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Latest Blogs

Winter Maintenance

Winter Maintenance
Although pipes freezing doesn’t seem to be as common a problem anymore, as we have seen this past month it is still a very real problem in the event of a storm that knocks out power. If you have ever lived in an older house or in a place with extreme cold temperatures, you probably haven't experienced the possibility of your pipes freezing and bursting. If you never had that happen to you, you should count yourself lucky. It is an extremely unpleasant situation to have to deal with.

When you have rapid changes in temperature, there are certain things that are bound to happen. Older buildings and houses will often make noise, which is normally written off as “the house settling”. It’s one of the things that makes sleeping in a different house than your own so scary as a kid (or even as an adult), because you aren’t used to the noises that this house makes. This is especially true when it’s an older building that uses a water-based heating and cooling system instead of forced or central air or even gas.

While North Carolina doesn’t normally have times where the temperature dips low enough to be concerned about freezing pipes, it has been known to happen periodically. It's one of the biggest reasons why making sure that your heat is working before you need it is important. While you obviously want the heat to work for your own comfort, there are other things that you can do to get yourself warm. You can go to a store or a friend's house, but your pipes can't. You never want to find out too late that your heat isn't working, so don't forget to give it a test. It is especially important if you have someone living with you that is vulnerable, such as an elderly family member or small children.

Emergencies like frozen pipes or heat issues are great reasons to have Talley Property Services on your side. We have a 24 hour emergency number for your tenants to call in case this happens, and we even have businesses that we can contact in case repairs are needed. It is always a stressful time when something goes wrong, but you don't have to deal with it alone. Let Talley take some of that concern off of your shoulders so that you can enjoy the winter without care!

Rent Rates

Rent Rates
When it comes to renting a place to live, there are a lot of different questions that need to be asked. One of the most important questions is how much can you afford to pay for an apartment, and the other important question is how much do you want to pay for an apartment. You obviously don’t want to pay too much and possibly be in financial trouble if you end up losing your job or having to take a pay cut for any reason, but you also don’t want to go for a cheap place either. Cheap locations often don't fit a person's needs or may even be basically uninhabitable, which is never good. Remember, you very often get what you pay for.

According to most financial experts, your rent payments should be about 30 percent of your income. This is often a good balance of expenses between housing and other necessities such as food, entertainment, and other costs of living. While the full 30 percent isn’t always an option, it is a good jumping off point so that you can adjust your numbers until you have something you're happy with. It also gives you a healthy glance at what price point you should be looking into. For example, if you really like an apartment that would cost 40 percent of your income, you may need to reevaluate what exactly it is that you need.

It is always a good idea to check around other apartments in the area to see how much they are listed for. There may be one specific area that costs more than the others around it, and depending on your financial situation you may want to either look there or avoid it. It also gives you a good idea about how much of a deal you may be getting on your rent payments and if something seems too good to be true.

At the end of the day, it is up to you to decide how much you can pay for rent. Some landlords do require a minimum income to prove that you can afford the apartment, so be sure to pay attention to the listing and make sure that you are eligible to rent the property at all. If you are looking for a new place to live and have a budget in mind, give Talley a call and see what we have to offer. You never know, we might just have exactly what you’re looking for!

Model Apartments

Model Apartments
If you are a landlord or rental property owner with multiple similar units, then we have a tip that may save you a lot of time and hassle. If you have ever dealt with the trouble of trying to rent a unit out while someone still lives there, then you know how much of a struggle it can be. Trying to work with your schedule, the tenant’s schedule, and any possible renters can feel like you're trying to herd cats. It causes a great deal of stress for at least two of the parties, especially if the tenant hasn’t been keeping up with the cleaning before someone views the apartment. It can be a frustrating time, and you never want to cause yourself more stress than you already deal with. If you have the room, you might want to think about trying a model apartment on for size.

