Many times those who begin investing in Philadelphia rental property set out to do it all themselves.
After all, being a property owner and leasing rental properties is the true path to a passive form of income, right?
Well, not exactly…
Though managing rental property can be fairly hands-off under the right circumstances – if you own one or two properties, have long-term tenants in each, and have very little upkeep or repair issues – investing in rental property can sometimes be considered a passive form of income.
However, the truth is, most property owners are not so lucky.
In reality, most property owners come to quickly realize that self-managing a rental property, especially more than one, is a lot more work than they anticipated.
That’s where employing property management in Philadelphia comes in handy.
If you are not sure whether hiring a property management company to help you with your rental properties is for you, check out these 7 reasons landlords use property management companies, and see if you agree.
7 Surefire Reasons You Need Property Management in Philadelphia
1. You Lack the Necessary Experience
The experience you thought you needed to manage your Philadelphia property, and the experience you actually need are often very different from each other.
Having a handle on the basics of investing in rental property may be enough to get you started, but not enough to push you towards more success.
If you lack the experience needed to stay on top of managing your rental property, consider hiring a property management company to help.
Keep in mind, this does not mean you must relinquish all control.
This just means you will have someone on your side that knows all the rules, regulations, policies, and procedures for running a successful rental property business.
2. After-Hours Calls Are Not Your Thing
Receiving a call in the middle of the night because a pipe busted in your rental property is not something any property owner wants to deal with.
However, without a property management company to help with 24/7 maintenance and repair issues, these are the kinds of things you will have to deal with.
Employing a high-quality property management company will benefit you in many ways.
For example, enjoy having:
- A qualified handymen crew on call to take care of any maintenance or repair issues
- Licensed and insured contractors to deal with major issues without too much extra cost
- The peace of mind that your phone will not be ringing off the hook for every little property issue
3. Better Tenant Placement
Property managers in Philadelphia know many things when it comes to tenant placement:
- What the market is like at any time, including how high you can charge for rent
- What the expected tenant pool for certain areas will look like
- How to lawfully screen tenants thoroughly, and avoid placing bad tenants
- What it takes to make a property appealing to the highest quality tenant types
- How to draft lease agreements that will please both parties
- How to conduct move-in inspections, and what to look for
- How to set clear expectations prior to move-in to avoid any later disputes
As you can see, tenant screening as a whole, and the procedures that follow such as lease drafting, move-in inspections, and creating the perfect tenant welcome package, are all things best carried out with someone who does it on a regular basis.
This way, you don’t have to.
4. Evictions are Tough to Handle
No one gets into the rental property business hoping to see an eviction through.
However, despite your best efforts, there is always a chance that a terrible tenant that needs evicting will be placed in your Philadelphia property.
That said, having a knowledgeable property management team by your side, guiding you through all of the steps is priceless.
There are many federal, state, and local laws to follow when it comes to evictions, not to mention the cost and stress an eviction piles on top of you.
Knowing you are in good hands is something you, much like other property owners, want.
Most management teams step in and take care of evictions for you. That’s why so many property owners jump at the thought of hiring a property management company, just in case.
5. Advertising Vacant Properties Takes Skill
Marketing a vacant property is not something all property owners know how to do well.
This is why employing a property management company that knows how to advertise to the right target audiences is key to keeping your turnover rate low (with well-placed tenants), and your vacancies short (because there will be times your property is unoccupied).
6. Distance is an Issue
Sometimes you own rental property that is far from where you actually live.
Even if just self-managing one property, this can quickly become a hassle every time you need to stop by your rental and check on things.
The truth is, you will never be able to pinpoint exactly when you will be needed at your rental property. Maintenance issues, routine inspections, and many other property related issues are bound to pop up from time to time.
Hiring a property manager that is within reasonable driving distance of your rental is a great way to handle caring for your property and tenants.
Plus, it will save you the frustration of being stuck in traffic, and of course, save you time.
7. You Want to Preserve “You” Time
Chances are, unless you have been in the rental property business for a long time, you have other work commitments while you climb your way to enough financial freedom to quit your day job.
And, if you are lucky enough to not have to work a separate job, and being a property owner is all that is required of you, then that’s great!
However, this does not mean you don’t have friends, family, and alone time that you would rather devote your time to.
If you want to enjoy the things that come with everyday living – lunches with friends, vacations with family, and free time to read a good book into the wee hours of the night – without getting call after call from tenants, contact your local property management company and sign them up to help you, starting now.
There is a lot of work that goes into self-managing a Philadelphia rental property – work that many property owners just don’t have the time, energy, or desire to put in.
If this sounds like you, and you are in the Philadelphia area, contact Bay Management Group today.
We understand the time and effort it takes to be a successful landlord. And, since we offer full-service property management, with monthly management fees lower than any of our competitors, we are confident we will make your life much more enjoyable as we handle all of the above-mentioned things, plus much more.
From vacancy advertisement to lease drafting, and routine inspections to rent collections, we have you covered so you can reap the benefits of being a Philadelphia landlord, without having to deal with all the day-to-day tasks.