Property Management and Home Rentals

Move-in Ready?

2010-02-16T08:37:00.000-08:00

Recently, I leased a Charlotte property to a lovely young couple with two small children. Although this was a great property, priced right and in excellent shape, it had been on the market for more than 90 days. When I spoke with the owner about a light cleaning, he questioned the need, since the house had been thoroughly cleaned just prior to placing it on the market.

While I understood his position, I also felt the tenant's request was not unreasonable. Even a house in pristine condition today may need some TLC in as little as 30 days. Unused toilets can acquire a water mark, dust settles, and floors have been walked on by showing agents and their clients. Any one of these issues is a tiny thing, but combined, they require attention.

I also look at this, and similar requests by tenants, as a positive indicator of the condition they will keep the property. Most times, tenant's high expectations result in tenant's high standards, all great for owners and Property Managers!

For a list of our current vacancies or information about our property management services, visit our website at http://cmrpropertymanagement.com .

Why Owners Should Consider Professional Property Management

2010-02-05T08:28:00.000-08:00

Many owners come to us frustrated and disenchanted with their role as a landlord. Many have a problem tenant behind on their rent, others are just too busy with their family and careers to deal with the day to day issues of property management. Others have been sitting on a vacant property for some time and need help finding a tenant.

As professional property managers, we handle issues such as these every day. We know how to deal with problem tenants, up to, and including the eviction process. Because of our stringent screening process, we minimize the chance of a similar problem with the next tenant. We screen not only credit, but criminal and eviction as well. Past records of collections, write-offs and evictions are a strong predictor of future behavior. We also obtain employment and prior landlord verifications.

For owners that are just too busy to continue managing their properties, we are here to help. Our property management team includes professionals to assist with maintaining your property in good condition. Our experienced property managers coordinate routine as well as emergency repairs. No more calls in the middle of the night for you! We also closely monitor tenant payments. All rents are due on the 1st of each month and are late on the 6th. Late notices are sent the 6th of the month, with 2nd notices sent on the 10th. If payment is not received by the 15th, eviction proceedings are initiated.

Our property managers know the Charlotte, Waxhaw, Monroe, Concord, Harrisburg, Fort Mill, and surrounding area markets, and will do an in-depth market analysis to determine a fair rental value for your property. We will market your property to minimize the time it is on the market, thus maximizing your income. We have the know-how to reach potential renters and the experience to weed out potential bad renters.

For more information about the benefits of professional property management phone us at 704-405-0634, or visit our site http://cmrpropertymanagement.com .

Tenant Security Deposits

2010-02-04T08:07:00.000-08:00

A common question asked by both owners and tenants regards the return of a tenant's security deposit. Once the lease term expires and the tenant moves out, we are required to return tenant's security deposit, less and damages, within 30 days of move out. The question is, how do we determine damages? The short answer is that tenants are responsible for damages over and beyond normal wear and tear.

As your property management company, it is our job to know, within reason, the condition of your property. During our initial visit to your property we make notes, take pictures, etc. Additionally, each tenant is provided with a move-in inspection form which is used to note any maintenance issues that need to be addressed, or to simply note something that they do not want to be held responsible for when they move out. A great example of this would be a carpet stain. Those of you that have children as well aware of the problem that occurs when a "red" beverage is spilled on carpet . . . it is nearly impossible to get out, even by a professional carpet cleaner. The owner has chosen not to replace the carpet, the stain may be small and will be hidden by furniture. The tenant needs to note the location of this stain on the move-in inspection form so that they have it on record that the issue existed when they moved in. Because we use this same form for move-out inspections, the tenant's security deposit would not be charged.

Which brings us to normal wear and tear. Will a tenant's security deposit be charged to repaint the house? If there is only normal wear and tear, no it will not. If their budding Picasso has used the living room wall as a canvas, then yes it will. Also at move-out tenants, at minimum, will need to make sure that the kitchen (including appliances, counter tops, cabinets) and bathrooms are cleaned, that you have swept and mopped floors, carpets are vacuumed, and that all trash has been removed from the property. If carpets are dirty, they will need to be cleaned. If walls have been painted, they may need to be returned to their original color. Doing these things will help us in returning a tenant's security deposit more quickly.

