Tenant Turnover

Tenant Turnover

Getting someone new to move into your rental property is always stressful. This is especially true if there are multiple months between your residents. You often rely on your tenants to help you pay things like association fees or taxes, so the longer no one is living there and paying rent, the more money is coming out of your own pocket. Having a fast turnover between one resident and the next is extremely important if you are trying to make money on your extra property, so here are a couple of ideas for a short turnover period.

1. Ask Your Current Resident. One method that some landlords use is to ask their current tenant if they know anyone who is looking for a place to live. Generally, a person who is renting will know other people who are in similar situations with housing. This means that they might know someone looking to move into the area, a location closer to their job, lower rent payments, etc. You might even want to offer an incentive for your tenant to find someone to replace them, such as a discount on the last month of rent or some free boxes to help them move. While you still have to screen the new person, you won’t have to find them yourself, which can save a lot of time.

2. Start Advertising Early. If you know that your resident is going to move out by a certain date, start advertising as soon as you can. While this may be difficult when you have to get people into the apartment to see it, it is always best to start looking early. You might want to show pictures or walk-through videos from before your current tenant moved in to give the new person an idea of what it looks like. You can also ask your tenants if they are okay with someone coming in and looking at the apartment while they are getting ready to move out.

 Having a short turnover time is so important when you are a rental property owner. While you may need to take a couple of days to clean everything to your liking or paint the apartment, it is always best to have someone already lined up to move in as soon as possible. If you need help getting someone, call Talley so we can help you list your apartment and find you the perfect tenant!

Roommates

Roommates

Taking in roommates is a common practice for people who are looking for housing that they might not be able to afford by themselves. Although the dream is normally to have your own apartment without someone else unless you’re romantically involved, this isn’t always an option when you take into account where you live and work. We often see friends moving in together and splitting the costs of housing in order to make ends meet. This is a perfectly viable option and if you haven’t thought of it before, here are some reasons why you might want to.

1. Reduced Costs. Although a two bedroom obviously costs more than a one bedroom, the difference is often much less than the difference in price between two individual apartments. For example, a quick search in the Charlotte area can find apartment buildings where a one bedroom unit costs $1,060 while a two bedroom costs $1,360. While that $300 difference may be too steep for one person to make up on their own, two people can likely pay for that with ease if they have similar incomes. It also means that instead of paying $1,060 on their own, they can have their shared apartment for $680 per person. That means that they both are saving $380 a month if you compare it to them each having their own apartment. The concept is similar to bundling insurance policies to get a reduced rate, just with housing instead.

2. Safety In Numbers. Even if both people work the same hours, they likely won’t do everything together. This means that it is more likely that someone will be home even if one person is gone. If something goes wrong, the chances that someone will catch it early are much higher than if someone is living alone, especially if that person works a lot.

3. Friendship. Having a friend with you most of the time can be extremely helpful if you have a bad day or even just need a favor. Humans generally like to have someone else near them that they can count on, and having a roommate almost assures that. There's nothing wrong with needing someone around, and this is one way for that to happen.

While getting a roommate isn’t for everyone, it certainly has its benefits. You may want to consider asking some friends if they are looking for new places to live if you are thinking of moving and see just how much of a difference it can make in the places you can move to!

Maintenance Calls

Maintenance Calls

No one wants to get a call from their tenant saying there’s an emergency, such as a leak in the bathroom. This is just a fact of life. I can guarantee you that no one wants to have to make that call either. Unfortunately, issues like these don’t like to plan themselves for a time that is convenient for you. I'm sure anyone can tell you from personal experience that the only time something seems to break is right before you need to use it for something that simply cannot wait or when no one will be able to come out to fix it quickly. Maintenance issues are, at their best, inconvenient and at the worst, completely impossible to work around or through.

Just this morning, I noticed that there was water behind the toilet in my apartment. I made a note of this and went to take a shower so I could start my day. However, upon attempting to shower, I discovered that the tub was not draining at all. This hadn't been a problem last night, so I quickly finished my morning routine and went online. I filled out a maintenance order and within 20 minutes, a couple of the workers were there to check it out. Over five hours later, they were finally able to leave after discovering that the main water line to the building had become clogged and backed everything up. This was definitely not how I expected to spend my day, but things like this are why maintenance need to be available quickly.

