Tips to Profit by Leasing Your House in North Carolina

Tips to Profit by Leasing Your House in North Carolina

Leasing a piece of property is more than just planting a big orange signboard on the front yard or posting an ad on Craigslist and taking in the first person who answers it as your tenant. In fact, the signboard or the Craigslist post will hardly bring you tenants and you cannot hope to make a profit by leasing your property if you are not choosy about your tenant! Making a profit by leasing your house in North Carolina will elicit some bit of hard work from you; after all, there is nothing as a free lunch. The following are some tips to help your task:

Make your rental property habitable and safe for your tenant. Before you put up your house for rent, make sure that it is habitable and safe for a prospective tenant. This is not only your responsibility as a landlord but a desirable housing unit will also attract more prospective tenants.

What is more, the structural updates that you may make to your apartment for rent or vacation rental property will allow you to quote and receive a higher amount of rent. For instance, apartments or homes for rent with new hardwood floors, an upgraded plumbing system, and/or energy-efficient heating and cooling systems can rightfully command higher rents than dwelling units with cracked floors and/or old and rundown utility systems.

Decide on the amount of rent to charge. But only after you have carried out a thorough research. You have to keep the following considerations in mind when deciding on the rental amount—it should be at par with similar dwelling units in the area and should be neither too high nor too low in order to attract tenants. Pore over local newspapers and browse online advertisements to figure out the average amount of rent for rental properties in the area that are similar to yours. If possible, visit some houses and apartments for rent to compare them to yours. Decide on a rental amount and make sure that is not so high that it will keep away tenants nor so low that it will make prospective tenants wonder if something is wrong with the property.

Make sure that the rent amount covers the cost of maintaining your property. After you have figured out the rental amount, do some more number crunching to ensure that it will comfortably cover all the expenses on the property and still let you pocket up to six percent of the value as profit. The rent amount should ideally cover any mortgage payment, costs of maintenance and repairs, and vacancy costs.

Market your rental property. All the hard work that you may have put in after following the above-mentioned tips will come to a naught if you cannot reach out to a focused group of target audience and market your property. Thankfully, this is one task that you need not be bothered with. List your home for rent on the website of Talley Properties, Inc. Their website contains a comprehensive list of homes and apartments for rent and is browsed by countless prospective tenants every day. You can rest assure that your vacation rental or condo rental or apartment on rent will be lapped up in no time at all.

Choose a tenant only after screening. Finally, make sure that you delve into the credit history and do a criminal records check before you take in a tenant. Do not rely on the data brokers on the Internet to provide you with the details. Instead, prepare an application form where a prospective tenant will be required to provide information regarding his identity, criminal background, and credit history. If you intend to carryout a credit check, make sure that you have the tenant’s signed permission.

Vital Rental Tips

Whether you have a home for rent in Mint Hill, a condo rental property in Kings Mountain, or an apartment on rent in Kannapolis, the above-mentioned tips will ensure that you can reap the profit by leasing your real estate property.

Put Your Vacant North Carolina Property to Good Use and Earn from It

Put Your Vacant North Carolina Property to Good Use and Earn from It

Many in the Charlotte region are realizing that the Great American Dream—a house in the suburbs with white picket fences—is best left a dream, at least for the time being. The economy is still shaky and many prudent individuals realize that shelling out a fortune or incurring a debt to buy a house is a risky proposition. So, it is not unnatural to find that renting a house is a more popular option in the Charlotte region than buying one.

Patience is a Virtue

Homeowners in areas such as Davidson, Waxhaw, and Pineville have put up their townhouses for rent hoping to earn some quick and easy money. In fact, if you are a homeowner and intend to sell your property, it is a prudent idea to wait awhile for the prices to rise (they will because the economy is looking up slowly) and meanwhile, earn some unexpected revenue by leasing your house instead of keeping it vacant.

The Current Status

Unfortunately, many homeowners in the Charlotte area have realized this and the real estate scene is right now flooded with vacation home rentals and condos for rental. So, whether your property is located in the quaint and quiet suburb of McAdenville, the small town of Weddington, or the bustling city of Rock Hill, you will have a tough time making your property stand out amongst competitors and catch the eye of a prospective tenant.

