Charlotte and Winston Salem Property Management
Property Management and Rentals around Charlotte, Lake Norman and Winston Salem
Carolina Living Real Estate is a full service Real Estate Brokerage and Property Management Firm. Are fees are fair and we have Zero extra fees throghout the management relationship.
Let us know what you are paying. If you are just thinking about hiring a Property Management Firm, let us know what you believe is the going rate.
Contact us to discuss our services and rates!
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Here’s a list of **frequently asked questions for property managers**, along with concise answers to help landlords, tenants, and real estate professionals:
—
### **General Property Management Questions**
1. **What does a property manager do?**
– Handles **tenant screening, rent collection, maintenance, lease enforcement, and financial reporting** on behalf of landlords.
2. **How much does a property manager charge?**
– Typically **8–12% of monthly rent** for full-service management, plus leasing fees (50–100% of first month’s rent).
3. **Do I need a property manager?**
– Yes, if you:
– Own multiple properties or live far away.
– Don’t have time for tenant issues/maintenance.
– Want to maximize occupancy and rental income.
4. **How do property managers find tenants?**
– Through **MLS listings, Zillow, Rent.com, social media, and local advertising**.
5. **Can I still be involved in decisions if I hire a manager?**
– Yes, you can set **approval thresholds** (e.g., repairs over $500 require owner consent).
—
### **Tenant & Lease Questions**
6. **How do you screen tenants?**
– Check **credit score (650+ preferred), rental history, income (3x rent), and criminal background**.
7. **What’s included in a lease agreement?**
– Rent amount, due date, security deposit, pet policy, maintenance responsibilities, and lease term.
8. **How do you handle late rent payments?**
– Send reminders, charge late fees (as per lease), and initiate eviction if unpaid (following state laws).
9. **What’s your eviction process?**
– Serve a **notice to pay or quit** → File in court → Attend hearing → Coordinate with sheriff if needed.
10. **Do you allow pets?**
– Depends on owner’s policy; often requires **pet deposit + monthly pet rent**.
—
### **Maintenance & Repairs**
11. **Who handles maintenance requests?**
– The property manager coordinates repairs, either with **in-house staff or licensed contractors**.
12. **How are emergency repairs handled?**
– 24/7 emergency hotline for issues like **burst pipes, no heat, or electrical hazards**.
13. **Can I use my own contractors?**
– Usually yes, but managers often have **pre-vetted, discounted vendors**.
14. **What’s considered normal wear and tear vs. tenant damage?**
– **Wear & tear**: Faded paint, worn carpet.
– **Damage**: Broken windows, holes in walls.
—
### **Financial & Legal Questions**
15. **How do you collect rent?**
– Online portals (AppFolio, Buildium), ACH, or checks.
16. **When do I get my rent payments?**
– Owners typically receive funds **5–10 days after rent is collected** (after deductions).
17. **What happens if a tenant breaks the lease?**
– Charge a **lease-break fee** (e.g., 2 months’ rent) and re-lease the property.
18. **Are you licensed and insured?**
– Reputable managers hold a **real estate broker’s license** and carry **liability insurance**.
19. **How do you handle security deposits?**
– Held in a **separate escrow account**, with deductions for damages documented via move-in/move-out inspections.
20. **What’s your vacancy rate, and how do you minimize it?**
– Competitive pricing, quick turnovers, and **effective marketing** keep vacancies low.
—
### **Bonus: Questions Owners Should Ask Before Hiring a PM**
– **”What’s your management fee structure?”**
– **”How often will I receive financial reports?”**
– **”Can I see a sample lease agreement?”**
– **”How do you handle tenant disputes?”**
– **”What’s your average tenant retention rate?”**
Would you like me to tailor these answers for a specific property type (e.g., residential, commercial, Airbnb)?
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.
QUESTION: I run a property management company, and we just won a summary ejectment case in front of our local magistrate. The tenant gave notice of appeal and I have received some information saying that I cannot get the tenant out until after the appeal is heard before a district court judge. How long will we have to wait and can’t I at least get some money for my client while we wait?
