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Latest Blogs

How to Handle a Renter

How to Handle a Renter
No matter what you do, there will always be something that someone complains about. This may be something small like not being allowed to make more copies of the apartment keys, or it may be something completely unavoidable like a busted pipe behind the wall. This is especially true of older buildings or homes, as they do tend to have more issues with things like the plumbing and electrical. This will happen no matter how much renovation you do, as even brand new things can break down. What really matters is how you handle these complaints when they are presented to you.
One of the first things that needs to be mentioned is that you should not get annoyed at your tenant for a legitimate complaint. For example, if it is the summer time and the air conditioner that you supplied does not work, that is something that your tenant may complain about. They will likely mention it to you and if this occurs, there is probably going to be annoyance from them as it is hot and finding out there is no refuge would get anyone angry. Firing back with more anger will not get much of anything done.
Another thing that needs to be said is that you should always get back to these complaints as quickly as possible. Nothing is quite as aggravating as having a legitimate issue and not getting a response from someone as this is happening. While you may not think one of these complaints is really a problem, it most likely is if your tenant is mentioning it to you. While it is true that some people will complain just to complain, this is less common than most people will try to make you believe.
While dealing with someone else’s complaint is not pleasant, it is something that you need to expect when you become a landlord. Hopefully there won’t be too many of them but you never know what is going to happen when a new tenant moves in, just like they won’t know what is going to happen when they move into a new place. Until things settle, the best thing that we can recommend is patience. Hopefully the complaints will calm down once your tenants settle into their new lives.

Summer and Air Conditioning

Summer and Air Conditioning
Summer is hot. While we all know this, it can sometimes seem like we forget just how hot it can get until it rolls around again. This week for example is going to see a heat wave for much of the northeast and there are advisories for a lot of locations. Given that this is the weekend before the Fourth of July, there is even more concern among those in the medical community in regards to heat related illnesses. One of the things that we recommend the most is to make sure that you can get into an area with air conditioning.
If you own property, it is fairly necessary for you to have an air conditioner in the North Carolina summers. This holds true whether you own or rent your current residence. While there is no way for you to force your resident to use the air conditioner in your rental property, it is extremely important that you give them the option of it. Safe and clean air conditioners are imperative to the physical health of people given this area of the world during this time of the year. In fact, in 2016, 94 people died in America due to health related illnesses and Maryland has already recorded one for this year. It is certainly not something to put off.
If your resident raises concerns about their air conditioner, you may need to fix or replace it yourself depending upon your lease. Remember that sometimes an air conditioner will still blow air out, but that doesn’t always mean that it cools. Listen to your resident when they talk about something like this, as it may be dangerous if they don’t have access to cooler air. This is true even if the air conditioner works well but there is something in it like mold. High levels of mold in the air can make a location uninhabitable and may cost you far more than the expense of a new air conditioner if it isn’t taken care of.
Air conditioners are a necessity for many people, especially those at risk like the elderly or the very young. If you have a resident who doesn’t think that their air conditioner is working, listen to them and work together to get the issue resolved. After all, you would only need to deal with it the next year if you didn’t do so now.

Pool Safety

Pool Safety
If your rental property or apartment complex has a pool, it is likely more sought after than those that don’t. After an experience in my apartment complex, I can assert that these statements are not said lightly. Due to an unresolved issue with a certain resident, my apartment complex board of directors felt it to be safest to close the pool until the problem was taken care of. This caused a near riot among many of the residents who felt it unfair, despite it was due to a safety concern. Here are a couple of things that you can try to keep your pool area safe.
1. Have An Attendant. Many places will require you to have some kind of a pool attendant, even if they are not a lifeguard. This is for the safety of your residents, as the attendant can turn away those who do not live in the complex. Always make sure that the attendant can call someone in case of a dispute, though.
2. Require Paperwork. If you are a complex with many people, having your residents fill out paperwork is always a good idea. This may be anything from stating that they know the pool exists to a waver saying if they are hurt they cannot sue. My complex requires paperwork which, when submitted, gets you a bracelet that will let you into the pool area. This is a quick way of making sure that only those who live there can get in.
3. Test Daily. Depending upon your area, you may be required to test the pool water daily, weekly, or only on days the pool is open. For the best results and the most consistent results, however, we suggest you test the water daily. This will make sure that your residents are safe and that the water is always the best quality that you can make it.
4. First Aid Equipment. Pools can be dangerous, which is why it’s always a good idea to have a first aid kit at the pool. These can help everything from small cuts to broken limbs. These are always good to have and we cannot suggest them enough.
Having a pool on your property is always a great time, but a lot of work does go into them. Keeping them safe for everyone is something that we all want to see. It is always more fun when you know your residents are safe!

