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Selecting The Right Property Management Firm

Nov 22 2008
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Managing real estate is complex and can be very specialized. There are different types of property and each should have a specific type of management. For the local shopping center and other commercial establishments, commercial property managers should be experienced in net leases, percentage rents and other areas that would not pertain to, say, an apartment complex.

The expertise of the managers should match the type of investment. Is it an office, an industrial building or a strip center? What types of problems does the building currently have? Is it vacancy problems, marketing or problems with maintenance? Ask the managers you interview the types of property they have experience in, how long they have managed other properties and the results of their management

How Rentals Affect Your Income?

Nov 15 2008
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It is hard to pin point how many different properties are for rent. From apartments, houses, to condominiums, if you are not in the market to buy a property, you can definitely find something for rent. With the way the economy is going, many Americans are considering finding a place for rent. They will not have to deal with adjustable rates or making calls to local repair people, if something is not functioning. With renting, they can jus

Becoming a Landlord - Do You Have What It Takes?

Nov 05 2008
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Now that you have been warned about the hardships of being a landlord, let us take a detailed look at what it takes to run a rental property. You will need certain resources, qualities, contacts and preparations in order to succeed at making money on your property without running yourself into the ground. One basic rule to keep in mind is that every task or aspect of landlording will either cost you time and effort or money out of pocket.

The Pros and Cons of Landlording

Oct 29 2008
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Reality Check

 
You may believe that being a landlord is nothing more than a means to extra income. But being a landlord is much more; entailing work, time and worry. Even if your rental property is in tiptop shape and all your tenants pay promptly and take care of your property, you will still face expenses and time-consuming duties each month. You should know that up front. Simply put, landlording can be lucrative and rewarding,but it will always require effort and time.

Learn How To Manage Property

Oct 07 2008
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Those who have some real property must know that managing property is no easy job. Most of the people who have such property often depend on the professional managers to take care of them. The real professionals do not fail and you can gain from appointing them. But you might not be so lucky as to get a good manager. Thus you need to know at least the basics of managing your property. It will not only help you to know what you should expect from your manager but also make his task easy when he explains his actions to you.

Why hire Property Management Company to manage your Property?

Oct 02 2008
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Everyday, people turn to experts with training in certain areas, whether its doctors, lawyers, accountants or financial planners. Not every investor requires the hiring of a property manager, but many of the most successful ones will tell you that their success is directly related to their hiring of a an excellent property management company.

Owning rental property can be very profitable. However, it can also be an extremely risky investment for those without professional management assistance. On-call maintenance can be inconvenient and time-consuming. It can be a full-time job just staying on top of the latest Landlord-Ten

Guidelines To Residential Management

May 20 2008
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Every investment needs good property management. An important key to any residential management is good service and quality maintenance. There should be a high level of service to the tenants, teamwork between everyone, quick responses to the needs of the client and tenants and they should anticipate any potential problems in advance. The manager creates a good relationship with the tenant and the property owner based on mutual respect and courtesy. They communicate clearly and openly with all involved to avoid misunderstandings and conflict.

A good manager focuses on the needs of each individual owner. Each property will have a unique set of challenges that are met in a quick and responsible manner. The quality of the property and its value depend on top quality management to maintain quality living standards for the resident. The manager acts as the go between f

Property Managers

Apr 22 2008
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You invested in your first property. Should you manage the property yourself or hire a good property management company to handle your investment? It depends on what your skills and goals are.

Are your goals to be property investor or simply the on site owner? As the on site owner you will be responsible for collecting the rent and repairing broken appliances. Your time will be devoted to the renters needs. The investor spends valuable time answering the needs of the tenants. On the other hand, if you hire a property manager, the investor could spend time finding and investing in more property.

Choosing The Right Property Management Company.

Jan 16 2008
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Managing real estate is complex and can be very specialized. There are different types of property and each should have a specific type of management. For the local shopping center and other commercial establishments, commercial property managers should be experienced in net leases, percentage rents and other areas that would not pertain to, say, an apartment complex.

