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Successful Advertising for Rental Properties

One of the reasons why a landlord or investor hires a property manager is because a property management company has better contacts in the business, and is better placed to ensure that the rental property lies vacant for the least amount of time. A property management company relies on effective advertising in the right places to help fill vacant rental properties as soon as possible. A vacant rental property is a disaster which can quickly become a financial drain. It can also place the owner in a tight spot if he/she is relying on property rent for mortgage payments.

Focusing on Your Target Market

Advertising is one of the best ways to let prospective tenants know that your property is available for renting. But to make it effective you need to develop a clear advertising strategy. This will become your road map about when, how, and where to advertise to reap the best return on the money you spend on advertising and to ensure that you have struck your target market.

Marketing Strategies

Here are some thoughts when formulating your advertising policy:

Location counts. Your property location will determine where you should advertise. If the property is in the vicinity of a business district, your ads should be placed in local business publications to the business section of the local newspaper (of course you should have a winning website that contains SEO friendly content on it as well). Location could be your biggest selling feature.

What is the unique selling point or USP of your property? Check out the defining features of your property like a splendid view, the latest appliances or its own pool, and highlight these in your ad. What is the feature that your property has which is likely to make it appeal to the largest spectrum of potential tenants. If there are no clear defining features then look to the quietness of the neighborhood, proximity to schools, hospitals and shopping, or ease of access to public transportation.

Is your rental rate competitive? A winning strategy and to undercut the competition is to offer market-prices that are below rental. This is a sure-fire way to fill your vacant properties. Check out what is the going rate in your vicinity and how much you can discount your rental rate and still make a reasonable profit margin.

What sort of lease dohave you in mind? If the standard lease format where your property is located is for one year or more, you could offer an advantage with month-to-month leases. This will attract many renters who are averse to long-term leases for rental homes or condos. But before you make this decision you should know this strategy could also prove troublesome because you have to expect a higher turnover in tenants which means additional screening and lease agreements. You may alternatively consider other options like allowing pets in a non-pet area or permitting a tenant to sublet.

An Outstanding Company in this Field

Talley Properties of Charlotte, NC is one of the oldest and leading property management companies in the area with a reputation for high occupancy and minimal vacancy. This company has earned the reputation because of the excellence of service it provides to both the landlord and the tenant. It is also the reason why it has been able to expand its area of activity and now manages residential and commercial rental properties in all surrounding counties.

Responsibilities in Property Management

Responsibilities in Property Management

A property management company has four principle areas of responsibility which are:

Financial and Marketing

Occupancy and Tenancy

Administration and Risk Management

Facility

The property manager, as the owner’s representative is a stakeholder, and party to optimizing the return on the investment in the property by efficiently executing the four prime areas of responsibility.

The property management company is responsible for appropriate maintenance of the property, keeping it occupied, collecting rents, maintaining records, and carrying out improvements within the allotted budget.

Difficult Job

Property management is a challenging assignment. Many real estate professionals have ventured into it and backed out swiftly after a more detailed appreciation of what it entailed.

Financial and Marketing: Property management requires a detailed understanding of financial accounting including budgeting and control of operating expenses. This forms the basis of setting an appropriate rental rate commensurate with the prevailing market. The manager must have a detailed knowledge of the area and comparative rentals. Advertising strategies and promotional programs may be recommended if they are likely to maximize rent and increase occupancy. Periodic financial reporting to the owner is critical to the relationship.

Occupancy and Tenancy: The manager must have a full appreciation of the tenant’s needs and respond to requests. Rents should be collected in a timely manner and tenants’ activities monitored to ensure that they do not violate the lease agreement. All amenities should be maintained and be commensurate with those of equivalent properties in the area. Part of the manager’s function is the eviction of tenants should they violate or transgress their boundaries or fall behind in the rent.

Administration and Risk Management: The manager is required to maintain all files and records related to the property and comply with reporting requirements as required by local, state, and federal governments. Records maintained should be meticulous which should include tenant activities and interaction for liability reasons.

