Arbors Management, Inc. Partners with the new Ownership Team of Towne Towers Apartments

Arbors Management, Inc. Partners with the new Ownership Team of Towne Towers Apartments

By: Andrea Faulk

Arbors Management is well-known for its impressive and consistent growth year after year. Recently, they have partnered with the new ownership team of the Towne Towers building in Oil City, Pennsylvania, as part of their latest expansion efforts.

This collaboration aims to implement significant enhancements to the building and the surrounding community. With over 40 years of expertise in property management, Arbors Management is dedicated to preserving and improving Affordable Housing in Pennsylvania, West Virginia, and Ohio.

In July 2022, Arbors Management, Inc. assumed management of Towne Towers. Since then, numerous positive changes have been introduced, including the hiring of full-time office and maintenance staff to better serve residents.

In collaboration with the new ownership team, Arbors Management, Inc. plans to invest more than $2,000,000 in renovations and upgrades for the building. This initiative aims to enhance the living experience for both current and prospective residents.The planned upgrades include:

  • A new roof
  • Modernized elevators
  • An upgraded fire panel
  • New kitchens and bathrooms
  • Full building Wi-Fi
  • A new camera system
  • New HVAC systems
  • Improved accessible units
  • And much more!

Towne Towers is a 100-unit Project-Based Section 8 apartment complex designated for elderly and disabled individuals, conveniently located in the heart of Oil City, Venango County. To learn more about Towne Towers, please visit our website.

If you are interested in becoming a resident of Towne Towers, feel free to call 814-676-9315 or email TowneTowers@Arbors.com.

Investing in Real Estate? The Case for Professional Property Management

Investing in Real Estate? The Case for Professional Property Management

Investing in Real Estate? The Case for Professional Property Management

By: Andrea Faulk

Real estate investment is often heralded as an excellent avenue for generating passive income. However, the reality of being a landlord can quickly turn that “passive” income into an active and demanding endeavor. Managing properties involves a multitude of tasks that can be both time-consuming and stressful. This is where a professional property management company can become an invaluable asset for investors.

Here’s a deeper look into why experienced investors often choose to partner with property management experts:

1. Expertise and Efficiency for Optimal Returns

  • Tenant Screening and Placement: Finding reliable tenants is crucial. Property management companies use comprehensive screening processes, including background and credit checks, employment verification, and rental history evaluations, to ensure quality residents occupy your property.

  • Optimal Rental Pricing: Setting the right rent requires a delicate balance. Property management companies conduct thorough market analyses to competitively price rentals, maximizing income while minimizing vacancies.

  • Effective Marketing: Ensure that marketing reaches the right audience to successfully fill vacancies with the ideal candidates.

2. Time Savings and Stress Reduction

  • Delegating Day-to-Day Operations: Managing a property can feel like a second full-time job. A property management company handles everything from maintenance calls to rent collection, freeing up your time for other ventures.

  • Streamlined Processes: Property management companies establish efficient systems for rent collection, maintenance requests, and accounting. They often offer online portals for tenant payments and financial reporting.

  • Peace of Mind: Knowing professionals are handling all aspects of your investment offers peace of mind, allowing you to enjoy ownership benefits without the headaches.

3. Protecting Your Investment and Minimizing Risks

  • Legal Compliance: Landlord-tenant laws are complex and ever-changing. Property management companies stay informed on legal requirements, ensuring compliance and reducing the risk of costly lawsuits or penalties.

  • Preventive Maintenance: Regular inspections and proactive maintenance are vital for preserving property value. Property management companies schedule routine maintenance and address repairs promptly, often with access to discounted contractor rates.

  • Dealing with Difficult Situations: Property management companies have the experience to handle challenging situations like late rent payments or evictions, minimizing financial losses and emotional strain.

4. Enhanced Tenant Retention and Satisfaction

  • Prompt Responses to Needs: Quick response to tenant concerns and maintenance requests leads to higher tenant satisfaction and retention, reducing turnover and vacancies.

  • Improved Tenant Relations: Professional and consistent tenant interactions foster positive relationships, leading to longer tenancies and a stable income stream.

