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Latest Blogs

Tenant Services

Tenant Services
Something that will always help you to get new tenants or to keep those you have and like is to find new ways to keep them happy. While this isn’t always the easiest thing to do, there are certainly dozens of ways to accomplish this goal. Here are just a couple of ideas of what to offer your residents, especially if you have a full apartment building.
Recycling is something that is growing in popularity, and thankfully. Recycling has been a conversation most of us have had for decades now, and it is always something that can make a difference. More and more, recycling plants are becoming accessible to everyone and even those who don’t have easy access to it are asking for it.
While adding a recycling stop at your rental property may seem expensive, it normally isn’t going to set you back too much and it will make most people that you rent to very happy. I can personally say I would love it if my apartment complex offered recycling as well as garbage pickup. As it is, I have to save up my recyclables until I go to see my family again so I can dump it off with them because my town doesn’t have a drop off.
Another service that will certainly entice many people to take your empty apartments is offering them free wifi connections. While internet can be expensive for a full building, it normally shows mostly in the installation fee. Once everything is in place, the monthly cost shouldn’t be too bad and you can certainly charge more to new tenants for this service. After all, this means they won’t have to pay for internet themselves which can cost anywhere from the price of a meal for two out to a few hundred dollars depending on your location and how good the connection is.
Everyone needs internet now. This is something that people have mostly accepted and adapted to. After all, without internet you wouldn’t be reading this and I wouldn’t have a job. Therefore, I am fully for everyone having internet! In all seriousness, providing your residents with something like internet is almost like a necessity today. If you are looking for a way to improve your building, adding complementary wifi is certainly a good way to go.

New Lease

New Lease
New leases are always stressful for everyone involved. Now that January has rolled around again, a lot of people are re-evaluating their living conditions and may be looking to move. This means that you have some things to take into consideration. One of these things is the length of a lease. While most people only do a base of one year with the possibility to renew each year, you do have other options. You may decide to have a lease of any amount of time you want, but there are things that you need to weigh when figuring out what your resident’s lease length should be. Here are some ideas to consider when marketing your apartment.
Someone in the military, for example, may not want to be locked into a full year’s lease. This may be a large commitment and they may not have the assurance that they won’t be moved before then. For people in this position, a month or six-month span may be all they can promise. A concern that we often hear with shortened leases is that people don’t care since they aren’t going to be there long but this simply isn’t true. Some people just don’t have jobs that allow them to stay in the same place for too long.
When your lease is up is another thing that you might want to consider. While most places do sign into a full year, you might want the opportunity to have someone new in based on where in the year it is. If it is March but you prefer for people to move in during June for example, you can explain that any resident is up for re-evaluation at that point. If you like them, you can always renew their lease for a full year once you hit that month. If not, you will hopefully find someone else that will move in quickly once that time is up.
When it comes to writing up a new lease, remember that you are in control. After all, you have the property that others need to use. It might be worth it to figure out a pattern that works for you in regard to leases. Always talk to a realtor to make sure that your ideas are valid. See what others in your area do and what would work best for you and let Talley do the rest!

Snow Removal

Snow Removal
One of the most exciting things to see as a kid is one of the worst things to see as an adult. I don’t know about you, but the older I get the more I dislike seeing snow outside my window. Sure, it’s lovely and it wouldn’t feel like the holidays without it, but goodness do I hate having to move it. Shoveling has become the bane of my existence and I would much rather pass a $20 to a neighbor kid than do it myself for free. Unfortunately, if you own an apartment building or complex with a parking lot and/or roads, you don’t exactly have such an easy way out.
Getting snow removed in a timely fashion is one of the most important and infuriating tasks that you will likely have set to you during the winter. You need to be able to balance between making sure that the snow has stopped so you don’t have to have everything cleared twice with the time of the day that the snow is occurring. If all snow happened during the night and was done by around three in the morning so you could call someone and have it cleared in time for everyone to go to work, it wouldn’t be so bad. Unfortunately this rarely happens.
Calling a plow company can bring its own issues, especially if you have waited a little too long to call them. It may take hours for them to arrive and if your residents need to move their cars, this can present not only logistical issues but may also result in cranky residents that were pulled out of their warm beds only to have to sit somewhere else for hours while you try and have the snow taken care of. You also have to figure out where to put all of it so that it doesn’t impede anyone, which is always a difficult task.
Having a set snow removal protocol is extremely important if you own an apartment building or complex. Make sure that each year, everyone gets a paper or email which explains what this is so that everyone can be on the same page. Hopefully the snow removal process will go smoothly and soon everyone will be able to enjoy how it looks on the trees and not on the ground.

Recycling

Recycling
There is an ongoing discussion when it comes to apartment complexes and other large buildings regarding garbage pickup. Although most places understand that they need to have a place that their residents can dump their trash, many people wonder if they should provide recycling receptacles as well. While this is something that someone who knows the location must decide, we want to help you out with some thoughts when it comes to keeping things out of landfills that could be better used (or reused) in other places.
One of the main reasons that most rental property owners do not want to offer a recycling option is the price. While it is a bit more expensive than just having the garbage, many places that offer both will give you a bundle sort of deal so that you can get them at a reduced rate. This is also true if you are able to have fewer recycling pickups than garbage pickups, which most places are. For example, my apartment complex picks up the garbage twice a week as opposed to the recycling which is only picked up twice a month. While this can cause a bit of an issue around holidays when lots of large boxes are being tossed into the bins, it is normally more than enough and it does save the complex some money.
Another issue that many owners find is that people don’t seem to know (or care) about how recycling works. It is important that everyone realizes what bins are meant for garbage and what ones are meant for recycling. Most plants that recycle will either turn away trucks that are full of garbage or charge extra fines for having to separate the contents. This is expensive for the complex either way and it can discourage a lot of owners from continuing a recycling program. Make sure to post literature about what can and cannot be recycled and take extra action if needed.
Recycling is something that can really help out the environment and apartment complexes if used correctly. If you aren’t sure how to get started, we always suggest going to the library or getting online and doing some research of your own first. Ask around and see if there is any interest in getting a recycling bin for your residents. It certainly couldn’t hurt and you just might make a difference in the community!

Vacations

Vacations
Now that the holidays are approaching, a lot of people are beginning to think about travel. If a person’s job allows, you will generally see people leave for at least four or five days in a row around this time of the year. This is a time to get to see family and get away from a lot of the stress that we have in our daily lives. Unfortunately, it is also a time when people can get swept up in the feeling of the season and forget little things that should be done before they leave. Here are some things to remind your residents of if they are leaving for an extended period of time.
1. Lock Your Doors And Windows. One of the biggest problems that we see around this time of the year is people breaking into homes. Always remind your residents to lock their apartment up tight no matter how long they will be gone, but especially if it is for more than a few hours. The last thing they, and you, want is to come back from a nice trip to find everything ransacked and things stolen.
2. Forward/Hold Mail. Depending on how long someone is going to be gone, you will want them to have their mail taken care of. One of the biggest tips that someone is not home is a buildup of mail and newspapers that are left outside. If they will be gone more than three days, they can submit a form online which allows the post office to hold their mail until they come back. If they will be gone for longer than 30 days, the local post office must be contacted. If your resident doesn’t want to hold their mail, always suggest having a trusted neighbor or friend come and pick it up instead.
3. Pets. If your resident has pets, make sure that there will either be someone coming to take care of them or that they are being placed in a kennel while they are away. It isn’t fair to you or the animal to be left alone for extended periods of time in the apartment.
Sometimes with the hustle and bustle of the season, some things get forgotten. These are a few things that you should always make sure that your residents think of before they leave town.

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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