It’s been a wonderful year for us at JG Real Estate. 2016 marked our 5-year anniversary, relocation to a brand new office, 8 new team members, and record numbers in gross sales and managed units— and no better way to celebrate the end of a fantastic year than going out to one of our favorite local bars for some merriment this Holiday season.
Jerry’s Bar welcomed us and our families to their event space, where we set up a personalized “Selfie Booth”, complete with a skyline backdrop of Philadelphia, decked with homemade holiday trimmings and inside jokes. We laughed, we definitely drank, and as far as we know, no one cried.
Here’s to our growing family at JG Real Estate, and our wonderful clients for making such a fantastic year possible.
Happy Holidays!
We love our hometown. Not just for the fantastic real estate market, either.
Philly is one of the most historically-rich areas in the U.S., and even boasts the oldest residential street in our nation. We want to help with the preservation of our city’s captivating history and modern-day draw. That’s why we’re taking time to do our part in our beloved neighborhood of Fishtown.
The JGRE crew is now devoting two afternoons a month to clean up the littered areas around our office. Every other Thursday afternoon around 3pm, we’ll be on Frankford Ave with our trash bags and gloves (that we feel super cool in), cleaning up the surrounding litter. After kicking this off last week, we’ve already heard a positive response from local homeowners, who are glad to have some more power in their corner to tackle this all-too-familiar problem that Philadelphians face. Litter on our streets is an overwhelming issue, and is impossible to handle alone. This is why we want to extend an invitation, and encourage the notion that we can make a difference if we work together.
We would love to see other local businesses volunteer– even if you’re not local to Fishtown. The more neighborhoods, the better!
Please join us next Thursday afternoon (11/3), and every other Thursday thereafter, at the intersection of Frankford and Girard, in our humble efforts to keep Philly beautiful– There might even be a post-cleanup donut waiting for you!
It’s no secret that drones are cool. You know what’s even cooler? Using them to sell your home.
Philadelphia Real Estate Law | The basicsWhether you are buying, selling, renting or leasing a home, the government has placed certain protections in the laws that protect you from being scammed out of your hard earned money. Understanding these will help you stand up for your rights and avoid potential scams.
One of the biggest struggles homebuyers face is unethical lending practices from mortgage providers. In 2009, Pennsylvania passed a law to provide protections for homebuyers in the mortgage industry. Under these new laws, all salespeople working for mortgage companies must be state licensed. Also, mortgage providers must use a clear disclosure form to help buyers understand their mortgages, and they must go through the proper steps to ensure borrowers can afford the products they sell to them. These laws apply to both new purchase mortgages and refinance products.
The Pennsylvania Home Inspection Law also protects buyers. This law requires all homes to be inspected by a certified, licensed home inspector. This prevents buyers from purchasing a home with a serious, but hidden, flaw.
Philadelphia real estate law does not just protect buyers. It also has protections in place for sellers. For example, in a home sale, the seller’s agent and the buyer’s agent must disclose any conflicts of interest, such as buying and selling agents who work for the same firm. Sellers then have the right to decide to change agents if they wish.
Investing in property in Philadelphia can be quite lucrative, but there are also risks involved. One of the dangers investors face is the risk of tenants who do not pay their rent or take care of the property. The security deposit helps protect against this. Under current state laws, landlords can ask for two months of rent upfront for the first year of a lease. In the second year, this drops to one month of rent. If the tenant remains in the property for a third year, investors must place the security deposit in an interest bearing account, with the interest paid to the renter at the end of the lease agreement. We suggest using a Philadelphia Management company or at minimum Philadelphia rental agents to ensure that requirements are complied with.
If the renter damages the property or fails to pay the rent, then that security deposit becomes the property of the landlord, but only after a written list of complaints is presented. That list must be presented within 30 days of the violation. Otherwise, the money is returned to the renter at the end of the lease agreement, with interest if applicable.
In each of these situations, the law offers protection for consumers against unethical practices of others involved in the real estate process. If everyone understands and adheres to these laws, the real estate process, whether buying or leasing, will be much smoother.
Properties Sold In Fishtown 19125, Month July Compared 2007-2011
The above is an info-graphic representation of totals properties sold in fishtown (Multiple category, not just residential homes) in the zip codes 19125 & 1946 in the month of July from 2007 to 2012. Please note that this takes into account only sales which were documented on Trend, the Philadelphia area Multiple Listing Service of which JG Real Estate, LLC is a member.
A Professional Property Management Client Testimonial – From Bigger PocketsI recently read an article posted on bigger pockets (a well known blogging forum for real estate investors) which explained, from the client perspective, why professional property management is a crucial part of his business strategy. His closing paragraph is a great summation of how, and why he feels the way he does:
“In closing, let me be clear that no one will care as much about your properties as you will. HOWEVER, hiring a management company doesn’t mean you stop caring about your business – it just frees you up to focus on other aspects of the business. I’m not saying that this is the best option for everyone, but if you don’t have the desire or time to directly manage your properties, this could be a great option for you.”
Arthur goes on to explain how a professional property management company will take care of:
He is correct that the person who cares most about a particular property is going to be the owner. However, if that individual lacks the knowledge, experience, or motivation to properly care for the investment; it’s a moot point. I base my Professional Property Management company around efficiency – that means letting the best people for the job handle it. When a property has a HVAC issue, I don’t send my handyman over. True, he would probably solve the issue BUT would also take 4 times as long as the qualified HVAC tech. The same theory should be applied to all veins of business.
Take a look at the Arthur’s original blog post here.
