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Property Management Blog

Functions Of Property Management Professionals

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 As the name suggests, property management refers to managing realty investments such as apartments and buildings. This task can be carried out by an individual property manager or by a team of people as in the case of building managing companies. These services are available to individuals, companies, builders, self storage etc.

10 Rules For Tenants To Follow

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 When you are going a home for rent , then you should be very careful, so that you do not land up to any controversial situation with your landowner. Being a good tenant will enhance your credibility for getting better places in future. A landowner might check your history with your previous landowners, to find out your reputation. If you do not have a good reputation, then it will be difficult for you to get a rented house in a reputed locality. Before signing out the agreement between the landowner and you, check the reputation of the prospective landowner too. It is not always that renters are bad people and landowners are good, the opposite might also be true at times.

House Rentals Win Over Owning

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 Choosing a home is a decision that people would do well to take their time in making, whether or not they are buying or signing a lease. The place we live reflects our personalities in some ways. Active, adventurous families might choose a location that is in a more urban area that reflects their busy city oriented lives, or they may go the route of living near a recreation center, gym or hiking trail, with the intention of using that each day. People with children or lots of animals need a place with a large yard, while more solitary individuals typically do not need much of a yard at all. Traditionally, purchasing a home has been the standard against what everything else has been measured. Families struggled for years to purchase their home, and many eventually lost it due to the inability to make the mortgage payments.

Attracting More Tenants To Property Management Apartments

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 Property management apartments are of great help. Recent trends show that people prefer to live in apartments because it helps them save money and decrease their environmental footprints.

A property manager specializing in apartments can help you market your apartment buildings more effectively so that you get reliable tenants. Your property manager can suggest you various ways to attract prospective tenants.

Making A Good Rental Property Investment

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 A rental property can turn out to be a money minting asset for the residential, commercial or self storage owner if he knows how to make good profits on it. There are certain things that he has to consider in order to make his land really profitable. One of the preliminary background works that an investor has to do is to first locate an asset in an area where there is a great potential for tenancy. Usually the areas around offices, universities, major business centers, hospitals, or places that are well connected to the heart of the city are in high demand. Houses in these areas can be expected to fetch very high monthly rentals as people generally prefer to reside in such localities for their lifestyle convenience.

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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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