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.

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.

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.

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/.

Five Points to Include in a Lease Agreement

A rental or lease agreement is a legal contract which defines the rules which landlords, property managers, and tenants agree to abide by during their rental association. Here are some critical points which you should cover in your rental or lease agreement:

All tenants should be named: The name of every adult who will be living in the rental home or condo should be listed as tenants and should be signatories in the agreement even a married or unmarried couple. With this every tenant becomes legally responsible for the rent, the proper use of the premises and all terms in the agreement. This provides you with additional cover since each tenant is independently responsible for payment of the entire rent, should the others not be in a position to pay. Further, if one tenant breaks an important term of the agreement you are able to terminate the rental or lease agreement which is binding on all tenants.

A limit on occupancy: In your agreement you should clearly mention that only those adults who have signed the agreement and their minors will reside in the rental unit. This gives you the right to decide who lives in your rental property and to restrict the number of residents. This term allows you to evict a tenant who sublets the unit or who moves in a relative or friend without your consent.

Period of tenancy: Your rentals document should clearly state if it is a fixed-term lease or a rental agreement. Rental agreements typically run from one month to the next, and unless terminated by any of the signatories, renews itself. Leases generally last a year. The choice is yours and will depend on for how long you want to rent your premises or how flexible you want your agreement to be.

Rent: Your agreement must clearly stipulate the amount of rent payable, when it is to be paid and how. Spell out what payment methods are acceptable to you. If you are OK with a grace period be clear about the number of days, and if you are going to impose a penalty after that, mention the amount. Mention charges in case of a bounced rent check.

Fees and Deposits: Security deposits are a cause of much friction with tenants. To avoid this, in your rental agreement clearly state:

The amount of the security deposit

How you may apply it – to damages etc., or how the tenant may apply it – toward the last month’s rent.

How and when the deposit will be returned and details of deductions.

Any non-returnable fees like for pets or cleaning

Where the deposit is being held and whether interest on the deposit will be paid to the tenant.

Take the Burden off of Your Hands

Landlords and property investors of rental properties in and around the Charlotte region of NC can avail of property management services from Talley Properties Inc, the oldest property management company in the area. The company offers a slew of services which are more fully listed at http://talleyproperties.com. Its area of expertise is in mid-range to high-end residential and commercial properties.

What Talley Properties can do for Your Rental Investments

 

Talley Properties of Charlotte NC is one of the oldest and most trusted property management companies in the Charlotte region. Over the 30 years it has been in the real estate business it has provided outstanding service to thousands of landlords and property investors in the area. Its reputation for reliability and performance has enabled it to expand to now manage rental properties in many of the surrounding counties.

A Dedicated Business

Talley Properties is no armchair management company. It has built up a formidable and efficient support staff through which it is on call 24/7 for all emergencies, a service which has endeared the company to tenants as well. This property management company has established a reputation for fair dealing and keeping up to its obligations to its tenants. It is proud of its response time which ensures comfortable living for tenants.

Talley Properties Knows this Arena

The company provides management service to high-end to mid-range commercial and residential properties. For rental property owners and landlords here are some of the services Talley Properties offers:

Advertises your property and escorts prospective tenants on inspections

Keeps you posted of the condition of your property, and advises what maintenance is needed to keep your property at peak level for optimal rental rates

Finds reliable occupants to tenant your property and conducts appropriate checks

Prepares and executes the necessary lease agreements on your behalf

Relieves you of the stress of dealing with tenants and attending to the problems they face

Manages all aspects of your property and ensures compliance with state and federal regulations

Manages vendor relationships with maintenance workers, suppliers, contractors, vendors, and tradesmen

Attends promptly to routine maintenance and ensures this is done to a satisfactory standard

Conducts routine inspections and submits reports

Collects rents on stipulated dates and manages outgoings

A Reputation that Precedes It

Talley Properties takes pride in providing services that extend well beyond the purview of a conventional property management company. It strives to forge lasting relationships with its clients which it has been successful in doing. A significant percentage of its new business is through word-of-mouth recommendations.