A model apartment is kind of like a sample product that you can test in a lot of stores. It is a way of showing a potential tenant what your apartments look like without having to work around anyone else. Simply keep it clean, and you can bring people through any time you want. This means you don’t need to worry about what the unit is going to look like, dealing with pets, or risking your current tenants making things uncomfortable while showing the place off.

Model apartments are also great because you can have them as furnished as you want. This means you can have it completely bare to show your client the blank canvas they will be working with or fully furnished to show them what they can have if they move in. Finding furniture at a thrift shop or online is a great option, since they are normally inexpensive and often is still in extremely good shape. You can even use old furniture that you no longer want! The possibilities are endless when you have a model apartment.

If you are a rental property owner in the Charlotte area, you need to contact Talley Properties so that you can have a shot at some of the best rental help in North Carolina. Let us handle most of the work so that you can relax a bit while still feeling all of the benefits that come with having investment properties. Give us a call today and see just how much we can help you!

Location

Location
One of the most important things to think about when you are looking for a place to live is the location. Location is considered a cliché when it comes to real estate, but that cliché exists for a reason. Location is everything when it comes to housing, and it can be difficult to find something that ticks all your necessary boxes. There are multiple factors that you should consider about the location of your apartment when you are looking for a new place to live. Here are a few of the most important things to keep in mind:

1. Proximity to Work. No one wants to have a long commute. It can be frustrating enough to have a short one take longer than it normally does due to traffic or weather issues, but when your commute already takes a half hour or more under optimal conditions, it can grate on you quickly. Not only is driving that much tiring, but it gets expensive very quickly. It is important to look for a place that is close to not just your current job, but has others around in case something happens where you need to change positions.

2. Distance to Stores. Something that often gets ignored until it is too late is the distance between the apartment and certain stores. While being close to department style stores may not be a requirement, you should definitely look around for the nearest grocery store and other places that you frequent. It isn't uncommon in rural areas to drive nearly a full hour to get to a grocery store. Obviously this is less than ideal, so be sure to ask around if you don’t see at least one store on your way in.

3. School Systems. If you have children and you aren’t planning on homeschooling, you definitely need to look at the surrounding school systems. You naturally want to give your kids the best opportunity for their future, and a good school can help set that groundwork for them. Always be sure to keep an eye on the school ratings in towns that you are considering moving to.
Location may seem simple, but there are many factors that need to be considered when you are looking to move. It definitely goes beyond what is simply pretty to look at. Call Talley and see what they have to offer that will fit your lifestyle and needs the best!

Ice and Safety

Ice and Safety
When it comes to the winter, it can be difficult to find enough hours in the day to do everything that needs to be done. While we all know that there are always 24 hours in a day, it can seem like a lot less with how little daylight there actually is. If you work a standard eight hour day, you barely get to see any sun around this time of year. Pair that with cold temperatures and you get a recipe for disaster. This is most often brought on by one big issue: winter weather.

Trying to do anything while there is snow and ice outside is annoying at best and downright dangerous at worst. Even just walking to get your mail can result in a fall if there is ice. That's why it is important if you are in charge of an apartment building or complex to make sure that the snow and ice gets cleared for your residents before one of them gets hurt on your property. The last thing you want is for someone to fall and get injured due to something as simple as ice that can be corrected before the ice even forms.

If you have a large complex or building, you should always try to invest in some salt for the parking lot and any roads and sidewalks that you may have. If nothing else, the salt will help to melt the ice and keep things from getting too dangerous. The larger your property, the more you will want to keep on hand. This may require a team of people to shovel or even a snowblower or plow to help get the roads and lots cleared. Any walkways should be cared for as well, especially if there are stairs. While it is important for residents to be careful and monitor their own properties, it's always a good idea to try to help them out.

Making sure that snow and ice gets cleared away in a timely fashion is important for a rental property owner. If you only have a few smaller units, however, you may decide to leave it up to your tenant. Even if you have large properties, you may leave patios and doorsteps up to the residents. Regardless of who is in charge, remember that winter weather can be dangerous. Make sure to keep your property safe with Talley's help every storm!

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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