Welcome Back Readers! This week we have the beginning of our guest columns from Sam Gorgone, Property Manager/Owner of Hometown Property Management Services. Sam gets alot of questions, from landlords looking for help renting to tenants looking for apartments or homes to rent in Lancaster Pa. We thought it would be helpful to you to put these questions out there one the blog, lets start with the biggest one, what exactly is property management? Read on after the jump to find out!
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More than once a week someone will ask what it is that I do. In response to my answer of “I work in Property Management”, many times I receive what could only be described as the tilted-head confusion of an individual seeking a more detailed explanation.
After countless conversations like this, it was evident that there are a lot of folks out there that don’t fully understand what property management is – or, just never really thought about it before.
What is a property management company and what does it do?
Property management firms are licensed real estate agencies that handle the leasing and management of residential and commercial property. They enter into a contract with a property owner and charge a fee to place tenants into vacant apartments or commercial spaces. They conduct background checks on prospective tenants and prepare leases and other documents. Especially in residential circumstances, a property management firm charges a monthly commission to serve as landlord for the property and acts as the direct contact for the tenant and the local municipality. They collect the monthly rent from the tenant, deduct expenses and send the property owner the remainder along with a monthly statement.
It is typical for a property management firm to pay bills associated with the property on behalf of the property owner such as water, sewer, trash and other utilities. Property management firms also routinely dispatch repair work to the property and coordinate the repairs as well.
What are the reasons to hire a property management company?
1) The most common reason a property management company is hired is when a property owner does not want or does not have the time or capacity to be involved in the operations of their investment. Some owners prefer to be involved in some aspects (like repair work or improvements) but don’t want to handle other aspects such as advertising, showing the unit, collecting the rent, preparing the lease, enforcing the lease and interacting with the tenant. While property management companies can do all these things and more, they are also flexible to base their services on a client’s specific needs.
2) At times a homeowner will relocate and choose to rent their home instead of trying to sell it. In Lancaster, if the owner does not reside in the county, it is required by ordinance for the owner to have a person or company within the county be registered as “Responsible Agent” with the municipality. In addition, Pennsylvania law prohibits anyone without a real estate license to engage in working on behalf of another in real estate transactions, such as leasing, selling and buying. All of these items are trending to be a common reason for property owners to turn to property management agencies to fill the Responsible Agent role.
How do you choose among all of the property management companies out there?
Quality is key. Hiring a reputable property management company means lower costs to the owner because quality firms hustle to fill vacancies fast – meaning less lost revenue for the owner – they also strongly vet potential tenants, which equates to fewer problems with delinquency and damages and many times results in longer tenancy. Most agencies’ fees and services are relatively competitive with each other. Therefore, make sure you understand the business; ask how many properties they manage, where those properties are located, how they screen tenants, how many vacancies they currently have and how long it takes for them to place tenants. Ask how the firm communicates with its tenants and clients; by phone conversations, mail, email, text messaging? In the end, you want to find an agency that has the ability to be focused on your individual property, providing solid customer service and using current communication methods.
Hometown Property Management Services, LLC is a Pennsylvania-licensed real estate agency offering a unique consumer-based, community-focused and fresh, updated approach to the rental industry in the Lancaster area. Feel free to give a call, visit the website or send us an email for any property management or general real estate-related questions or needs.
Sam Gorgone
Hometown Property Management Services, LLC
26 Millersville Road
Lancaster, PA 17603
717-330-7770
Facebook: www.facebook.com/hometownpms
Twitter: www.twitter.com/hometown_props
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As Sam said, when selecting a property manager quality is key and Sam is one of the best! If you need a property manager in Lancaster County Pa, call Sam Gorgone at Hometown Property Management Services.
As always, I’d like you to be part of the conversation, so if you like what you read here please comment, forward this post to your friends and subscribe!
If you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-291-1041!
Search for Lancaster County Homes for sale at www.JasonsHomes.com by clicking here!
