The perfect storm has been brewing in the Wilkes-Barre, PA real estate market for some time now.

We have a very large amount of older homes on the market that need some rehabbing. You can buy them pretty pretty low and fix them up well within the 80% LTV you'll need to refinance them later. This also puts them onto the rental market, if your plan is to hold them, at a reasonable range for most renters and high enough to pay the mortgage when the refi is done.

The mortgage issues abounding in most financial institutions have forced many of those who would have qualified for a sub-prime loan into the rental market until they can get into a better credit situation as well. This means that there are many more qualified renters out there looking for housing. The promise of a recently rehabbed home is almost too enticing for most renters and, through a good interview and background check process, a good renter is found without too much wait or hassle.

Recent changes in Wilkes-Barre's stance on absentee landlords have forced any landlord in the area to register their property, have it inspected, apply for a license and provide the name of the person who will be managing their property. Failure to do any one of these things could be quite costly for the landlord in question. For the absentee landlord, this calls for a Property Manager.

ADT Property Management Co. LLCAdd all of these factors together and you have the very obvious need for a Property Management Company that can provide quality property management services for our community. I think this has become obvious over the last few months, as more and more Brokers in the Wilkes-Barre market are looking into this sector of the Real Estate market.

I have provided that answer for the Wilkes-Barre market with my new company, ADT Property Management Co, LLC. Through this new company, I am able to provide Property Management to our increasing number of investor clients who will be rehabbing and holding their properties. I will also be taking on new property management clients who already have properties to rent as well as those new clients who will be buying and renting new properties.

I would urge anyone interested in these services to contact me right away. I can provide a full range of services, making your investment experience a smooth and profitable one. I give you the ability to have as much, or as little, interaction with your property as you desire. Call or send me an e-mail right away to discuss the many options available to you.

 

10 Comments on I Looked at the Needs of the Wilkes-Barre Real Estate Market...it needs Property Management!!

APR
26
2008
4 Featured Posts
Good for you for addressing the issue.  My family is there so I read your blog but I must say we have a similar problem in Ann Arbor, MI.   An out-of-state buyer asked me for a referral and I was stuck.  Someone needs to fill the void.  (It won't be me.)
2:18am • #1
1,454,324 Points 46 Featured Posts Outside Blog Called Shot Master
Good Property management companies are needed in our areaa as well.
5:52am • #2
9 Featured Posts

Susan,

I'm sure someone will, if you won't. This is a sector of our markets that's been missed for some time now. The pressures of our current markets will only make the situation more obvious and someone will stand in the gap. Thanks for the comment.

Gita,

I don't think I'll be moving down that far any time soon. Who knows though...I may have to cover all of PA before I'm done. Thanks for your comment as well.

7:51am • #3
APR
28
2008
118,846 Points 9 Featured Posts Outside Blog

It's that market...and you're positioning yourself well as the go-to guy. Keep that finger on the pulse!

1:41am • #4
MAY
02
2008

Congrats!  Sounds like a great niche.    We are not too far south! 

9:22pm • #5
MAY
04
2008
1,210,622 Points 118 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
LOoks like the right direction these days. We started doing the same, jsut need to grow.
1:21pm • #6
MAY
09
2008
9 Featured Posts

Joey, Judi and Jon,

Thanks for the comments. Sorry it's taken me so long to respond. It really is a question of growth and reacting to our markets needs.

10:38am • #7
1 Featured Post

Hi Andrew.

Good job at noticing the potential of such a business and doing something about it.  I've worked with a couple of property management companies in Wilkes Barre over the last year, closing some investment loans for their clients.  They are very small companies but they are quietly growing.  I think that if you have the resources, and you come out with a public presence, you could dominate!  There are managers in the area, but no one is stepping up to the plate like they could.  They are staying small.

Best of luck in your new venture!

10:27pm • #8
MAY
10
2008
1,126,046 Points 90 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Same here, in Schuylkill County. We have no property management firms that I know of and I have no intention of moving into that business.

10:26am • #9
MAY
12
2008
9 Featured Posts

Erica,

I had no intention either, but here I am. Sometimes your market moves you to it's greatest need.

1:48pm • #10


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Andrew Trevino Wilkes-Barre Homes For Sale

Wilkes Barre, PA

More about me…

ADT Real Estate

Address: 12 W 8th Street, Wyoming, PA, 18644

Office Phone: (570) 609-6327

Cell Phone: (570) 991-1073

Email Me

It's all about the Greater Wilkes-Barre Area and fulfilling people's needs to find or sell their home. You'll find helpful hints, good advice and an occasional rant or two. Hey...it's the W-B! Check out my website at www.wilkesbarrehomesales.com



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