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Latest Blogs

Keeping Up With Trends

Keeping Up With Trends
With the advent of channels like HGTV, more and more people are beginning to think that they are home decorators and restorers. We see constantly that people are getting more steadfast in their ideas of what a good home is based upon television shows instead of looking around in person. While it isn’t always a bad thing to know what you want before you make an investment, this can give some property owners a bit of trouble if someone is determined to rent a place that looks like it’s off of Fixer Upper complete with farmhouse sink.
Trends in homes come and go just like with anything else. Unlike with wardrobe changes, however, these aren’t as easy to bend to. They are also no where near as cheap. Right now, most people are looking for open floor plans as a base. While this is fine for people who are renting out newer homes, it becomes increasingly more difficult the older your property is. My parent’s house was built in 1964 and I cannot imagine a way that an open floor plan would be possible. A good friend has a house that dates back to 1887 and while you could create an open floor plan there, it would take so much work and destroy much of the charm that comes with older homes.
So how do you balance between the actual structure of your rental property and modern trends that will likely change in a decade of so? Well, that’s fully up to you. Each property is different so only you can tell if it needs that drastic an upgrade or not. Sometimes something as simple as pulling down old wallpaper or updating a bathroom can give the area a fresh feel without having to spend thousands of dollars knocking out walls only to find that you can’t do what you wanted because one of them is a supporting wall.
Making sure that you keep your rental home updated is very different than keeping up with every trend in home design. While you can do that if you have the time and money, it is normally best to go with a general feel and freshen things up every now and then. You may be amazed at what some fresh paint and tiles can do to a place, so give that a try before jumping to gutting your entire property.

Renting Out With Talley

Renting Out With Talley
It is impossible to argue the fact that without a tenant, a landlord is simply a person with an empty house. There is nothing to be gained by having more than one property, meaning to rent it out, and not doing so. In fact, it is generally referred to, in very scientific terms, as a money pit. The fact is that when it comes to renting out some property, you need one thing above all else and that is a tenant. Just knowing that you need one, however, isn’t quite enough. You need to be able to get one as well. That’s where we come in!
Here at Talley, we understand how important it is to have a short turnover time in between tenants. Every month that you don’t have someone in there is another month where you are losing money. Even if your mortgage is paid off, you still have to pay for the utilities to remain on, anything used during showings, and most of all the property taxes. Depending on the property, these can be extremely expensive and it certainly doesn’t hurt to have some help when you are trying to set aside some money for them each month.
Unfortunately, renting out property has never been an exact science. While we know what to do, the time period in which everything occurs can vary from year to year and even from place to place. No two homes rent the same way or in the same time frame, even if they are in the same neighborhood or building. Sometimes it can be clear why, but most often there is no accounting for how the cards fall for different listings. This is why we ensure that each and every client will receive the same amount of dedicated care, no matter how long it takes to rent out your property.
While it may seem like a short process, our goal at Talley is to provide long-term care and build lasting relationships with our clients and renters alike. We understand that there is no reason at all to prefer certain listings or people over others when it comes to renting and have held this belief close since 1980 when Talley started. Give us a call today to list your rental property and know that you are in some of the best hands in all of the Charlotte area!