For more information on our property management services, or for a current list of our available homes for lease in Charlotte, Monroe, Waxhaw, Fort Mill, Harrisburg, or the surrounding areas, visit our site at http://cmrpropertymanagement.com .

Fluffy or Tiger or Fido, Oh My! (Allowing Pet)

2010-01-29T07:24:00.000-08:00

When entering into a property management agreement with Carolinas Metro Realty, many owners struggle with the issue of allowing tenants to have pets. As someone who has pets, albeit outdoor ones, I can sympathize with their struggle. Fact of the matter is, we see very little damage caused by pets. Most tenants would no more allow their pet to damage a property than they would cause damage themselves. Although there are no guarantees, our screening of prospective tenants includes information from their prior landlords. High on the list of questions we ask the prior landlords pertains to pets.

Our rental contract with tenants requires a pet fee, determined by the number of pets. They key here is a pet FEE, not a pet deposit. The fee is non-refundable, even if there are no damages caused by the pet. Additionally, the tenant's security deposit could be used to cover the cost to repair damages, if any.

It is important for owners to realize that, by not allowing pets, we are immediately reducing the number of prospective tenants by at least 50%. i always advise owners that are hesitant to allow pets to make pets conditional, meaning that they can look at each individual situation and make a decision accordingly.

For more information on our property management services for Charlotte, Waxhaw, Fort Mill, Monroe, or other towns in the Charlotte area, or to view rental properties currently available in these areas, please visit our website, http://cmrpropertymanagement.com .

CO Detectors

2010-01-22T11:49:00.000-08:00

To insure compliance with N.C. Gen Stat § 42-42 to 42-44 (see below) and avoid serious implications to non-compliant owners, Carolinas Metro Realty will begin inspecting all properties under our management for the CO detectors. We appreciate the cooperation of both owners and tenants in making sure that all homes are in compliance with this Statute.

N.C. Gen Stat. § 42-42 to 42-44 - Landlord and Tenant Articles - Residential Rental Agreements Requires landlords to provide one operable carbon monoxide detector per rental unit per level. A landlord that installs one carbon monoxide detector per rental unit per level shall be deemed to be in compliance with standards under this subdivision covering the location and number of detectors. The landlord shall replace or repair the carbon monoxide detectors within 15 days of receipt of notification if the landlord is notified of needed replacement or repairs in writing by the tenant. The landlord shall ensure that a carbon monoxide detector is operable and in good repair at the beginning of each tenancy. Unless the landlord and the tenant shall have a written agreement to the contrary, the landlord shall place new batteries in a battery operated carbon monoxide detector at the beginning of a tenancy, and the tenant shall replace the batteries as needed during the tenancy. Failure of the tenant to replace the batteries as needed shall not be considered as negligence on the part of the tenant or the landlord. This subdivision applies only to dwelling units having a fossil-fuel burning heater or appliance, fireplace, or an attached garage. Provides for penalties.

For more information on our property management services, or for a list of our current available properties, please visit our site at http://cmrpropertymanagement.com

Property Management Services Are Customizable

2010-01-21T08:40:00.000-08:00

Owners have different needs in terms of the level of property management service they require. Most are looking for full service, which means that Carolinas Metro Realty, as their property management company, handle all aspects of dealing with the property, from finding a tenant, collecting rents, to directing all maintenance issues. This is an invaluable service for owners that are across the country, or in many cases, on the other side of the earth, as well as for those that are just too busy to deal with these issues any more. While we keep owners informed regarding their property, the day to day headaches are ours.

Another level of service we provide is merely finding the owner a tenant, screening applicants, entering into the lease agreement, and collecting initial money. In this case, once a tenant is in the property, the owner collects rents, directs maintenance, and handles all aspects of the property. Our efforts to find a tenant for these owners are exactly the same, in every way, as it is for those where we provide full property management services.