ANSWER: Congratulations on representing your landlord client successfully in court! The documents you received in the mail, following the tenant perfecting the appeal, were probably a copy of the order granting summary ejectment, the notice of appeal to district court, and the bond to stay execution on appeal of summary ejectment, which you can view here.
First, unlike the process in small claims court, an appeal to district court is a bit more formal. Generally, only attorneys or individuals appearing on their own behalf can appear in district court to argue the case. The district court will be more formal in receiving evidence by requiring the admission of documents and the formal examination of witnesses. Lastly, some counties do not automatically set the date for the appeal to be heard and an attorney or either the plaintiff or defendant will have to contact the trial court administrator and follow the local rules of court to request and set a date for hearing the appeal. While either party can request that the appeal be heard at the first session of court after the appeal is docketed, it can be quite some time before the court will have time to hear the matter.
In the meantime, if you read the fine print on the bond form you received, you will see that there are three requirements for a tenant to remain in possession pending the appeal. First, all defendants named in the summary ejectment action had to sign the bond and promise to pay rent to the clerk of court as it becomes due. Second, the defendants must pay the undisputed past-due rent to the clerk. Third, if there are more than five days left before the end of the rental period at the time the summary ejectment was ordered, the tenants will have to pay the prorated rent for the remainder of the month to the clerk.
Most importantly, the final paragraph on the bond form requires tenants to make payment of all future rents within the first five business days of each month. While the rent will be paid to the court, an attorney representing the landlord can make application for release of undisputed rents paid to the clerk pursuant to N.C.G.S. Section 42-34(e), found here. If the tenant fails to pay the rent by the end of the fifth business day each month, the landlord may request the clerk to issue the Writ of Possession Real Property form, linked here. If that writ is issued prior to the tenant making the monthly rental payment, the Sheriff can schedule the lockout. While the tenant will still have the right to argue the appeal, the issue of possession will no longer be pending, as the tenant failed to abide by the promises made under the bond.
Q: What will happen to my security deposit if I vacate the property before the end of my lease?
A: In addition to any physical damage which you may have caused to his property, the landlord may also deduct from your security deposit any actual damages caused by your moving out of the property before the end of your lease term; however, they may not charge you a “termination fee” or impose any other penalty or forfeiture of deposit for your early termination and must use their best efforts to fill the vacancy as soon as possible. For example, your rent is $600 per month, and you move out of the landlord’s property two months before the end of your lease. If it takes the landlord one month to re-rent the property, $600 may be deducted from your security deposit as lost rent for the period during which the property was vacant. The landlord may also use the security deposit to recover any reasonable fees or commissions charged by a licensed broker to re-rent the property. NOTE: Unless previously agreed, the security deposit can NOT be applied to the last months’ rent!
Q: What will happen to my security deposit if, for some reason, I am unable to pay my rent?
A: If you fail to fulfill your obligations under the lease, including your obligation to pay rent, the landlord or agent may evict you from the property. The court proceeding is known as “summary ejectment.” In addition to having, you removed from the property, the landlord or agent may recover from you any unpaid rent, late fees, and, of course, the cost of repairing any physical damage which you may have caused to the property—but not damage due to ordinary wear and tear. In addition, if you leave behind any of your personal property (furniture, clothing, etc.), the landlord may also recover from you the cost of storing your property. If your security deposit will not cover the landlord’s damages for unpaid rent, physical damage to the property, and storage of your personal property, you will be liable for payment of any remaining costs. If a civil judgment is entered against you by the court, it could adversely affect your credit rating.
QUESTION: I am a property manager. 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.
Build Wealth With the assistance of Carolina Living Real Estate
QUESTION: I run a property management company and we just won a summary ejectment case in front of our local magistrate. The tenant gave notice of appeal and I have received some information saying that I cannot get the tenant out until after the appeal is heard before a district court judge. How long will we have to wait and can’t I at least get some money for my client while we wait?
ANSWER: Congratulations on representing your landlord client successfully in court! The documents you received in the mail, following the tenant perfecting the appeal, were probably a copy of the order granting summary ejectment, the notice of appeal to district court, and the bond to stay execution on appeal of summary ejectment, which you can view here.
