Why Hire A Property Manager - Charlotte Property Management

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Being a landlord is a big commitment, especially for those who can’t dedicate 100% of their time and energy to its success. Marketing, finding tenants, and otherwise managing the maintenance and financial aspects of your property can be time-consuming. For those who are new to investment properties, it can be downright overwhelming.

Hiring a property manager may be considered an investment in and of itself. Whether you simply can’t dedicate the time needed to nurture your new source of passive income or your primary residence is not in the immediate vicinity, a property manager will help you every step of the way. For a small fee, you can essentially put your income on autopilot. Here are some of the benefits that come with hiring a property manager.

  • Marketing and pricing. Sometimes it’s difficult to know what people are looking for in a rental property, the positive aspects that you should highlight when marketing. Perhaps even more difficult is coming up with a rental rate that is fair but competitive. A property manager can work alongside you, or even do this for you.
  • Screening potential tenants can take a long time, and there are typically many steps to the process. Background checks, credit reports, and references can all be handled by your property manager.
  • Rent collection. This is the fun part! In practice, however, rent collection can sometimes be difficult. What do you do when someone asks for an extension on their rent? How do you handle late or missed payments? A property manager will take care of this for you. Fortunately, they are typically better equipped to handle these types of situations.
  • From leaky pipes and loose wiring to a stovetop on the fritz, ensuring that everything is running smoothly can be a full-time job on its own. It’s important that tenants maintenance requests take priority, preferably completed within 24 hours. A property manager can fulfill these requests for you, freeing up your schedule to focus on other pressing matters.
  • Geographic diversity. The great thing about property management is that you can expand your reach. Rather than being restrained to your immediate vicinity, a property manager will keep up with your investment wherever it may be located. This is particularly helpful for those that don’t have many viable options in their area.

There you have it. A property manager is an investment, but perhaps you would consider it a necessary one. Whether you’re new to the rental property scene or you’ve been doing this for years, it may time to put your investments on autopilot.

5 Hidden Costs Landlords Accrue - Charlotte Property Management

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Owning and maintaining a rental property is a great source of passive income. But you may find that your position as landlord is hardly passive. Rental properties often require regular maintenance and repairs, and you have to be willing to make the needs of your tenants a high priority. It can be a bit overwhelming… and expensive.

When first getting into this business, you may not be aware of all the little, hidden costs that come with the territory. Those little costs can add up quickly, so make sure you are aware before committing. Here’s a list of 5 hidden costs landlords tend to accrue.

  1. Property tax. Besides the obvious costs that come with having an extra property, sometimes rental properties incur higher tax rates than those that are owned and lived in full time. You may be eligible for a tax break because of its rental function, but calculate the cost and be prepared to pay full price before you commit to a property.
  2. Cleaning & maintenance. The time between tenants should be used for deep cleaning the rental space. Whether you choose to do this yourself or you hire a cleaning service, it will cost you to ensure that your next tenants begin their stay with a clean slate. Even while people are living in your space, you are responsible for consistent maintenance on utilities, appliances, and the structure itself. Make sure that tenants have a way to contact you, and make their needs your highest priority.
  3. Legal fees. Why would a landlord accrue legal fees? Unless you are an attorney or fairly well-versed in the law, you will likely need some legal guidance when drafting a rental contract. You must create a new contract for each tenant, as a one-size-fits-all contract may lead to disagreements or other issues.
  4. Insurance rates. Like property taxes, insurance rates can skyrocket when it comes to rental properties. Be sure you are prepared to take on the extra cost.
  5. While it would be ideal for your rental property to be occupied at all times, the reality is that there will be dry periods. You may have to go for a few months at a time without income. Save a little money on the side so that when the doldrums come along, you are not badly affected.

These are just 5 of the hidden costs that come with a position as landlord. Do your own research and plan every step of the process. When those hidden fees or necessary services come along, you will be prepared to meet them head on.