As a property owner, you obviously want to do everything you can to mitigate any possible damage done to your building. This means that you always need to be able to be reached if something like a clogged pipe happens. However, life does happen and you can’t be available 24/7. That is why you need a little bit of help.

Talley knows how difficult it can be to balance being on call for your rental property and being able to enjoy your life and family. That is why we offer emergency maintenance monitoring all day every day for everyone who lives in one of the properties that we manage. When you work with Talley, we do everything we can to make your life easier when it comes to your rental properties. Give us a call today and see what else we can help you with. You can rest easy when you have Talley helping you out!

Amenities

Amenities

When it comes to someone who wants to rent a new apartment, it's all about the location and the amenities. While you can’t do much to change the location of your rental property, you do have some freedom when it comes to what amenities you can offer. You may not be able to do much to change the availability of a pool or offer extra parking, but you can almost certainly be flexible on small and large appliances. Amenities are one of the biggest things that will get your rental property noticed, so it is always important to see what people are currentlly looking for in their homes.

Laundry is the amenity that people focus on the most. Let’s face it, no one wants to pay even more for their laundry per load when they're already renting an apartment. Lugging all of your dirty clothes halfway across town to a laundromat when you could be doing other chores is inconvenient at best and nearly impossible at worst. Even dealing with communal laundry rooms can be frustrating, as these are often coin operated and it may not always be easy for your tenants to find the coins to do their wash.. If you have the option to have the washer and dryer hookups in your unit, you will probably have a better shot at renting out your apartment, even if you don't provide the appliances yourself.

Other amenities that you likely have control over generally include things in the kitchen. An updated refrigerator, stove, and microwave can really help your unit get rented quickly. Even something that isn't necessary like a dishwasher can tip the scales for someone who either doesn't like doing the dishes or is unable to do them for any number of reasons. Never underestimate the difference that something that seems frivolous or optional to you can make to people who are looking to move. It may just be a mandatory thing on their checklist.

While it can be a pleasant surprise to view an apartment and see some of these amenities included, it is always good to actually list everything that can be seen as a benefit in your unit. It is also important that they are clean and working. There are few things more frustrating than moving into a new place and having to get major appliances replaced, especially if they were a main factor in your choosing that location. Let Talley find you the perfect tenant while you see what amenities you can offer!

Virtual Meetings

Virtual Meetings

Right now, almost every facet of our lives has been thrown into flux. Nothing is quite what we had ever expected it to be and things are definitely confusing. Regardless of your stance on things, the fact remains that some people are doing what they can to take extra precautions to help prevent any sort of illness. This even includes the standard sicknesses we see every year as flu season begins to show up again. However, with all of this happening there are a few good things that have come out of it all that can really help you and any possible future tenants you may be interested in.

One of the things that we have seen explode lately is the use of online meeting places. Programs that allow for video conferences are booming and it isn't difficult to see why. In fact, it may seem odd that we never used these things before! People are using them for everything from school to family meetings to game nights with friends, and there's nothing saying that you can't use them too. As a person who owns at least one rental property, you need to find someone to rent it out. It may be much easier to find the time to have a virtual meeting with someone that is interested in your unit than it would be to have a traditional, in person meeting.

When it comes to different kinds of meetings, it can't hurt you to be flexible. Sometimes people are moving from far away or they have other reasons why travel may be difficult. Requiring an in person meeting may be the reason that you lose out on an otherwise wonderful tenant. This often happens when people are made to move for work and need to go several states away. Although we understand how important it is to get things like signatures and such, even that can be done electronically now. Technology has progressed to a point where this is an option, so there's no reason to not explore it!

If you are a rental property owner, we suggest giving some thought to the possibility of allowing virtual meetings. You never know when you're going to find a great tenant who simply can't meet with you in person for a completely viable reason. If you allow a virtual meeting to take the place of an in person one, you may just find the best tenant you have ever had, so give it a try today!

Utilities

Utilities

One of the most tiring and exhausting things about moving into a new apartment is switching the utilities over to your name. If you live alone and work in an office, or if everyone who lives with you works out of the home, it can be even worse. You are required to be home when the technician comes to set up your internet or if someone needs to do a fire inspection. Often times, things like fire inspections are difficult because they will give you a span of time (which can cover multiple days depending on the size of your apartment complex) and tell you that you must be home for it. Most people cannot afford to take time off of work like this, but we also have to try and be in both places at once. There are some ways you can get a bunch of stuff done with minimal impact to your job. Here are some of our suggestions.

