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belltavernproperties

Pro

Property and Rental Manager, Real Estate Salesperson - Pennsylvania, Pennsylvania Real Estate Salesperson (10 years experience)

Specialties:
Property Management

Advice

  • (6 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

What tenant screening services should I use?

Answer

Smartmove is good and efficient.  Make sure to collect a payment for the cost of it from the prospective tenant.  You don't want to spend all of your own money disqualifying people.  If you have any other questions, we're a local property manager and are more than happy to help or answer....

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what is the yearly rental increase for chester county pa

Answer

Rents don't always go up!!! But on average, in Chester County, we've seen rents increase 5% from 2009-2012.  This year, many folks will be looking to buy again so I think we'll be flat, but who knows with the economy.  One thing is for certain, don't forget to account for the costs of marketing and vacancy.  A quick rule of thumb is to consider two months rent during turnover plus maintenance costs.  

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Do I need a rental or leasing license?

Answer

In most states, the determining factor in licensure is if you will be handling someone else's money (rents, deposits, etc) or if you will be doing the negotiation of a lease.  If so, get a license.Speak to an attorney or the Department of Revenue in your state to be sure.  The easiest way to not have a license is to only receive the compensation from the Landlord, meaning they receive payment first and then pay you, then you are providing services without negotiation or handling other peoples money.  However, you'll probably need a different license and some insurance as well.  Good luck.

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How do I list a rental home on Zillow and do I have to have a property manager?

Answer

You don't need a Property Manager, but having one does pay for itself.  You typically gain higher rents, better tenants, less maintenance and vacancy costs, and most importantly, you get to keep your time.  For the rookie landlord, you'll quickly spend a lot of time learning.  You can expect to pay one month's rent to find and qualify a tenant and 8-10% of the rent to manage the property on a monthly basis.  Both are tax deductible which means you can expect to get 20-25% of that cost back against your W-2 income, depending on your income level.  Good luck!

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How do I edit the lease length and add a laundry room?

Answer

To change the lease length, you have to first make sure your current lease has expired, or at the least and if it hasn't, then discuss with your tenant verbally and agree to change the lease.  If they are amenable, then create an addendum to the lease and have it executed by both parties.  It's pretty easy and can be done by yourself.Adding a laundry room is a little more complicated and depends on if your adding size or increasing the structure.  If so, then talk to your local government about permits and a contractor to do the work.  Make sure it is worth the return on your investment.The best place to go to see if you are getting a fair price with contractors is to check the RS Book of Means.  It's the national average guide to contractor prices for both materials and labor.  

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