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Latest Blogs

Trick or Treat

Trick or Treat
October is mostly enjoyed by kids for one reason and that is the candy at the end of the month. Halloween is definitely a great time for children, but is often a stressful one for their parents. Unfortunately, people don’t always have the best interest of others in mind and some even like to cause fear and confusion. Although we aren’t saying that this is the case in your complex, it is likely that some parents are not comfortable sending their kids around to get candy from people they may not know. Here are a couple of ways for you to make trick or treating in your complex a little safer.
1. Approved Candy Stations. One great way for parents to be sure that candy is safe for their little ones is by having stations set up that you have already approved. You can have people sign up to sit at tables or something similar so that you know everyone who is giving out candy. They can even be made to show you the bags of candy first so that it has your safety approval before any kid gets to them. This also helps to prevent people who don’t want to partake in trick or treating having their doorbell rung or door knocked on. It’s quite a win/win scenario.
2. Earlier Hours. Although most townships will have set hours that they want people to trick or treat in, you may want to augment them for your specific complex or apartment building. By posting fliers or sending out an email stating what times people can trick or treat during, you may be able to make them a bit safer. You can do this by having the hours during the daylight and making sure everyone is back inside by the time night falls. Although this may not be something everyone likes, it can help to prevent any mischief that may be planned for the evening.
Trick or treating is something that most kids really look forward to throughout the whole month of October. While it may be a bit more work for you to set these things up, it may also encourage some parents who worry a bit more than others to allow their children to go out with their friends and get some candy. Ask around and see what you think would work best for your complex.

Model Apartments

Model Apartments
One of the best things about having property like an apartment building is the option to have a model apartment. If you have a large amount of apartments that you can rent out, it may be more than worth it for you to set one apartment aside so that you always have a way to show a possible tenant what the place looks like without displacing someone else. This also prevents any issue with communication between the current tenant, yourself, and the person who wants to see the apartment. It is especially useful if one of the parties has odd work hours that simply cannot match up with the other.
Another great thing about being able to have a model apartment is the fact that you always know what the state of the place will be. It is always off putting to a possible tenant to get into the apartment only for it to still be dirty or have items in it. I am currently in the process of moving from one apartment to another and can tell you that there were a few I looked at which had just been vacated that were so filthy that I couldn’t look past all of the work I would need to do to make it comfortable. With a model apartment, the only human element you need to contend with is yourself.
This doesn’t mean that you can set up the model apartment and just leave it, however. Bugs may still get in, cobwebs can form, and air does get stale. Sometimes you will need to head in and open the windows and clean out the corners. This is hardly an issue, however, when you think of the alternative. If you go in once or twice a month and spot check the apartment, then there is no reason why it should ever look less than move in ready.
Once you have decided to have a model apartment, the only other option you need to decide on is whether or not you furnish it. This can be done with little to no money spent if you know where to look, which is always a good thing. Go online and see what you can find to make sure that your model apartment is ready for your perfect tenant.

Heat and You

Heat and You
One of the biggest concerns that many of us have once it begins to get a bit cooler is our heat. Whether or not you pay for your tenant’s heat, you should always do a quick check on whether or not everything is working. This is especially true if you have elderly or chronically ill people living in your residences. For those who are vulnerable, heat is something that simply cannot be overlooked or left to the last minute like many of the rest of us do. After all, the cold aggravates many medical issues.
If your residence is heated through oil or gas, it is always a good idea to get the supplier out around this time of the year, as they will be swamped later on in the season. If your rental property is heated through wood burning stoves or a fireplace, it is always nice of you to call and check in on your resident to make sure they have enough wood at least for now. Whether you are responsible for getting it or not, it is always nice to look in. This way they not only know that you care about them, but it may help to serve as a reminder for them if they have not purchased any yet. Prices will still be fairly low as it is early in the season and not too chilly yet in most places.
If you have a relationship with your tenant that allows you to talk often, then there is no harm in mentioning the cooling weather. If your rental property has baseboard heaters, it may be worth a moment to remind your tenants to clear things away from them in order to correctly circulate the heat and not ruin anything, including their own items.
Now is also a great time to replace the windows in your rental space to thermal ones which will provide insulation. This will cut down on heating costs, no matter who they go to. While they may cost a little more up front, they certainly save you in the long run. The difference is extremely noticeable not just for the resident, but also for the bill payer.
With the weather cooling down, there are a few things that you may want to do or check up on. Heat is certainly up near the top of that list for your rental space. After all, we never know exactly how cold it will get over the winter.

