× Search




Property Management Blog

Published on Tuesday, May 20, 2008

Guidelines To Residential Management

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 for the tenant and the owner.

Residential management is the managing and maintenance of property used solely to house residents. It involves the daily tasks of collecting rents, ordering and overseeing repairs, hearing and responding to tenant complaints and cleaning of the facility as well as many other duties. Maintenance includes landscaping, building repairs, electrical work, decorating and painting, roof repair and renovations. They are responsible for advertising the vacant property to prospective tenants.

Managers of residential properties often negotiate contracts for janitorial services, trash removal and security services. They seek bids from several different contractors and offer advice to the owners on which one to accept. The manager monitors the contractor and resolves complaints when the services are not carried out properly. They purchase supplies and equipment needed for the property and make appointments with specialists for repairs.

The owner pays the manager a fee or percentage of the gross rent collected every month. The residential management firm assures the property is well maintained with repairs carried out by professional contractors.

They can maximize your income since they know the market, what comparable properties are renting at and the amount a potential renter is willing to pay for a property in your area. With the marketing expertise needed to reach potential renters, they have the experience and resources to find the best tenants for the property owner. The company fills vacancies, tracks income and expenses, collects rent and respond to tenant requests. They help the owner make the most of his investment.

The property owner should look for a residential management team that has experience in important areas. Maintenance, leases, marketing, collecting late rent, accounting and budgets and good tenant relations are just a few of these areas. Additionally they should have knowledge of state and local laws relevant to them. They must understand and comply with current legislation in relation to the Americans with Disabilities Act, the Federal Housing Amendment Act and any other local housing laws. There advertising and renting practices must not be discriminatory, and they ensure the property complies with local, state and federal regulations and building codes.

Residential management involves taking care of the day to day tasks involved in investment property. The manager is responsible for everything from the routine maintenance of the property to the satisfaction of the tenants. They are responsible for knowing and following any laws and regulations. The property owner frees his time and increases his income by hiring a good management company.

Rate this article:
No rating
Comments (0)Number of views (733)

Author: Web Master

Categories: Property Management




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.


Terms Of Use Privacy Statement Copyright 2006-2022 by Onyx Management Group, Inc.
oto kiralama ankara göcek yat kiralama