Western North Carolina residents are ready to put last year behind them and get started with a new year filled with new opportunities. It has been trying for families to navigate the challenges of learning and working remotely. People have found themselves juggling working and learning remotely with concerns about safety. Meanwhile, we have been worried about our friends, family, and loved ones, and trying to keep the people we care about most safe. Even though some of that is still part of our lives, we are all hopeful that the worst is behind us and are ready to move on to new challenges and possibilities.
For property owners in western North Carolina, 2020 was still a year of high demand for housing. In fact, if anything, we have seen an influx of new residents to Asheville, Hendersonville, and surrounding areas. There have been many reports of houses selling sight unseen, many times at or above asking price. Renters are still searching for places to call home and finding themselves waiting in line for availability. If you own rental property in western North Carolina, there is quite a lot to celebrate with the new year.
Property ownership requires a lot of your time and energy. As the new year begins, take a moment to evaluate your previous year and try to determine if there are ways to improve.
For many Asheville residents, this has felt like an extra lengthy year. We have had to navigate a wide range of challenges we never expected, such as social distancing, working remotely, and school schedules that alternate from remote to on-campus and back again. Many western North Carolina property owners have been stretched thin in terms of time and finances and it has been challenging to keep up with all the changes and demands. Many are looking forward to the start of a new year; however, before we ring in the next year with celebrations, many property owners want to make sure they have done all they can to reduce their tax burden.
Property ownership is one of the most solid investments you can make. In western North Carolina, property values have been steadily on the rise for the last several decades. Since the turn of the century, Asheville itself has grown substantially with tens of thousands of new residents and businesses. Small companies and large corporations have benefited from a well-educated populace and a competitive cost of living, creating new jobs that have attracted even more people. Today, it is not just downtown that is experiencing booms in population and increasing property values, the charming mountain towns throughout the region are coveted places to live and raise families.
Whether you have single or multi-family housing property in Buncombe, Henderson, or surrounding counties, you will likely continue to benefit from rising property values for years to come. However, you know how important it is to maintain cash flow by keeping vacancies at a minimum.
The Asheville area has been one of the fastest-growing regions in the Carolinas for several years. We have welcomed tens of thousands of new residents to western North Carolina. Many moved here for the views, the rivers and lakes, the Blue Ridge Parkway, and the rapidly expanding job market.
A property manager has to possess numerous skills, not the least of which is being a master juggler. They have to handle the day to day operations of the property, balancing the logistics of marketing, vetting prospective tenants, building waiting lists, executing terms of leases, undertaking repairs and upgrades, navigating tenant concerns and disputes, and much more. The reality is that not everyone is up for the job. Hiring a property manager is one of the most critical investments you will make as an owner/investor - and if you get it wrong, you can see profitability drain away from your bottom line. If you get it right, well, then you can realize your portfolio- and wealth-building goals.
Let’s get it right. To do this, be sure to ask key questions during your hiring process.