Archive for November, 2012

Find Quality Tenants with help from your Bowie Property Management Firm

Friday, November 30th, 2012

As a landlord, it is important to ensure you rent to only the most qualified tenants. This not only affects your business, but also your other tenants. You owe it to them to thoroughly screen all prospective tenants before ever thinking about leasing a property. After all, it only takes one bad tenant to ruin everything for the rest of your tenants.

Remember, it is much harder to evict a problem tenant than it is to weed out the bad seeds ahead of time! And a professional property management firm can help, a firm like Potomac Valley Management (PVMGT).

Tenant Screening Services from PVMGT, your Bowie Property Management Firm

At Potomac Valley Management, our goal is to provide the most comprehensive and professional property management for our rental communities, ensuring a high level of excellence and professionalism to our clients while helping to maximize their real estate investment. As part of this commitment to excellence, we provide the following marketing and tenant screening services.

1. PVMGT will advertise the rental property to ensure complete occupancy.

2. We help secure qualified tenants for occupancy by review the prospective tenant’s credit reports, check rental history, and much more.

And hopefully it never comes to this, but Potomac Valley Management will also handle the eviction process.

1. PVMGT will file court and eviction notices for delinquent occupants

2. We also attend eviction court as necessary.

Hopefully you have found these Quick Tips & Best Practices useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

Potomac Valley Management takes great pride in providing full service property management, from management and leasing to marketing, tenant placement, rehabilitation, and disposition of multi-family properties.

We are here to serve you!

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.

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Basic Household Maintenance Tips: Preventing Thanksgiving Day House Fires

Wednesday, November 21st, 2012

Nearly 2,000 house fires occur on Thanksgiving Day, annually. These house fires, the majority of which are caused by cooking mishaps, result in 41 injuries, 15 fatalities, and nearly $21 million in property damage.

“The reality is the doorbell rings and your friends and relatives are at the door and you want to greet them and chat, and you just don’t think to go back to the kitchen,” said John Drengenberg, the consumer safety director for Underwriters Laboratories.

Thanksgiving Safety Tips to Prevent House Fires

1.     Never Leave Cooking Food Unattended: If something goes wrong when you are out of the room, things could escalate quickly.

2.     Keep a Fire Extinguisher Handy: It is important to have a fire extinguisher nearby to deal with any fires before they get out of hand.
3.     Check the Batteries in Smoke Detectors: Smoke detectors are no good if their batteries have died. When was the last time you checked yours?

4.     Know how to handle Grease Fires: Grease fires are different than regular fires and cannot be extinguished quite as easily. You will need to smother the flame.

5.     Avoid wearing Loose Clothing when Cooking: Loose clothing can easily get too close to a burner and catch fire.

6.     Avoid Decorating the Kitchen for Thanksgiving: Thanksgiving decorations, which are typically made of paper or cardboard, are extremely flammable and do not belong near the stove.

7.     Do not Overachieve: Do not try to cook more than you can handle. This is when things can easily go wrong.

8.     Avoid Frying a Turkey: Turkey fryers are a huge fire hazard.

9.     Be Safe!

Happy Thanksgiving from everyone here at Potomac Valley Management!

Hopefully you have found these Basic Household Maintenance Tips useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.

 

Financial Management Tips: Improving your Credit Score

Friday, November 16th, 2012

In the real estate industry, your credit score is everything. Without a good score, you will not be able to obtain a home loan or even a credit card. This is because your credit score is what lenders look at to determine if you are someone they can trust. So you can see why it is so important to have a good credit score.

But what do you do if your credit score is less than desirable?

 

Tips for Improving your Credit Score

1. Fix Inaccuracies: First of all, get copies of your credit reports from the three major credit bureaus. Then check each report for inaccuracies and report these inaccuracies to the credit bureau.

2. Pay Bills on Time: One of the most important things you can do is to pay your bills on time each and every month. To help you accomplish this, consider setting up automatic payments or reminders.

3. Know the Legal Steps to Fix your Credit: The Federal Trade Commission’s “Building a Better Credit Report” has information on correcting errors in your report.

4. Avoid Credit Scams: If it looks too good to be true, it probably is.

Understand how your Score is calculated

Answering the below questions will help you understand your credit score:

1. Have you consistently paid your bills on time? As we already mentioned, paying your bills on time is one of the most important things you can do for your credit score.

2. Do you have any outstanding debt? If the amount you owe is close to your credit limit, lenders will see this as a negative.

3. How long is your credit history? The longer your credit history, the better. Of course, this is only true if it is a good history.

4. When was the last time you applied for a credit card? Applying for too many new credit accounts can negatively affect your score.