Summer Weather Dangers

Summer Weather Dangers
While the winter is known for creating weather that can really throw you off your game, the summer can do so as well. While thunderstorms may be nice to watch from the safety of inside, they can certainly be dangerous. Here are a couple of ideas for you on how to keep your residents safe during inclement weather.
1. Watch The Trees. Trees can attract lightning since they are likely the tallest things in the area. I was on a walk around my neighborhood over the weekend and saw a tree that had recently been struck by lightning. While I found the streak of black all the way down the tree fascinating, I also know how dangerous it can be. While any tree can catch fire after this happens, it is much more likely to happen if the tree is already dead. These trees are also generally lighter than others and may post a threat in high wind storms. Make sure to keep an eye on trees on your property and take down any that have died.
2. Power Outage Plans. Always encourage your residents to have a plan in case the power goes out. Suggest to them non-perishable food and to keep candles or flashlights on hand in case the power is out for an extended period of time. Sometimes the power can go out in extreme heat, so suggest a battery powered fan as well. While power outages can be fun for a little while, it normally isn’t too good if it stretches longer than an hour or so. Provide your residents with the numbers of the electric company as well so they can report any power outages and hopefully receive updates about when the power will come back on.
3. Out Of The Pool. If you have a pool, make sure that it is closed if there is any chance of a thunderstorm. Although people may complain if it is a hot day, it is better to make sure your residents are safe than in water when there is lightning around.
While weather can be incredible to watch, we do need to remember that it can be extremely dangerous to be out in. Even if you are inside, some things may be concerning when it comes to severe weather. Make sure that your residents are safe, and they will almost certainly appreciate the concern.

Summer Safety Part 2

Summer Safety Part 2
We mentioned in a previous article that the summer is one of the most common times for people to experience break-ins at their homes. This is generally because criminals know that people travel on vacation around this time of the year. This basically leaves your home as an open invitation to these people if you do not take the proper precautions. Here are a couple of easy and cheap things you can do to make sure that you are not the target of a home invasion.
1. Let Your Neighbors Know. If you live close enough to someone where they can keep an eye on your house or apartment from theirs, let them know that you are heading out for a couple of days. This way, they will know that no one should be coming into or out of your front door. If they do see any suspicious activity or people, they can alert the police and hopefully minimize any damage that may be done.
2. Get A House Sitter. If asking your neighbors to keep an eye out isn’t an option, you may want to consider getting a house sitter. I did this a lot when I was a teenager for friends who were going away. This meant that the house was not empty and any pets could stay in the home which greatly cut down on any price the family would have to pay. Just make sure that the person is responsible and hide any alcohol or firearms if they are underage.
3. Have A Light Timer. One of the easiest tips that a house is vacant is a lack of lights on. You can purchase a timer from almost any store and plug it in so that it turns your lights on and off at certain times every day. If you want to get fancy with it, you can even get one that works through WiFi which you can control from anywhere in the world.
These are three of the easiest ways to help prevent your home from being burgled. While nothing is foolproof or certain, these are some good places to start. Always remember to keep an eye out for those around you, especially if you live in an apartment building or complex. If someone else’s safety is compromised, yours might be as well.

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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