Your Change of Address Checklist - Charlotte Property Management

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Moving is a lot of work, and your to-do list is probably already a mile long. On top of packing your possessions, filling out last-minute paperwork, and finding a moving company, you have to consider the broader effects that come with changing your location. For example, your address. Think of all the things that hinge on your current address: letters, packages, bills, bank statements, and even utilities such as internet and phone lines. We’re here to help you through the process, shortening your to-do list by compiling some of the important companies and services that you will need to notify when moving.

  • Post Office Unless you want your packages, letters, cards, and other mail to end up in someone else’s mailbox, it’s critical that you let the post office know of your new location.
  • Utilities (gas, electric, water, internet, phone, etc.) The last thing you want when you move into your shiny new home is to find that the electricity doesn’t work and the water has not been turned on. Utilities such as gas, electric, water, internet, and phone lines require your address to properly bill you for their services.
  • Financial establishments (bank, card companies, etc.) Tax and insurance agencies need to know your current place of residence. It’s very important that your bank statements and other personal financial communication not end up in someone else’s hands. Plus, you will need to change the address associated with your credit and/or debit cards.
  • Current employer Whether you are paid via direct deposit or you receive your salary in the mail, it’s crucial that you give your employer your new address. Certainly, you want any emergency communication, tax forms, or pay stubs to end up in your own mailbox.
  • Shopping and subscription services While you may think that updating your address with the post office will solve all mailing issues, it’s wise to alert all services of your move. This will make checkout quicker and easier, and it’s less likely that your mail will be lost on its journey.
  • Physicians (doctor, dentist, vet, etc.) Physicians should be alerted when you undergo a change of address so that their records may be updated and corrected.

While this list will help smooth the transition between homes, please double-check your own records to be sure that nothing is left unchanged. The good news is that most records can be changed at any time after your move. So take time to relax, unpack, and enjoy your new home!

Ways to Attract Tenants - Charlotte Property Management

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Moving is a lot of work, and your to-do list is probably already a mile long. On top of packing your possessions, filling out last-minute paperwork, and finding a moving company, you have to consider the broader effects that come with changing your location. For example, your address. Think of all the things that hinge on your current address: letters, packages, bills, bank statements, and even utilities such as internet and phone lines. We’re here to help you through the process, shortening your to-do list by compiling some of the important companies and services that you will need to notify when moving.

  • Post Office Unless you want your packages, letters, cards, and other mail to end up in someone else’s mailbox, it’s critical that you let the post office know of your new location.
  • Utilities (gas, electric, water, internet, phone, etc.) The last thing you want when you move into your shiny new home is to find that the electricity doesn’t work and the water has not been turned on. Utilities such as gas, electric, water, internet, and phone lines require your address to properly bill you for their services.
  • Financial establishments (bank, card companies, etc.) Tax and insurance agencies need to know your current place of residence. It’s very important that your bank statements and other personal financial communication not end up in someone else’s hands. Plus, you will need to change the address associated with your credit and/or debit cards.
  • Current employer Whether you are paid via direct deposit or you receive your salary in the mail, it’s crucial that you give your employer your new address. Certainly, you want any emergency communication, tax forms, or pay stubs to end up in your own mailbox.
  • Shopping and subscription services While you may think that updating your address with the post office will solve all mailing issues, it’s wise to alert all services of your move. This will make checkout quicker and easier, and it’s less likely that your mail will be lost on its journey.
  • Physicians (doctor, dentist, vet, etc.) Physicians should be alerted when you undergo a change of address so that their records may be updated and corrected.

While this list will help smooth the transition between homes, please double-check your own records to be sure that nothing is left unchanged. The good news is that most records can be changed at any time after your move. So take time to relax, unpack, and enjoy your new home!

Hot Neighborhoods in Charlotte - Charlotte Property Management

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With so many wonderful opportunities cropping up, there has never been a better time to live in the Charlotte area. Whether you want to live close to the action in the very heart of the city or you want to stick to the outskirts, there’s a place for everyone. The theme for this list is diversity, which should present plenty of options for the influx of people migrating to the Queen City. Thinking about moving? Or perhaps you’re a local who simply wants to know more about your surroundings? Whatever your purpose, here is a list of some of the hottest neighborhoods in the Charlotte area.

