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Property Management Blog

Published on Thursday, August 6, 2009

Reason To Hire Condo Property Management

Buying condo properties is a big investment decision and more so in these days of economic slowdown. Therefore, it is very important for you to maintain its condition to its optimum level in order to make sure that your investment is safe. Since running a property investment business and dealing with the maintenance aspects of buildings can be an overwhelming task, it is always wise to hire a condo management company to do the needful. The management company will definitely charge a certain fee that may look like a substantial amount, but when you look at the wide array of benefits that their valuable services offer, you will realize that the benefits actually far outweigh the costs. Here is how.

Collecting Rent       
If you are using your condominium for rental business, you may find the task of rent collection a very difficult and highly time consuming one. When it comes to dealing with the tenants, it is always a painful process. However, you can definitely take much pain out of the proceedings by availing a condo property management service. They are professionals in this field. They will make sure that rent is paid on time. This way, you can substantially improve rent collection using their professional systems and strategies.

Local Knowledge Of Rents
   
  
The building management professionals will also help you in determining the rent, as they have extensive knowledge of local rent. You can charge the highest possible rent for your condos depending upon the location and other factors. The tenants these days have also become smarter. They first research on Internet in order to see whether the rent charged is reasonable or not. This way, by keeping the rent highly competitive, the condo management company will also get you an edge over your competitors.

Information About Tenants
     

Tenant screening is one of the most difficult tasks that you have to deal with in condominium rental business. The company responsible for the management of your properties will do this job on your behalf. They have a set system for this. They first ask the tenants to fill out an application form with all the essential details. The information provided in the application form is then verified using criminal, social security and public notice searches. The condo management company also talks with the employers of the tenant and their previous landlord in order to make sure that tenants financial condition is good enough and that his behavior is also good.     

Marketing

The marketing expertise of these companies is also an added advantage, as they can help you get your properties rented in the quickest possible time. In order to find quality tenants quickly and to maximize your property exposure, they use both offline as well as online marketing strategies.

Legal
 

What is more, an experienced condo management company will also prove to be a great help for you in legal issues associated with your condominiums. You can benefit from their extensive knowledge of property laws and regulations. In order to keep things smooth, it is very important for you to make sure that everything in your rental business is in compliance with your federal, state, and local rules and regulations.
Overall, we can see that it is always beneficial to hire a condo property management choice in order to run your rental business smoothly and profitably.

 

 
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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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