HENDERSON PROPERTIES 1st QUARTER 2011 NEWSLETTER
March 2011
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RENTAL PROPERTY MANAGEMENT DIVISION
When Should I Evict My Tenant?
As a professional investment property management company one of the unattractive duties is evicting non-paying tenants. Fortunately, due to the thorough screening Henderson Properties completes before approving a rental application, we don’t have to perform this duty very often.
As an investment property owner, you are a business owner. All businesses that sell products or services depend on their customers to pay for the products or services their business provides. When a customer refuses to pay for the product or service, the owner is no longer able do business with that customer. The same principle applies to your investment property. The longer a tenant remains in the property without paying rent, the bigger the problem gets. In addition to the lost income, the property will experience more wear and tear without compensation. Don’t waste time. By evicting the tenant right away, your losses are kept to a minimum. Once the tenant start falling behind, they seldom get caught up.
The current trend is for tenants to offer to pay a small portion of what is owed in hopes that landlords will have sympathy and allow them to stay. This can be a tough dilemma, it is always hard to turn away money, no matter how much the tenant offers. This reminds us of the old saying,” Give them an inch and they will take a mile.” Landlords may be tempted to work with the tenant the first time; however, if you make an exception once, the tenant is likely to expect it over and over again. We recommend that you cut your losses. Proceed with the eviction process so that you can find a tenant with a better track record.
The eviction process is not very difficult. It takes about 45-60 days in North Carolina from the date the papers are filed with the Clerk of Courts to the date of lock out by the County Sheriff. The temporary lost rent and the cost of the court fees is worth the investment when you recognize that you will have the opportunity to start fresh with a paying tenant.
Henderson Properties has a step by step eviction process that allows for all tenants to be treated equally and each step in the eviction process follows a timeline dictated by the state legislature. This insures fair and timely evictions when the need arises.
Henderson Properties’ Rental Property Managers can handle your property in a professional manner and deal with all legal issues related to evicting tenants. If you’d like more information please contact us at Rentals@HendersonProperties.com or 704-970-4148.
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COMMUNITY ASSOCIATION DIVISION
Community Association Tips For Spring Clean-Up
One of the main purposes of having a community association is to provide for the maintenance of the common areas within the community. This is a year round task and is not limited to just mowing the grass in the summer time. After a long winter, community associations everywhere have much work to do to clean up and prepare for the spring season. Removing winter-kill from the landscape, such as getting rid of old annuals and pruning dead branches, promotes clean growing conditions and reduces the opportunity for fungus and disease to become established.
Spring is also a good time to improve the soil in your garden beds and tree pits prior to planting. However, in your eagerness to get started, avoid the mistake of working the soil when it is too wet. Soil tends to be overly wet once the snow melts in early spring. This is especially true in clay soils. Working wet soil destroys the soil structure and eliminates pore space (the percentage or volume of soil taken up by air), which can adversely impact drainage and aeration-just the opposite of what you want to do. To find out if the soil is ready to work, take a handful of soil and squeeze it into a ball. If the soil crumbles easily when handled or dropped, it is ready to work. Turning over the soil, or aerating it, helps loosen compacted soil and breaks up large soil clods, thereby creating a more uniform texture with greater pore space. For most annuals and perennials, turning the top foot of soil is adequate although some perennials prefer deeper, reworked soils. If the soil seems too heavy or clay-like, try mixing in peat moss, compost or other organic matter to maintain an open, fluffy texture and increase its water retention ability.
Early spring is the time community associations should evaluate the mulch levels in planters, tree pits, and gardens, supplementing if the level has become too low. Also, check that wooden trellises for decaying wood and that the planters to make sure they are sound and have adequate drainage. Keeping the plant beds clean and free of plant debris is an important practice that helps reduce the need for frequent spraying.
Keep an eye on any work being done on the exterior of buildings. If you power wash, it’s crucial to make sure that tarps are laid over the shrubs. The water could be hot and contain caustic chemicals-both of which can be a death sentence for delicate plants.
Henderson Properties provides community association management services for over 70 condominium and neighborhood associations. We oversee the maintenance of the common areas and can help to beautify your community. For more information contact us at HOA@HendersonProperties.com or 704-535-1122 ext. 14.
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REAL ESTATE SALES DIVISION COMMUNITY ASSOCIATION DIVISION
How Is The Market And Where Are We Going?
The major topic today in real estate is “how is the market” and “where are we going?” Currently we are facing a very volatile housing market that many of us have never seen before. This unique market offers two sometimes very contrasting sides. On one side it is the ideal time to buy for both those who may be considering purchasing a home and investors. We have on the market an all-time high of foreclosures, short sales, and distressed properties and our agents can provide you expertise in those transactions. With historically low interest rates and these low prices, buyers are getting deals that are unbelievable. On the other side, many are facing foreclosure or short sale and that can be very difficult. We recommend that if you are in such a situation, contact us immediately to help you determine what will be your best option before the situation worsens. Our agents are short sale certified through accreditations with the National Association of Realtors and we work with attorneys who specialize in modifications, short sales, and foreclosures.