Pros in the Business

If you do not want to spend a fortune to hire a professional marketer to spread the word about your property, then list it on the website of

Talley Properties, Inc. They have been in the business of property management in the Charlotte region for more than three decades and know the ropes of marketing all too well. Their list of apartment and home rentals is the most comprehensive one around and draws in potential tenants looking for vacation homes rentals, condos rentals, or other housing rentals from all over the region and beyond. The listings are crafted and worded for maximum search engine visibility for the most commonly-used search terms and thus reach almost countless prospective tenants all over the country.

When you advertise with Talley Properties, you spare yourself the hassles and the expenses of hiring a marketer or putting up your ad on multiple media. You can thus take advantage of the economic boom that is sweeping cities in the Charlotte region like Gastonia and Kannapolis to woo prospective tenants with your property.

Maintenance Checklist for Property Managers

Maintenance Checklist for Property Managers

In almost all property management agreements the responsibility for maintenance vests with the manager or property management company. A high standard of maintenance is the hallmark of a fantastic and committedproperty management company and something most don’t take lightly. A well-maintained property has fewer problems, happier tenants, and less pressure on the property manager.

A Crucial Checklist

More often than not all homeowners and property managers develop a property maintenance checklist which helps them keep their property in peak condition. Here is a typical maintenance checklist which covers most areas but can be amended to suit a particular property.

Inspect the roof regularly and certainly at least twice a year. You’ll have to do this more often during fall to clear dead leaves which are liable to block the gutters. If the property is in a storm prone area, inspect it after every bad storm to check for weather damage. Also look out for insect damage. Check out the guttering for leaf deposits and any blockage which can strain the metalwork or allow a torrent of water to fall on an outside wall.

Check the outside walls twice a year for signs of penetrating damp or rising. Inspect the damp proof course to make sure that there is nothing like a heap of earth piled against the wall likely to bridge it.

Inspect ceilings and outside walls every month for signs of rising damp, penetration or condensation. Check out the condition of the paintwork all over especially on woodwork and walls.

Check the attic or loft for signs of rot or woodworm and the inside of the roof for any indications of leakage. If the water tank is located here check the piping and insulation.

Schedule regular checks of plumbing and heating and especially when the weather becomes extremely cold. Before the onset of winter check pipe insulation and renew it if needed. If there’s a boiler this needs to be serviced annually at least. Check all faucets and change washers if they drip. Clean toilets weekly to ensure that they are stain-free.

Take a cursory look at the electrical wiring because it is generally concealed. Look out for any exposed wiring which should be attended to immediately.

Inspect the outdoors once every few months especially after fall when all the leaves have fallen. Ensure that the grass is mowed regularly and borders trimmed. Remove debris and clean off oil slicks or patches. Keep the garden well maintained. It’s amazing what a difference it makes to the appearance of the property.

The Professional People

Talley Properties is one of the oldest and best-known property management companies in Charlotte NC. It specializes in mid-range to high end residential and commercial properties not just in the Charlotte region but also the surrounding counties. Over the thirty years and more that the company has been providing property management services to the community it has developed its own maintenance schedules. It also has a list of tradespeople and skilled technicians it hires when needed. Talley Properties sets a high maintenance standard which is much appreciated by both tenants and owners.

Fair Housing in the United States

Fair Housing in the United States

The month of April in 2013 was the month the government dedicated to spread awareness about the Fair Housing Act and fair housing in general. It is essential for property managers to have a clear and complete understanding of legislation related for fair housing to make certain that the tenant selection process they employ is fair, and avoids unnecessary and unwarranted lawsuits. Choosing the right tenant is necessary to attract responsible people who respect the property which is their temporary home. But the choice of the right tenant has also to be carefully balanced to comply with state, federal, and local discrimination laws.

Protecting Yourself and Your Cordial Residents

A complete understanding of fair housing enactments – state and federal –is critical regardless of whether you are part of a sizeable property management company or a lone operator taking care of just a handful of rental properties single-handedly. Discrimination where property is concerned can have nasty consequences which can result in significant financial loss and the respect of the community if you wrongly refuse housing to someone. If that person does not pass a background check or appears to be a gangster or a thug, that is another matter though. If you cannot properly judge who is a thug or not you should not be working for this related government agency or a rental property company.
The genesis of current housing legislation began with the Fair Housing Act of 1968 a federal enactment which forbade discrimination on grounds of color, race, national origin, and religion. The law was subsequently amended to include discrimination on grounds of sex, disabilities and families with children. With the amendments came stricter penalties for violations.

