Charlotte|Lake Norman What does Your Property manager Do for you!

 A **property manager** is responsible for overseeing and managing real estate properties on behalf of the owner. Their primary goal is to ensure the property is well-maintained, profitable, and meets the needs of tenants or residents. Here’s a breakdown of their key responsibilities:

### 1. **Tenant Management**

   - **Leasing and Marketing**: Advertise vacancies, show properties to potential tenants, and screen applicants (e.g., credit checks, background checks).

   - **Lease Agreements**: Prepare and enforce lease contracts, including rent collection and lease renewals.

   - **Tenant Relations**: Address tenant concerns, complaints, and maintenance requests in a timely manner.

   - **Evictions**: Handle the legal process of evicting tenants if necessary.

### 2. **Financial Management**

   - **Rent Collection**: Ensure timely rent payments and follow up on late payments.

   - **Budgeting**: Create and manage budgets for property operations, maintenance, and improvements.

   - **Financial Reporting**: Provide owners with regular reports on income, expenses, and profitability.

   - **Expense Management**: Pay bills, such as utilities, taxes, insurance, and vendor invoices.

### 3. **Property Maintenance**

   - **Routine Maintenance**: Schedule and oversee regular upkeep, such as landscaping, cleaning, and repairs.

   - **Emergency Repairs**: Respond to and resolve urgent maintenance issues (e.g., plumbing leaks, electrical problems).

   - **Inspections**: Conduct regular property inspections to ensure it meets safety and habitability standards.

   - **Renovations and Upgrades**: Coordinate improvements or renovations to maintain or increase property value.

### 4. **Legal and Compliance**

   - **Regulatory Compliance**: Ensure the property complies with local, state, and federal laws (e.g., housing codes, safety regulations).

   - **Insurance**: Manage property insurance policies and handle claims if needed.

   - **Dispute Resolution**: Mediate conflicts between tenants or between tenants and the property owner.

### 5. **Vendor and Contractor Management**

   - Hire and supervise contractors, repair technicians, and other service providers.

   - Negotiate contracts and ensure work is completed satisfactorily and within budget.

### 6. **Owner Communication**

   - Act as the primary point of contact for property owners, providing updates on property performance, financials, and any issues.

   - Offer advice on maximizing property value and rental income.

### 7. **Market Analysis**

   - Monitor local real estate market trends to set competitive rental rates and advise owners on investment opportunities.

### Types of Properties Managed:

   - Residential (apartments, single-family homes, condos)

   - Commercial (office buildings, retail spaces)

   - Industrial (warehouses, factories)

   - Mixed-use properties

In summary, a property manager acts as the intermediary between property owners and tenants, ensuring the property operates smoothly, remains profitable, and maintains its value. Their role requires strong organizational, communication, and problem-solving skills.

Lake Normand - Charlotte | How Does Foreclosure Affect Tenancy?

 

QUESTION:   We are a property managers. A tenant in a property I manage recently received a formal notice of a foreclosure sale. The tenant called me and said he is not going to pay next month’s rent. He also claims that because of the foreclosure, he is entitled to a refund of his entire security deposit. What should I do?

ANSWER:  Tenants in properties that are involved in foreclosure proceedings have certain legal protections under both state and federal laws that entitle them to either stay or leave, in certain circumstances.

Under North Carolina law, a tenant who resides in residential property having 15 dwelling units or less may terminate his or her lease after receiving what is known as a “notice of sale” issued by the foreclosing lender. To properly terminate the lease, the tenant must give written notice to the landlord (or the landlord’s agent) and the effective date of the termination may be no sooner than 10 days after the date of the notice of sale. Upon termination of a rental agreement in this manner, the tenant is liable for the rent due pursuant to the rental agreement, prorated to the effective date of the termination, payable at the time that would have been required by the terms of the rental agreement.  The security deposit would be handled in the same way you would handle any other security deposit as of the termination of the tenancy.

Unlike the North Carolina statute, which authorizes tenants to terminate a lease, a federal statute known as the “Protecting Tenants at Foreclosure Act” protects tenants who wish to stay in the leased premises. The statute forces the purchaser at a foreclosure sale to recognize an existing lease, as long as that lease is with a “bona fide tenant”. A tenant will be considered bona fide if he or she is not the owner of the premises (or a close family member), if the lease was the result of an arms-length transaction, and if the rent specified in the lease is not “substantially” less than fair market rent. There is an exception for a purchaser who buys a foreclosed property and will occupy the premises as a primary residence. That type of purchaser is permitted to terminate an existing lease but must provide the tenant with a 90-day notice to vacate.