  • Beginning in the very heart of the city, this neighborhood needs no introduction. Home to tall skyscrapers and corporate headquarters, this district is also home to around 30,000 people. The shops, restaurants, cultural activities, and nightlife attract many buyers. Will you be one to call Uptown your home?
  • Fourth Ward. Contrary to soaring buildings and busy streets of Uptown, the Fourth Ward offers quiet streets and charming homes. The neighborhood underwent revitalization in the 1970s, and it is now experiencing a social and economic boom. The Fourth Ward might be ideal for those who want to experience Uptown without living in the center of the action. Uptown is within walking distance of many of the homes.
  • University City. Even if you’re not a student at the University of North Carolina at Charlotte, you can still reap the benefits that come with the area. University City is surrounded by the UNCC campus. While not particularly close to Uptown, this neighborhood offers its own selection of shops, restaurants, and venues. If you still want to visit Uptown, the two neighborhoods are linked by the city’s light rail system.
  • An abbreviation for North Davidson, NoDa has become synonymous with the arts. Galleries and live music events are commonplace in this district, as is the atmosphere of joy and community. NoDa is made all the more popular by its proximity to the Uptown area. If you’re seeking a place to connect and cut loose, this neighborhood might be just the place you’re looking for.

Needless to say, Charlotte has a lot going on. The diversity in culture, history, and current social landscape is staggering. Charlotte has often been described as many smaller cities within one large city. With this in mind, perhaps you’ll find your ideal neighborhood as you navigate the Queen City!

How Cold Weather Impacts Homes - Charlotte Property Management

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As we inch ever closer to the end of the year, the mild fall weather will give way to bitter cold and possible winter precipitation. But even as we begin to spend more of our time indoors and take refuge from the cold, how are our homes being affected by the winter weather? It’s important to be aware of possible adverse effects and practice preventative measures to keep your home as weatherproof as possible.

First, outdoor cold will naturally lower the temperature of your home. Nobody likes to feel cold in their own home. We go inside to escape the elements and regulate our atmosphere. As the cold lowers the temperature indoors, residents will want to increase the temperature. Thermostats, heaters, and even fireplaces will have to use more energy to battle the dropping temperatures. More energy means more money spent. During the winter, energy and electric bills can see a sharp increase as people prioritize comfort. This coming winter, save some money by lowering the thermostat a few degrees, or monitor your appliances to limit the electricity used by a fireplace or heater. As you spend time in your home, battle the cold and save money by wearing heavier clothing or using blankets.

Second, cold weather can have potentially disastrous effects on water pipes. If left exposed or unprotected, the water that flows through the pipes will begin to freeze. Water is much more dense than solid ice, meaning the same amount of liquid water will take up less space than it would in its solid state. In other words, water expands as it freezes. This process of freezing and expanding can cause pipes to buckle or burst from the inside. The last thing you want is to spend money repairing damages caused by a broken water pipe. This issue can be prevented by using insulated pipes, or you could even let your faucets drip to keep the pipes from stagnating.

Finally, the winter precipitation that comes with cold weather can have a negative effect on the exterior of your house. Snow, sleet, and hail are not exactly gentle. Be sure that the outdoor materials are weatherproof and can stand the rough treatment that comes with colder temperatures. Also be sure that these materials are energy efficient, able to trap and hold heat inside the house.

As the weather turns colder, start thinking ahead. Save time and money by following the tips above; you and your home will stay warm all winter long. Follow Talley Properties for more tips and tricks on how to save money and add value to your home.