5. How many credit accounts do you have? A mix of installment loans and credit cards may improve your score.

Hopefully you have found these Financial Management Tips useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

Potomac Valley Management, LLC has been providing quality property management services to the DC Metropolitan area since 2004. We specialize in multi-family property management for apartments, cooperatives and homeowner’s associations.

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.

Sources: Improve your Credit Score

Tips for Hiring a Contractor in Bowie, Maryland: Narrowing Down the Choices

Thursday, November 8th, 2012

Hiring the right contractor is no easy task. Not only do you have to sort through the hundreds upon hundreds of listings, but then you have to try and find the right balance between cost, qualifications, and benefits. Where do you even begin!?

Luckily, the real estate and property management experts here at Potomac Valley Management have compiled a list of Tips for Hiring a Contractor: Narrowing Down your Choices.

1. Specialties: Not every home improvement contractor specializes in exactly what you need. So it is important to find a contractor that does. If you need roof work done, make sure the home improvement contractor you hire specializes in roof work. If you need your windows replaced, make sure the home improvement contractor you hire specializes in windows.

2. Prices: How much do your potential contractors charge? Of course price should not be the only determining factor you use, but let’s be honest; price plays a major factor in your choice.

3. References: A quality contractor will provide you with a number of references. Do not be afraid to call these homeowners and ask them about their experience.

4. Online Reviews: The Internet can be a great tool when narrowing down contractors. Check Angie’s List and read reviews, visit the Better Business Bureau to see if the contractor has any unresolved complaints, and see if you can find any pictures of the contractor’s previous work.

5. Affiliations: Does your potential contractor have any affiliations with local or national trade organizations or the local chamber of commerce?

6. Insurance: Please, please, please make sure your potential contractor is insured. If not, you could be held liable for injuries to workers or damage to your property.

7. Warranties: What type of guarantees or warranties does your potential contractor offer?

8. Do you like them? Remember, you are going to have to deal with your contractor, so it is important to find someone that you get along with.

Once you’ve narrowed down your choices to your top three or four contractors, contact them and arrange for them to visit your home and provide you with a written estimate.

Hopefully you have found these Tips for Hiring a Contractor useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

At PVMGT, we take care of your needs from bookkeeping to tenant screening to landscaping contractor oversight, just to name a few. We provide quality and reasonable services.

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.

Property Management Tips: Rent Collection & Financial Services in Bowie, MD

Thursday, November 1st, 2012

Rent is the life blood of your business. And while it may seem like an easy process, rent collection can be difficult, especially if you run into a problem tenant.

Rent Collection Tips

  • It begins with the Lease: The first step in rent collection is your lease. In this lease you should outline your rent collection policies, define when rent is due, detail late payment procedures, and, heaven forbid, eviction policies.
  • Outline your Rent Collection Policy: Even though your rent collection procedures are detailed in the lease, it is important to explain these procedures to your tenants.
  • Be Consistent: Remember, this is a business. You need to keep your emotions out of it and make sure you remain consistent. You cannot cut one tenant a break or grant them an extension on their rent without doing the same for everyone else.
  • Rent Reminders: If you have the time and resources, it is nice to send tenants a rent reminder before their rent is deemed late.
  • Late Payments: You should have specific procedures and penalties in place to deal with late payments. If you fail to properly act when payment is late, your tenants will never respect your rent deadline and you will continue to receive late payments.
  • Keep a Record: It is important to keep a record of any and all communications between you and your tenants, especially when it comes to rent. These communications could prove useful if you ever need to evict a problem tenant.
  • Late Payment Notices: Send a letter out as soon as rent becomes late, the very first day after any grace period specified in your Lease.
  • Leave the Rent Collection to the Professionals: Luckily, there are property management firms that will handle all of your rent collection needs for you!

Potomac Valley Management: Rent Collection and Financial Services in Bowie, Maryland

At Potomac Valley Management, we serve landlords, like you. It is our job to help you more effectively and efficiently operate your rental property or properties. And one way we accomplish this is through our rent collection and financial reporting services, which are part of our rental management package.

  • Rent Collection: PVMGT will bill renters and track accounts receivable.
  • Financial Reporting: At PVMGT, we present our landlords with comprehensive financial reports, including balance sheets, income statements, general ledgers, accounts payable reports, check disbursement reports, and income and expense budget comparison.

Hopefully you have found these Property Management Tips useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

Potomac Valley Management provides a number of options to provide you with a level of service that is tailored to your needs. We take care of your needs from bookkeeping to tenant screening to landscaping contractor oversight, just to name a few. We provide quality and reasonable services.

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.