Hungry Realtor Podcast - Navigating the Complexities of Property Management with Ari Miller

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Navigating the Complexities of Property Management

with Ari Miller | The Hungry Realtor Podcast

Insights from Michael Severns

In the latest episode of the Hungry Realtor Podcast, host Mike Severns sits down with Ari Miller, a seasoned real estate management expert from Real Estate Management Advisors (REMA). With an impressive portfolio of 1700 properties under management, Ari shares invaluable insights into the often tumultuous world of property management, leasing, and the complexities of navigating city regulations, especially in Philadelphia.

Ari kicks off the episode by delving into the less glamorous, yet crucial aspects of real estate management, like compliance with rental laws and the rigorous process required just to legally collect rent. His detailed

breakdown of the steps—from obtaining a Philadelphia tax ID and a commercial activity license to ensuring lead certification and tax compliance—provides a clear roadmap for property owners.

One of the more light-hearted, albeit dramatic moments, comes from Ari's recounting of a security deposit hearing gone awry, where he was amusingly confronted by a disgruntled, petite, and very pregnant woman. This anecdote not only breaks the ice but also underscores the unpredictable nature of real estate management.

Ari also touches on the importance of understanding and adhering to legal requirements to avoid severe financial repercussions, such as the need for lead compliance and the potential liabilities of not having one. The discussion broadens to the general philosophy of property management, emphasizing a proactive rather than reactive approach to maintaining properties and managing tenants.

In terms of tenant relationships, Ari champions the power of effective communication and empathy. He advises property managers to ensure tenants feel heard and respected, which in turn helps in retaining them and maintaining a positive atmosphere. Moreover, he shares strategies for dealing with tenant delinquencies, highlighting programs like rental assistance and the benefits of eviction diversion programs.

The episode is rich with practical advice, cautionary tales, and a candid look at the challenges and rewards of managing properties. Ari’s expertise is a treasure trove for anyone involved in property management, especially those navigating the intricate landscape of urban real estate. Whether you’re a seasoned professional or a newcomer to the field, Ari’s insights offer valuable lessons on efficiency, legal compliance, and the human side of real estate.

For more detailed insights and to hear Ari's full discussion, visit the Hungry Realtor Podcast on SPOTIFY - be sure to Follow!

Weekly Snapshot for the week ending June 30, 2024:

Inventory healthier than last year. The Bright MLS service area had 33,555 active listings for this week, a 27.1% increase from the same week last year. All metro areas have experienced inventory growth over 2023, but inventory is still low by historical standards.
Contract activity above 2023. There were 6,672 new purchase contracts the week ending June 30 in the Mid-Atlantic. For the last three weeks, the number of new purchase contracts has exceeded the same week in 2023, this week by 3.2%. Contract activity has been growing, but low affordability is going to keep some prospective homebuyers on the sidelines.
Prices easing into July 4th week. As seen historically, prices have dipped week-over-week into the week of the July 4th holiday. Landing at $415,000, prices have decreased from last week by 2.4% but remain elevated, up 6.4% from the same week last year. Prices should continue to ease week-over-week as we head into the latter half of the year.

Keywords: seller's market, home buyers, real estate strategies, competitive offers, 2024 housing market, home buying tips, real estate trends, mortgage pre-approval, bidding wars, negotiation tactics, real estate agents.