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Property Management Blog

Published on Sunday, February 26, 2012

What Can City Property Management Do For You?

What To Do With An Unoccupied Piece Of Land  

If you have some unoccupied pieces of land and you do not have any idea on how to utilize them in the most profitable manner, a city property management group can help you. Such companies have professional people in this field who can tell you how to maximize your profit on property investment using some innovative strategies. If requested, they will also market your land for lease. If you are planning to do something different with your property, but are not sure whether it is going to be the right strategy, you can ask for suggestions from the company. For example, you may be looking for a long-term lease on the property or you may be considering the rent-to-own scheme for your property. You are recommended to discuss your ideas with a city property management group. They will do a completely analysis and the required market research and then tell you whether your idea is going to work or not. They may also suggest some changes in your planning. In any case, you can definitely benefit from their knowledge and experience.     

How To Use Your Land In The Best Possible Way

You can also seek valuable suggestions from them on how to utilize your land in the best possible way. The city management company will also help you handle the essential paperwork in case you are planning on getting some construction work done on your land, such as an apartment complex or a business building. However, you are recommended not to rely completely on the company. Since it concerns your own property, it is always advisable to have some knowledge about the legal issues and other aspects associated with your property and whatever you are going to do using it.

What To Do With A Fully Accomplished Property   

Sometimes, you may be a confused on how to utilize a fully accomplished property. The services of a city property management service provider can be valuable in this regard, as well. They can advertise and market your property in the most efficient manner. Since they are professionals in this field, they can easily bring the best clients or tenants for you. They will make sure that your property is well maintained and that you get the maximum possible rent or price for the same.  

However, they are definitely not going to perform all these tasks, free of cost. Still, the amount they charge is always worth the services they have to offer. Overall, whether you are a small building landlord or just an individual owner, the city management companies can help you with all your building management needs and an array of other things.  

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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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