Real Estate Investing and Property Management in West Chester PA

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.

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Real Estate – Tips and Tricks

Irrespective of any kind of business investment, the first concern that would arise in mind of investor is safety of the investment. As a result of development in fast paced market, one can’t be sure of better returns on his investment. On the other hand, an investment in this business is regarded as safe and profitable business at all times. In here there are no or little chances of an investors losing on his asset. The returns on investment depend upon the choice of area, property background and locality.In order to do business, any person who has background of managing a business can jump into field. Definitely he would have an edge on others when it comes to dealing with potential customers. Here he would need proper guidance and knowledge about real-estate properties in his concerned location. Once after starting and closing real estate business deals, the investor would gradually gain confidence and required skills. In order to achieve long term success, the investor will have to be committed and take initiative. ¬†Like in other kind of business, solid start is very much essential in real estate business too. It would be better to get assistance from expert ¬†agent or broker for experience sake. If possible learn the tricks and tips from experts in business. Afterwards get accustomed with real estate terminologies, advantages, disadvantages and most common mistakes made in business. In addition the business opportunity offers variety of options in investment.Investments in real estate business would definitely yield better profits over a period of time. Here the investor should remember that this is a not a short term venture but it’s a long term venture. By sticking on to a business for considerable amount of time, one will be able to achieve his business goal without any hassles.

Tips To Hire The Right Real Estate Agent

Whether you are purchasing or selling a home you will want to work with the best agent you can. A good Realtor is familiar with real estate law, how to negotiate and all the forms and details that are involved in a real estate transaction. You should select someone you have been referred to by a friend or family member who has worked with them before and is satisfied with their experience. Tips to hire the right real estate agent will be reviewed here.When speaking to an agent ask them what experience they have, how long have they been selling real estate and if they specialize in residential and commercial or just one or the other. Find out the areas they specialize in and choose someone with a wide range of knowledge and locations. Maybe you are seeking someone who has experience in condominiums. Check their references and see if their colleagues have recommended them. Someone who will listen to you is very important, pay attention to their listening skills.One of the first things you should determine is if you are comfortable talking to them. Do you communicate well. This is important as you will be in contact quite a lot while in negotiations and they will be representing what you want. Find out about past performance such as what a home was listed for and what it sold for. Ask how long it was on the market.If the company they work for has a good reputation it is likely the agent will as well. Find out what their brokerage offers as marketing to see what they will be doing to sell your house if you are selling. If you are buying you will need someone who will get all the details about the homes you preview.Each state has licensing boards, get their license number and research them for anything they may have on record. Here is where you will find out if there are any complaints or disciplinary actions against them. Go to a lot of open houses and meet as many agents as you can, this will allow you to see a property and how it is marketed as well as talking to different agents from different companies.Someone who has been chosen as top producer will be someone you will want to work with. These endorsements are usually posted in the local newspaper in the first month of the year. These agents are judged by their peers.Choose someone with the credentials that are important to you. Some agents will take additional training to specialize in a certain market. Check to see how long they have been selling real estate.Tips to hire the right real estate agent include looking at what they currently have listed, ask for comparable properties in the area and get referrals. You will want to find someone who is on top of the market trends and knows the area they sell in very well for example you will expect an Ajax real estate agent knows well about Ajax as well as Durham region. Interview them well and draw your conclusions from your conversation, find someone who has an interest in what you want and gives you honest feedback.