by Nicole Scimio | Jun 20, 2024 | Blog, Investment Rental Property, Low Income Tax Credit Housing, Owner Resources, Project Based Section 8 Housing, Property Management Education, Tenant Education
The Differences Between Market-Rate and Affordable Housing
If you’ve been involved in the housing industry for any period of time, you’ve probably heard the terms “market-rate housing” and “affordable housing.” But what exactly is the difference between the two? Don’t worry, we’ll break it down for you.
Market-Rate Housing
Market-Rate Housing is also known as conventional housing. This just means that the property does not have any type of subsidy, and the resident pays the full amount of the rent that is determined by the market.
Attributes of Market-Rate Housing:
- The lease terms are customizable
- No restrictions on additional services and fees you are able to provide to the tenant
- You can non-renew a lease for any reason
- The rent is not guaranteed (residents may or may not pay, might be late on rent)
- Late payments/refusal to pay could lead to eviction
- You can create your own screening criteria
- There’s no limit on the rental amount that you can charge
- Rent is dictated by what someone is willing to pay for the unit
If you want to check out our available market-rate properties, click here.
Affordable Housing
Affordable Housing is also known as subsidized housing, meaning that the property is receiving a subsidy from a governmental agency whereby the resident is only responsible for a portion of the rent. This portion of the rent that they owe is typically based on their income.
Attributes of Affordable Housing:
- Lease terms are subject to the agency issuing the subsidy
- The rental subsidy payments may be subject to property inspections from the agency
- You are limited in reasons for non-renewing a lease
- The rent is guaranteed by the agency issuing the subsidy
- Your screening criteria is also dependent on the agency that’s issuing the subsidy
- The rental amount is dictated by the agency that’s issuing the subsidy
- There are income restrictions for residents to qualify
If you want to learn more about the different types of Section 8, check out this blog post.
If you want to check out our available affordable housing properties, click here.
All in All
Whether the property is market-rate or affordable housing, our primary goal is still the same: to provide safe and habitable housing for all of our residents, as well as professional management services to meet our clients’ goals for any property that we manage.
We have 40+ years of expertise in all aspects of housing in and around the Pittsburgh area, Western Pennsylvania, and West Virginia, so if you have any questions, feel free to contact us!
by Nicole Scimio | Jun 19, 2024 | Owner Resources, Property Management Education, Uncategorized
How to Keep Residents Happy as a Landlord or Property Manager
One of the most important goals in property management is to keep residents happy, A.K.A. maintain resident satisfaction. Why is that?
Well, just to name a few reasons:
Here at Arbors Management, we’ve seen a 10% higher renewal rate than the industry average over the course of our 40+ years in business.
But how exactly do we keep our residents happily renewing their leases year after year? Let’s dive in.
1. Communication
Different Avenues of Communication
We communicate with our residents in a multitude of ways: emails, phone calls, text messages, physical mail, etc.
Everybody is different, so it is important to take note on what is the most effective with each resident individually. Whatever way a resident prefers to communicate, meaning whatever is most convenient for them, we will communicate with them via that medium.
Clear Communication
It’s also important to ensure that we’re communicating clearly and effectively.
We always want to make sure our message is very clear and that we answer any questions that our residents may have. What’s the point of conveying a message if the other person is confused and only left with questions rather than answers?
Timely Communication
Timely communication is key!
We do our best to ensure that we’re responding to residents within an appropriate timeframe and following up on any questions that we may have on our end.
Each of our properties is assigned a dedicated portfolio manager or property manager that is responsible for all resident communication, as well as any communication with the owner of the property.
By acting as that liaison, our management team is in constant communication with residents, and owners when necessary.
2. Convenience
Exceeding Expectations
These days residents have increasingly higher expectations, especially when it comes to the convenience of working with a property management company.
As you can probably imagine, we are always trying to meet and/or exceed those expectations.
One of the ways that we do this is through an online portal, which residents begin to use starting with the leasing process. We’ll cover more on our online portal in just a bit.