The bottom line for your situation: the fact that a property is “in foreclosure” does not relieve the tenant from the obligation to pay rent as required by the lease, at least until that lease is properly terminated. You should provide the tenant with a copy of the statute (NCGS 42-45.2) and then wait to see if he provides written notice of termination.

© Copyright 2012 - 2024. North Carolina Association of REALTORS®, Inc.

This article is intended solely for the benefit of NC REALTORS® members, who may reproduce and distribute it to other NC REALTORS® members and their clients, provided it is reproduced in its entirety without any change to its format or content, including disclaimer and copyright notice, and provided that any such reproduction is not intended for monetary gain. Any unauthorized reproduction, use or distribution is prohibited.

Charlotte|Lake Norman|Winston Salem-What Experts Are Saying About the 2023 Housing Market

 

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?

An article from HousingWire offers this perspective:

“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”

This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say.

The 2023 forecast from the National Association of Realtors (NAR) says:

“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”

Danielle Hale, Chief Economist at realtor.com, adds:

“. . . buyers will not face the extreme competition that was commonplace over the past few years.”

Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:

“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”

Mark Fleming, Chief Economist at First American, says:

“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.” 

Bottom Line

If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect.

Charlotte | Lake Norman | Huntersville - Your 2022-2023 Housing Forecast

Your Charlotte Area Real Estate Expert Chimes In

Are you on the fence about buying or selling a home? Let's talk! No obligation...

Huntersville|Lake Norman|Charlotte| Should you consider an adjustable-rate mortgage?

 Carolina Living Real Estate and Roby Robertson is working Hard to Be Your Go To Choice For All Your Real Estate Needs

Mortgage Tips With New Rate Hikes

Huntersville | What Does the Future Hold for Home Prices?

 

Let Carolina Living Real Estate Guide You Through This Market

If you’re looking to buy or sell a house, chances are you’ve heard talk about today’s rising home prices. And while this increase in home values is great news for sellers, you may be wondering what the future holds. Will prices continue to rise with time, or should you expect them to fall?

To answer that question, let’s first understand a few terms you may be hearing right now.

• Appreciation is an increase in the value of an asset.
• Depreciation is a decrease in the value of an asset.
• Deceleration is when something happens at a slower pace.

It’s important to note home prices have increased, or appreciated, for 114 straight months. To find out if that trend may continue, look to the experts. Pulsenomics surveyed over 100 economists, investment strategists, and housing market analysts asking for their five-year projections. In terms of what lies ahead, experts say the market may see some slight deceleration, but not depreciation.

Here’s the forecast for the next few years:As the graph above shows, prices are expected to continue to rise, just not at the same pace we’ve seen over the last year. Over 100 experts agree, there is no expectation for price depreciation. As the arrows indicate, each number is an increase, which means prices will rise each year.

Bill McBride, author of the blog Calculated Risk, also expects deceleration, but not depreciation:

“My sense is the Case-Shiller National annual growth rate of 19.7% is probably close to a peak, and that year-over-year price increases will slow later this year.”

Ivy Zelman of Zelman & Associates agrees, saying:

“. . . home price appreciation is on the cusp of flipping to a decelerating trend.”

A recent article from realtor.com indicates you should expect:

“. . . annual price increases will slow to a more normal level, . . .”

What Does This Deceleration Mean for You?

What experts are projecting for the years ahead is more in line with the historical norm for appreciation. According to data from Black Knight, the average annual appreciation from 1995-2020 is 4.1%. As you can see from the chart above, the expert forecasts are closer to that pace, which means you should see appreciation at a level that’s aligned with a more normal year.

If you’re a buyer, don’t expect a sudden or drastic drop in home prices – experts say it won’t happen. Instead, think about your homeownership goals and consider purchasing a home before prices rise further.

If you’re a seller, the continued home price appreciation is good news for the value of your house. Work with an agent to list your house for the right price based on market conditions.

Bottom Line

Experts expect price deceleration, not price depreciation over the coming years. Let’s connect to talk through what’s happening in the housing market today, where things are headed, and what it means for you.

Huntersville | Charlotte - 4 Tips To Prep for Your Home Sale This Fall

 

Let Carolina Living Real Estate Save You Money

Even in a hot sellers’ market like today’s in which homes are selling so quickly, it’s still important to make a good first impression on potential buyers. Taking the time upfront to prep your house appropriately can bring in the greatest return on your investment.

Here are four simple tips to make sure you maximize the sale of your house this fall.

1. Price It Right

One of the first things buyers will notice is the price of your house. That’s why it’s important to price it right. Your goal in pricing your house is to draw attention from competing buyers and let bidding wars push the final sales price up. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer.

Your trusted real estate advisor can help you find the price for your home that reflects the current market value. Lean on your agent to help you with this crucial first step.