In summary, although self-management may seem like a cost-effective option, the time investment, legal liabilities, and risk of expensive errors can outweigh any perceived financial benefits. Engaging a professional property management company enables you to utilize their expertise, enhance operational efficiency, safeguard your investment, and optimize your returns, all while enjoying a more passive income stream. A property management company can truly become your most valuable asset.

If you need help managing your property, that’s what we’re here for! Please reach out to us at 1-800-963-1280 or at monroeville@arbors.com.

ARBORS MANAGEMENT, INC. WELCOMES FIRST-TIME MANAGEMENT IN OHIO

ARBORS MANAGEMENT, INC. WELCOMES FIRST-TIME MANAGEMENT IN OHIO

Arbors Management Expands to Ohio- We are thrilled to share the news of our recent management of two new Senior/Affordable Housing properties: Carroll Court and Franklin Terrace, situated in Carrollton and Strasburg, Ohio. This represents Arbors’ first management venture in the state of Ohio, and we are immensely proud of our continuous growth and accomplishments.

Situated in Carrollton, OH, Carroll Court features 60 single-story, garden-style units featuring one and two bedroom units.  This property sits in a beautiful setting with a wonderful community building, and plenty of outdoor space, along with storage units for each apartment.

Just a short drive away, in Strasburg, Ohio, lies Franklin Terrace Senior Apartments. This community features garden-style units, offering a total of 79 one and two bedroom apartments. Each equipped with private patios perfect for relaxation, along with a spacious community room for gatherings.

With new ownership and management in place, these properties will undergo nearly $1.5 million  dollars in upgrades over the coming twelve months including new roofs, new parking lots, new kitchens, accessibility upgrades, mechanical upgrades, community room upgrades, and more!

Since 1982, Arbors Management, Inc. has developed a portfolio of over 4,000 residential units, encompassing both Market-Rate and Affordable Housing, throughout Western PA and West Virginia, and now Ohio. We are eager to continue growing in all regions. Everyone at Arbors Management is excited about this expansion and looks forward to what the future holds!

If you’d like to explore how Arbors Management can help you manage your property, please visit our website to learn more about our services at our website.

4 Affordable Ways to Enhance Your Rental Property’s Curb Appeal

4 Affordable Ways to Enhance Your Rental Property’s Curb Appeal

4 Affordable Ways to Enhance Your Rental Property's Curb Appeal

4 Affordable Ways to Enhance Your Rental Property’s Curb Appeal

By: Nicole Scimio

Whether your rental property has curb appeal or not is incredibly important. 

It can significantly impact how many applicants you draw in, who you attract, and even the amount you can charge for rent.

But with an investment property, it can be hard to keep up with appearances.

Trends change, things wear down – time takes its toll on a place.

Sometimes, a full renovation sounds great but just isn’t within your budget.

Not to worry, though!

There are plenty of ways to kick your property’s curb appeal up a notch – and with Spring finally here, now’s the time!

We’ve gathered up a few inexpensive and minimally involved ways for you to update your rental property without breaking the bank.

 

Tip #1: Replace Old Hardware

Refreshing your hardware doesn’t have to be difficult or expensive!

Is the doorknob or door knocker starting to delaminate from years of use and weathering?

Run to your local hardware store, pick a metallic finish that complements your property’s color scheme, and grab some new hardware in matching finishes.

You can also consider updating the porch light fixture and house/unit numbers in a matching finish!

 

Tip #2: Landscaping Refresh

First thing’s first: cut the lawn, pull weeds, and trim any shrubs you may have.

Add fresh mulch and some beautiful flowers in your landscaping.

You can even plant perennials – flowers that will appear every year. A few examples of perennials include peonies, poppies, black-eyed susans, irises, and more.

You can even consider putting together planters at either side of the entryway to give off a welcoming and homey look.

If you’re looking to take your outdoor revamp even further, add small solar-powered lanterns along the walkway. These are low maintenance and don’t require upkeep or constant battery changes, but add ambience and better sight of the walkway in the dark.

Landscaping can get expensive, but these tips are a fairly quick and low-cost way to revamp your property’s curb appeal.

 

Tip #3: Add a Fresh Coat of Paint or Stain

Sometimes a fresh coat of paint is all it takes! 

Adding a fresh coat of paint or stain on your property’s front door, shudders, and decking if applicable. This small change can make your property look brand new without needing to paint the entire exterior!

