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Latest Blogs

Why Invest in Rental Properties?

Why Invest in Rental Properties?

It’s a fair question. Whether you’re actively looking to invest in rental properties in your area or you’ve not yet given the matter a single thought, Talley Properties is here to guide you. There’s so much to be gained by investing, and organizing a solid property portfolio can be a truly profitable business if done correctly. So, let’s revisit the question that brought you here: Why should YOU invest in rental properties? Read on to discover why property investment may be worth your while after all.

1. Value Appreciation

When you purchase a rental property, the odds are very likely that the property will only increase in value over time. Property tends to appreciate in value, especially if you put in a little elbow grease and work to make it better than when you bought it. This is a great way to make money in the long run.

2. Passive Income

Rental properties are a great source of passive income. After having the property evaluated according to health and safety regulations, advertising your space on the market, and screening and selecting your first tenant, all you have to do is sit back and collect your rent money. Of course, you will need to perform regular maintenance checks, and you will eventually have to find and screen new tenants. Even so, for the most part, rental properties are a great way to make some money on the side.

3. Tax Deductions

As a property owner, you will be entitled to certain tax deductions that you may not otherwise qualify for. These include the cost of repairs, insurance premiums on rental spaces, and any home office that you may have set up.

4. Investment Flexibility

Properties are unique in that they can be bought and sold with relative ease. Unlike other investments, property is a bit more flexible. If you need to move away from the business for any reason or an emergency situation arises and you need money, your property can be sold. Not only that, but overall appreciation will help you nab a fair price.

5. Portfolio Diversity

Having different types of investments is a wise financial decision. If you’ve invested some money in the stock market, maybe it’s time to switch things up and invest in real estate. Portfolio diversity is an important part of financial security.

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The benefits of investing in rental property can be enormous, but it can be a little overwhelming. Talley Proprieties is here to help you manage your new rental property and maximize return on investment. Interested? Contact us to learn more and get started today!

5 Ways Property Managers Help Property Owners

5 Ways Property Managers Help Property Owners

Whether you’re already the proud owner of a rental property or you’re looking to get started investing in the housing market, you’ve probably come across the concept of hiring a property manager. Maybe you dismissed the idea, thinking, “Why would I pay someone else when I can do this on my own?” That’s a valid perspective with sound logic, but the reality is that property managers can be a terrific asset to your investment portfolio. They can lend their expertise in areas that are confusing or time-consuming, and they can help you do things that might otherwise be difficult or impossible without their assistance. But what exactly does a proper manager do? Read on for a list of 5 ways property managers can help property owners.

  1. Remote Investments. This is particularly useful for those looking to invest in rental properties outside their immediate geographical location. A property manger can act almost like a stand-in, keeping you updated and informed on a property that is in another area. A good property manager will also supply landlords with their personal store of local insider knowledge, including neighborhood recommendations, weather patterns, and red flags to avoid.
  2. Property managers are often placed in charge of marketing available spaces. Taking pictures, writing descriptions, and fielding phone calls and emails from interested parties are all part of the job.
  3. Maintaining a clean and safe place of residence is a critical part of being a landlord. Unfortunately, a landlord has a lot of responsibility, and one may not be able to respond to maintenance requests as quickly as their tenants would like. This is where the property manager comes in. They can field maintenance requests and tend to any emergencies that may arise in the landlord’s absence.
  4. Tenant Screening. Screening potential tenants can be tedious and time-consuming. Hire a property manager to do it for you! A professional is likely to be more experienced and more efficient at the process anyway, so why not let them take over?
  5. Rent Collection. When it comes time for rent collection, many landlords drag their feet in dread. While it may not be the most pleasant process, especially for those who are delinquent and need to be coerced, it is necessary to run a successful and profitable business. Fortunately, a property manager can do that for you! Let them take care of collecting rent and late fees from your tenants.

