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Property Management Blog

Published on Saturday, March 28, 2009

What You Should Expect From A Property Manager

 With so many options out there, it should not be very difficult for you to find an affordable property management structure. Whether you are a landlord or a property investor, you can make things much smoother and hassle-free for you by hiring an expert property manager. However, it is not wise to completely rely on the manager for everything. After all, it is your property. Hence, you must take part in some important aspects. Following is a brief rundown on the same.

Use Of Legal Documents 

In a property investment business, there are several legal documents, forms and contracts that you have to deal with. You will have to make sure that the property manager handles the same in a suitable manner as and when the need arises. Likewise, if you are a landlord and are availing an affordable management service, you are strongly recommended to be present when the new tenant is signing the contract. In fact, it will be much better if you also keep a copy of the contract with you.

Regular Financial Report       

You should expect a good property manager to provide you reports on a regular basis, explaining all the financial issues they are handling clearly. They must submit the report on a monthly basis along with the proof of salary, proof of purchase, and other invoices. If you are running a large property investment business, you may like to hire an experienced accountant for this job. The accountant will check the reports thoroughly and verify everything. Even if you do not have an accountant, you should not forget to verify the authenticity of the reports thoroughly. Just because the property manager is offering you an affordable management, it does not mean that you should not review whatever they are doing with your property. Their negligence or fraud may prove to be a very costlier affair for you.

Monthly Update Of Property Renovations OR Maintenance

The best property manager is the one who has a responsible attitude towards his or her work. For example, they must submit a monthly update of improvements and developments made in the property. They are not supposed to do any maintenance or development work on your property without your permission or approval. Even if it is an emergency maintenance work, it is still essential for them to seek your permission. They should also notify you about the same as soon as possible. The basic idea here is to ensure complete transparency in the process. Even if you are availing an affordable property management plan, it is very important for you to be thoroughly aware of what is happening with your property.

Daily Happenings In Your Property

Besides the monthly reports, it would be good if your property manager keeps you updated with the daily happenings inside your property, especially in case of some accident. After all, it is your property and you must be aware of everything concerning it.

There are several other things that you must expect a good property manager to do. For example, he or she must also submit a report about the tenants - their activities, their payments, and whether they are violating the contract. Overall, if you are looking for an affordable property management plan, you will have to make sure that you are choosing only the best.  

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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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