This legislation covered real estate practices like pre-sale advertising, the terms of sale or a rental agreement, and refusal of housing for whatever reason.

Not Condoned at All

Property owners face severe consequences for discrimination. If a tenant believes there has been discrimination in the rental or buying process he/she can register a complaint with the local department of human rights and may also consult an attorney. Tenants are also protected by tenant advocacy groups and the last thing a property manager or owner needs is to be cited for perceived discrimination in a lawsuit.

Here are some points on discrimination and fair housing which property managers would do well to observe.

Treat all prospective tenants uniformly. Keep a high standard of communication by observing a polite and respectful tone at all times and have a standard list of questions for all. A respectful tone and consistency ensures unintentional discrimination or any situation which could remotely be alleged as unlawful.

Offer the same level of accommodation to all. This way no one tenant can accuse you of inconsistency or favoritism or having withheld advantages which were offered to others.

Stay clear of stereotypes or preconceived notions. Keep alert for warning signs but otherwise give the benefit of doubt to tenants. Do not entertain pre-conceived notions about a tenant because of race, nationality, or religion either at the screening process or after occupation.

Stay on top of state laws to ensure that you have a complete knowledge of local legislation to protect you from uninvited legal action. If you are not up-to-date on the latest enactments and local laws, take the trouble to educate yourself. It’s well worth the effort.

A Company Comprised with Kindness

Talley Properties of Charlotte NC is one of the oldest property management companies in the Charlotte region. It constantly keeps itself informed of changes in local laws and so keeps out of legal quagmires. As a policy this company prides itself on running a real estate business with consistency, equality, and respect being the overriding attributes.

The Debilitating Affects of Rental Concessions

The Debilitating Affects of Rental Concessions

At some point in time most property managers have had to think about concessions. It might be a discount on the rent for the first few months or even allowing a tenant a few months rent-free on signing a lease. Some property managers prefer a small giveaway. But during a hard economy when most property managers are feeling pressure on the bottom line, are rental concessions a wise move? There is no yes or no answer to this question but every property manager has to carefully consider the situation before making a decision on the way to go. Here are some questions you need to answer for yourself:

How will concessions affect your revenue?

What will concessions do to your bottom line if you choose a financingroute. For example, if your rental is $1,000 per month and you offer a discount of $50, your income stream is $950 and not $1,000 to the bank which doesn’t help with your financing goals. A concession fills up your apartments but does not contribute to your bottom line. A concession can grind down the value of a property pretty fast. If you want financing to replace a worn carpet or redo the landscaping, an eroded revenue stream doesn’t help.

What are your competitors doing?

Concessions are like a contagion. If word gets around that one of your competitors is offering concessions you feel obliged to do the same. This is a disease in many markets, but you have to make your decision based on hard facts and stick with it. You have to know your market when it comes to concessions. Tenants will come to you and use what your competitor is doing as a bargaining ploy. You have to know how to handle that and dig your heels in.

How will concessions affect your current tenants?

Tenants who have signed a lease recently for full rent will naturally be upset if a new tenant is given two months’ rent free. Tenants already in residence will feel undermined and an impression might be created that the owner of the premises is in some form of distress. But when the market is tight like it is at present because of social engineering, regulations, and high taxes, property managers will be asked for concessions and if that is the practice all around then they might have to concede.

Residents that receive these financial gifts are also instructed by management not to be too loose with the lips when meeting and talking with existing residents but this information will surface eventually and could undermine certain relationships.  

Another factor is that concessions could affect the standard of tenants which property managers rent to. A lower security deposit and a couple of months’ rent free might attract just the wrong type of tenant.

A third factor is that if the manager if offering new tenants a concession it might have to be extended to existing tenants in order to retain them.

Finally if you do decide to extend concessions, make sure you are not violating any laws likely to run you into legal problems.

Talley Properties

Talley Properties is an experienced property management firm in the Charlotte region of NC. In over three decades it has been providing property management services this company has seen a number of ups and downs in the rental property market. It has evolved its own formulas to counteract pressures in difficult times.

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