out from the crowd.

Finally, keep your home clean and attractive. Don’t sacrifice your personal style; rather, use it to leave your mark on the house. Accentuate all the best parts of your home using color, texture, and decor. Even a fresh coat of paint and rearrangement of the furniture can liven up a room. Show the appraiser how you’re using the space and highlight its potential.

Property value is complex and multifaceted. Often, it’s based on factors that are out of your hands. But maintaining your home and your land is a great way to boost their value. Follow these tips to ensure your property is appraisal-ready.

Keeping Up With Trends - Charlotte Property Management

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The only thing constant is change. This is a saying that was first attributed to the philosopher Heraclitus around 500 B.C.E. While change might be the only constant that Heraclitus believed in, this phrase has created a bit of a paradox because it has certainly stayed relevant and accurate itself. Things seem to change at such a rapid pace that it can be hard to keep up. If you look at technology, you'll see exactly what I'm talking about. In the past 25 years we have gone from most people having a phone line or two in the house and maybe one computer to having no land lines and a phone and computer combination in their pockets. We have seen the change from cassettes, to CDs, to digital music. Now, vinyl records are coming back into style to use. This also helps to show that what goes around comes around again.

While this may not seem like it has much of anything to do with property ownership or rental units, it actually illustrates a large issue that many owners have. Trends change a lot, and floor plans and décor are not immune. If you've ever seen a house that hasn’t been updated since the 1960’s or 1970’s, you probably noticed things like shag carpeting and bathrooms with pink and/or blue tiles, bathtubs, and sinks. As I’m sure you know, this is no longer a popular or desired mainstream design. In fact, people are actively tearing this style out of their homes and replacing it with something completely different. This sometimes is in anticipation of finding new tenants or selling the house, as integrating modern trends will increase the property value. If there’s one thing we can be sure of, it is that in another 30 years or so, there will be a new style that is desired in both the layout of the home and the cosmetic appearance.

Preparing your rental property for a new resident in a way that will make it appealing to modern audiences isn’t always easy. We can help with some of the changes that may need to be made. If you call Talley Properties, we'll have a discussion about ways to make it happen. We know that getting a place ready for a new tenant can take a long time and is often stressful. Our goal is to make that transition as easy and painless as possible for everyone involved. Give us a call today, and learn what we can do to help you out!

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