A property manager oversees the maintenance and upkeep of a property on behalf of its owner on a day-to-day basis. Nevertheless, he/she can’t be in two places at once, especially if the property in question is more than one or at different locations. Even if he/she goes out of his way to effectively manage the property under his care, the long list of tasks can’t be done by one person.
Commercial property, in particular, is usually handled by a team of professionals for its day-to-day management and maintenance. Simply put, a project management company is a surefire way to oversee maintenance, increase your property’s value and divide the property management workload regularly. This article talks about Philadelphia and Northern Virginia property management companies.
What Is a Property Management Company?
A property management company is an organisation hired by property owners to oversee the overall maintenance of residential, commercial and industrial properties. As the owners’ representatives, they are responsible for safeguarding their clients’ property investments. In addition to handling sales, a Property Management Company
handles leases and rentals. While some property management company rentals are residential, more often than not, they are also properties that serve commercial purposes, as they earn bigger returns for their owners. Therefore, Property Management rentals are maintained and upgraded regularly.
Examples of Property Management Company Rental
Typical property management company rentals include:
- Office spaces and units.
- Shops in Shopping Complexes and Malls.
- Condominiums
- Private Car Garages
- Warehouses
- Storage Units
- Event Centres.
- Land
- Hotels
- Restaurants
How Do I Find a Property Management Company?
Finding an effective property management company does not necessarily have to be a strenuous exercise if you follow the following tips:
- Use the internet to find property management companies near you. Additionally, research the ones nearest or within your property’s location.
- Seek a property manager’s advice or suggestions.
- Research various property management companies’ reputations.
- Investigate property companies’ vacancy rates.
How Do I Choose a Good Property Management Company?
To ensure your residential, commercial, or industrial property is in professional hands, you need to choose a good property management company to handle its overall maintenance. Similarly, one who has been managing properties for a long time has more than enough experience in the business. Below are ways of choosing a good property management company:
Firstly, positive referrals, reviews, and references from past and present clients; secondly, if they possess a stable insurance plan; and thirdly, if the property company is licensed and accredited. Fourthly, the property company’s personnel are trained and certified. And lastly, a thorough research of the property management company’s services.
How Much Does a Property Management Company Cost?
Property management companies carry out several duties for their clients when handling their properties. As such, the cost of hiring them would be astronomical and is determined by the following factors:
- The location of the property, especially if it is in a remote area.
- The Company’s management fee.
- The Size and number of the properties.
- The income generated from property rentals, in which case an agreed percentage of it is paid to the company.
- The type of property being maintained i.e. a residential property or a commercial
property would yield more money. Hence, the higher a property’s income, the higher a property management company’s commission. - The type and amount of services they offer, from repainting to hiring security guards.
Is a Property Management Company Worth It?
The importance of a Property Management Company cannot be overemphasized. As mentioned earlier in the article, a property management company carries many responsibilities under property maintenance. True, they can be expensive, but they’re worth hiring to take care of your property. As a landlord, you may find yourself equipped to deal with the numerous tasks or headaches associated with the property. Hence, a property management company, as your representative, handles the following tasks for you.
- Managing the properties’ maintenance costs.
- Appraisal of the property, to determine its market value or rental price.
- Carries out continuous inspection of the property, seeing to repairs and upgrades.
- Advertise available property rentals and sales.
- Draw up rental, lease or purchase agreements and terms.
- Screens tenants and takes their complaints, requests and suggestions.
- Collection of rent and renewed lease from tenants.
- Eviction of defaulting tenants.
- Keeping records and managing invoices.
- Making sure legal protocols regarding the properties are met.
Since 2021, Philadelphia, dubbed “The City of Brotherly Love,” has been the top real estate market. As a result, property demand is considerably higher than supply; which means Philadelphia property companies fiercely compete with one another to provide eager and ready buyers with houses and commercial properties for their businesses. In Philadelphia, buying a house is more affordable than renting one. However, rentals in neighborhoods such as Garden Court, West Central Germantown, Upper North Philadelphia, Chestnut Hill, and Roxborough range from $2,038 to $1,296.
In Northern Virginia, it has been predicted that the prices for single-family homes will fall with a 0.4% gain after two years of high prices. As for townhomes, sales may drop by 15%, hence the attempts by property management companies: anxious attempts to increase their properties’ market value to obtain buyers. Below are the top Philadelphia and Northern Virginia property management companies
Philadelphia Property Management Companies.