Help with Maintenance

Help with Maintenance
Not everyone is a particularly handy individual. I certainly know quite a few people that I wouldn’t trust with a Fisher Price hammer, let alone a real one. There’s nothing wrong with this, at least as long as they realize that their strengths don’t rest in home improvement or DIY projects. What happens, however, when you are one of those people and are renting out an apartment or a house? You will probably end up running into at least one situation where some maintenance needs to be done that will require some handy skills. This means you need to call someone in to help.
Naturally, you don’t want just anyone to come into your house and get to work. While it is much easier to judge how effective (and cost efficient) a person is now due to the internet, it can take a long time to research until you find the perfect person that you feel comfortable with, can afford, and works at a time that is convenient to you. If you have an emergency such as a busted pipe or no heat in the winter, you may not be able to devote the time you want to find that one perfect person. This is just one of the many reasons that Talley should be synonymous with your rental properties.
We do not have an “in house” maintenance crew here at Talley, as we view this to be a conflict of interest. We do not want to give the impression that we are “looking for problems” as the expression goes, so we purposefully contract out to different workers. All of them have gone through an extensive vetting process to ensure that you are getting the best work for your money and that problems will be fixed the first time. Every worker is licensed and insured, so you can be certain that there will not be any issues or liability on your part.
Talley is on call 24/7 through our voicemail system in case of emergencies and will always discuss options with you if repair estimates are over $250. If you wish this to be a lower number, simply let us know and we can accommodate that as well. You can always be sure that with Talley, we are ready for anything so that you can focus on everything else being a landlord entails.

Finding the Right Fit

Finding the Right Fit
Sometimes when I’m bored, I go online and type the name of an area into Google and look at the houses for sale there. You can learn a lot about an area by looking at the places that are on the market. For example, Delaware seems to really enjoy yellow paint. New England seems to have a lot of large, opulent houses. North Carolina seems to have homes that were build before 1950 and after 2000 on the market with very little in between. These little facts don’t make much of a difference in the scheme of things, but they can mean quite a bit if you are looking for a new place to live. After all, you certainly want to find somewhere that you can really see yourself living and it doesn’t hurt to see what’s around the area.
I know that if I moved to Delaware, for example, I would not want to rent a house that had all yellow walls. Although I would love to live in New England, those houses are not in my budget and I couldn’t deal with the severe winters. In North Carolina, I would definitely want one of the older homes despite the issues you can have with them. I love a bit of character in a house and find that the older houses have much more of a fun feel to them than newer ones. My best friend, however, thinks that the more modern houses are better and refuses to look at a home if it was built before 1980. Everything is down to personal preference when it comes to finding the home or apartment that fits you the best.
Here at Talley, we are dedicated to finding the perfect resident for each and every property we represent. This means that you will never have to settle for something you don’t want if you are working with us. We want tenants and property owners alike to be content with the living accommodations. After all, if you aren’t happy with the place that you are living, the rest of your life tends to suffer. As someone who has lived in some places that were not my first choice, I can attest to this fact. Give us a call today and we can get you into the place of your dreams!

Safe Complexes

Safe Complexes
If you are an owner and landlord to an apartment complex, you have a lot to worry about. You worry about people paying rent on time, you worry about people sticking to a pet or visitor policy or maybe a noise ordinance that you have in place for the complex. Parking is almost always a concern as well. You also likely worry about the safety of the complex itself. You need to make sure the building is up to code, that the wiring is fine, that the sidewalks are even, and any stair railings are securely fastened. If your complex has a pool, you need to worry about those who may be swimming, about hiring a lifeguard if your township requires it, about keeping the water clean, and about dealing with any “accidents” kids may have quickly. It can get exhausting and if you focus on worrying about all of this, it can drive you slowly insane. Unfortunately, the list never seems to get smaller, no matter what we do.
Make a list of things you need to keep an eye on. Start with the obvious things, like the sidewalks, railings, parking lots, etc. As you think of things, add them in. Keeping a growing list is one of the best ideas when it comes to organization. How are the lights around the complex? Do you have a laundry room, and if so is it clean, bright, and safe? Do you have a plan for winter with the snow and ice? Continue like this until you cannot think of any more.
Ask around the complex itself. See what your tenants are concerned about. They may come up with things you hadn’t thought of, like dead trees or the need for an extra dumpster or recycling service in the back. Perhaps they saw a growth of poison ivy by the back fence that you had no idea about. It’s always a good idea to check with those who live at the complex, since they spend most of their time looking at the area.
Keeping a list of things to check is the easiest way to ensure your complex’s safety. See about a couple of things each week and if they’re good, mark them off on your list until the next time. This can help keep your anxiety down and your productivity up. It’s a win for everyone this way!

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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