Archive for the ‘PVMGT’ Category

Timely Repairs are possible with your Landover Property Management Firm

Friday, January 11th, 2013

rental property managementAs a landlord, you have a legal obligation to keep your rental property or properties habitable. This means making timely repairs and conducting regular maintenance to keep the rental property or properties in tip top shape.

The definition of a habitable property is one that “has adequate heating, water, electricity, cleanliness, and is structurally sound.”

If you fail to repair any problems after receiving a request from your tenant, several things can happen:

1. Your tenant can elect to withhold rent until the problem is properly dealt with.

2. If the repairs are not done in a timely manner, your tenant can opt to hire an outside contractor to make the necessary repairs. The cost of these repairs will be deducted from the rent.

3. If the problem in question violates and state or local building or health codes, your tenant can opt to report you to the local authorities. This could result in a work order, heavy fines, or other penalties.

4. If the problem in question is not repaired in a timely manner and affects the livability of the rental property, your tenant could opt out of his/her lease without warning.

Rental Property Maintenance Tips

1. Heating and plumbing problems should be dealt with as soon as possible, typically within 24 hours after the issue was reported.

2. All other problems should be dealt with within 48 hours after the issue was reported.

3. Remember, as a landlord you should always give advanced notice (24-48 hours) to your tenants before entering the rental property. You are not permitted to show up unannounced unless there is an emergency, like a fire or flood.

4. Rental property rules differ from state to state and from city to city. So be sure to consult local codes regarding rental properties in your state and city. You can find this information at your local building or housing authority.

Potomac Valley Management: Your Landover Property Management Firm, specializing in the Maintenance of your Rental Properties

At PVMGT, we provide complete maintenance services 24-hour, seven days a week. This means we are available whenever you need us. If a pipe bursts at midnight, we are here. If your HVAC unit stops working at 3am, we are here. Just pick up the phone and give us a call. We take great pride in providing full service property management, from management and leasing to marketing, tenant placement, rehabilitation, and maintenance.

Potomac Valley Management’s goal is to protect the value of your investment by helping to maintain the property to your standards.

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!

We are here to serve you!

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

Basic Household Maintenance Tips: Preventing Ice Dams

Friday, January 11th, 2013

What is an Ice Dam?

An ice dam occurs after it snows when the roof becomes warm enough for the snow to begin to melt. This melted snow then runs down the roof, under the snow cover, and eventually refreezes along the roof overhang, forming a sort of dam.

ice dams

Why is an Ice Dam bad?

Ice dams block the natural flow of water from your roof, preventing it from ever reaching your gutters. Instead, water builds up behind the ice dam and eventually finds its way under your shingles and into your home.

How can I prevent an Ice Dam?

There are three primary ways to prevent ice dams from forming on your roof:

1. Have a home energy auditor visit your home and identify any problematic air leaks or areas of inadequate insulations.

2. The National Roofing Contractors Association (NRCA) recommends minimizing the amount of heat allowed to reach the roof deck. You can do this by sealing interruptions in the ceiling vapor retarder with air-impermeable materials or by adding a continuous ceiling air barrier.

3. Properly ventilating your attic will help remove excess heat and keep the temperature of your roof deck from rising.

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!

Happy New Year from everyone here at Potomac Valley Management!

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

 

Property Management Tips: Now is the Time to Invest in Real Estate

Friday, December 7th, 2012

property managementHave you been contemplating breaking into the landlording business, but you just can’t make up your mind? Well, now is perhaps the best time to invest in real estate. Home prices are still low, but the housing market is on the upswing.

Now is the Time to Invest in Real Estate

1. Housing Prices: Home prices are about 60% lower than they were just five years ago. But with the market back on the upswing, investing in real estate just makes sense. Landlording can be pretty profitable itself and then when you want to sell your rental home down the road, you should be able to do so at a significant profit.

2. Vacancy Rates: The vacancy rate of rental properties is expected to be very low in 2013, just 4% or lower. And the National Association of Realtors considers any rate under 5% to be a “landlord’s market!”

3. Rising Rent: The above vacancy rates mean that rent prices will be on the rise. Apartment rent is expected to rise 4.6% in 2013, meaning even greater potential profits.

4. PVMGT is here to help! If you are still on the fence, just remember that you don’t have to do this alone. Potomac Valley Management is here to help you manage your rental property. We take great pride in providing full service property management, from management and leasing to marketing, tenant placement, rehabilitation, and disposition of multi-family properties. At PVMGT, we help you maximize the profitability of your rental property!

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!

We provide quality property management at reasonable prices!

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

 

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+.

