5 Hot Tips for Buying a Rental Property

5 Hot Tips for Buying a Rental Property

Are you ready to dive in and begin your adventure as a rental property investor and landlord? Before you even begin marketing yourself to attract potential tenants, you have to select a rental property. Finding and purchasing that first property can be a little intimidating, and many people don’t realize how much effort goes into the process.

Fortunately, Talley Properties has your back. We’re here with 5 tips when it comes to buying a rental property. Read on to educate yourself on some of the industry’s best practices that will help you get ahead of the curve.

1. Invest in a Real Estate Agent

Rental properties can be difficult to find, and the ones worth buying typically carry a premium price tag. Realtors have access to a network of resources that will make finding properties much easier. Not only that, but they may be able to negotiate the price and get you a deal.

2. Ready Your Finances & Assets

Buying rental property is a pretty significant financial investment. It’s recommended that you have all of your assets in order before house-hunting. Getting pre-approved will ensure that you can strike quickly when the perfect property becomes available on the market.

3. Choose a Location

When searching for a property, it’s important to focus in on a particular area. Location is everything when it comes to real estate. Ideally, you should be looking for property in a good part of town that is relatively close to places that a tenant will find useful: work, school, church, grocery store, etc.

4. Inspect for Maintenance & Repairs

Before pulling the trigger on a property, always have it inspected. See if there’s any damage. Assess the cost of maintenance and repairs. While the property itself may have a decent asking price, it’s these hidden costs that tend to add up if you’re not careful.

5. Consider Landlord Insurance

Another cost to consider when buying a rental property is landlord insurance. In short, this will provide personal liability coverage if a tenant were to get injured on your property. Not only that, but it protects your investment from damage sustained by tenants living on the premises.

Bonus: Hire a Property Manager!

When purchasing an investment rental property, you have to consider who will keep it running. Maybe you have plans to do it yourself, or maybe you’d like someone else to do the heavy lifting. Talley Properties is one of the best property managers in Charlotte, with over 40 years of experience. Get in touch with us today to learn more about how we can help you keep your investment operating smoothly!

Should I Rent an Apartment or House Next?

Should I Rent an Apartment or House Next?

Rental properties come in all shapes and sizes, but most spaces available on the market represent one of two primary subcategories: houses and apartments. If you’re in the market for a rental space, chances are you’ve come across plenty of great options, both houses and apartments. But is one better than the other? How are you supposed to choose?

The answer is not quite as black-and-white as it may seem. It depends a great deal on personal preference, and both options have their pros and cons. Let’s dig into the details so that you can make an informed decision on your next rental and select a space that aligns with your values.


There are plenty of pros to living in a house. For one thing, houses tend to be more spacious, and they offer a level of privacy that is simply unattainable in apartment living. This is perfect for families or couples who want to start their family. Houses are also typically less strict when it comes to pets. If you have a furry friend, be it cat or dog, you’re more likely to find a pet-friendly option if you decide on a house.

That being said, houses do have some potential cons to consider. First and most importantly for many, houses tend to cost more than apartments. The extra space is great, but it does come at a premium. Furthermore, houses tend to be located in neighborhoods and suburbs, set away from the action. Work, school, and even grocery shopping may require a bit of a drive.


Apartments often have just as many benefits as houses. The lower cost is attractive to many potential renters, and apartments tend to be closer to local shopping and entertainment. Amenities are not always offered standard, but you have more chance of access to a pool or a gym than if you were to rent a house. Plus, maintenance is largely out of your hands, meaning that you don’t have to perform as much upkeep.

These benefits do come with some tradeoffs, however. Apartments are typically smaller, more ideal for single occupants or couples than large or growing families. And while your space is your own, you have to be mindful of those living in the surrounding apartments. Dogs and cats may or may not be allowed, but many landlords keep a tight leash on pet ownership.

Which One Will YOU Choose?

Houses and apartments have their benefits and their drawbacks. It’s up to you to decide which one better aligns with your lifestyle. Either way, you can’t go wrong!

Landlords and prospective renters can get more tips by following the Talley Properties blog. Contact us today!

