Property Management companies can be an invaluable resource to new or seasoned landlords. Philadelphia is a unique city with pockets of communities across the Delaware Valley. It is important to partner with a company that understands the uniqueness of the great city of Philly. Whether you’re a landlord who is considering hiring a property management company for the first time or a landlord with multiple properties who wants to make sure they are getting the most from their property management partner, here are six reasons why you should consider hiring a professional property manager:
Convenience & Expertise:
Managing rental properties can be difficult to navigate, especially if you are not local. Working with a professional property manager who is in Philadelphia and from Philadelphia will be critical to your property’s success. Landlords who own rental properties in different locations or have a large portfolio may find it difficult to manage everything efficiently while also having a regular business to attend to. A management company can handle the day-to-day management tasks, providing peace of mind to the landlord. In addition, a landlord might not have the bandwidth or expertise to make sure they are following fair housing requirements, properly screening tenants, or handling rent collection, maintenance work order requests, and property inspections on time.
By hiring a professional management company, you can alleviate some of the stress and or mistakes made by self-managed property owners. A main stress PhillyLiving hears a lot is that the property management company is not experienced with the diversity of Philadelphia. Working with a locally based Philadelphia property management company, it eases these challenges. In addition, property management companies have valuable knowledge about local rental compliance and laws specific to the area they own properties. Management companies can provide valuable information, insight, guidance, and experience in order to minimize vacancies, handle complex capital improvements, and ensure legal compliance. Landlords who own rental properties in different locations or have a large portfolio may find it challenging to manage everything efficiently. A Philadelphia-based management company can bridge the distance gap and handle the day-to-day management tasks, providing peace of mind to the landlord.
Tenant Screening and Placement:
One of the most important parts of property management is finding and screening suitable tenants. A management company should be able to handle the advertising, property showings to prospective tenants, background checks, and reference checks. This process helps ensure that the landlord gets reliable tenants who pay rent on time and take care of the property. Philadelphia area tenants have lots of options so it is important to make sure you have a suitable process in place to get the right people to your property. The management company and landlord will set certain requirements if they adhere to fair housing laws. If a landlord is unsure what the criteria should be, the property manager will give advice on the local market and expectations. The landlord should approve all rental applications unless they meet the criteria that has been provided.
Rent Collection and Financial Management:
A management company can handle rent collection and ensure that tenants abide by the lease’s rules. They can also manage financial management tasks such as creating income and expense statements, balance sheets, expense registers, rent rolls and delinquency reports. Maintaining clear, transparent, and accurate records is crucial in a trusting working relationship.
Property Maintenance and Repairs:
Maintaining a rental property and addressing repair issues promptly is essential for tenant retention and making sure that proactive maintenance is being done so that a small item does not turn into a large one. A property management company can handle maintenance requests and coordinate repairs. They often have a network of reliable contractors and can negotiate better rates for repairs and maintenance services. Working with local Philadelphia-based contractors will ensure that the work is done quickly and efficiently. PhillyLiving has had experience in the Philly area for a long time so the relationships that have been developed over the years is going to ensure the work gets done right the first time.
Legal & Compliance:
Rental laws and regulations can be complex and vary from jurisdiction to jurisdiction. Property management companies stay updated on the latest legal requirements and ensure that landlords comply with them. In Philadelphia, there are requirements for rental licenses as well as condo association rules and regulations required to work in a building. It can be complex to pursue legal action for non-paying tenants. If a landlord’s tenants are in legal compliance, the property management company has the ability to handle difficult tenant situations. Working with a professional property manager who is licensed and certified is important. There are many layers and levels to being certified. Understanding what those certifications are and why they are key is something to research. There are many useful resources that National Association of Residential Property Managers has for you to review.
Distance and Multiple Properties:
Landlords who own rental properties in different locations or have a large portfolio may find it challenging to manage everything efficiently. A management company can bridge the distance gap and handle the day-to-day management tasks, providing peace of mind to the landlord.
About PhillyLiving Management Group:
At PhillyLiving Management Group, our mission is to empower and support real estate investors and tenants through education and advocacy, reducing vacancies, optimizing portfolios, and cultivating long-term wealth. We provide clear, thorough, and honest communication with our customers and employees which results in peace of mind.
PhillyLiving Management Group is the property management division of PhillyLiving led by Matt Bremner. It is a second-generation, family-owned business that began in 1982 when Bob Bremner started managing properties in Washington Square. Today, the company serves homeowners, individual investors, community associations, banks, municipalities, portfolio managers, and national institutions such as Freddie Mac and Fannie Mae. PhillyLiving Management Group has proven to turn around rental investments and solve operational problems. It has grown to 3,000 units under management around the Greater Philadelphia market.
Want to discuss hiring a professional property manager? Contact Matt Bemner at Matt@phillyliving.com.