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2330 Pembroke Avenue, Apartment #3
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Latest Blogs

Furnishing An Apartment Cheaply

Furnishing An Apartment Cheaply
We have spoken previously about offering a furnished apartment, especially depending upon the life situation of the tenant that you are preparing to rent to. Many landlords automatically say no to this option, however there are a few ways that you can do this for little to no money on your part. Here are a couple of different things that you can do to get some nice furniture with no money and sometimes no effort.
1. Craigslist. Although you may not think so, you can get some wonderful stuff off of websites like Craigslist. Many of the people that I know have gotten most of their starting furniture off of this site and others like it. While some things are being sold for money, others are being given away for any number of reasons. You can filter things through and only look for free items. Many of these are free if you pick them up or a small amount of money if you want them delivered. This means that you can find something and have it delivered to wherever you are for a much lower amount than you could buy it in any store.
2. Thrift Stores. Although these require you to transport the items, you can always find some incredible things at your local thrift store. If I’m being honest, it is where quite a bit of my furniture came from when I first moved out on my own. You can also find appliances and other electronics and you can normally test them before you purchase, which is always a good thing.
3. Yard/Estate/Moving Sales. If you are looking for furniture for an apartment that you want to furnish, these are going to be your best friends. Many yard sales and moving sales will have items that you can just walk away with and you can also haggle with many of these numbers so you get some wonderful deals with these. Most of the people selling just want to get rid of their items, so they will do what they can to make that happen.
If you are looking to furnish an apartment before you rent it out, these are some of the best ways to get some cheap items that still work great. Even if you don’t want to purchase these things yourself, letting your tenant know can definitely help them out as well.

Apartment Safety During Travel

Apartment Safety During Travel
Most people take their vacations during the summer, especially in August. Whether this is a short day trip down to the local water spot or a longer trip to a big destination, some things are the same. One of these things is the need for safety in the apartment while there is no one there. There are many ways that your tenant can ensure the safety of your rental property even while they are away. Here are a couple of things that you can ask your tenants to do if they are leaving on vacation.
1. Neighborhood Watch. It never hurts to ask a neighbor to keep an eye out for any suspicious activity while someone is away. This is great since it can be for something as short as a few hours or for a couple of weeks. It also may help to improve the relationships between your tenants if you have an apartment complex or their neighbors if you rent out a house. It never hurts to have an extra set of eyes keeping a watch for anything unsavory going on.
2. Mail Issues. If your resident is going to be gone for a couple of days, it is always a good idea to have them ask someone to hold onto their mail while they are gone. More than a day or two of mail is something that burglars look for to let them know that no one is home, so doing all you can to prevent that from being noticed is worth a shot.
3. Light Timers. If a criminal has been watching a house to rob it, they likely know the habits of those who live there. If they suddenly are not turning on lights at night, that may be a big tipoff that there is no one home. Supplying a cheap light timer or two for your tenant may make a world of difference in helping prevent your rental property from being a target of a burglary.
These are some of the most simple ways to help your tenant keep themselves, their possessions, and your investment safe. While some of your tenants may do these things automatically, it is never a bad idea to ask them even if just as a reminder. After all, once vacation time comes up, we are normally far away from home in our minds.

Cheaply Attracting Residents

Cheaply Attracting Residents
As someone who is currently looking for a new apartment, let me tell you now that we don’t really care how much money you spend getting your listing up in different locations. All we care about is finding that perfect fit for ourselves. This is something that you can use to your advantage. It means that you don’t have to shell out anything but some of your time to get that one wonderful resident that you have been searching high and low for. Here are a few places that you can post your listing for no more than a couple of dollars and some time.
1. Your Apartment/Home Itself. This is one of those tried and true methods that have been used time and time again. It may be hard to remember just how well we all got along without technology, but people were able to find apartments without computers just by driving around where they wanted to move. Getting a yard sign and putting your number, the bedroom numbers, and how much the rent is will always get at least a few calls and may just lead to that one perfect resident.
2. Craigslist. This is one that I have been looking at myself over the past few days. Although some people will be hesitant due to the dark past some Craigslist articles have, it really is a great resource for you to use when you are trying to find someone to get into your rental property. What’s really great about this is people can filter out what they don’t want so you know that almost every inquiry can lead to a potential client.
3. Social Media. Sites like Facebook and Instagram are made for more than just cats and pictures of food. More and more people have begun to post their listings for rentals and such on these websites for their friends and followers to see. Although it is a newer idea, it has shown wonderful results for some of those who have taken that leap.
Two out of these three options are completely free and the other is only as expensive as the materials that you use. I don’t know about you, but I’m not sure that you can get much cheaper than this. What low cost ways have you used to get your clients? Let us know!

How to Handle Complaints

How to Handle Complaints
The two extreme seasons are when people tend to complain the most. In the winter people complain about the cold and in the summer they complain about the heat. Personally I prefer the winter most of the time because you can always put on more clothes or burrow under more blankets to get warm. However during the summer there is only so much you can do to get cool. However, you may soon see a spike in complaints among your residents dealing with many things, not just the weather. Here are some things you can do to help deal with those complaints.
1. Listen. Some people, especially those that are older and don’t have much family around, just need to complain or talk and feel like someone is listening. While it may be hard to distinguish who is doing this and who is complaining to get real results, it is always important to listen to people no matter how ridiculous the complaint.
2. Try To Fix It. If it is a complaint that needs to be attended to, make sure that you do all you can to fix it quickly. For example, my complex has had three broken washers for around two months now. They just started talking about getting them fixed this week. If it is possible, try to attend to the issue as quickly as possible.
3. Follow Up. No matter what the complaint was, follow up with the person who contacted you after a week or two to see how they are doing. Ask if things have gotten better or if there is anything else that can be done. Even if there is nothing that you can fix or help with, it is always nice to know that someone is offering. Just be sure that if you do offer, you will be okay with following through with a request.
While dealing with people who complain a lot, you can get tired and frustrated very easily. Unfortunately this is something you will have to deal with as a landlord. The only way that you will not have to be contacted with these complaints is if you hire us to take on that role. We would be more than happy to take that weight off of you if you choose. We want you to enjoy your summer as well!

Great Relationships

Great Relationships

If you have any experience in any field, you will know that people talk. Whether good or bad, people will talk about others on an extremely regular basis. This is especially true of tenants about their landlords. While it is true that normally you will hear more negative things than positive, many times if a landlord is good the tenant will tell everyone else about it. There are few things as valuable to a rental property owner as a good reputation. Here are some ideas about how to have a good relationship with your tenant.

                  One of the things that I like most about my apartment’s super is that he always checks in on me. While he doesn’t need to do this, he will always make a point of saying hi to me if we are both outside and makes sure everything is okay. He is extremely nice and always asks if I need help with whatever I am doing. Even as a landlord if you are not on the premises, you can do this. When you receive the monthly rent check, you can message your tenant and make sure everything is going okay. Now, I’m not saying you have to check on their aunt’s cousin’s sister’s dog, but checking in is something that is always nice to do. After all, they are giving you a decent amount of money every month so there’s nothing wrong with asking if they need anything every now and then.

                  A friend of mine has been raving about their landlord for months because of the cute things she does. Every major holiday, she makes small magnets or signs and gives them to all of her tenants. Each year it is something different but each year is just as creative as the last. They are normally small and didn’t cost much to make, but knowing that the time and thought went into the projects is something that my friend really does appreciate.

                  Having a good relationship with your tenant isn’t hard to do. It can also be extremely beneficial if you need to find another tenant for a different apartment, as your current residents will likely give you a glowing review to their friends. Never underestimate the power of reaching out every now and then.

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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