Dealing With a Disaster

Dealing With a Disaster
Now that hurricane season is really letting us know it’s here, you have even more to think and worry about. Although hurricanes aren’t normally quite as severe in our area as they are in other places, we do still see the occasional strong storm system come up our way. While most buildings are meant to survive these storms, not everything is as sturdy as the foundation which we have built upon. Here are some things to keep in mind when making sure that your rental property is storm proof.
1. Windows. Glass is one of the most delicate substances that we use in a home. Although they do allow for the potentially beautiful views that so many people seek out, they can also present a danger if high winds and trees or other debris join together. The same thing that allows us to see out and lets light in may become a dangerous shattered projectile if a storm is severe enough. Storm windows are made especially to try and combat this possibility, and are a good addition to any rental property you may own. Even windows that are more than a single pane thick are a good idea, and this will also help keep heat and cool air in during the extremes of the temperatures of the year.
2. Drains. Drainage is a very important feature to have near your rental property. While most of the drains that will be used are installed by the town, you can normally request an added drainage system from your township. Even if you have a good and solid drainage area near the building, depending upon how the property is set up, there may be areas that are more likely to flood in the event of heavy rain. This is true of any ground floor or underground apartments. If there are steps that lead lower than the lawn, you may want to try and install a drain at the bottom of these stairs to lessen the possibility of severe water damage to the apartment.
These are only a couple of ideas of what to watch for in a building that you may be renting out, but they can save you quite a bit of money and a lot of headaches along the way. Hopefully you will never have something severe happen to your buildings, but just in case, these are things that may be able to help you along the way.

Handicap Accessibility Part II

Handicap Accessibility Part II
In a previous article, we began talking about the different things to be kept in mind if you are remodeling your building to accommodate those who may be handicapped. While those points are a good starting platform, they were all about the outside of the building. Naturally, someone doesn’t stop being disabled by walking into their home. This means you will need to modify the interior as well. Here are some things to keep in mind when thinking about how to make your rental property more accessible.
Stairs are a pain, even to those of us who are able bodied. Once there is a disability in play, even if the person who may be renting the property is not wheelchair bound, stairs become an almost impossible hurdle. If you have a potential resident with a nerve, joint, or muscle disorder, stairs may be painful for them to climb and if the resident is elderly, they become increasingly dangerous. If the building has multiple floors, see if there is a way to install a service lift or elevator. If it is a two story house, perhaps looking into those stair climbers would be a good method to follow. Although they may be expensive, remember that it may help to keep a resident safe and give both them and you some peace of mind about their welfare.
One of the largest problems people in wheelchairs or with walkers face, even in public, is a lack of room. Going through many stores, it is common to see someone trying to squeeze into an aisle or making a tight turn. Although stores are supposed to make sure there is enough room in the aisles for a wheelchair to fit through, they often make the area as tight as possible and then those with a disability struggle trying to get through the area while accommodating others in the store. After a full day of grocery shopping and dealing with this in public, the last thing anyone wants to do is come home and have difficulty navigating around there too. Try large open floor plans with little furniture and wide door frames when they are necessary. The added space will be greatly appreciated and will help the rooms to feel bigger in general.
Again, these are only a couple of ideas to help you get thinking about what you can do to make your property more accessible. Stick around if you’re interesting in reading more!

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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