If you were on the fence about property managers before, perhaps we’ve persuaded you to give it further consideration. Here at Talley Properties, Charlotte’s best property management, we aim to help our clients keep costs down while still reaching their objectives. Contact us to learn more!

Maximizing Rental Property ROI

Maximizing Rental Property ROI

When you put money into a rental property, the unspoken expectation is that you’ll get a decent amount of money out of it. Hopefully, this sum exceeds the cost of investment, meaning that you’ve made a profit on your venture. Your return on investment (ROI) is an important consideration when dealing with rental property or real estate in general. According to statistics, the current average annual ROI on a residential property in 2023 is around 10%.

We’re here to help you get the most out of your investment and maximize profits. So, how do you go about this? What can you do to lower expenses and increase profit? Let’s take a look at some practical ways to maximize your ROI.

Regular Maintenance & Checkups

This may sound like a no-brainer, but it’s critical to keep up with your appliances and utilities. Some landlords make the mistake of waiting until there’s a problem to fix it. This costs a lot more money in the long run, especially if there are significant damages. But frequent minor maintenance will ensure that you are saving money, which increases your ROI.

Competitive Rental Fees

There’s a difference between being competitive in your pricing and selling yourself short. Some landlords operate under the assumption that it’s best just to have a tenant occupying your space. But it’s much better for your ROI to price yourself at or just below market value. No doubt someone will come along who’s willing to pay for your rental space.

Fixed-term Leases

Fixed-term leases can be an essential part of achieving success as a landlord. Because the tenant is contractually bound to a certain period of time with a firm end date, you have time to plan ahead and find a suitable replacement. This eliminates unproductive and unprofitable gaps when your rental space is sitting empty.

Furnished Rental Space

This may cost you more money up front, but it will be a fantastic investment in the long run. Providing a fully-furnished rental space will increase your pool of potential tenants. People who are looking for a short-term rental typically won’t bring their own furniture. Furthermore, staging the space and making it visually appealing from the jump will help you net a better monthly rental fee.

Make Your Property Work For You

Attaining a solid ROI will make your investment well worth the extra care and effort that you put in. Any way that you can minimize long-term costs and boost profits will positively affect your return on investment. For more tips on the real estate market and rental properties, follow the Talley Properties blog. Contact us today for more information on Charlotte’s best property management!

Looking Ahead: 2023 Trends

Looking Ahead: 2023 Trends

2022 has come to an end, and potential homeowners and investors alike are already looking forward to the real estate market of 2023. There’s a fair amount of data to be gleaned, even this early in the year, as experts look at past trends and make predictions for the calendar year ahead. For those looking to invest in the rental property market, especially here in Charlotte, things are looking up.

According to Zillow, Charlotte will be the site of 2023’s hottest housing market across the entire country. This prediction is based on a number of factors, including the projected increase in home value and the job-construction ratio. Charlotte has consistently ranked among the nation’s best places to live, considering factors such as economy, growth, and job potential. The housing market has always done very well in rankings, and this year is no exception.

2022 saw a very hot, fast-paced market, in which houses were snatched up and under contract within days of going up for sale. The national trend for this year is a slower, cooler, more stable real estate market. Demand for houses and property is still high, however. Charlotte is one of the fastest-growing cities in the country, and the Queen City is on pace to reach a population of almost 2.75 million in the next 20 years.

The increase in mortgage rates and the overall cost of owning and maintaining homes has pushed many families to consider renting as a viable alternative. With higher home values, investors are able to successfully dictate higher rental prices without scaring away potential clients. Investors who own rental property in Charlotte will see a significant return on investment in the upcoming year. If you’re looking to purchase property, now is the time to get in the game.

Maybe you have your eye on some property, or perhaps you’re already a landlord but don’t know how to get a good return on your investment. Rental properties require a fair bit of time, effort, and knowledge before they can become profitable. Not to mention, your duties as a landlord include tenant screening, rent collection, and regular maintenance and repairs.

