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Affordable Property Management

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  With so many options out there, it should not be very difficult for you to find an affordable property management structure. Whether you are a landlord or a property investor, you can make things much smoother and hassle-free for you by hiring an expert property manager. However, it is not wise to completely rely on the manager for everything. After all, it is your property. Hence, you must take part in some important aspects. Following is a brief rundown on the same.

What Can City Property Management Do For You?

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Whether you are a landlord or a property investor, if you have properties in different cities and you live far from them, you will need the valuable services of a city property management group. Even if you live in the same area, handling your own properties is always a tough task. There are several aspects of building management that you need to be aware of. If you do not have any prior experience in this field, you will never be able to manage everything in the most efficient manner. Hiring a professional company to handle the same is thus the best option for those who either do not have the required knowledge or do not have much time to handle their own properties.

Find Out What Influences Property Value

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There are many factors that can influence the value of a property. Location is obviously one of the most important factors as demand for housing at a particular area has a big impact on prices. When looking for real estate make sure to find out the general pattern of property value in the area you want to live.

It is always a good idea to purchase a home where the trend of property value is increasing as this means that over time you will be able to take advantage of appreciation in the value of your home. The average for most locations is around 5 percent per year but some regions due to heavy demand may experience as high as 10 to 15 percent increase in property value each year.

Real Estate Rental To Suit You

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Making a purchase or renting the right kind of property is a difficult task. You may purchase any property, such as a holiday villa or condominium in your favorite tourist destination, but the main question that arises here is where to get the perfect real estate rental that shall meet all requirements and give adequate and huge returns in the future. Usually realty is purchased with the sole motive of making profits and hence it is important to see that the property fetches a good return in the future. There may be many kinds of factors that you need to consider when you are deciding to hire a property. Here are some tips that shall help you to get a real estate rental that can give some valuable returns for your property.

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.


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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