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Property Management Blog

Property Management Rules of Engagement

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Sometimes tenants pester the life out of their rental property manager. However, one of the most important jobs of a rental property manager is to ensure that his tenants are satisfied. Often this includes times talking to a tenant, who for whatever reason is irate about something with the rental property. Before a rental property manager takes the next passenger train out of town, there are tactics for dealing with angry clients. A rental property manager does not have to be a retired mathematician to figure this one out. As long as he is properly trained to handle upset tenants, he can prevent a disastrous situation. Here is how.

Investing in Real Estate

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 If we want to define real estate it is the piece of land including the air above it and the ground below and it can also include any building or structure over it. By real property one means the property that is affixed to the ground and that cannot be taken away. It is unlike the personal property where the person who owns it can take it away wherever the person goes. This type of property has been a way of investment from ancient times apart from gold. People in the earlier days had no banks and their way of expanding their wealth was through land. But, these days, even with the various channels of investment opening up, people still find investing in real property a good option.

Own Property Management With A Smile

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 in properties such as buildings and apartments for good returns. The price of property generally appreciates in the future. At the same time owners can start earning from their apartments or shop spaces by giving them out on rent.

Real Estate Investment Guide

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Of all the investment tools experts believe real estate investment is the one that pays back on the higher side. Though like all investments it depends on the demand and supply curve, it has been considered one of the secure forms of investment that rarely loses its value unless acquired at a hyped up price. The demand for real properties will always be there. It may fall or rise but it will be there. So, if you are thinking of investing in real property you can surely go ahead. The things that you will have to keep in mind is where you are investing, what is the future of the property and also for how long you want to stay invested or how much and how fast do you want to get return from it.

Good Investments in Real Estate

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Other than using it for the residential or commercial purpose, real estate can be used as a highly leverage investment which can result into substantial amount of profit. Many people have taken this opportunity to invest their money for getting good returns, which is not available in most of the financial institutions. Actually, the price of property is appreciating continuously. In most of the cases, the buying cost is much less than the reselling value. In case of renting also the owner accumulates monthly rent amount. Within a few months the invested money comes back and then the remaining rent payments are going to be calculated as profit. Particularly, if the property is located in a reputed location, then the return is much better.

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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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