2023 is shaping up to be a fantastic year for the real estate market, so don’t let lack of knowledge or experience get you down. Let Talley Properties help you out! As Charlotte’s top property management agency with 40 years of experience, we can do all the heavy lifting for you. Contact us today to learn more!

How to Get a Jump-Start on Lawn Care in Late Winter

How to Get a Jump-Start on Lawn Care in Late Winter

Here at Talley Properties, we help you get a head start on making your property look stunning. That all starts with great landscaping. Around the holiday season, lawn care is likely the furthest thing from your mind. There’s so much to do and so little time to do it, not to mention the weather is cold and the plants are in hibernation. But the truth is there’s no better time to begin. As you enter the new year, set aside some time to plan for the growing season ahead. It will be here before you know it! Without further ado, let’s get into some tips and techniques to kickstart your lawn care routine.

  • Aerate & Fertilize. Ideally, this should be done before the grass goes dormant for the winter, around the time of your first frost. Aeration is the process of puncturing the earth to allow your lawn to breathe and relieve pressure. Follow up this process with some fertilizer to ensure that your grass has all the nutrients it needs before its long winter sleep.
  • Clear the Lawn. Grass is particularly brittle during the winter time. Sometimes the harsh weather can take a toll on your lawn in the form of leaves, twigs, mulch, and snow cluttering the surface. Be sure to keep an eye on your yard and remove anything that may damage the grass or prevent breathability. This includes lawn furniture, decorations, and any buildup of organic material.
  • Minimize Traffic. In a similar vein, too much traffic can lead to wear and tear on your lawn. If you or your guests must regularly walk across the grass, avoid repeatedly taking the same route.
  • As winter comes to an end and the weather begins warming up again, it’s time to aerate and overseed. Overseeding is the process of spreading grass seed over and between existing patches of grass. By aerating your lawn and spreading seed before spring arrives in full force, you’ll be setting your lawn up for success.

To summarize, as winter melts into spring, the most important things you can do for your lawn are aeration, fertilization, and protection. As grass comes out of hibernation for the season, it may look pretty rough. But with a little hard work and some TLC, your lawn will be thriving in no time.

Follow the Talley Properties blog for more tips and tricks when it comes to landscaping and property management.

Latest News

Charlotte fastest growing city over last 10 years

Charlotte fastest growing city over last 10 years

CHARLOTTE, N.C. — Charlotte was the fastest growing city in the last decade. New numbers from the Census Bureau show the urban area grew 65 percent from 2000 to 2010. The next fastest growing urban area was Austin, Texas at 51 percent.Las Vegas came in third at 43 percent. To put that in perspective, the country’s entire urban population grew 12 percent during the same time. The state of North Carolina ranks second in the nation for largest rural populations with 3,233,727. Texas came in first with 3,847,522 people and Pennsylvania came in third with 2,711,092 residents.

 

See more @ http://www.wsoctv.com/news/news/local/charlotte-fastest-growing-city-over-last-10-years/nLfBM/

Talley Properties Announces Opening of New Facility

Talley Properties Announces Opening of New Facility

Charlotte—Talley Properties Inc., a property management firm serving the Charlotte area real estate market has announced their move to a new facility 2716 Westport Road. The move will be official March 23rd.
The brick, 2-story 7300 square foot building is situated on an acre plot and includes 5000 sq feet of office space and a 2300 sq. foot warehouse. It was built in 1998 and served as a corporate office for a local builder.

According to owner and President Tony Moore, "Talley Properties has experienced tremendous growth since 2004. We feel this new office will provide us with a stable location to continue to serve our existing clients while giving us room to continue to grow and expand our services." Moore received his BS in Management and Production Sciences from UNC Wilmington. A native of Lincolnton, he now resides in Gastonia with wife Cathy and their children, Melissa and MaKenzie.