Somewhere in the middle is the owner that wants full property management service, but wants to be more involved in resolving maintenance issues. Many ask if we can use their maintenance person for issues that arise, and the answer is, absolutely! Because most owners have at one time lived in the homes we manage, they may have a "go to" guy for maintenance issues. We can, and do, continue to use these repairmen for maintenance. We also have owners, because they are still living in the area, that want to handle all maintenance issues themselves. This is perfectly acceptable. Keep in mind, however, that because we have both an in house maintenance person, and contractors we work with a great deal, in most cases we are able to have a repair made for less than an owner would pay for the same repair themselves.

Whatever your property management needs, give us a call at 704-405-0634, or visit us online at http://cmrpropertymanagement.com/ for more information.

What Makes a Great Rental Property?

2010-01-20T11:43:00.000-08:00

As a Real Estate professional concentrating on property management, I have the opportunity to see properties in all sorts of condition. Most owners understand that first impressions are everything, but many, for various reasons, fail to assign the proper value to putting a property's best foot forward.

In order for an owner's property to receive a prospective tenant's attention, it is extremely important that it appear "move in" ready. While a fresh coat of paint is great, many properties only need a touch up. "Move in" ready also means clean carpets and other flooring surfaces, making a great impact for very little money.

At the risk of stating the obvious, clean cupboards, counter tops, appliances, and light fixtures in the kitchen make a huge difference to prospective tenants. This creates a clean slate, so to speak, allowing the prospective tenant to envision themselves preparing a meal or entertaining friends there.

In the bathrooms, cleanliness is of paramount importance. Think "yuck", and you get the idea. Get rid of hard water stains in the toilet bowl and tub inexpensively by using a pumice stone especially designed for that use. Available in the cleaning aisle of your grocery store for under $5, this is a great way to make the bathrooms sparkle.

Don't overlook light fixtures, corners of rooms, baseboards, window ledges, and other mouldings when preparing your house for lease. A quick dusting of these areas is a great idea to help pump up your property's "WOW" factor.

If you are interested in our property management services, visit our website at http://cmrpropertymanagement.com for more information.

Demand for Rental Continues to Increase

2010-01-14T13:02:00.000-08:00

Although our property management team anticipated a slow down in rental traffic in November and December, this was not the case. Showings continued to be strong, and actual leases signed were in line with what we see in a typical month.

And still it continues into January. According to experts, web searches for rental housing in the first week of January, 2010, were at their highest levels since the first week of August, 2009.

Studies show that a vast majority of potential tenants, 72%, use the Internet as their first source for finding a rental property. This is why our property management team is so diligent about getting our properties on as many sites as possible, resulting in quick rentals for our owners, and helping tenants find just the right property for them.

For a list of our vacancies, visit http://cmrpropertymanagement.com/

Plunging Temperatures Continue - How to Keep Pipes From Freezing

2010-01-07T10:55:00.000-08:00

Here in Charlotte we're accustomed to a few days of freezing temperatures, but we're in the midst of a record breaking cold snap. With freezing temperatures expected to continue into next week, it is wise to take some precautions to keep pipes from freezing.

A couple of inexpensive remedies are:

* Leave cabinet doors under the kitchen and bathroom sinks open so the room air can warm the pipes.

* Place a lamp with a 60-watt bulb under the sink to warm the pipes. Make sure there not to place the bulb too close to the wall or cabinets to prevent a possible fire.

www.carolinasmetro.com

www.cmrpropertymanagement.com

www.search.carolinasmetro.com/idx/?op=ourlistings&proptype=rent&officelist=3140

Record Growth Reported in 2009

2010-01-06T12:23:00.000-08:00

Carolinas Metro Realty's property management team reports record growth in 2009. Properties managed increased by more than 300% in 2009, while the ratio of vacant properties drastically decreased, a clear indication that your property management team is doing its job!