2. Keep It Clean

It may sound simple, but keeping your house clean is key to making sure it gets the attention it deserves. As realtor.com says in the Home Selling Checklist:

“When selling your home, it’s important to keep everything tidy for buyers. . . . Remember to take special care with the bathroom, making sure the tile, counters, shower, and floors shine.”

Before each buyer visits, assess your space and determine what needs your attention. Wash the dishes, make the beds, and put away any toys. Doing these simple things can reduce any potential distractions for buyers.

3. Make It Easy To Visit

Giving buyers the opportunity to see your house on their schedule can be a true game-changer. Buyers are less likely to make an offer if it’s difficult to plan a tour or they can’t easily fit it into their schedule. Making your house available as often as possible helps create opportunities for more buyers to fall in love with your house.

Rest assured your trusted real estate advisor will keep your health and safety top of mind when buyers tour your home. Agents use the latest guidance to stay up to date on any protocols and sanitization recommendations.

4. Help Buyers Feel at Home

Finally, it’s important for buyers to see all the possible ways they can make your house their next home. As the realtor.com article puts it:

“The goal is to create a blank canvas on which buyers can project their own visions of living there, and loving it.”

An easy first step to create this blank canvas is removing personal items – pictures, awards, and sentimental belongings – from your space. If you’re unsure what should be packed away and what can stay, consult your trusted real estate advisor. Spending the time on this step can pay off in the long run, as the 2021 Profile of Home Staging from the National Association of Realtors notes:

“Eighteen percent of sellers’ agents said home staging increased the dollar value of a residence between 6% and 10%.”

Bottom Line

To make the most of today’s sellers’ market, avoid the temptation to skip over the essential preparation steps. Let’s connect today to discuss all the ways you can maximize your home sale.

New Huntersville Home For Rent.

 

13623 Delstone Dr.

4 bedrooms, 2.5 baths.  2875 square feet.   

Beautiful home and yard in highly desirable neighborhood.    Extra large fenced in back yard.   

Spacious bedrooms and bonus room.  Tenant responsible for exterior maintenance.  In the back yard, tenant only need to mow the grass.  The plants out back will be taken care of by owner.

 3 minutes walk to Torrence creek elementary school's drop-off gate.

New HVAC, water heater and Dishwasher.

-Beautiful backyard with dedicated space for vegetable gardening if interested.

Community pool and children's play area.

Bonus room which can be also used as additional bedroom.

Less than a mile to Little otter swim school, Music & arts, Dance spot, Little Gym and many other classes for kids.

0.6 mile to Rosedale shopping center which has Publix, Harris teeter, CVS, Walgreens, Dominoes, Pizza hut and many restaurants.

Walkable to Torrence Greenway and Rosedale Nature Park which will be open on Oct 2021

The Holidays Aren’t Stopping Homebuyers This Year

 

Carolina Living Real estate and Roby Robertson believes every family should feel confident when buying and selling a home.

Black Friday and Cyber Monday are behind us, yet finding the perfect holiday gifts for friends and family is certainly still top of mind for many right now. This year, there’s another type of buyer that’s very active this holiday season – the homebuyer.

Each month, ShowingTime releases their Showing Index which tracks the average number of appointments received on active U.S. house listings. The most recent index notes:

“The Showing Index reported a 60.9 percent jump in nationwide showing traffic year over year in October, the sixth consecutive month to see an increase over last year.”

Here’s the breakdown of the latest activity by region of the country compared to this time last year:

• The Northeast increased by 65.5%
• The West increased by 64.7%
• The Midwest increased by 55.7%
• The South increased by 54.7%

Why is the traffic so active?

The health crisis definitely put homebuying plans on pause for many earlier this year. Buyers, however, are in the market and making moves well past the typical busy homebuying seasons of spring and summer.

One of the main reasons buyer traffic has continued to soar in the second half of 2020 is how dramatically mortgage rates have fallen. According to Freddie Mac, the average mortgage rate last December was 3.72%. Today, the rate is a full percentage point lower.

Bottom Line

There are first-time, move-up, and move-down buyers actively looking for the home of their dreams this winter. If you’re thinking of selling your house in 2021, you don’t need to wait until the spring to do it. Your potential buyer is very likely searching for a home in your neighborhood right now.

Investing in Real Estate - The Three F's

Hi my name is Roby Robertson and I am the owner of Carolina Living Real Estate and Property Management.  I have recorded a short video about real estate investing for buy and hold investors.  Obviously there is a lot more involved than what I could include in a 3 minutes video but I touched ion some high points.   Please feel free to reach out to me if you need advice or some assistance.  Thanks

Look for the next video on my offer for listing your home for sale in the Birkdale and Huntersville areas!