Talley Properties has specialized in midrange to high end residential and commercial property management since 1980. Their mission is to provide full service management to a diverse group of investors. With the goal to achieve long-term relationships with their investors, they are on call 24-hours a day, and provide quick, efficient same day service. Visit Talley Properties at www.talleyproperties.com or call 704-332-2206.

In shaky economy, renting increasingly tops owning

In shaky economy, renting increasingly tops owning

It's an ideal time to buy a home, but many potential buyers in Sioux Falls are forgoing home ownership and the American dream.

Instead, despite historically low interest rates, a drop in home prices and an ample inventory of houses to chose from, many are opting for short-term rental agreements.

Some question whether there's still value in owning a home .

Others say the popularity of renting is a trend that will be a short-lived function of economic uncertainty. Many potential first-time homebuyers don't want to be tied down to a home. They don't know whether the future will bring a pay raise or a layoff. So they opt for an apartment or town home.

The trend of renting will turn around eventually, but it's going to be slow, said Michael Roach, assistant professor of economics at the University Center and Dakota State University.

"That's a short-lived phenomenon we're experiencing simply because of where the housing market has gone for a couple of years," he said. "(Homeownership) is still the American dream; people still want homes. People still want to own their own home, but they want to do it in an environment that makes economic sense."

As the local economy grows and adds jobs, and as new businesses pop up, Roach said home ownership will pick up.

"Especially for younger people, younger families, nobody likes uncertainty when they're dealing with that amount of money. It's the biggest investment most people will make in their lives," he said. "People are gun-shy still, and it's going to take a little while to get over that."

Fear is the No. 1 reason for the shift from home ownership to renting, said Tony Ratchford of the Ratchford Group with Hegg Realtors.

He said although home inventory has dropped in Sioux Falls, and business is better than last year, it's not as good as he had hoped. He's had clients who sold homes and moved into rental properties to get out from under some debt. He also owns five rental properties that he said he gets calls about weekly.

"It's just been absolute fear. ... They just don't have confidence in the economy," he said. "People were careful with their money. They realized the cost of gas, cost of food and have a fear of the economics of the world that brought them to the realization to pay off debt, pay off credit cards and just hunker down a little and make life cheaper."
Ratchford said he thinks Sioux Falls has hit bottom and predicts things will pick up by summer. At that time, he said the market will be more balanced, home values will increase, rentals will be mostly full and prices will be up. People will realize it's cheaper to buy than rent.

"The American dream of owning your own home, it's such a great investment, but the last three or four years we haven't seen that," he said. "Some people are questioning whether or not there's any value in owning a house anymore. I know there is, and long term it's going to be a big deal. It's part of the cycle of what happens when you have a down dip."

Kayla Pederson, 27, never has owned a home, and said financially, she can't buy a house now. This month, she moved into a two-bedroom apartment with her 4-year-old son after living with a friend and saving money.

"These days, it's more common. I'm hearing friends and acquaintances move in with friends or parents to catch up until they're ready to get out on their own," she said.

Pederson recently moved back to Sioux Falls from Colorado. Although she has a degree in business management, she was unemployed for more than two months before she was hired as an IT support technician in June. She plans to own a home someday but said renting is the best option now.

Pederson passed on buying a foreclosed home in the Denver area. She's glad she did.

"With the economy, you could get more bang for your buck, but when we had time to think about it, we decided renting was a better option," she said. "I knew eventually I was going to be moving back home."

Matt Larson, president of the Realtors Association of the Sioux Empire, said pending home sales were up 16 percent in October compared with last October. Pending sales this year are up 0.9 percent. New listings and inventory are down.

Larson said people remain cautious.

"It should start improving in 2012, and I think we're going to lead the country out of it in the Midwest, because we didn't have the terrible downside," he said. "I think we're going to outperform most markets."
Rental vacancies in Sioux Falls are at an all-time low of 4.58 percent, said Dan Siefken, executive director of the South Dakota Multi-Housing Association. That's the lowest the organization has seen since it began the vacancy survey in 1996, he said.