Below is a list of Philadelphia property management companies
#1. Delphi Property Group, LLC
This is one of the property management companies in Philadelphia. Delphi Property Group, a property management company, offers a hands-on approach to investors, property owners, tenants, and investors. Collaborating with real estate experts, they develop and implement long-term master plans for the properties they manage in Philadelphia. They offer the following services:
- Online payment bills;
- Online Tenant Portals
- Risk Management
- Technical Services
- Transition Assistance
#2. Elfant Pontz Properties
Elfant Pontz Properties manages single-family Philadelphia homes, apartments, and third-party-owned rental properties. They focus on reducing vacancies, prompt handling of legal issues, and maximizing rental income on behalf of their clients. In addition, they focus on maintaining the occupancy of every property they manage by offering full-service property management. They offer the following services:
- Evictions
- Rent collection
- Arrange Property listings and showings
- Interior and exterior maintenance and upgrade
- Janitorial services
#3. Elm City Property Management (ECPM)
Elm City Property Management oversees multi-family properties and artisan workplaces in Philadelphia’s metropolitan areas. This well-known Philadelphia property management company focuses on maximizing their clients’ investment returns by maintaining their properties with a lean budget and, at the same time, increasing the property’s value. They believe in three things; regular communication with their clients and tenants.
Secondly, creatively improving the tenants’ experiences with the properties they leased or rented. Lastly, staying up to date with current trends will keep the properties they manage as modern as possible, thus increasing their value.
#4. New Age Realty Group, Inc. (NARG)
Established in 1986, New Age Realty Group leases and manages property in the city’s metropolitan areas and is regarded as a full-service Philadelphia property management company. They are responsible for several hundred rentals and lease units made up of residential and commercial properties in many Philadelphia neighbourhoods. In addition, NARG aims to provide exceptional customer service in every aspect of property management. The services they provide include:
- Renewal of Leases.
- Apply marketing tools to advertise the property.
- Schedule Appointments between owners and buyers.
- Collection of Rent.
Northern Virginia Property Management Companies
Below is a list of Northern Virginia property management companies
#1. Bay Property Management Group
This Northern Virginia property management company provides quality services via their excellent team of skilled project managers, who thoroughly understand the real estate industry in Northern Virginia. Clients are assured of stress-free management of their properties. The group guarantees:
- A six-month tenant eviction warranty.
- Low property management fees.
- Speedy rent collection.
#2. Circle Property Management
Circle Property Management is unique in the sense that it is a family-owned business. Their mission is to deliver efficient management services by utilizing tenant relationship management technology to improve property maintenance. Interestingly, they don’t charge fees for processing, cancellation, or final inspection.
They do, however, offer their clients the option of a 30-day cancellation notice. Their Northern Virginia property management team has been serving the real estate community in the DC metropolitan area since 1986 and managing residential properties since 2008. They offer the following services:
- Property Management
- Vacancy Marketing
- Screening of Tenants
- Rent Collection
- Eviction Protection
- Personalised Services
#3. Peake Management Inc.
Peake Management specialises in the management of high-quality Northern Virginia residential properties, such as single-family homes, townhomes condominiums, as well as commercial properties. They provide their clients with local and international – excellent customer services; making ownership of investment property as easy as possible, as excellent and regular communication. With a well-established team, Peak Management Inc. has been in operation since 1982. They provide the following services:
- Screening of tenants
- A thorough property inspection every six months
- Coordinate regular repairs
- Comprehensive online monthly statements and invoices
- Drafting of lease agreements and their terms.
#4. Pearson Smith Realty
Pearson Smith Realty is a locally owned Northern Virginia property management company; one of their specialities is using technology to analyse properties’ rent prices, free of charge. They believe in using their knowledge of what renters want to optimize clients’ properties and maximize their income. Their services include:
- Property Marketing
- Overall Property Maintenance
- Property Inspection
- Legal Guidance in changes and legal ordinances
- Rent Collection
- Eviction of Defaulting Tenants
Conclusion
By hiring a reputable property management company, your property is in safe and professional hands. The more its maintained, the higher its market value and leaves you smiling to the bank. A property management company would carry out every single thing that needs to be done on a property, be it residential or commercial, including legal and tax issues; leaving owners, tenants, and investors satisfied.