Repaint or resurface your mailbox. Sometimes something as small as updating the mailbox you already have can make a world of a difference!

While painting or staining can be time consuming if you opt to do it yourself, the difference it makes is significant! The few hours or days you’ll spend on it will certainly be worth it.

 

Tip #4: Clean!

Don’t underestimate the power of a good deep cleaning!

Declutter the outdoor area, removing any unnecessary items, picking up any garbage that could have blown through, etc.

You can also powerwash your property’s walkways and driveway. This simple step will make any concrete surface look brand new, and is incredibly satisfying!

Algae growing on your property’s roof or siding? Consider hiring a professional to wash the surface of your investment property and bring it back to life – the difference is massive.

 

Curb Appeal Can Be Simple

Updating your property’s curb appeal doesn’t have to be intimidating or expensive!

These few tips can help you refresh your property and attract wonderful residents in no time.

If you need help managing your property, that’s what we’re here for! Please reach out to us at 1-800-963-1280 or at monroeville@arbors.com.

What Are the Consequences of Breaking a Lease?

What Are the Consequences of Breaking a Lease?

What Are the Consequences of Breaking a Lease?

By: Brady Merkle

Title image that reads "What are the Consequences of Breaking a Lease?"

 

What is a Lease?

When renting an apartment or home, the future occupants and the landlord will need to sign a lease before move-in

A lease agreement (lease) is a legal document that binds parties to an agreement in which the resident is required to pay to live in housing provided by the landlord. The lease specifies the terms and conditions that both parties must adhere to for a specified period.

Here at Arbors, our lease signing process takes place online for the majority of our market rate units! 

Once an applicant has been approved, our management team will send over the lease to the resident through our online portal. This allows our residents to sign and agree at their convenience – it’s simple and easy!

 

What Does “Breaking a Lease” Mean?

Sometimes the agreements made in a lease are not always followed, whether it be the fault of the occupant(s) or the landlord. When this occurs, it’s called “breaking a lease.” 

Breaking a lease means that a party terminated the agreement before the end date of the specified term. The most common lease break is when a tenant moves out of the rental before the end of the lease. 

Other instances of lease-breaking can include property damage, failing to pay rent, etc.

It’s also important to note that there is a difference between ‘violating’ and ‘breaking’ a lease.

A violation is less severe and occurs when one of the parties does not adhere to a specified portion of the lease. Examples include not maintaining housekeeping standards or disrupting other residents’ enjoyment of the property (ex: playing loud music late in the evening). 

Multiple lease violations will often result in the landlord evicting the renter from the home.

 

What are the Consequences of Breaking a Lease?

While different management companies or landlords may have different penalties in place, breaking a lease often has financial and/or legal consequences. 

For example, if a resident breaks their lease, the landlord may withhold the security deposit and charge additional fees.

Oftentimes, landlords charge fees in order to recuperate the unforeseen loss of income they incur with an unexpected move-out.

Additionally, fees can be charged to cover the cost of repairs for any damage caused to the unit.

These fees are typically depicted in an early termination clause within the lease.  

 

Are the Consequences the Same with Every Landlord?

Every lease is unique. The fee structure may differ from one apartment, landlord, or property management company to another. 

If you’ve rented from more than one landlord, you’d likely see differences between those leases if compared.

It’s crucial for all parties to thoroughly read and understand each lease they sign. Never assume that all rental agreement terms are the same!

All parties being on the same page will help avoid confusion and conflict.

Regardless of the structure of the agreement, a serious violation or multiple small violations of the lease can result in eviction from the property. 

 

Will Breaking a Lease Hinder My Ability to Rent in the Future?

The application and approval process that many landlords conduct include credit checks and inquiry about rental history. This often includes references from the applicant’s previous landlord(s).

When the landlord of the unit you’re applying for reaches out to any of your previous landlords, any break of lease or unpaid rent may be revealed through their conversation. 

A lease break or eviction is arguably the most significant red flag for landlords during the applicant screening process, often leading to denial.

 

All in All…

It is crucial for both parties to thoroughly read, discuss, and understand all of the terms of the lease at hand.

Whether you are a renter or landlord, be sure to honor the lease that you signed to the absolute best of your ability.