The expertise of the managers should match the type of investment. Is it an office, an industrial building or a strip center? What types of problems does the building currently have? Is it vacancy problems, marketing or problems with maintenance? Ask the managers you interview the types of property they have experience in, how long they have managed other properties and the results of their management. Ask to see samples of their financial management in the past. Find out what types of marketing they specialize i

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If you’ve ever considered investing in a few rental properties in Philadelphia or Bucks County, PA now might be a good time. Prices are still low in Philadelphia, but have been on the upswing. According to the National Association of Realtors, the median price of an existing home in a US metropolitan area grew 13.7% between July 2012 and July 2013, the latest in a 17-month streak of year-over-year price increases. 

New landlords can choose from properties that are likely to appreciate and a large pool of potential renters.Licensed realtor Pat Mueller cites a few reasons for this trend: “Many families have lost their homes to foreclosure and are entering the rentals market for the first time in years. Mortgages are also harder to get now, so fewer people are qualifying for a new one.”The more skills you bring to the table to get into Houses for Rent in Philadelphia Philadelphia or Bucks County, PA and the more time you have to devote to your properties, the faster you can make a return on your investment. 

But investing in rentals can also be disastrous (or too stressful to be worthwhile) without expertise. Here are three professionals you may consult about your new rental properties, and what you can do to mitigate how much they cost you:Handyman:  You may need to hire a specialist for some work on your rental. If you need new outlets or new pipes, for example, hire an electrician, plumber or licensed contractor. Handymen usually tackle smaller, more manageable tasks, like:

  • Painting and paint removal
  • Drywall repair
  • Minor appliance repairs (fixing a leaky toilet or faucet, among others)
  • Installing tiling or flooring, moldings, windows, doors
  • Refinishing decks, cabinets and other wood items

When You Could Skip It: You could do any (or all) of these projects yourself if you have the time and interest in learning. Of course, this only works if you live relatively close to your rentals and are flexible enough to service them on short notice. And if you’re willing to respond to the occasional 5 AM basement flooding.

Average Savings: Any base rates or costs-per-hour vary from location to location in Philadelphia or Bucks County, PA , but nationally, you can expect to spend an average of $60 to $85 per hour for repair costs. It general costs less to hire an individual handyman than a handyman employed by a company. Expect an additional charge if your job requires a trip to the store for materials.

Resident Property Manager As the owner of a handful of rental properties, you may be able to manage them yourself, but if you want help, a single resident manager would probably be more cost efficient than a property management company. Resident managers may:

  • Serve as a handyman
  • Advertise vacancies in your units
  • Show apartments to prospective tenants
  • Review rental applications
  • Collect rents

When You Could Skip It: Again, the closer you live to your properties and the more spare time you have, the less likely you are to need a manager. The obligations of being a boss will also cut into the time you save on maintenance.

Average Savings: The national median wage for residential managers is just over $25 per hour. Research the wages in your community and adjust according to how much responsibility your manager will take on. 

Real Estate Agent: Once you’ve gotten your financials in order and done your own research on the neighborhood(s) you’re considering, you might contact a realtor to show you potential properties. You can also arrange for a realtor in Philadelphia or Bucks County, PA to show rentals once they’re ready to rent.

When You Could Skip It: It depends. Even if you’re a local, or have thoroughly researched the neighborhood(s) you’re considering, a realtor is a great resource for a first-time rental buyer. Realtors have access to data and statistics not necessarily available to the general public and first-time buyers may not know all the right questions to ask. Using a realtor to fill your Houses for Rent vacancies is less of a no-brainer, depending on your other time commitments or whether you plan to hire a resident manager who could do the same thing.

Average Savings: As a buyer of rental properties, as when buying your own home, sellers typically pay most, if not all, of the buyer’s realtor fees. In this case, Mueller points out there’s little reason not to work with a realtor. For help in filling your units in Philadelphia or Bucks County, PA, the services of a realtor would set you back between 10-20% of the unit’s rent per month.  Mueller recommends interviewing with several brokers before making your final decision to invest into Houses for Rent .

The Bottom Line: As a new landlord, you can’t necessarily control the flexibility of your schedule or the amount (and cost) of unexpected repairs to your properties. Rentals are a long-term investment. However, to maximize profits from your Houses for Rent, new rentals, you can buy close to home and start small. It is best to begin with just one or two properties. This will allow you to maximize the time you spend on your properties’ needs, and minimize the amount you’ll have to pay anyone else.

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