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Latest Blogs

Noise

Noise
One of the most common issues that we hear about in property ownership and rentals is noise. When you have a large group of people all living together, there are bound to be problems between residents. Unfortunately, some of the most difficult things to resolve are also the most common. Different people have different ideas of what “excessive noise” really is, and most of us have experience with this as well. Driving down the road you can see a perfect example of what we mean. If you are stopped at a light and can hear the music clearly from another car, you will probably also see someone else giving that car a dirty look. The difference between acceptable noise levels and excessive ones can be thin, but it is always noticeable.
Many towns have laws which explain what it means to have excessive noise. For example, my hometown had a regulation which stated that if you could hear the noise from twenty five feet away you could be cited on that infraction if it was at a residential property. While it was rare for the police to write someone a ticket for that, it did happen every now and then. If you are unsure how to regulate noise such as music or television program volume, this may be a good place for you to start.
Having a large building with multiple people living in it may cause some complications with this issue. It is always more difficult when people are living in close quarters to keep quiet to everyone else’s preference. Not only do different people have different ideas of what volume is acceptable, but the discussion of white noise versus silence is always one that causes problems.
Handling noise complaints is always a touchy problem as a landlord. The fact is that you normally don’t live in the area where the issue is occurring so you can’t always provide an acceptable answer. Sometimes the best you can do is suggest some carpets and earplugs. However it is always important, as with any complaint, to listen to both sides of the issue. At times it is better if you can provide an unbiased opinion and this may just be one of them. Ask other people in the area to see if it really is a widespread problem as well. You never know if others just didn’t want to lodge a complaint.

Fall

Fall
People always ask us what we think the best time of year to move is. This is always a difficult question for us to answer, as there is no one correct answer. After all, there are so many different circumstances for each person and each season that what works best for one person may not work at all for the next. However, since we have started the season of fall, let’s talk about how moving around this time of the year can be beneficial. After all, there are a lot of reasons why the fall is the best time of the year!
One of the first things that we always like to mention in regards to moving is how common it is during each season. Most people move during the summer. This is due to things like kids changing schools and the weather being much nicer for moving. Moving days often require quite a bit of time outside and I’m not sure anyone enjoys having a wet mattress to sleep in for their first night in their new home, so the balance of nice days versus wet ones in the summer often seems to be relatively safe. However, that also means that there are more people competing for the rental units that are open during the summer. Landlords will have more choices and it therefore may be more difficult to get something locked down during those warm months. Once the weather cools off a bit, things tend to slow down so you might have a better chance starting in October.
Speaking of the weather, the cooler temperatures can be beneficial when you are moving. Let’s face it, moving around heavy furniture is hard work. You sweat a lot when you’re moving stuff like that and if it’s in the heat of summer you may need to be careful of dehydration and heat related illnesses. While you still need to be careful in regards to overworking yourself and anyone helping you, it is normally a bit better when the ambient temperatures are lower.
While each season has some benefits in regards to moving, each one also has their own drawbacks. It is important to weigh your options when you are able to and make an informed decision about moving. Give us a call and see how much of a difference relying on Talley can make when you’re getting ready for a change.

How to Handle a Renter's Complaints

How to Handle a Renter's Complaints
One of the least enjoyable parts about being a landlord is dealing with the complaints that are bound to happen from your tenants. While sometimes these complaints are completely understandable, others are a bit ridiculous, especially if you have an apartment building or complex where people can talk and spread false stories. The complex in which I live is currently experiencing this very thing. There are a couple of things that you can do to help relax people when they begin to complain about inconsequential or untrue things. Here are some of the things that you may want to try.
1. Call A Meeting. If there are enough complaints about a certain thing, you may want to have a meeting in which your residents can explain their issues with how things are going. While this normally is not a pleasant experience for you, often times it will help because your residents will feel like their voices have been heard and they can go back to what they normally do. Very often, people complain in groups not because there is a serious issue that needs to be addressed, but because when humans start talking false accusations start to fly. While this is not meant to belittle any true problems that your residents may have, sometimes a meeting is all that you need to help them move on from whatever is bothering them at the current time.
2. Explain The Truth. Depending on the complaint, there may be people who get farther and farther away from the truth. Whether they mean to cause drama or are simply misinformed is something that must be addressed on a case by case basis, but the end result always needs to be the same. Your residents need to know the truth. Sometimes the truth is not what you would want to hear, but it is always better to be open with the people who are living in your rental space than hiding things from them or letting them continue to think certain things are true when they aren’t.
These are two simple things that you can do when a renter complains. While they may seem obvious, it can be overwhelming when a bunch of people are complaining about something that you may have no control over. Stay tuned for some other ways to deal with people who complain in these situations.

Photos Of Your Apartment

Photos Of Your Apartment
One of the things that drives me crazy about apartment listings is a lack of pictures. Now that most listings are online, there is no reason for you to not at least attempt to snap a couple of pictures with your cell phone and upload them onto the website. Many of us use these pictures to decide if we want to go and see the apartment in person or not. In fact, many websites now have an option on the side where people can filter what they want in an apartment to only show ones that have pictures. If you have a lovely apartment, why would you not want to show it off?
One of the most important things to remember about taking pictures of your apartment is to make it look like the apartment actually does. When I was looking for my first apartment, I had found a listing online that looked wonderful so I went to see it. It turns out that the pictures were from a different building and the apartment was a disaster with exposed wiring and holes in the floor. This is actually false advertising and may be considered illegal. Always be sure to only post pictures of the actual apartment that you are renting out.
Lighting is everything in photography. Even if you know nothing about taking a good picture, letting in natural light will only ever help you. If the apartment does not have a large amount of natural light, then be sure to take pictures with plenty of lamps to help make that difference. People want to be able to see what their place will look like and that just can’t happen if there is no light.
Do your best to make sure that your hands aren’t shaking when you take the photo as well. Blurry pictures are sometimes worse than no pictures simply because it can be aggravating knowing that the poster could not take the time to take a good picture. If your hands shake, there is nothing wrong with asking someone else to help you. You may also want to use something else to brace yourself against something to prevent excessive movement.
Posting pictures will only ever help you in the search for your perfect tenant. Take a day or so to make up some great images to post online to go with your lovely property.

Fill Vacancies Quickly

Fill Vacancies Quickly
One of the most difficult things that you need to do as a rental property owner is get people to fill that rental property. It can take ages to find just the right person to get into your empty apartment and that just is not any good. You want to be able to move seamlessly from one tenant to the next, but this is something that almost never happens. There are a couple of things that you can do to make it a little easier on yourself, though. Here are some of the ideas that we have used to make sure that you are always receiving income from the rental area.
1. Month to Month Renting. Although this is not as reliable as a full lease, renting to someone from month to month is something that has its benefits. Recently while looking at apartment listings I saw one which was designed as an apartment that you could only stay in for a month or two. It requested that you be ready to move out again at the end of the month and is meant to be used as a temporary location until you find more permanent lodgings. This is something that you may be interested in doing at least for a month or two while you look for a good and solid tenant.
2. Cut A Friend A Break. Some people offer their empty apartments to a friend while they are looking for someone to stay there long term. This is mutually beneficial as it means the apartment is not empty and you may be getting at least some rent while your friend has a place to live. Sometimes this is used for those who have just gotten out of school or need a place to stay during the summer. I have also seen it done for new parents that sometimes need some time away while someone else babysits. It is less expensive than a hotel if you let them use it a couple of days out of the month and again at least you know the place isn’t always empty.
There are many ways that you can get someone into your empty apartment even if it is only very short term. Let us know some of the methods that you have used before and maybe we will pass them onto others so we can all learn!

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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