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Property Management Blog

Published on Sunday, July 26, 2009

Own Property Management With A Smile

 

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.

Proper Maintenance Of Property Is A Must

A lot of people like rented apartments as the capital for buying a house are not required.  Also maintenance costs for an apartment are less as most repair work is done by the landlord.

Also shop spaces are in great demand as there are many businessmen who do not have adequate spaces to store their items. Instead they opt for self storage in which a place is hired on rent for storing their extra items.

However, renting out property involves a lot of hassles for the owner. That is why most property owners prefer to opt for property management by trained personnel who can ensure the smooth functioning of their buildings.

One of the most important aspects is proper maintenance and repair of the property. This includes making appropriate changes like better storage and lighting facilities in apartments to make them more attractive to tenants.

Proper advertisement of the property is essential to attract prospective tenants. For this, media like the newspaper and the Internet can be used. Once clients start coming to see the place, the manger is responsible for showing them around and highlighting the plus points of the place. The manager also has to verify the details of prospective tenants like their monthly pay and credit history to ensure that they will pay their rents on time.

Good Interpersonal Skills Are Essential
 
Once the tenants have been fixed there are legal issues which have to be looked into. The manager who is experienced in property management will have the expertise to include suitable clauses in the deal which are beneficial both for the owner and the tenant. The manager will ensure the signing of other documents like pet and parking agreement by the tenant to avoid any misunderstanding or inconvenience later on.

Incase any tenant violates the deal in future the manger will carry out the necessary legal action against him. Such situations can include damage to property or repeatedly failing to pay rent. The manger will be responsible for timely collection of rent and will also deposit it in the owners account. 
 
The manager should have good communication skills as he will have to deal with tenant complaints during the period of rent. He will also use suitable tools like a variety of message slips to convey messages to tenants as and when required like reminders for rent payment to defaulters.

Managers trained in property management are also responsible for the maintenance of law, order, and safety in the premises. For this, he can use appropriate signs at places where accidents can happen like the stairs and parking area. Also all areas where repair work or construction is taking place have to be well demarcated to avoid any mishaps. 

Research Well For A Property Manager

It is important to search well for a reliable property manager who will handle all the affairs efficiently and keep the owner informed about them. Agencies offing property management have such personnel in their team.

The owner can check the websites of such companies to learn about details like the fees charged, work timings and duties to be performed by the managers. Ideally the manager or his assistant should be available 24 hours to handle all emergencies.

Nowadays there is different software which allows owners to manage their property online.

By opting for genuine property management the owner can earn from his buildings without any added tension.

 

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Author: Web Master

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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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