As a rental property owner in Philadelphia, it is best to be prepared for anything and everything. Even if you employ the best property management company in Philadelphia to help manage your rental properties, being prepared is the key to avoiding − or at least reducing − the hassle of major rental property issues.
When you think of a mechanic, plumber, roofer, or even an electrician, you might envision them carrying around a toolbox of some sort. Professionals such as those have physical, tangible toolboxes, tool belts, or trucks with necessary tools in them so that they can handle any job (or challenge) they face.
Well, Philadelphia property owners need something very similar to a toolbox when it comes to running a successful rental property business.
In fact, these “tools” can help prepare you against any issues that arise from your rental property.
Top Tools Every Philadelphia Property Owner Should Have on Hand at All Times
When you think of the word “tool,” you probably think of a handheld item that can help you perform a particular task (such as a hammer used for nailing, a paintbrush used for painting, etc.). And, while there are some actual tools that property owners should have on hand at all times for simple maintenance issues, their “toolbox” goes much further than that.
Let’s take a look.
Physical Tools
If your rental property has a maintenance or repair issue in need of attention, most of the time it is best to hire a licensed and insured contractor to handle it for you.
However, there are times when it makes more financial sense to take on the task yourself. This is especially true if you self-manage your investment property, rather than having an experienced Philadelphia property management company handle maintenance requests for you.
Here are some of the most important tools you should have readily available if handling maintenance and repair issues in your rental property yourself:
- A fully stocked toolbox is going to come in handy when you receive a maintenance request from one of your tenants. You should keep the basics, such as a hammer and nails, screwdrivers of all shapes and sizes, wrenches, measuring tape, electric drill, flashlight, and even duct tape in your toolbox at all times. This way, should you come across a minor repair that requires a simple fix, you are able to handle it on the spot.
- Paint Supplies. If you plan to lease your rental property long-term, you are going to have to repaint the interior regularly. Rather than hire professional painters to do the job every time, try investing in some basic paint supplies and painting the property yourself. The tools required for this might include a paint roller, edger, paint tape, ladder, and, of course, drop cloths to protect your rental’s flooring. If you can paint the interior yourself, you will save a lot of money in the long run.
- Pressure Washer, Carpet Cleaner, and Landscaping Tools. Sure, hiring a professional to handle the cleaning of the exterior of your property, the interior’s carpet, and the seasonal landscaping makes things a lot easier. However, this may not fit into your budget. Investing in a pressure washer to clean walkways, driveways, and the exterior of your rental property will go a long way when it comes to curb appeal. In addition, if you do not want to replace your rental’s carpet, a good scrub with a heavy-duty carpet cleaner makes a world of difference for tenants just moving in. Lastly, having the proper landscaping tools on hand, depending on the type of yards you have, can make things easier for you, your pocket, and even your tenant, should they be responsible for maintaining the yards during their lease term.
In the end, having actual, physical tools to handle minor repairs and maintenance issues can make being a landlord a lot less stressful. So stock up, be prepared, and save yourself some money in the process.
Online Tools
As a Philadelphia property owner, you take on many different roles – investor, bookkeeper, inspector, and marketer – to name a few. This means that you must understand every aspect of the rental property business to be successful, maintain legal compliance, and keep your sanity.
Again, though hiring a knowledgeable property management company, such as Bay Management Group, to handle everything property related for you is going take a great deal of stress, worry, and lost time off your back, for those that wish to self-manage their Philadelphia properties, check out the following online tools.
Pennsylvania Rental Laws
As highlighted by Landlordology, there are some very important landlord-tenant laws on this site that apply to property owners leasing rentals in Pennsylvania, such as:
- Security Deposits. Information about deposit maximums, return deadlines, interest accrual, itemized list requirements for use of money, and failure to comply with rules and regulations
- Rent and Fees. Rules regarding when rent is due, grace period allowances, increase notices, tenant withholdings, damage mitigation, and what to do in the case of property abandonment
- Legal Notices. A list of the applicable statutes relating to a number of notices, such as Notice to Terminate Tenancy, Emergency Entry Allowed Without Notice, and Required Notice Before Entry
- Disclosures all property owners must reveal to tenants prior to move-in for things like lead contamination
- Court and Business Information. Links to Pennsylvania courts that handle property related issues and information related to your rental property business licenses
Rental Property Business Training
RentEd was started as a way to share with property owners from all across the country information on how to start successful rental property businesses. It has now become a comprehensive website that trains property owners who are looking to learn everything they can about the rental property business.
Though the courses do require a fee, RentEd provides training from industry professionals (e.g. housing inspectors, seasoned property owners, city housing supervisors, attorneys, and more). In addition, they break everything down into manageable sections and provide quizzes at the end of each block to ensure you have absorbed the material. Upon completion of the course, you receive a certificate, as well as a wealth of knowledge you can use while leasing your rental property.
Free Resources on All Things Property Related
LandlordAssociation.org is the ideal place for property owners to access free resources that are intended to help with leasing rental properties. Check out some of the things you will have access to by visiting their website:
- Moderated discussion groups
- Landlord and real estate news
- Common forms
- Landlords rules and regulations
- Real estate terminology
- Advice
- Management tools and software
- Networking support
Designed as what they call a “Landlord Tool Box,” this website is your all-in-one place for all things rental property and real estate related.
In the end, there are plenty of “tools” you can have on hand as a property owner that are designed to make life easier. However, if you are in the Philadelphia area and want to forgo having to put forth the time and energy to learn all of this intensive information, contact Bay Management Group instead.
With experienced and knowledgeable staff onsite that know about all things rental property related, Bay Management Group can handle every aspect of your rental property from start to finish.
With Bay Management Group, tenant screening, legal lease drafting, eviction procedures, and inspections are all handled by our team of experts.
Contact Philadelphia’s number one property management company, Bay Management Group, today.