First, unlike the process in small claims court, an appeal to district court is a bit more formal. Generally, only attorneys or individuals appearing on their own behalf can appear in district court to argue the case. The district court will be more formal in receiving evidence by requiring the admission of documents and the formal examination of witnesses. Lastly, some counties do not automatically set the date for the appeal to be heard and an attorney or either the plaintiff or defendant will have to contact the trial court administrator and follow the local rules of court to request and set a date for hearing the appeal. While either party can request that the appeal be heard at the first session of court after the appeal is docketed, it can be quite some time before the court will have time to hear the matter.
In the meantime, if you read the fine print on the bond form you received, you will see that there are three requirements for a tenant to remain in possession pending the appeal. First, all defendants named in the summary ejectment action had to sign the bond and promise to pay rent to the clerk of court as it becomes due. Second, the defendants must pay the undisputed past-due rent to the clerk. Third, if there are more than five days left before the end of the rental period at the time the summary ejectment was ordered, the tenants will have to pay the prorated rent for the remainder of the month to the clerk.
Most importantly, the final paragraph on the bond form requires tenants to make payment of all future rents within the first five business days of each month. While the rent will be paid to the court, an attorney representing the landlord can make application for release of undisputed rents paid to the clerk pursuant to N.C.G.S. Section 42-34(e), found here. If the tenant fails to pay the rent by the end of the fifth business day each month, the landlord may request the clerk to issue the Writ of Possession Real Property form, linked here. If that writ is issued prior to the tenant making the monthly rental payment, the Sheriff can schedule the lockout. While the tenant will still have the right to argue the appeal, the issue of possession will no longer be pending, as the tenant failed to abide by the promises made under the bond.
Build Wealth With the assistance of Carolina Living Real Estate
Understanding How Home Equity Works and Why Buying a Home Can Be Your Best Investment
When delving into the world of real estate and investment property, there are many terms that will come up that require further explanation. Whether you’ve never heard the phrase ‘home equity’ before or you have a little familiarity, here are the ins and out of what it means and how this asset can help your financial outlook.
All About Home Equity
Essentially, home equity refers to your portion of the value of your home, and the amount of this figure is important because it is included among your assets when determining your net worth. If this sounds confusing, think of it this way: if you have completely paid off the cost of your home, the value of your home equity is this total amount. Of course, because most people seek a lender to borrow money from when they purchase a home, their home equity would consist of their down payment and whatever amount they’ve paid down on the mortgage since purchase.
An Example Of Home Equity
To provide further clarification, let’s use the example of a house that has been purchased for $300,000. In the case that a down payment of 20% has been provided at the time of purchase, the equity in the home would be $60,000. Since this amount is the percentage and cost of the house that’s been paid down, this is the amount of the house that is actually owned and this will be figured among an individual’s assets.
How Home Equity Works
As you pay the amount that you owe on your home each month, you are paying off your total debt and thereby increasing your equity. Since this amount of money is considered an asset that belongs to you, it can be used down the road to buy another home or invest in other important things like education or retirement. While paying off the amount owed on a home is a considerable investment, if the value of your home increases, this means that you’ll still owe the same on it but your home equity will have automatically increased.
As an asset that is part of your financial net worth and can be used down the road to fund other investments, home equity is a very useful term to know when it comes to purchasing a home. If you’re on the market for a home and are considering your options, you may want to contact one of our local real estate professionals for more information.
Information courtesy of a great Company. Maids.com
Washing dishes is a real pain, which is why automatic dishwashers are one of the most helpful kitchen appliances. If you read our blog, you know your dishwasher can clean much more than dishes, pots, and pans. From sanitizing baby toys to cleaning light fixtures, a dishwasher gets the job done and may leave you asking, “What is not dishwasher safe?” But have you ever thought about what not to put in a dishwasher? Unfortunately, your favorite multi-tasking kitchen appliance can only do so much, so we’ve compiled a list of things to definitely put on the “hand-wash only” list in your home below.