Convenient Application Process
Prospective residents are able to fill out and submit their application online.
This process is easy and streamlined, and doesn’t require the applicant to jump through any confusing or exhausting hoops to apply with us.
It may sound obvious, but the easier you make it for potential residents to apply, the more applicants you’ll have.
Digital Lease Signing
Once an application is submitted and approved, the lease signing process is completed through our online portal as well.
Applicants can sign their lease digitally from anywhere in the world as long as they have an internet connection! It can’t get much simpler than that.
Online Resident Portal
Our residents also have the ability to do just about anything rent-related through our online resident portal. Just to name a few portal features, residents can:
- Pay their rent online
- Access lease documents
- Sign future lease renewals
- Submit maintenance requests 24/7
- Access a 24/7 emergency maintenance line with a live answer
Ultimately, we want to make the renting experience convenient and easy. The more barriers you create, the harder it is to convert a prospect/applicant into a renter.
3. Resolving Maintenance Issues Quickly
One of the most stressful things as a renter (or even a homeowner) is when something goes wrong in your residence.
We always want to make sure we’re addressing things as quickly as possible, keeping damage to a minimum, and keeping residents satisfied.
Quick Maintenance Protects Properties
While maintenance requests being taken care of right away satisfies our residents, it also protects our clients’ (A.K.A. our owners’) assets.
For example: if there’s a water leak, we want to fix that as soon as possible so that any damage caused is mitigated and comes to a halt, hopefully preventing any permanent damage.
A Large Network of Maintenance Vendors
Over the past 40 years that we’ve been in business, we have developed a list of reputable vendors that we know we can rely on.
Having a vast network of vendors that can address any issue that might come up is always beneficial; if the first plumber we try to contact is unavailable, we’ll go back to our vendor list and contact another plumber that we also have an established relationship with.
With having connections to multiple vendors in each trade, scheduling maintenance services is generally a breeze.
It also is a win-win situation: we give our vendors a lot of business, so they generally aim to keep us satisfied and often prioritize our work orders.
Access to Emergency Maintenance 24/7
We mentioned earlier that our residents have access to 24/7 emergency maintenance. This ensures that when there is an emergency, they can get ahold of someone right away.
This in turn allows us to address the problem quickly, and have the appropriate vendor handle the situation in a timely manner, preventing any further damage to the property.
So When It Comes to Keeping Residents Happy…
Keeping your residents happy is an important part of being a landlord or property manager.
Resident satisfaction comes with many benefits: increased rental payments, increased lease renewals, and increased property value by maintaining the property, just to name a few.
Here at Arbors Management, we try to focus on 3 main aspects of resident satisfaction: clear and timely communication, a convenient leasing experience, and efficient maintenance resolution.
By focusing on these 3 areas, we’ve developed a strategy that has proven to be extremely successful at maintaining resident satisfaction, and we’d love to help you do the same.
If you want to discuss how we can help you keep your residents happy, please contact us for a free consultation!
by Nicole Scimio | Nov 8, 2023 | Uncategorized
Should Residents Be Allowed to Do Their Own Maintenance?
As an investment property owner, you’ve probably had at least a minor maintenance issue or two at your property.
And once your resident notified you of this minor issue, chances are that you were met with the statement:
“I don’t want to wait for a vendor to come out. Can’t I just repair this myself?”
Well, that depends.
Essentially, the blanket answer is no, but there are exceptions to every rule.
Professional Maintenance of Your Property
When it comes to the maintenance of your property, you want to ensure that you’re utilizing skilled professionals that know what they’re doing.
If you allow your resident to perform repairs at the property, a couple of less-than-desirable outcomes could occur:
- They don’t do the repair correctly, causing you additional maintenance and additional expense
- The resident can damage your property if repairs are done improperly
- The resident gets hurt while performing maintenance, which causes a liability to you as an owner
But when using a professional, you have the peace of mind that they can perform skilled work because they’ve been trained in it.