For more information on Carolinas Metro's property management services, visit our website
http://cmrpropertymanagement.com

Carolinas Metro introduces new software - great news to Owners, existing Tenants and Applicants!

2010-01-05T11:55:00.000-08:00

Carolinas Metro Realty has just completed transfer of all properties under their management to a new software package, Propertyware.

What this means for owners is the ability to view statements, approve expenditures, receive their proceeds electronically, and more.

Tenants can view their statement online, make payments via echeck or credit card, and submit maintenance requests.

Applicants can make application online, making the process more streamlined, resulting in quicker screening results.

For more information about our property management services, visit http://www.cmrpropertymanagement.com/

For more information about our available rental properties, visit http://search.carolinasmetro.com/idx/?op=ourlistings&proptype=rnt&officelist=3140

Fannie Mae to End Tenant Evictions in Foreclosures

2008-12-16T11:22:00.000-08:00

Fannie Mae is finalizing a national policy that will allow tenants to remain in their homes Wall Street Journal reported on Monday, December 15, 2008, even if their landlord goes into foreclosure -- a landmark decision for tenants.

The policy will be in effect Jan. 9,2009, Fannie Mae said, and reflects growing pressure on the mortgage company from a legal-aid group that threatened to sue over recent evictions. The company said it will also ensure its current holiday moratorium on new evictions is being followed until the new policy takes effect.

In late November Fannie Mae and Freddie Mac said they would suspend tenant evictions temporarily during the year-end holidays. New Haven Legal Assistance said that despite the pledge, Fannie Mae was proceeding with more than a dozen new eviction cases in Connecticut. The advocacy group said the evictions would violate legislation passed earlier this year to rescue the two mortgage-finance giants that required them "to permit bona fide tenants who are current on their rent to remain in their homes under the terms of their lease."

Testimonial from Peter Romanos, Charlotte, NC

2008-12-14T17:41:00.000-08:00

As an absentee landlord and living in Massachusetts while owning property in Charlotte the management demands can be overwhelming. I engaged Carolinas Metro Realty to assist me in purchasing rental property and I hired them to manage the properties purchased. They presented me with a thorough marketing plan and executed the same efficiently and effectively. The program materialized as planned and even better. As an example, I had a property leased before closing on the property and tenant occupancy the day after I gained ownership!

As a real estate investor and a professional property manager with 35 years tenure, I have been impressed by CMR professional management team. They have the hands-on property management expertise I was looking for. As I was quite busy to complete my employment projects in Massachusetts, get ready for retirement in Charlotte and selling my property in Massachusetts it was very difficult to dedicate time to manage properties in Charlotte. Carolinas Metro Realty exceeded my expectations in attracting, screening and placing qualified tenants to my properties and keeping me well informed. I am now living in Charlotte, with close proximity to my investment properties, and although I have a life time experience managing real estate I continue to give the management of my properties to Carolinas Metro Realty. It is a peace of mind!

In my professional opinion, CMR fulfills all of the need of an investor with excellent knowledge of the real estate market, dedicated professional staff, and practical administrative methods that adds value to the investment.

Testimonial from Irene Robertson, Fort Washington, MD

2008-12-14T17:36:00.000-08:00

"I have been a real estate investor for well over 35 years, buying my first home at age 25. I have also had the opportunity to work with dozens of property management companies over the years. In fact, while still living here in Fort Washington, Maryland, three years ago I purchased a single family home in Charlotte, North Carolina. From experience, living in one state and owning properties in another state can be a pure nightmare. I knew nothing about the rental market in the North Carolina area. However, after encountering many bad experiences with the previous property manager, I hired Carolinas Metro Realty. I will confess, they are the best thing that ever happened to me. They provide the hands-on property management expertise that I was looking for. They are extremely professional. They have been wonderful with tenant screening, quick feedback, and follow up and reporting. I am so pleased with Carolinas Metro Realty that I have recommended them to all my friends, as well as other fellow investors."