A Landover, Maryland Landlord’s Maintenance & Landscaping Responsibilities

Thursday, October 25th, 2012

As a landlord, it is your responsibility to not only make repairs when requested (within 24 hours), but to also stay on top of regular maintenance and landscaping issues. Failing to keep your rental property in good shape can have several negative effects. These include:

1. Failing to repair problems in a timely manner can give your tenant the right to withhold rent, repair the problem his or herself and deduct the repair costs from their rent, sue if injuries occur as a result of a poorly maintained rental property, or your tenant can move out without giving notice.

2. You may have trouble filling an unkempt rental property once it becomes vacant.

3. By failing to repair a small problem or conduct preventative maintenance, you could (and probably will) end up spending more money on large repairs and renovations.

4. A poorly maintained rental property will hurt your reputation as a landlord. And in this business, reputation means everything!

To ensure repair requests don’t fall through the cracks and to ensure that you perform preventative maintenance annually, you need a system in place to handle these tasks. And hiring a qualified property management firm can be just the solution you are looking for to help keep your rental property in tip top shape!

Potomac Valley Management: A Landover, Maryland Property Management Firm

As part of Potomac Valley Management’s rental management services, we provide maintenance and landscaping services on an as needed basis for tenants. As a mid-size firm, PVMGT has a vast array of resources and service capabilities which are immeasurable, taking care of your needs from bookkeeping to tenant screening to landscaping contractor oversight.

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 is complemented by a full service professional team who together have a depth of experience in management, leasing, marketing, rehabilitation, and disposition of multi-family properties.

We are here to serve you!

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

 

Basic Household Maintenance Tips: HVAC Maintenance, Inspection, and Repair

Wednesday, October 17th, 2012

The temperature is quickly dropping as fall is now in full swing. This means that winter is right around the corner. Is your HVAC system ready? The only way to know for sure is you call your local HVAC contractor and have them inspect your system.

Although you should leave HVAC system inspection and repair to the professionals, there are still several do-it-yourself HVAC maintenance projects that you can perform.

DIY HVAC Maintenance Tips

1. Air Filters: As a homeowner, you should change your air filters on a monthly basis.

2. Thermostat: Check your thermostat to make sure your HVAC system is working properly. Is your system achieving the set temperature? If not, you could have a problem.

3. Programmable Thermostat: You could also consider installing a programmable thermostat, allowing you to preset temperatures for different times of the day. This will ensure that your heating system only works when it needs to.

4. Vacuum: Vacuum any debris from your furnace blower compartment.

5. Air Vents: Always make sure your supply-air and return-air vents are open and unobstructed to ensure proper air flow.

6. Unusual Behavior: If you witness any unusual noises, or excess heat or water, you may have an issue.

7. Attic Insulation: While not directly related to your HVAC system, your attic insulation, or lack thereof, can affect the energy efficiency of your home. As a general rule of thumb, if you look across your attic and can easily see your floor joists, you do not have enough insulation.

8. Weather Stripping: Like attic insulation, weather-stripping doors that lead to cold or outside areas can help increase the energy efficiency of your home.

If you notice any issues, call a professional HVAC contractor to have these issues fixed before winter. Delaying repairs could cause your system to work inefficiently, costing you every month on your heating bills, and could cause your system to fail prematurely, costing you even more money.

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: Managing your Mortgage

Friday, October 12th, 2012

For homeowners, especially first time homebuyers, managing the mortgage can, at times, be a struggle. But failing to properly manage the mortgage can have big consequences, such as a decreasing credit score or even foreclosure. To help avoid problems, the Real Estate experts at Potomac Valley Management have compiled the following Tips for Managing your Mortgage.

1. Budget: Every household has a different set of expenses. The trick is to familiarize yourself with these expenses and budget accordingly. You will have to manage not only your mortgages, but also the electricity bill, water bill, trash service, cable and Internet fees, and more. Make sure that your budget can safely cover these expenses.

2. Build a Reserve Fund: Unfortunately, surprises happen, from burst pipes and broken water heaters to roof leaks and more. So in order to deal with these unexpected expenditures, we recommend building a reserve fund. This safety net will ensure that you never miss a mortgage payment. We recommend saving 3-6 months of living expenses in a separate account.

3. Avoid Big Purchases: Do not going on a crazy shopping spree in an attempt to furnish your new home. Take things one step at a time. Spend slowly and schedule your big purchases.

4. Pay the Mortgage on Time: Lenders can start foreclosure proceedings after you fall just 60 days behind in your mortgage payments.

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: New Homeowners: 4 Tips for Managing Your Mortgage