Networking

Networking

One of the most important things that you can do in any business is make connections. Networking is defined as interacting with other people to exchange information and develop contacts, especially to further one's career. While this is normally thought of in regards to things like business and the arts, there is no reason that you can’t adapt the idea to fit rental property ownership. It stands to reason that everyone will need a place to live at some point in their life, so why not have a group of contacts that can help you get some of those people into your apartments?

As a landlord, you will likely deal with many people in vastly different careers. Real estate agents are going to be one of the most common, and they are some of the best people to have in your network. If they know what you have, and you have a good working relationship with them, they will remember your listing and suggest it. While this doesn’t automatically mean that you will never have trouble finding a tenant, it may give you a bit of a leg up on others who didn't take the time to get to know the right people.

Even networking with your tenants may help you get a quick turnover. If you are good at what you do, you may find that people will suggest your apartment to their friends when they are ready to move out. This can be used as an incentive as well, some landlords offer a discount on the last month of rent if their current resident finds someone else to move into the apartment upon their leaving. Naturally you will still want to screen the new tenant, but this takes a lot of the heavy lifting out of the job for yourself.

Getting a network of people who also deal with rental properties in one way or another can only benefit you. Other landlords may suggest your property if it better fits a potential tenant’s needs and real estate agents may think of you before they think of other apartments. It is always good to have some type of support system no matter what type of business you are in. Let Talley be that support network for you. Give us a call today and see just how much easier renting out your apartment is with us. It really does make a world of difference!

Model Apartments

Model Apartments

If you are a landlord or rental property owner with multiple units, you know how difficult it can be to juggle them all. If you have ever dealt with the hassle of trying to rent an apartment out while someone still lives there, then you know just how much of a struggle it truly is. Trying to negotiate your schedule, the tenant’s schedule, and the schedule of any possible renters is much like trying to herd cats. It often causes a great deal of stress for at least two parties, especially if the tenant hasn't kept things as clean as you might want them to be. It can be a trying time, and you never want to cause yourself more stress than you already deal with. If you have the room to spare, you might want to think about utilizing a model apartment.

A model apartment is rather like a tester unit for perfume or soap that you can find in a lot of stores. It is a way of showing an interested party what your apartments look like without having to work around anyone else. Simply keep it clean, and you can bring people through at any time you want without concerns of disturbing the tenant. This means you don’t need to worry about the state that the unit is going to be in or tiptoeing around other possible issues while trying to show off the property that you have.

Model apartments are also wonderful because you can have them as furnished as you wish. This means you can have it entirely empty to show your client the blank canvas that they can work with, or fully furnished to show them what they can have if they move in. Finding good furniture at a thrift store or yard sales is a great method of decorating the place, since they are normally cheap. You can even use old furniture that you no longer want if you have any. The possibilities are endless when you have a model apartment.

If you are a property owner in the Charlotte area, you should contact Talley Properties to make sure that you have access to some of the best renters in the entire state of North Carolina. Let us handle  the heavy work so that you can relax a bit while still feeling the benefits of having investment properties. Give us a call today and see just how much we can help you!

New Neighbors

New Neighbors

For me, seeing someone new move in is always an exciting time. As someone who just moved into a new residence, it is always nerve-wracking when you aren't sure whether the neighbors will be friendly or not. It can be quite worrying while you're in that period of time between moving in and getting into a routine. I’m sure that most of us have dealt with both extremes when it comes to responses from neighbors, regardless of whether or not you have made an effort to introduce yourself to them or not. It is always important to be careful when meeting new people for the first time, especially if you are going to be living in close proximity to them.

For the most part, your neighbors are going to be people that you should try to get along with, at least in passing. It is always important to get to know them on a basic level if nothing else. Knowing what your neighbors look like can definitely help in regards to things like suspicious activity. It’s much more likely that you will spot someone who may be up to no good if you know who normally walks around your neighborhood. It can take a little while to get used to a slew of new faces, but it is always a good idea to try and do so quickly.

While doing things like baking your new neighbor a pie might seem a little outdated and possibly even dangerous, there are other things you can do to welcome them. Bringing over some toiletries or even some local delivery menus can go a long way without having to worry about someone else’s dietary restrictions. It can also be an effective conversation starter into other subjects which can help you learn about them so you can get to know your new neighbors better.

Here at Talley, we want everyone to get along. We know this isn’t really a viable reality, but at least feeling comfortable around your neighbors is a very important thing if you are going to make the most out of where you live. Your safety is a top priority for us and we take it very seriously. When it comes to having new neighbors, sometimes it is worth it to go out on a limb and make the first introduction. You never know when you’ll find a great friend just by saying hi to the person who lives next door!

