Posts Tagged ‘property management tips’

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+.

 

Tips for Hiring a Qualified Contractor in Prince George’s County, Maryland

Wednesday, October 3rd, 2012

Hiring a contractor can be a real hassle. 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. It is no easy task.

Luckily, we have compiled a list of Tips for Hiring a Qualified Contractor.

1. Narrow Down your Options: First, narrow down your potential contractors to the top 3-5.

2. Get an Estimate: Next, call each of your potential contractors and schedule on-site estimates. Make sure you get these estimates in writing. And never trust over-the-phone estimates. Most importantly, never choose a contractor solely based on price. This is just one part of the puzzle.

3. Background Check: How long has the contractor been in business? Is this his full time job or does he do contracting work on the side? Can he provide you with any referrals or a list of past clients you can contact? You can also check with the Better Business Bureau to make sure the contracting firm has no unresolved consumer complaints.

4. Insurance: It is very important that your potential contractor be insured. Otherwise, you may be held liable for anything that goes wrong during construction, including employee injuries.

5. Get Everything in Writing: To cover all of your bases, make sure there is a well written contract that includes costs involved, details of work to be done, construction timetables, project guarantees and warranties, other expectations, etc. Have a lawyer review this contract and make sure you have a copy.

Don’t want to go through the hassle of hiring a qualified contractor? Then trust Potomac Valley Management!

We provide a number of options specifically tailored to your needs. We take care of everything from bookkeeping to tenant screening to hiring qualified contractors, and much more. Let us take the stress out of renting your home with our property management services.

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!

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+.

 

Finding Tenants in Landover, MD :: Benefits of Property Management Firms

Friday, September 28th, 2012

When it comes to landlording in Landover, Maryland, one of the hardest tasks you have is finding good quality tenants to fill your rental property. This is not only important to ensure a good tenant-landlord relationship, but you also have a responsibility to your other tenants to fill your rental properties with reputable occupants. To accomplish this, you have several options. You can spend hours upon hours, days upon days, and weeks upon weeks screening and interviewing tenants or you can rely on a property management firm, like Potomac Valley Management (PVMGT), to do this for you.

PVMGT has the experience you need to ensure you fill your rental property with the highest quality tenants you can. We have seen thousands of applications before and know how to quickly sort through candidates, analyzing information and identifying warning signs.

The Benefits of Tenant Screening from PVMGT

There are several benefits to using a professional property management firm, like PVMGT, to screen your tenants. The tenants PVMGT finds generally pay rent on time, rent longer, leave the rental unit in good condition, and cause next to no problems. But that is just the beginning. Other benefits include:

  • Minimize Risk:  Tenant screening is crucial in ensuring that you are safeguarded against potential fraud. While tenant screening cannot always guarantee the best possible tenants, it can help weed out previously known midnight movers, evictees, and lease defaulters.
  • Avoid Legal Troubles: The eviction process is long, expensive, and something every landlord would rather avoid. However, the only way to avoid eviction is to ensure you fill your rental property with quality tenants.
  • Keep Existing Residents Happy: As we mentioned earlier, you also have a responsibility to keep your existing residents happy. Tennant screening helps you find tenants who are unlikely to pose a threat to other nearby residents, creating a safer rental environment.
  • And much more!

As a landlord, the only real protection that you have against bad tenants is due diligence and tenant screening.

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, LLC has been providing association management and maintenance services to the Washington-Baltimore area since 2004.

Potomac Valley Management (PVMGT) manages and maintains various condominium and homeowners associations as well as rental commercial properties throughout the region. 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.

And we are here to serve you!

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