Facility Management: This covers the management of outdoor areas and structures and also includes maintenance of plumbing and electrical, landscaping and the entire building and appliances it contains, in fact everything connected to the physical property. The property manager has to know local repair companies and contractors and be conversant with rates. The manager should ensure that all work is carried out to the desired standard. A budget should be made for short-term and long-term improvements to ensure the property does not decline and is able to maintain its rental value. A well-maintained property is an assurance of tenant-retention.

Heavy Responsibility

Anyone looking at property management as a business option should understand what is involved and be confident of being able to meet the challenges it poses. Property management is not for the faint hearted and far more demanding than selling real estate.

A Leading Rental Management Company

Talley Properties of Charlotte, NC, a well-established and much requested company has been in the real estate business for over three decades now. However, its true expertise lies in management of residential and commercial rental properties. The high level of professionalism and efficiency it has displayed has enabled it to expand geographically and it now manages rental homes and condos in and around the counties surrounding the Charlotte region.

Financial and Marketing Obligations of a Property Management Company

When a property management company is hired by a property investor or a landlord to take care of certain rental properties an agreement is entered into which spells out the obligations of both sides. Here are some of the functions expected of a property management company.

Budgeting Operations

The company should prepare a detailed budget of cost of operating the rental home or condo. This function encompasses all of the envisaged tasks and apportions funds for their execution. The budget must include income from rents and an estimate of costs for the three main functional areas. These are repairs and maintenance to the property and the cost of tenant services. Administration charges will also have to be approximated and included.

Budgeting Capital Expenditure

As a property becomes older some deterioration is inevitable. Consequently it is likely that the rent for this property will have to be marked down in proportion and therefore provide less return on the owner’s investment. A property manager should develop a long-term budget to cover renovation and capital improvements. Remodeling, renovating, and installing contemporary appliances will increase the rental income or at least help to maintain it. Improvements could also command a rental on par with similar properties which are newer.

Capital improvements are generally provided for in depreciation, a head which an accountant will incorporate, amortized over the estimated useful life of the property. Depreciation attracts certain tax advantages.

Budgeting for Marketing and Advertising

When a property falls vacant, word gets around and attracts prospective tenants. But a property manager cannot rely on the grapevine as a form of advertisement. The manager must have a marketing plan which will need an advertising budget. It pays to advertise periodically in certain media publications which people looking out for rental properties refer to. A more vigorous marketing effort will be needed when a property falls vacant. When advertising, it’s a superlative idea to announce improvements and renovations. Expenses associated with an advertising effort have to be catered for.

Getting their Act Together

The property management company represents the owner, where the owner’s interests are paramount. Both should work closely to maximize income from rents and optimize the return on the money invested in the property. The first step in that direction is to prepare a comprehensive and realistic budget, which should become the operative guideline.

Talley Properties Inc.

Talley Properties is one of the oldest property management companies in the Charlotte region of NC. It has been in the business for over 30 years during which it has built up an unmatched reputation for excellence of service. This property management company, which handles mid-range to high-end commercial and residential properties, provides the full range of property management services. It knows its area of operation intimately so is able to judge with remarkable accuracy just what the earning capacity of a rental company is. The company also has close associations with local builders and tradesmen so is able to keep maintenance costs to the minimum. Because it is known to be one of the leading property management companies in the region, properties managed by Talley Properties have an enviably high occupancy rate.

Steps for Property Eviction in North Carolina

When a landlord or the property management company he hires to look after his rental home or condo rents out the property, it is done in good faith on the assumption that both parties will abide by the terms of the lease agreement. As a measure of abundant caution, the landlord/property management company often screens prospective tenants prior to signing a lease agreement. In most cases the relationship is cordial provided both parties respect and abide by the terms of the agreement. But situations do arise when a tenant violates them and forces the owner or his representative to evict them. What then is the eviction process and some of the other situations that arise out of it.

What are the legal grounds for eviction in North Carolina?

