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!

Moving Large Items - Charlotte Property Management

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One of the worst parts about moving is having to lug around the bigger “stuff”. Things like kitchen tables, couches, bookcases, and anything else that's bulky can be an absolute nightmare to transport. Even if you have a pickup truck or a rental truck, it doesn’t mean that you are in the clear. These items are often heavy, awkward, and may not even seem worth it to move. However, it always seems like a good amount of them are things you would never want to lose. This often happens with family heirlooms or furniture. It can be difficult to get the help that you need to move big things, especially depending on how far you need to carry them inside and up stairs, but there are always a few options open to you.

The most common method of moving these types of things is to hire help. You often see signs on the side of the road, on the television, or even hear them on the radio. While people normally hire companies to move an entire house, there is frequently a plan that they offer if you only need help with a few big items. After all, you don’t want to get hurt trying to move something or damage whatever it is that you’re trying to take with you. If you leave it to the professionals, you don’t generally have to worry about your furniture getting damaged or possibly dealing with an injury. These moving companies have methods to make this process easier, and more efficient..

If you aren’t able to hire anyone, we suggest taking multiple trips with less items each. It make seem like it takes longer, but not by too much to warrant getting injured while trying to carry too much. When you carry too much, you can hinder your ability to see where you're walking and catch yourself if you fall. You never want to take all of your large ticket items at the same time in a personal vehicle and that many large items can tire you out quickly. Make sure that everything is appropriately covered and is taken apart if at all possible to make things lighter. As much as you don’t want anything bad to happen to your items, you need to keep yourself safe. If there is anything you can do to make a move easier, we definitely suggest at least trying it.

If you have any questions about moving into a new home, don’t hesitate to call Talley Properties. We can assist you in any number of ways and will do everything we can to make your transition into your new residence smoother. We know that moving is stressful, but there are ways of lessening the burden. With Talley, your next move may just be one of the easiest days of your life.

Moving With Animals - Charlotte Property Management

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Our pets are some of the most important companions in our lives. Whether you have a furry friend or a scaly one, they probably mean a lot to you. Having a pet is something that most people can’t imagine their home without, and for good reason. This is perfectly fine, but what happens when you need to move to a new apartment and you already have an animal? Many places don’t allow pets, and it can be difficult to get a landlord to change their mind to accommodate the fact that you already have one. It is also often a logistical hurdle trying to move the animal itself, as they require more attention than your other belongings.

One thing that you can do is use a filter online to make sure that you are only looking at apartments that allow animals. This will help stop you from falling in love with a rental only to realize that they have a strict ban on pets. Your pet is more important than taking an apartment with a ban on pets over an apartment that can accomodate. If a listing doesn’t say whether or not you are allowed pets, you can always ask as well. Some landlords even have a listing that says no pets, but when asked they will allow it. The bottom line is, it never hurts to ask, and sometimes landlords don't realize the property is listed one way or the other.

Actually moving with the animal can be difficult as well. Many cats don’t do well in cars and dogs can easily get stressed out at sudden changes as well. You may speak to your vet and see if there is anything you can do to make the trip easier for the both of you. After all, you don’t want to have to deal with a four-hour car ride full of howling and meowing. Trust me, it gets exhausting very fast.

If you have an animal that needs a tank or other enclosure to move, you will also need to figure out how to keep their other. You might even be able to call and ask for advice, as most veterinary offices don’t mind giving some help to responsible pet owners. At the end of the day, you know your pet the best. Talley will help find you an apartment that will accept the package deal, you and your pet!

Keeping Up With Trends - Charlotte Property Management

Roommates

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!

Lease Lengths - Charlotte Property Management

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One of the decisions that a landlord needs to make which isn’t often discussed is the length of lease that you decide to have. While most people simply do a base of one year with the possibility to renew each year, you do have other options. At the end of the day, you’re the one that owns the property. You can decide to have a lease of any amount of time you want, but there are things that you need to factor in when figuring out what your resident’s lease length should be. Here are some ideas to consider when marketing your apartment.

While the base of a year is fairly standard, this isn’t the best for everyone. For example, consider someone in the military or who moves around a lot for work. A year may be a large commitment and they may not have the assurance that they won’t be moving before the end of the lease. For people in this position, a three-month or six-month span may be all they can realistically promise. This definitely doesn’t mean that they won’t pay rent or that they will leave your unit a mess, which is often the concern with a shortened lease. Some people simply don’t have jobs that allow them to stay in the same place for too long.

Another situation which may need a shorter lease is when a person has a loved one in a hospital or care facility. If the person being cared for is not doing well, they may very well want to be as close as possible for as long as they have left. However, it is often impossible to tell how much longer this would last, so renting on a rolling basis might benefit these tenants more. While doctors can give an idea, some don’t live to that mark while others may surpass it by years. This is already a stressful time in a person’s life, and trying to find housing can be almost impossible if all leases in the area are a minimum of a year.

If you are open to the possibility of frequent turnover, it may be beneficial to you to offer shortened leases depending on the circumstances. You never know how much of a difference it may make to someone, and it might help you to tap into a larger group of people that don’t have many other options. See what others in your area do and what would work best for you, and let Talley do the rest!

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