Every Relationship Counts

While many of the other property management companies overextend themselves and are unable to provide the necessary time and effort to each of the rental properties it manages, this is not the case with Talley Properties. The company has grown in a systematic manner and has always established an infrastructure before taking on new commitments in terms of rental homes and condos.

The company organizes its time methodically so that its various teams are able to dedicate appropriate time and focus to each rental property it manages. Whenever you need information, assistance of advice, the company is there for you.

Delivering the Appropriate Information

One of Talley Properties’ strongest features is to reflect the true potential of your property so that the return on your investment is optimized. Prospective tenants are always escorted on property inspections by a company representative so that it can be displayed in its best light.

While this is a full-service property management company, Talley Properties is flexible enough to accept customized contracts and provide only the services you need.

What if a Property Manager has to evict a tenant?

When you invest in property, especially rental property, it can be a rewarding decision. But it can also be challenging with many routine tasks which are necessary but cumbersome. Maintenance is always a problem which has to be done on an ongoing basis if the property is to retain its value. All features of the rental property must be in good working order for the satisfaction of the clients. This is an obligation the property owner has to fulfill.

The Last Recourse

But there is an even more disturbing side to rental property ownership. This is when a tenant breaches the rules and regulations of the lease agreement leaving the owner of the rental home with no option but to go through an eviction process. The Landlord and Tenant Act clearly define what both parties must abide by, and when the tenant does not comply with the terms the landlord is forced to exercise tenant eviction.

Tough Situation

Many property owners who buy rental condos and homes as an investment prefer to leave the management to professional property management companies. There are certain very distinct advantages to this arrangement because a fabulous property management company takes care of all routine tasks associated with the property including those less pleasant tasks like tenant eviction.

The Full Gamut

A property management company which is well-established and has earned a reputation is a distinct asset to a property owner because it is able to ensure optimal occupation at the best rental rate. It also operates through a skilled staff and could well have an in-house maintenance department who looks after day-to-day maintenance where speed is of the essence. The property management company takes care of advertisements in the right locations, screening of prospective tenants, and concluding lease agreements. It also takes care of tenant eviction keeping the landlord insulated.

Lack of Respect

An eviction process starts with a verbal warning and providing adequate time for the tenant to remedy the problem. The most common issue which landlords and property managers face is failure by tenants to pay the rent. If the tenant is habitually late the manager will first warn the tenant verbally. If that doesn’t work the next step is to issue a written warning by registered mail which provides proof of delivery even if the property owner/manager resides in the same building. If the tenant still defaults then tenant eviction is the next step.

Notifying the Sherriff

The property manager will have to file an eviction case in the appropriate court. During the hearing, both sides will be asked to present their respective argument. If the case is held in favor of the landlord or manager, the tenant has wait 2 to 5 days to vacate the premises. If the tenant still does not vacate, the town sheriff will have to be approached to enforce the court’s order.

Protocol

Self-eviction is not allowed by most states. A proper legal process has to be followed or else the tenant might sue for wrongful eviction in a civil court. An eviction process could take anywhere from 1 to 7 months and does not absolve the tenant from back rent. The legal fees will have to be borne by the party found to be at fault.

Keeping their Hands Clean but not Unwilling to get them Dirty

Talley Properties Inc. of Charlotte, NC is a property management company now in its fourth decade of service to the community (many of them). This property management company which specializes in mid-range to high-end residential and commercial properties in and around the Charlotte region is meticulous about the screening process to avoid having to seek recourse to tenant eviction. Landlord satisfaction is highest on its agenda followed by tenant appreciation which is why the company’s track record on evictions is well below the industry standard.

If you are looking for a top-quality property management company to take charge of your properties call Talley Properties at 704.332.2203 and check the company out at http://talleyproperties.com/.

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