Fall Moving - 5 Things to Consider - Charlotte Property Management

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Moving is a stressful process. You’re always keeping track of where things are going, when things are going, and getting settled in at your new place while making sure the old place is properly cared for. Not only that, but it’s important to consider when and at what time of year the move is happening. As we head into fall, there are several things that homeowners should be aware of if their move-in date happens to fall between October and December. Here’s a quick list for those of you who are in the midst of transition and those who are still considering their options:

  1. Fall is cheaper. Believe it or not, summer is one of the most popular times to move homes. As kids get out of school and families take time off from work, it’s a natural time of transition. After the summer rush dies down, moving companies and rental trucks are no longer in high demand. This means increased availability, greater flexibility, and more options and opportunity to compare prices. Spend some time finding the best deals on moving essentials.
  2. School calendars vary. If you have students who attend public school, be sure to keep an eye on the calendar for your new school district. The different districts often have separate schedules that don’t align exactly, so be certain you know which one your family falls under and get plugged in.
  3. Double-check utilities Be sure that the utilities are connected and activated by the time you arrive on moving day. Light is essential, but heat is also critical during the chilly fall days and cold nights. You don’t want to spend the first few nights in your new house freezing or huddled around a fireplace for warmth.
  4. Unpack and declutter As you pack, try to prepare for the season ahead. Be sure that your fall clothing and accessories are easily accessible so that they can be unpacked first. Take this opportunity to declutter what you won’t need, especially the things that have accumulated in your home and closet over the summer.
  5. Protect your flooring. Fall weather brings rain and mud, both of which often hitch a ride on our shoes and end up inside our homes. At the very least, you and your family could track in fallen leaves. Protect your brand-new flooring with plastic, cardboard, or floor mats.

While summer may be the most convenient time to move houses, fall certainly has its benefits. It’s cheaper and easier to find a moving option, and it gives you an opportunity to downsize and declutter. Just be sure to follow these tips and avoid some of the pitfalls that come with this time of year. Follow Talley Properties for more on property management and housing.

Influences on Rent - Charlotte Property Management

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You’re a landlord who’s looking to rent out your space. Everything is set up and ready, but you need to settle on a price. How much should you charge? That’s a tough question, one that will vary depending on several factors. So, what are some of the factors that dictate price point? Here’s a list of the things you need to consider as you work through this process.

  • Square footage. This is a no-brainer. If you’re offering plenty of space, especially compared to similar local rental properties, the tenants will have a higher rental fee. Additional bedrooms and bathrooms are a dealbreaker for many prospective clients, so people will likely be willing to pay more for the extra space.
  • Storage. Storage is especially important for those who want a long-term rental. An abundance of closets, shelves, and cabinets will add value to the space. Otherwise, tenants will have to rent an additional storage facility from a third party, making them less likely to pay a premium for your space. If, on the other hand, you have plenty of available storage options, be sure to highlight the advantages and factor that into your asking price.
  • Amenities and appliances. Many rentals include access to appliances and special amenities. Are the refrigerator, stovetop, and oven sufficient in serving their purposes? Have they been recently upgraded with new and noteworthy features? Does the space have efficient heating and air conditioning? Do tenants have access to a pool or any other recreational facilities? Consider these questions and carefully weigh your answers as you determine an appropriate price point.
  • Location. The most expensive rental properties are typically central to a major city or town, close to shopping and entertainment. The further one has to drive to get from the rental to their preferred activities, the less they will be willing to pay. Of course, a different tenant might enjoy the solitude of being removed from the hustle and bustle of city life. You can accentuate the positives in almost any area, as long as it is clean and safe. Try marketing your location differently to attract different clients.
  • Cleanliness and maintenance. This was discussed briefly in the previous point, but a welcoming and well-maintained property will always dictate a higher rental fee. Put some effort into making the place look clean and attractive. As a landlord, it’s largely your responsibility to ensure the tenants are satisfied with the accommodations. Often, this includes looking after utilities and performing regular maintenance checks.
  • Parking. Whether long-term or short-term, every tenant needs a place to park their car(s) during their stay. An abundance of convenient parking will certainly attract clients, but it’s more likely that the lack of such accommodations will hurt your chances at dictating a higher price. Occasionally this is unavoidable given the location of your property, but do your best to make arrangements and be sure to give potential clients every possible opportunity.
Remember, the bigger, better, and more you have to offer your tenants, the higher they will be willing to go in rental fees. Keep these points in mind as you settle on a decision. Try it out and adjust your demands as needed. Ultimately, it’s up to you to negotiate a price that everyone is satisfied with.

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