It's also down substantially from a record-high of 13.28 percent in January 2010.

"I think (apartment living) is back in vogue," he said. "People went through a period of time where they were sold on the fact that home ownership was for everybody and that you were throwing your money away if you rented. Now they're realizing that renting is a good bargain."

Siefken said the high vacancy rates of 2010 can be attributed largely to the first-time homebuyer tax credit perks. Now, he said, renters are finding a savings in renting when they don't have to pay property tax, maintenance, insurance, lawn care and snow removal and other costs.

Today's renters don't want homeowner costs, but they do want more than a couple bedrooms, a bathroom and a kitchen. They want units with dishwashers and a washer and dryer. They want complexes with heated garages or underground parking, fitness facilities, pools and Jacuzzis, Siefken said.

"They're pretty much must-haves," he said. "Those apartments are getting harder and harder to find; those complexes have almost zero vacancy."

Angie Stingley, manager for Boulder Creek and Boulder Pointe Townhomes, said she has 184 units and expects one vacancy this month. She said if there is a vacancy, it doesn't last long.

The Dunham Co. will start construction next spring on a 262-unit apartment complex on South Grange Avenue. CEO Don Dunham expects it to be ready for tenants next fall.

"The old days of Section 8 housing and 4-plexes, that's not good enough for young professionals today," he said. "If you make enough money, you want to live someplace nice, but that doesn't mean you want to buy a house."

That's why Dunham hasn't built any single-family homes in more than two years. There's no demand.

He said the company used to have 40 to 50 spec homes for sale at all times throughout the area that includes Sioux Falls, Dakota Dunes, Yankton and Elk Point. Dunham said the company has about 150 lots fully developed and ready for single-family homes, but there's no plans for buildings.

"We're just trying to liquidate what we still have," Dunham said. "There is no demand. People are seeing that a home is not the deal it used to be anyway."

Rental Prices Soaring as Home Values Stay Low

Rental Prices Soaring as Home Values Stay Low

Foreclosure Deals, a leading provider of foreclosure listings, news and information, has released new research on home prices and rent values across the nation. Drawn on data collected from regional and local real estate markets, the numbers demonstrate the relationship between the average cost of rent and the average cost of a home purchase in each state, which can help homebuyers choose the best markets in which to invest.

"Foreclosures have had a huge impact on home values," remarked John Evan Miller, a real estate analyst with Foreclosure Deals. "In almost every market, prices are well below their 2008 values, simply because there are so many homes available."

Foreclosure Deals presents the new data compared with values recorded in 2008 using an infographic available on their web site, and the impact of the foreclosure wave is clear. In many areas, home prices are extremely low, while rent prices are notably higher.

"Rents are up, and they're going to stay up," said Miller. "Even though it's the best market for homebuyers we've seen in over a decade, the recession made a lot of people reconsider spending at the time, so they rented. This drove up demand, and prices, for rental properties."

Despite the sluggish economy, Miller points out that this is the perfect market for real estate investment. He adds that mortgage interest rates are also at historic lows, creating other opportunities for value investing.

"Not only do you have rock bottom prices, you've got a terrific market to rent out your property while you wait for prices to rise. And they will rise. Home values will come back, but the days of 3.5% and 4% mortgages aren't going to be around forever. Once home values rise, those interest rates will rise too."

Experts currently predict average rental costs to be 4.5% higher than by the end of 2011 than their value last year, and up another 3% in 2012. In contrast, foreclosure homes currently offer savings of anywhere from 10% to 50% off market value. As buyers who put off buying a home during the recession look to start buying again once the economy improves, it will create the opportunity for big profits for foreclosure investors.

"In a great many cases, you're going to end up paying less on a monthly mortgage payment if you buy a home than you would in rent on the same property," said Miller. "Could there be a better reason to buy than that?"

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