Summer Heat: Getting the Most out of Your Rental Property AC System

Summer Heat: Getting the Most out of Your Rental Property AC System

North Carolina summers are infamous for being intensely warm and extremely humid. During the dog days of summer, it’s imperative that your tenants have a working HVAC system to keep their space cool. But for some landlords, it’s not enough that the air conditioning is working. Many property investors want to know how they can push the limits of their AC to save money and maximize efficiency. After all, a penny saved is a penny earned. Read on for some friendly advice on how to get the most out of your AC system during the warmer months of the year.

  • Get Serviced. Find a local HVAC company that would be willing to take a look at your unit. System maintenance and repair are a regular part of keeping your rental space cool. In case of any unforeseen issues, be sure to schedule your checkup well in advance of the warm season.
  • Plan Ahead. Give your AC a chance to warm up before the hottest days are upon you. This will ensure that it doesn’t have to work so hard to keep the space cool.
  • Keep the Unit Clean. Keeping the condenser clean is a big part of the maintenance process. Because it sits outdoors, it may acquire a buildup of leaves, twigs, grass, and other organic materials. Clear it every so often to maximize unit efficiency.
  • Replace the Filter. An air filter traps dirt, dust, and allergens in the air. When the filter is left unchecked, the air conditioning unit has to work harder to pump air past the buildup and throughout the space. Check it every month or so to see if it needs to be replaced.
  • Close Off Spaces. Close the doors to closets, bathrooms, and any other rooms that don’t need constant air conditioning. By artificially creating a smaller space, the AC can work more quickly and more efficiently.
  • Draw the Blinds. Block sunlight from entering the windows and counteractively heating the space. This is especially important in the morning and late afternoon, when the sun’s rays fall at an angle.
  • Use a Fan. A fan, used in tandem with air conditioning, can actually be quite effective at cooling a space. The constant moving air means that you can keep your thermostat set a bit higher without any noticeable increase in temperature.

Here at Talley Properties, we pride ourselves on helping clients get the most from their investment. Rental properties can be quite a handful, and we’re here to help you get the upper hand as a landlord. For more tips and tricks, follow the Talley Properties blog. Get in touch with us today to learn more about our services!

Ways To Make Renting Out Your Property Easier

Ways To Make Renting Out Your Property Easier

As a real estate investor and landlord, your job is never done. It seems like there’s always another thing to do. When your rental space is empty, you need to market yourself and screen potential tenants. When the space is filled, you have rent collection and regular maintenance duties to perform.

So, how can you streamline the process of renting out your property? How can you make your job easier, while still getting everything done? Read on for some tips on how to take back your time and simplify your life.

  1. Utilize the Power of the Internet. The internet is a great place to start when it comes to things like advertising, screening, and collecting rent. Make things easier for yourself by relying on trusted tools and websites to do the heavy lifting for you.
  2. Outline Rules & Expectations Upfront. Before signing with a tenant, be sure that they understand all the expectations that come with renting your space. It’s best to have everything plainly laid out in your rental agreement. Establishing some ground rules ahead of time will minimize any headaches later on.
  3. Digitize Documents in the Cloud. Cloud storage is a great place to keep all your most important documents. Simply scan physical documents to your computer or device, or use e-signatures to keep everything digital from the start. Easily organized and accessible from anywhere, digital paperwork will save you plenty of time.
  4. Track Income & Expenses. While you should do this anyway, tracking and labeling every penny that comes in or out of your account will make your life much easier. Having a record of expenses will make it much easier to calculate tax deductions and disprove any false claims.
  5. Conduct Regular Inspections. It’s quite common for landlords to do periodic inspections of a rental space, even in the middle of a tenant’s lease. Frequent inspection will prevent any serious issues from going unnoticed, saving you time and money in the long run.
  6. Enlist a Property Manager. A property manager’s job is to automate routine tasks and keep things running smoothly. Landlords everywhere rely on their services to make life easier. From tenant screening and rent collection to bookkeeping and maintenance repairs, you can trust that your investment is in good hands.

Looking for an experienced property manager in the Charlotte area? Look no further than Talley Properties, Charlotte’s best property manager! Not only do we offer clients numerous valuable services to ease their workload, but we bring 40 years of local market experience to the table as well. Contact us today to learn more!

