Real Estate Investing and Property Management

 Residential property management in West Chester, PA involves serving two different rental communities.

The first community includes students who attend West Chester University. As certain geographic areas of West Chester do not allow student rentals, it is very important that you make sure what part of town your investment property is located. Student housing is very time consuming for property managers and requires extra man hours to serve their needs. For example, with student housing we get calls to change light bulbs, remove snow or ice, clean rooms and many other requests that we typically do not get from non-student tenants. As an investor you want to make sure that you have a property management company in West Chester, PA lined up to handle these issues or be prepared to handle them yourself.

Also, with student housing you will get a lot of turnover and most students stay one year and move out. So be sure to plan high tenant turnover when considering investing here.

The second community in West Chester, PA is non-students. This may include individuals that live in this very popular community or in some cases people that work at West Chester University. These types of tenants tend to be more mature and easier to manage the properties in which they reside. Additionally, they tend to pay rent on time and do not need nearly as mush maintenance or attention. As an investor this may be the better option, but these types of investment properties tend to cost more per unit.

The good news is non-students may live in your investment property for many years and reduce your vacant time.

West Chester, PA is a very popular community with lots of shops and restaurants in the downtown section. West Chester, PA is also the home of QVC, one of the largest employers in the area.

This town continues to be a very hot market for both sales and rentals. The average sales price for home as of November 2018 is $414,100. The average sales price is up 3.4% over the last year. The rental market is also seeing nice price appreciation. The average rental is $2,242 per month and is up 1.5% over the last month. This compares to the average rental in Philadelphia of $1,581 and nationally of $1,449. Given the strong popularity and strong employment in the area I would suggest this a great place for real estate investors to look for investment properties and above average returns.

Some of the Things You Should Consider When Choosing a Property Maintenance Company

 All types of buildings require maintenance. Whether residential or commercial, it is very important to take care of the property so as to have it in shape for many years to come. You therefore need a professional service provider so as to guarantee quality at all times. The company can conduct routine cleaning, emergency repairs, and so on. You need to be careful when making a choice to avoid unnecessary damages.

When making a choice, you should ensure that you end up with the plan that suits you best. In many cases, you can enter into a contract with the company in question. You also need to choose between the short term and the long term kind of contracts. In some cases, there are some benefits that may be associated with the long term kind of contracts and you may find that they are much gentler to your pocket. A reliable company should eliminate your worry and do a satisfactory job.

Some of the things worth considering include:

Experience

It is important to check just how long a company has been in operation. While the duration doesn't always give the whole picture, it is highly unlikely that a company will still be up and standing for a long time if they offer substandard services. If you are looking for a long term contract, it is essential to find out how the company recruits its workers so as to be certain that they are indeed most suitable for maintenance.

Having a company that has been in the industry for quite some time may mean that they are indeed the perfect option for you. They will know most of the problems that face buildings and therefore will deal with them effectively as they arise.

Client portfolio

A good company should have a client portfolio in existence. Such clients will help you decide what kind of company you are actually dealing with. You can tell whether they are professional or not and whether they can handle your kind of building. Where there are a great number of clients, it means that the company is indeed a favorite among many and therefore is a reliable option.

Reviews

This is one of the most effective methods that you can apply. Customer reviews are available online. Going through the reviews can help you choose the perfect company before you hire. You can gauge whether they can meet all the requirements that you may have.

Proximity

Some of the repairs and maintenance that you may need can be urgent and therefore may need immediate attention. As such, you need to find a company that is near you and one that can respond in the shortest time possible even with short notice. This can only work out of the company you select is close to you. Consider this too.

Terms of the Agreement

You need to consider quotation; duration of service, number of times the maintenance will be carried out, as well as the kind of services that are included. You should also know the obligations that you have to the company. These are terms that need to be clearly understood so as to ensure that your contract runs smoothly.