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Property Management Blog

Rental Property Rates Increase

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 The rental properties market seems to be going through an all time low in the present time. As the prices of assets have risen high, the tenancy charges have also escalated steeply due to which many accommodations that are let out for hire are lying vacant. The owners of assets are also trying to take advantage of the situation by creating an artificial scarcity of accommodations and pricing the assets high. This kind of a low in the tenancy market has not been observed for years now, at least for the last twenty to twenty five years.

Plan For Managing Rental Possessions

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 Needless to day, an effective organization doing rental property management goes a long way in ensuring easy, profitable and stress free realty investing. Some people may feel dizzy just by hearing about this system. However, although the term seems threatening, all it really means is - a good plan to maintain hassle free rentals while optimizing cash flow.

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Arrange Finances Before Buying Real Estate

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Are you thinking of buying real estate? There are several things that you need to organize when thinking about purchasing any kind of commercial or residential property. In any kind of purchase involving properties, finances are required to be arranged in advance. If you are a first time buyer you need to think about many factors that can affect your finances. It is often seen that existing owners of properties often take the financial aspect easily, as if it is a daily routine activity. Their previous experience provides them the required confidence and this is one of the main reasons for their suffering in the tenure of their loan repayment. Any kind of buying real estate should involve lot of research and planning. Mortgage brokers are the best people who can help yo

Buying Real Estate Now

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 If in the current situation you are thinking about buying real estate then you need to make a little bit of research, so that you can get the best deal for your investment. Many people prefer to buy old properties, especially if they are looking for a home today. If you desire to buy a property then old homes are certainly best choice. There is still a wealth of old homes that are scattered in different parts of the world. You just need to look around and choose the right property. If you are buying real estate then choices are many for you. 

Hiring A Property Management Rentals Company

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  If you do not want to make your realty investment experience a bitter one, you must consider hiring a company for property management rentals. If you do all the maintenance work by yourself, and you will not be able to focus on the core issues of your business. Besides that, the work will also substantially increase your stress levels, as dealing with tenants is usually a very difficult task.

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Landlord Knowledge Base

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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