It is important that all of your utilities get transferred as soon as possible. We always suggest calling the internet and cable/satellite company a couple of days before your move so you can set up an appointment for a day right after you move in for them to come and do everything. It is often too hectic to do it on the actual moving day, but depending on your situation you may be able to get them in ahead of everything else so you don't have to spend time without your connections or take time off of work so they can get everything up and running. If you need to take a day off of work, you can deal with most of the transfers at once. Spend that day putting your name on the electric, talk to the main office, and do whatever else it is that you need to do. Then reward yourself with a treat and some relaxation before going back to work the next day.

Moving is never easy, but even once your boxes are in your new home, your work isn’t done. While it may not be physically exhausting to make a bunch of phone calls, it can be just as tiring to listen to a full day of automated menus trying to get control of your own lights. While we know that it doesn't make it easier, it is always better to get it done quickly. Always make a plan for your utilities!

Storage Ideas

Storage Ideas

One of the biggest commodities in apartment living is space. It doesn't matter what size apartment or rental space you're living in, there never seems to be enough of it. This is why it is important to capitalize on what you have. While it may seem a bit excessive, it's always a good idea to do what you can to squeeze every last inch of space out of whatever you have. This may mean double shelving your books on your bookcase or packing pans into one another in the kitchen, but there are dozens of little hacks that you can try to make storage work for you.

One of the easiest things that you can do is simply check what you can still use from when you moved. If you think about it, you tend to have storage devices around you all the time. Dressers for clothes are a perfect example. If you have a couple of drawers that aren't full, you can try to condense them and use one of them as storage. It never hurts to have a single drawer used for things other than clothes if it keeps everything off the floor and safe from being stepped on.

Another thing you can do is look at either buying or making furniture that comes with hidden storage compartments. A lot of bed frames come with extra drawers, or you can easily find foot rests that are hollow so you can put things in them. Any furniture store will likely have these sorts of items, and if you can't find them in person, then a quick search online will definitely turn up some results. While they may be a little more expensive than you would normally spend, the extra space in an apartment will be more than worth the extra cash you have to hand over.

When it comes to living in a small space, storage is everything. If you're lucky, you'll have a storage unit in your building that you can stick some things in. However, that doesn't help you for things that you want to keep near you or that you use often. If you are someone who keeps a lot of small items around, you may want to look into any of these solutions or ask around and see what others in your situation do. If you ever decide that you simply need a larger place, call Talley and see what we can find for you!

Painting and Other Preparations

Painting and Other Preparations

If you have ever had to clean out and prepare a loved one's house to sell, you know how exhausting it can be. Even just getting it ready so they can move somewhere else can take a lot of time. Clearing out a place that someone has lived for any amount of time can be tiring, but the longer they've lived there the worse it often is. This isn't to say that there is no fun to be had in making small changes to a place, but when you're on a time limit things can get stressful. It's important to think about what needs to happen and what the best order to do them in is. It never hurts to make a list and check off the items as you go.

Move-in preparations are some of the most time consuming, yet mostly invisible actions that you can take in regards to a rental property. Take painting for example. Depending on the size of the rental space, painting can take forever. Cleaning can take even longer depending on the state the previous tenant left it in. You may want to set some time out to air the place after you're done painting as well, which also takes time.

People understandably expect things to be nice and clean when they walk into a rental property so they can view it, but never seem to think about how much work goes into getting it ready for that point. We all know that people will turn down an otherwise perfect apartment simply because it's dirty. For many people, it gives off the impression that the property owner doesn’t care enough about the tenants to make it presentable. Others may simply not want to have to clean up the mess left by a previous tenant. Regardless of why a tenant turns down an unclean apartment, the fact remains that there is something you can do to prevent that from happening to you. You could always just have Talley do it.

One of the many services we offer is preparing your rental property for a new tenant to move-in. We know how much time it can take out of your day, and we don’t think you should have to work all night to make sure things are clean and painted, especially if you still have to work during the day. Give us a call and see what other services we offer to property owners just like you!

Page 3 of 62