Currently the U.S. housing market and national financial situation has left many families in crisis. The current conditions have caused many homes to be returned to the lenders and they are as a result coming on the market to be sold. These homes are referred to as REO’s or “Real Estate Owned” properties by the banks to identify them as foreclosures. Many of these homes are listed well below the tax value and are very affordable. Hopefully this will result in opportunities for buyers to purchase homes with affordable monthly payments and vacant homes in communities will become occupied.
Are you looking for a great financial opportunity? If you are in the market and interested in a foreclosed, short sale, or distressed property we are here to help you and we are certified specialists in that field. Dealing with banks and attorneys through the offer process can be very complicated and our Realtors have dealt with the process and can make things much simpler for you. Investors can benefit from purchasing distressed properties to diversify their investment portfolio. These properties can also help create instant equity.
Are you facing possible foreclosure? Many times with professional guidance foreclosure can be avoided if the home-owner reaches out for help in time. Foreclosure is the legal process lenders must follow to take possession of the home. This process begins when mortgage payments have not been made according to the terms of the Promissory Note and Deed of Trust which usually means that the borrower is at least three months late; however the process can begin sooner.
A homeowner is “short” when the amount owed on the property is higher than the current market value. A short sale can occur when the homeowner’s mortgage company negotiates to accept less than the full balance of the loan at closing. There are steps the homeowner must go through to qualify for a short sale which may include financial hardship, monthly income shortfall or insolvency. The mortgage company will then determine whether they will allow a short sale or let the property go into foreclosure.
If you are facing foreclosure the best thing you can do is not wait until it is too late. Seek the advice of a real estate professional who will help guide you through the process. Many things can be done to help protect your credit score, negotiate deficiency judgment, and help you get back on your feet quicker. The process may be very time consuming, but it will be worth it to protect your credit and give you the best options possible from someone who is looking out for your best interests.
If you or someone you know is in need of help or want to get more information on this topic please email us at sales@hendersonproperties.com or call us at 704-544-0253.
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PROPERTY MAINTENANCE DIVISION
Spring Maintenance Tips
Spring is right around the corner! While it may be tough to distance ourselves from the memory of one of the coldest winters in recent history, the affects the winter has left on our home aren’t that difficult to overcome. And, in the process, we can ready our homes and yards for the great weather right around the corner.
Now is a great time to check, and address the following issues. Remember, staying on top of maintenance issues really does save time and money.
Gutters: Check the gutter systems on your home. Loose, leaking and obstructed gutters, or downspouts that don’t flow freely away from your home, can lead to water in the basement or crawl space. Rainwater flowing over the gutters can let water get behind the siding and into your home!
Lawns: Inspect for low areas around your foundation and throughout your yard. Any low areas should be filled in to allow for proper drainage away from the foundation. Low lying areas that puddle can be breeding grounds for insects. When you apply mulch to the planting beds, be sure not to build up so high that mulch or soil comes in contact with the siding of your home. Mulch or soil that is too high can lead to excessive moisture coming in contact with your home and cause deterioration of the structure. These conditions may also result in water entering your home.
Caulking: Caulking windows, doors and trim work, as well as any exposed cracks in concrete surfaces, keeps the damaging effects of water from creating expensive future repairs.
Pressure Washing: If the surface of your deck doesn’t “bead” water after a rain, it’s time to apply a good sealant. Today’s sealants offer good UV protection and prevent water from prematurely weathering the wood to the point of replacement. Sealants come in many attractive color tints that can add to the beauty of your deck. Remember, a thorough pressure washing of the deck will provide the greatest benefits prior to applying stains or sealants. And, while you’re at it, pressure washing the remnants of winter off your house will really make it stand out!
HVAC: Don’t forget that spring tune-up on the air conditioner! A tune-up can assure the optimum efficiency your system can deliver, and keep the cool air flowing.
Henderson Properties is one of Charlotte, North Carolina’s most respected real estate firms. We are proud to offer residential maintenance services to our customers through the Henderson Properties Maintenance Division. Our commitment to our customers is to provide them with the best possible level of service, at a fair price. We have a passion for perfection.
We hope that you will let the Henderson Properties Maintenance Team be your proactive partner in handling all your preventative maintenance and home repair. We offer complete and affordable maintenance and repair services through our own in-house staff and extensive contractor contacts. Our skilled technicians will provide friendly service, quality and value that can’t be beat, from a company that you know and trust. Let us work together to maintain and preserve the value, beauty, and safety of your home.
Contact our Maintenance Division at Maintenance@HendersonProperties.com, 704.970.4154 or fill out a maintenance request on our website at http://www.hendersonproperties.com/.
