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Property Management Blog

Eviction Rules for Property Management

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A property manager is expected to be well versed with the laws that govern asset dealings. He is expected to advise the owner on the different rules of dealing with residential or self storage tenants and also arrange for legal help both for the owner as well as the tenant as and when required. If the owner wants to evict a tenant he needs to follow a procedure as prescribed by the legal authorities of his city or state. There are certain facts that he needs to be aware of.

Services Offered By Property Management

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There are many management properties organizations available in the market these days. They take care of all the asset managing problems and the owner can be peaceful about his asset being in the hands of capable assets managing professionals. These professionals perform a wide range of tasks. Nowadays, each and every area has an assets managing firm to cater to the requirements of the local population. Most of these firms have their websites online or they have their names listed in the directory or search engine listings. One needs to access the contact information from the websites or directory listings and call up the firms or visit them personally to spell out their needs and learn about the benefits offered by those firms.

Rule on Lead Safety Set to Take Effect

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After almost two decades of delays, the Environmental Protection Agency said Thursday that it was on track to implement a regulation requiring the construction industry to help prevent cases of lead poisoning among children. The agency said it expected more than 125,000 renovation and remodeling contractors to be trained and certified in lead-safe work practices by April 22, when the new regulation takes effect.

Secrets Of Property Management Experts

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If you have always had an interest in realty investments but do not quite like the idea of selling it, then you could make a career for yourself by becoming one of the many valuable property management experts in the country.  Now this is a profession that, in addition to experience and contacts, requires that you have a fair amount of common sense and street smartness. You need to be able to handle all kinds of people and situations without getting too frazzled.  If you can do all of this while still having time to implement change and systematize the upkeep of a property, then this is the field for you.

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.

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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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