Plastic, acrylic, and melamine dishware typically have bright colors and unique patterns that bring a festive touch to any meal. This popular dishware is lightweight and highly durable but, unfortunately, often not dishwasher safe. The hot water, drying temperatures, and dishwasher detergent can be too harsh for plastic dishes. After repeated washes in the dishwasher, many melamine and acrylic dishes can crack, fade, and even break. While many plastic insulated tumblers are labeled dishwasher safe, it’s best to wash these items by hand. The high temperatures and abrasive detergent in your dishwasher can cause plastic tumblers to crack and fade. If they are washed in the dishwasher too often, the heat can cause the thermal seal to fail, making the tumbler useless. Plastic dishes, glasses, or utensils should be at the top of your list of what not to put in a dishwasher.
Knives are often in the mix when people ask what can and can’t go in the dishwasher. Let’s set the record straight —kitchen knives and other sharp-edged tools should never be washed in your dishwasher. Dishwasher detergent can dull the cutting edge, leading to the need for more frequent sharpening—and a shorter life for your cutlery. The heat of the drying and washing cycles can cause knife handles to loosen or crack. To keep your cutlery sharp and long-lasting, wash it by hand. Hot, soapy water will usually get the job done, but use caution handling the sharp blades. Rinse the knives with warm water after washing and hand dry them with a microfiber cloth to prevent lint. Once dry, store your cutlery properly. If you choose to wash some of your cheaper knives through the dishwasher, load them properly to prevent accidents.
The proper way to keep food from sticking and the iron from rusting is to season cast iron cookware with oil each time you wash it. The oil seeps into the iron, creating a protective coating against corrosion and an ideal cooking surface. When you wash a cast iron pot in the dishwasher, the detergent and hot water strip away the oil. To keep your cast iron cookware at its best, wash by hand with hot, soapy water, rinse, and dry. Carbon steel pots and pans give you many of the benefits of cast iron and stainless steel, but they aren’t dishwasher safe. Like cast iron, carbon steel should be seasoned for optimal performance and longevity and it can be cleaned with soap and water. If you have stuck-on food, you can boil water in the pot to loosen it and use coarse salt to scrub away the rest. Most nonstick cookware is labeled dishwasher safe, but you can get better performance and longer life for your nonstick pans by hand washing them. Even high-end cookware with a nonstick surface can take a beating from the high temperatures and detergents. The harsh conditions in your dishwasher could cause nonstick coatings to scratch or chip, and that’s often the beginning of the end.
Fine china and crystal are beautiful and elegant, but they are fragile and absolutely not dishwasher safe! Harsh detergents and hot water can wreak havoc on delicate dishes and serve ware, and all that turbulence can cause chips and breakage. Even hardy lead crystal can become cloudy and etched if washed in a dishwasher. To protect china or porcelain heirlooms or your favorite crystal wine glasses, handwashing is the way to go.
The high temperatures and detergents in your dishwasher will strip the natural oils from wooden utensils, dishes, and cutting boards. The natural oils in these items provide moisture, and without them, wooden items will crack and even fall apart. The resulting cracks can also create the perfect environment for mold and bacteria to grow. If you want to keep your wooden cutting boards and utensils food-safe and performing their best, always hand wash them. Warm water and dish soap are usually enough to clean wooden dishes and other items but don’t let the things soak, or the wood could swell and warp. To disinfect your wooden utensils, scrub the wood with lemon juice and baking soda, then wash and dry.
If you’ve been washing some of these items in your dishwasher for years, it’s not too late to change your ways to spare your dishes (and appliance) any further damage! You can still keep your finest dishes and best kitchen utensils clean, and you’ll help them look, last, and perform their best. Regularly cleaning your dishwasher and following the manufacturer’s best practices should give you years of service. Not only will a well-maintained dishwasher churn out clean dishes day after day, but it can also help you with other household cleaning. And if your dishwasher features a sanitizing setting, it makes for a pretty handy disinfecting tool.
In general, the lease agreement between a landlord and tenant establishes the guidelines of their relationship. However, the following items listed in the North Carolina Residential Rental Agreement Act take president over the terms that may be included in a lease.
What the Landlord Is Required to Do
What the Tenant Is Required to Do
What Happens If a Dispute Arises?
The act also covers security deposits, a landlord’s obligations during the lease and at the end of the lease, and issues related to normal wear and tear.
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