There are two primary reasons why a landlord may evict a tenant. These are for failure to pay the rent and for significant violations of the lease agreement through criminal or illegal activities such as drug trafficking or using the premises for immoral purposes.

What steps are to be followed in the eviction process?

Under North Carolina law retaliatory convictions are disallowed. A landlord cannot harass a tenant for requesting him to act according to the terms of the lease or for requesting repairs and similar actions which are incumbent on the landlord. The only way of evicting a tenant in North Carolina is by following the legal route.

The starting point in this process is by filing a complaint in the appropriate small claims court. The court will then serve a summons on the tenant which will indicate the hearing date of the case where the tenant will be required to make a court appearance. If the tenant fails to make an appearance, the court because of default will decide in the landlord’s favor.

Both parties are free to present evidence and argue their cases at the hearing and may be represented by attorneys. The court does not take too long to pass judgment and allows both parties 10-days to file an appeal. If it is decided in the landlord’s favor, the tenant is ordered to surrender the property, which the sheriff can enforce, if not complied with. Alternatively, if the court sides with the tenant, the tenant can remain on the property for the remainder of the lease’s term.

Can a landlord lock out or turn off utilities until the eviction process is completed?

Emphatically no. The law does not permit the landlord to take any provocative measures until the court legally evicts the tenant.

Talley Properties of Charlotte, NC

Talley Properties is one of the leading and most sterling property management companies in the Charlotte region of North Carolina. It has been providing property management and other real estate services to the community for over three decades now. It is well versed in real estate and rental laws since they apply to landlords and property managers. The company prides itself on delivering excellent service to its clients’ landlords and tenants.

Your Agreement with Your Property Management Company

When you appoint a property management company to take care of your rental property you are placing your trust in that company. It’s a big decision to make, but a wise one when you are not able to look after the property yourself and take care of the day-to-day operations which include caring for the properties and addressing the problems of the tenants who occupy them. A huge advantage in hiring a property management company is that they are better equipped to handle the management in a more professional manner than you could, and have the contacts and resources to do so. A good property management company ensures that your investment provides you a positive and splendid return and runs smoothly.

On the Same Page

A little care with the agreement you sign with the management company pays considerable dividends. It ensures a cordial working relationship where both you as the landlord, and the company representing you are clear about your responsibilities toward each other, and what each expects.

Such agreements invariably have some standard clauses but as far as possible you should ensure that all ambiguities are covered to avoid future misunderstandings.

Management Duties

A standard contract will spell out that all tasks and duties pertaining to tenant requests and needs, as well as the maintenance of the property whether it is a rental home or condo, rests with the property management company. Other duties would include advertising when the property is vacant, screening, and interviewing of prospective tenants and collecting rent from them. The management company will also take care of break-downs and routine maintenance, and other little details related to daily operation. It also falls to the management company to evict tenants should that need arise.

Property Management Company Fees

In most property management contracts the agreed fee is generally a percentage of the gross rent collected. In addition, some companies charge add-on fees which should be clearly stipulated and quantified. Much of the fee structure will depend on the nature of the services required. Some landlords or investors require the whole package while others may ask for only a restricted number of services. Whatever is agreed to should be incorporated in the agreement.

Manager’s Liability and Owner’s Responsibility

The management company and owner have responsibilities toward each other. There should be no ambiguity about these which should be clearly listed in the agreement.

Finally the contract must have a specified tenure with clear starting and termination dates. There should also be an exit clause which allows both sides to terminate the agreement at an earlier date if things don’t work out.

Property Management in Charlotte, NC.

Arguably the oldest and best-established property management company in the Charlotte region of NC is Talley Properties, which specializes in high-end to mid-range commercial and residential properties. Over the years, and to cope with a rising demand for its services, Talley Properties has expanded its range of operations and now manages rental properties in many of the surrounding counties.

This is a full-service property management company but is amenable to providing only specific services as required. To learn more about Talley Properties, click on http://talleyproperties.com/.

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