It’s the right thing to do, and it’ll save you from dealing with legal, financial, and even social repercussions.

If you’re unsure about a portion of your lease, talk to your landlord. They are there to work with you and want you to understand your lease! 

If you have any other questions about leases or property rentals, we’d be happy to chat!

Reach out to us here at Arbors Management, Inc. at 800-963-1280 or Monroeville@arbors.com.

Is Renters Insurance Worth It? Why or Why Not?

Is Renters Insurance Worth It? Why or Why Not?

Is Renters Insurance Worth It? Why or Why Not?

By: Trisha Jester

Blog cover photo asking the question "Is Renters Insurance Really Worth It? Why or Why Not?"

What Is Renters Insurance?

If you’ve ever rented an apartment or home before, you’ve likely run into the phrase “renters insurance.” Renters insurance is often required when renting a dwelling place; what exactly is it, though? 

Renters insurance is an affordable way for you to protect your personal belongings in the event that there should be some type of emergency in your unit or building. Just like any other type of insurance (medical, car, homeowners, etc.), it is designed to protect and benefit the policyholder, should any emergency under the umbrella of coverage occur.

 

Is It Required When Renting an Apartment or House?

Here at Arbors Management, yes, renters insurance is required. Our market-rate units require that you obtain a policy for the safety of both the resident and their belongings as well as sometimes insuring the property. As mentioned in the definition, in the event that there is an emergency in the building or the resident’s unit, the resident’s renters insurance policy will cover the cost of personal items lost in said emergency.

What about for residents in Section 8 or Affordable Housing? The United States Department of Housing and Urban Development (HUD) does not permit us to make renters insurance mandatory on our Section 8 side, but it is highly recommended. Unfortunately, emergencies can happen at any property at any time. Because of this, it’s strongly encouraged to secure protection of your personal belongings, even in Affordable Housing.

While we can’t speak for other landlords, you will likely find that most landlords require renters insurance across the board. No matter who you rent from, be sure to inquire with your property manager about their policies on the matter.

 

Am I Responsible for Securing the Policy Myself?

Yes, you are responsible for securing it yourself. This is a personal policy that the resident is responsible for, not the landlord. While it may feel like a hassle, these policies are generally inexpensive. Oftentimes, policies cost less than $150 per year! The great thing, though, is that this relatively low expense can cover thousands of dollars of loss. 

In order to obtain renters insurance, you can reach out to your current insurance agent that handles any other policies you may have. If they are unable to obtain a policy for you, they will likely be able to put you in contact with someone who can. You can also reach out to your landlord, as they may already have an agent that you can work with.

It also is important to note that your policy goes with you! If you move out of the apartment you originally purchased insurance for, you can transfer it to your new address. Be sure to reach out to your agent during your move to have your policy updated!

 

What are the Risks of Not Having Renters Insurance?

While securing a policy for your rental may seem unnecessary, there are risks in not doing so. Unfortunately, if your landlord has a fire or water break in the building that leaks into your unit and your belongings get damaged, the landlord’s insurance will not cover your personal losses. The landlord’s insurance will only cover the building structure itself.

Along with loss, you could potentially face fees for not securing a renters insurance policy. As mentioned above, Arbors Management, along with the majority of other property management companies and landlords, require residents to obtain a policy. If residents fail to do so, they could incur penalty fees, eviction, or even a lawsuit from management.

 

So, Is Renters Insurance Worth It?

Absolutely – renters insurance is worth much more than the small annual fee you pay. Depending on the policy, you could also have coverage for a hotel stay if there is damage to your unit that leaves you displaced. Most landlords won’t pay for your displaced housing, so having that backup is crucial.

Depending on your policy, other structures you have may also be covered such as a storage unit that you rent. For example, my son lived in New York City and had renters insurance. A storage unit he rented in Pennsylvania was broken into and had many items stolen; his renters insurance cut him a check for his lost items. With that, it’s also important to take photos of your personal items. These photos will provide you with evidence and an inventory of your items in case you suffer a loss. 

If you have any questions about renters insurance or if you’re an investor looking for a reliable property management company in Southwestern Pennsylvania and surrounding areas, we’re here to help. Reach out to us at monroeville@arbors.com, 1-800-963-1280, or through this contact form to book a free consultation today!