The cost is a little higher up front, but will ultimately save you money in the long run.
Licensed & Insured Vendors
An important item to note is that you want to ensure that the vendors you work with have appropriate insurance and licensing in their field.
If the vendor you hire does something wrong, damages property, gets hurt, etc. their insurance will cover it.
With hiring properly licensed & insured vendors, your liability is greatly reduced in a number of ways.
Examples of Maintenance that Residents Should NOT Do:
- Any major mechanical repairs involving:
- Plumbing
- HVAC
- Appliance
- Electrical
- Roof repairs
- Flooring/carpet installation
- Siding or window repairs
- Gutter clean out
- Lawn maintenance and snow removal when there are multiple units at a property
This isn’t an exhaustive list of everything that residents shouldn’t do maintenance-wise.
However, it does serve as a brief summary of some of the most important items that you don’t want to risk a resident handling themselves.
Examples of Maintenance that Residents Can/Should Do:
- Small routine maintenance that would be expected when living in a home
- Change out a furnace filter
- Water filter
- Changing light bulbs
- Lawn maintenance for a single-family home
- Cutting grass, trimming trees, shrubs, etc.
- Snow removal for a single-family home
At times, an item may need to be purchased to aid in small routine maintenance, like a dehumidifier or space heater.
You can allow the resident to purchase the item, provide you a receipt, and you can reimburse them if there is a need for that specific item (that doesn’t require professional installation).
Any good lease (like ours) covers these topics and puts the responsibility on the resident for these routine service items.
Overall…
It’s in your best interest to hire professionals to handle most major maintenance items/repairs at your property.
Professionals are best when considering liability concerns, properly done maintenance, and long-term care of your property.
After all, your property is a big asset that you want to protect.
But, with that being said, there are always a few minor things that the resident should be responsible for outlined above.
The list does not include anything major, but just what would be regularly expected of someone occupying a home.
If you’d like to discuss any of this, please contact us about your specific situation. We’d be happy to walk through your situation and property needs with you!
by Nicole Scimio | Jun 21, 2023 | Blog, Project Based Section 8 Housing, Uncategorized
Stoneboro, PA – Arbors Management continues to expand their reach by adding Lakeview Manor in Stoneboro, PA to their portfolio. Effective June 1st, Arbors will become the new management agent of the 50-unit senior building near their new office in Grove City and other Arbors-managed properties, such as Evergreen Arbors in Franklin and Towne Towers in Oil City.
Lakeview Manor is an affordable independent senior living facility that offers a wonderful community of residents and has been a staple of the community for 36 years since its construction in 1987. Located near Lake Wilhelm, Goddard State Park, the Stoneboro Fairgrounds, Grove City Outlet Mall, and Conneaut Lake, residents have plenty to do just minutes from the property.
Since 1982, Arbors Management, Inc. has built a portfolio of over 4,000 residential units with a large majority in the affordable housing segment across Western PA and West Virginia, and it continues to grow each year. The team at Arbors Management is thrilled to begin building a lasting relationship with the residents of Lakeview Manor.
If you’d like to learn more about how Arbors can help you manage your property, please contact us.
Read the original article online on the Pittsburgh Business Times here.
by Nicole Scimio | Feb 26, 2023 | Blog, Press Releases, Uncategorized
Grove City, PA – Arbors Management, Inc. is excited to announce their partnership with Bevan Properties and growth into a new territory: Grove City, PA. With this partnership, Arbors Management, Inc. will have become the management agent of over 200 Bevan Properties units in Grove City beginning February 16th, 2023.
Bevan Properties is a well-known, reputable housing provider in the Grove City area; Arbors Management looks forward to continuing Bevan’s work in providing the utmost quality of management services, customer service, and care for their current and future residents.
If you’re in the Grove City area in need of a trusted property management company, contact us today.
Read the original article online on The Pittsburgh Business Times here.