Transferring Utilities

Transferring Utilities

One of the most time consuming things about moving to a new apartment is transferring everything into your name and getting your utilities and monthly expenses set up. If you live alone and/or work full time, it can be even worse. You need to be there when someone comes to set up your internet or wants to do an inspection for the fire department. Often times, these are made worse by the fact that they give you a span of a few days depending on the size of your apartment building or complex and tell you that you need to be home for all of it. Most of us cannot take time off of work like this, but we also can’t be in two places at once. Here are some suggestions that you can use for when you need to get a bunch of move related tasks done with minimal impact to your work.

First, 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 and set up a day right after you move in for them to come in and do everything. Things are often too scattered to do it on the actual moving day, but if you can get them in ahead of the majority of your stuff, you won't have to live without necessary utilities. Take that day off of work and bang out as many of the logistical issues as you can. Spend that day transferring your name to the electric, talk to the leasing office, and whatever else you need to do. It is always a great deal of work, but it is something that needs to happen and will be a relief when it is finally done.

Moving is never easy, but even once your stuff is all in the new place, your work isn’t complete. While it may not be as physically exhausting to make a bunch of phone calls as opposed to moving all of your furniture around and taking everything back out of boxes, it can be just as tiring to listen to hours’ worth of automated menus trying to change your electric over to your own name. We certainly aren't jealous of you for having to do that, but we also know that blocking out a full day to do all of it normally makes it easier for people. Hopefully it does the same for you!

What Should I Pay?

What Should I Pay?

When it comes to renting an apartment, there is one thing that is more important than any other question: can I afford this? While you may look at a rent number and know that your monthly check would cover it, one of the biggest mistakes that you can make is not budgeting correctly. How can you know if you’re paying the right amount? While rent can be complicated to figure out, there is a general rule of thumb that you can follow to make sure that you are paying a good price for your rent while still leaving enough money in the bank for everything else you need from day to day.

Most financial experts say that you should spend about 30% of your monthly income before taxes on rent. Some landlords will require you to make three to four times the amount of rent in a month, but these numbers are often fairly close, so you can understand the approximate ratio between intake and rent payments. This is because you still need to afford things like utilities, food, entertainment, and still hopefully have enough to put away a little each month in case of emergencies or to fill up your savings account.

When it comes to making sure you make enough to pay rent and still have money left for other things, it is important to write out a budget. Many people find it beneficial to work backwards from amounts that they know they already have to pay to find how much rent they can afford. This means that if you track how much you spend on food, entertainment, and other things in a month and add that to approximate utility costs and see what is left over from your monthly budget, you may have an easier time. If this matches the 25-30% figure, then that’s perfect!

Here at Talley, we know how important having a place to live is. There isn’t much that can compare with the feeling of having a space that is your own, even if you are renting it from another person. We know that everyone’s financial situation is different which is why we have listings that hit multiple price points. We want to give as many people as possible the opportunity to have their own place, so take a look at what we have to offer and see if any of them will work for you!

Things to Check

Things to Check

When you move into a new apartment, there are some things that you just don't expect to have to check. While there are also things that you really can't check, there are certainly a few quick glances that you can give something when you are viewing the place for the first time or right after you move in. It may seem silly to check some of these, but it is always better to be safe than sorry. Here are some of our main check points:

1. Water Pressure/Temperature Regulation. This is often difficult to check when viewing an apartment, but checking the water pressure and temperature can tell you a lot about what it will be like living there. Everything from doing the dishes to showering can be made easy or miserable by these two factors. Even things like quickly flushing the toilet or making sure the sink drains is a good idea when first looking at an apartment. It can be frustrating dealing with plumbing issues, but it's always better to get it out of the way early.

2. Mold. This one seems obvious, but it can be sneaky. After all, you don't really expect there to be mold in a place when you're first moving in! However, mold can be sneaky and hide in all kinds of places. Bathrooms and basements are common culprits, but don't forget to check in air conditioner filters and under the kitchen sink as well. You definitely don't want to get a face full of mold spores the first time you turn the air conditioner on in the summer!

3. Floors. While there isn't much you can do in the event of this issue, checking to make sure that you don't have severely creaky floors is always a good idea. This is especially true if you are on an upper level and have someone living under you. We know that you can't really replace the floors so that they don't creak, it can at least inform you about how heavily you may be able to walk without possibly disturbing someone living under you. If you're someone who doesn't like loud floorboards, it may be best to test high traffic areas and see if you can deal with the noise.

Moving into a new apartment can be exciting, but there are always things that you should keep in mind. Check out Talley's available listings and see what property we have up for rent will be perfect for you!

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!

Page 9 of 68