Moving to the Charlotte Area? Helpful Tips on How To Find the Perfect Rental Home

Moving to the Charlotte Area? Helpful Tips on How To Find the Perfect Rental Home

Finding the perfect rental home in a city as big and diverse as Charlotte may seem like a daunting task. Then, when you factor in variables such as price, size, and location, it might just feel like you’re looking for a needle in a haystack. But don’t despair! It takes time and a bit of hard work, but finding your perfect rental space in the Queen City doesn’t have to be impossible. Read on for several helpful tips to keep in mind as you scour the city for your next home.

Formulate a Budget & Stick to It

The first thing to do when searching for a rental home is establish a budget. More specifically, you need to put a cap on how much you’re willing to spend. Budgeting may sound rather arbitrary, but careful formulation using income and expenses will make it much easier to come up with a number.

Know Your Needs & Your Wants

Differentiating between needs and wants is an important skill when house hunting. Make a list before you begin your search: How many bedrooms do you need? How many bathrooms? What are some nice-to-haves that will make the property more desirable, but they aren’t deal-breakers?

Location, Location, Location

Imagine you find the perfect rental space, but it’s in the wrong area. Picking a home in the right location is critical because you can’t pick it up and move it somewhere else, no matter how perfect it may be. Consider how far the home is from your workplace, from the nearest grocery store, and other essential places that you’ll visit regularly.

Timing is Everything

Summer is one of the most competitive seasons when it comes to rental property. Landlords can successfully charge higher prices due to high demand. As the busy season winds down, you’ll notice that prices begin to drop. If you can wait it out, consider renting in the fall or winter to save money.

Be Persistent

Unfortunately, you’re not likely to find your dream rental home after one day. Chances are, you’ll have to work hard and be persistent in your search to find something worthwhile. That’s why it’s so important to know what you need ahead of time. Then, when the opportunity comes along, you can jump on it before someone else comes along.

Search With Talley Properties

Use our online search tool to find your next rental space in the Charlotte area. Check back often for new listings. Also, keep an eye on the Talley Properties blog for more tips and advice when it comes to renting in the Queen City!

Having a Good Relationship With Your Property Manager

Having a Good Relationship With Your Property Manager

Landlords are typically used to doing everything themselves. After all, you own the rental property. It’s fairly likely that you have at least a bit of experience with common tasks such as marketing, tenant screening, and rent collection. Your investment wouldn’t be worth much without a basic understanding of how these things work.

Things may become a little tricky when a landlord decides to bring in a property manager. Adding a third party to the equation can be difficult for some investors to wrap their heads around. With that in mind, Talley Properties has compiled a list of ways that you can build and maintain a successful relationship with your property investor.

  1. Practice Effective Communication. Communication is the key to any successful relationship, professional or otherwise. When partnering with a property management agency, it’s essential that you maintain open lines of communication. Be it phone, text, email, or some other instant messaging platform, choose whatever works best for you. Just be sure that either party can quickly and easily reach the other for any reason, especially in the case of an emergency.
  2. Establish Predetermined Roles & Responsibilities. From the very beginning, it’s important to decide who will be doing what. How much responsibility are you giving your property manager? Which things would you prefer to handle yourself? Make sure the roles are clear-cut so that there’s no misunderstanding down the road. The last thing you want is to waste time and money by repeating completed tasks.
  3. Relinquish Control. Building off the previous point, you must relinquish control over any aspects that do not fall within your predetermined roles and responsibilities. When you hire a property manager, you’ll need to trust that they can get the job done. Periodic check-ins and regular reports are okay, but no one likes a micromanager.
  4. Centralize Information & Data. There should be a single, centralized point of access for you and your property manager to find significant property details and tenant information. If you’re old-school, you may choose to keep everything neatly organized in a filing cabinet. We recommend a more high-tech approach. Digitizing your data and keeping it securely locked away on a shared network will make it easier to access anywhere at any time.

In the end, property management is all about partnership. Make sure everyone has access to everything they need, and trust that the agency will uphold their end of the bargain. If you’re looking to work with a property manager, Talley Properties has been Charlotte’s best for over 40 years. Contact us today to learn more about our services!

