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Property Management Blog

Published on Monday, December 21, 2009

Caring For Property Management Investments

In the field of property investing, a property owner or investor who has tried to manage properties without the help of expert property management services will surely attest the fact that handling properties is easier said than done. So, it is no wonder that landlords and realty investors now turn to professionals who know how to manage a rental property and deal with tenants.

Although investing in property is a quite lucrative business, most people start facing problems while trying to manage multiple properties simultaneously. The solution for such a situation would be to employ the services of a property manager with adequate experience in running and maintaining property and dealing with any issues that may arise.

Advantages of Asset Management Facilities

Proper management of property basically involves finding a reliable management company that can efficiently handle the running and maintenance of the property, in question. Now here are some advantages of hiring such a company to manage realty investment.

Save time

A busy professional who also happens to have realty investments will not actually be enthusiastic about running around during weekdays looking for plumbers or electricians. A person with several properties will also find it hard to devote time and attention to each issue that arises. In such situations, it obviously makes sense to employ the professionals at property management services .

  • Enhance business
    As far as a realty investor is concerned, monthly income is directly proportional to the number of deals added to the portfolio of the investment. If the investor leaves the daily running and maintenance aspects to a management company, he will be able to focus better on growing his investments.
  • Ability to handle distant or overseas properties
    If a property is near the premises of the property owner, he can easily drop in and assess the property firsthand. In fact, a property owner is recommended to assign the management of his property to property management services if he is unable to get down there fast in case any issue arises.

 

As of now, the returns from capital appreciation and offshore rentals in locations like Dubai are quite lucrative. In such a scenario, if a property manager is considering offshore realty investments, it would be best to hire a management team. In the same way, if a property investor is interested in investing in properties outside the state of his residence, it would be imperative and highly beneficial to hire a firm skilled in management of properties.

  • A great help for newcomers
    The professionalism of property management services are of great help especially for those individuals who are new to a particular class of the property industry. For instance, if a property investor with extensive experience in residential realty decides to expand his activities to commercial property, he will obviously not be familiar with the procedures, documentation and other issues present in this particular type of property. Employing the services of a management company would be a great option to help a property owner solve certain transition problems and even leave him free to explore other lucrative, realty investments.

 

To conclude, hiring property management services is the perfect solution for those investors who find it hard to handle multiple properties or who would like to outsource the daily running tasks of

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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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