How To Keep Your Rental Property Energy Efficient During These Hot Summers

How To Keep Your Rental Property Energy Efficient During These Hot Summers

Energy efficiency is something that every homeowner (and rental property investor) strives to achieve. The amount of money that can be saved by optimizing and weatherproofing your space is staggering. Of course, it’s much easier to conserve energy during the temperate months, as in the spring or fall. But when the hot and humid North Carolina summers come around, it can be difficult to balance your tenants’ comfort with energy-saving strategies.

Talley Properties is here to help! Read on for a list of tips and tricks that will help you save money while keeping your rental space cool and comfortable.

Use LED Bulbs

Not only are LED bulbs more energy efficient, but they actually produce very little heat when compared to an incandescent bulb that releases 90% of its energy as heat. This might seem rather trivial in the grand scheme, but every little reduction in energy usage and temperature will decrease your overhead costs.

Service Your AC Unit

An air conditioning unit should be serviced at least every six months. While it may be tempting to give it a tuneup yourself to save money, it’s better to invest in the safety and comfort of your tenants by hiring a professional. They’ll have it running in tip-top shape in no time.

Replace Air Filter

A dirty air filter is inefficient and ineffective. Your HVAC system will have to work harder, and you’ll spend more money, to achieve the same results. Be sure to keep an eye on the state of your filters and replace as necessary.

Re-seal Around Openings

Homeowners and investors alike often lose quite a bit of money in the cracks and crevices around openings. Windows and doorways need to be sealed with a caulking gun to achieve maximum energy efficiency.

Invest in Darkening Blinds

Big windows that let in plenty of sunshine are a major selling point for many tenants. Unfortunately, they can be severely inefficient when it comes to regulating the temperature of your space. Investing in opaque darkening blinds can help keep the home cool, even in the sweltering heat of summer.

Provide Fans

Fans are actually more energy efficient than running the air conditioning. When used in tandem with minimal air conditioning, you can keep your tenants cool at a fraction of the cost.

Follow for More From Talley Properties

We’re all about helping clients save money and achieve success as a real estate investor. Follow our blog for tips and tricks this summer. To learn more about our property management services, reach out to Talley Properties today!

How a Recession Could Help the Rental Industry

How a Recession Could Help the Rental Industry

Economic recessions affect people of all kinds across dozens of industries. Generally, the effects are negative: unemployment rates go up, people lose their homes and their cars, etc. But believe it or not, there are a few upsides for those enterprising individuals who want to invest in the rental real estate market. In fact, the effects of a recession can actually benefit the rental market and its investors in a few key ways. Read on for an in-depth look at the positive relationship between real estate investors and economic recession.

  • More Affordable Homes. When the economy is in recession, list prices on homes tend to dip dramatically. This is the perfect opportunity to find and buy a rental property cheaper than you might otherwise. In other words, you’ll get a great return on investment when your initial investment is much lower.
  • Fulfill a Basic Need. Food, water, and shelter are among the most basic needs of every human. As an investor and landlord, you’re in an advantageous position. If you can provide a safe place for someone to live after losing their home, then you’ll be in possession of a high-demand commodity.
  • Less Active Competition. Recessions often scare other investors into inactivity. Many will likely wait it out and try to weather the storm. But if you take advantage of others’ inaction, you’ll find yourself with more inventory to choose from at a lower price.
  • Negotiable Prices. The economy during a recession does not lend itself to a sellers’ market. With an abundant inventory and fewer active buyers, it’s fairly likely that you’ll be able to negotiate the asking price. Remember, this negotiation is in addition to the already low real estate prices during a recession. No doubt, many sellers will be eager to find a buyer for the property, even if they lose out on a bit of the profits.
  • Relative Investment Stability. Investments of any kind are going to be a risk to the investor. Fortunately, there are ways to mitigate risk and increase your odds of success. Because rental properties aren’t rapidly bought and traded (as with stocks), a real estate tends to be more stable in the event of a recession.

Don’t let an economic recession hold you back. Be cautious of taking unnecessary risks, but take advantage of any unique opportunities that come your way, should they present themselves.

Talley Properties is Charlotte’s best property management firm. Follow our blog for more tips and tricks on the real estate market, or contact us today for more information regarding our services!