Don’t you wish everything in life came with a guide to help ensure you’re successful? Rarely do we ever actually get the chance to understand the basics of anything we do in this world, but with this Philly property management guide, you’ll have a great resource to help you understand what you need to do to be successful when you’re ready to be a landlord.
1. Know the Laws
One of the most complicated parts of being a Philly property manager is also one of the most important: you need to know the laws. Skimping on important requirements could be a very costly mistake, which, in the long run, could ultimately cost you your property.
The following is a list of important laws to be aware of, but it’s certainly not an exhaustive list of the requirements you need to know about:
- Housing rental licensing and suitability certificate
- The “City of Philadelphia Partners for Good Housing” brochure and supplemental documents
- Lead based paint certificate when applicable
- Fair Housing regulations
If you’re not sure how to navigate the laws, your best bet is to hire a firm that specializes in property management in Philadelphia. Professional property management firms have teams who are dedicated to studying, understanding, and applying rental laws, ensuring both tenant and landlord are protected by city, state, and federally mandated regulations.
2. Know that Mishaps Do Happen
No matter how diligent you are with regular maintenance and upkeep, things do happen. As a landlord, you need to expect your phone to ring at all hours of the night. Maybe a pipe burst, and you have an actual emergency on your hands; perhaps your tenant hears a weird noise and is afraid to go to sleep until you investigate. Some matters may seem more trivial to you than others, but to your tenants, every mishap needs to be looked into. Some tenants also have higher tolerance levels than others so what some may see as a minor issue, may be an emergency to others. This means you don’t necessarily operate during business hours. In fact, most mishaps tend to happen when the rest of the world is sleeping.
3. Know How to Write a Proper Lease
Your lease is the safety blanket between you and your tenants. It clearly spells out all of the laws, expectations, and requirements for both sides. It is important that the lease protects the landlord, but it should also be fair to the tenant. It’s important to sit down with your tenant when he or she is ready to sign so you can go through each section together. This is your opportunity to clarify any confusion and answer questions that are necessary to ensuring your tenant feels comfortable with the agreement he or she is signing. At this time, the “Partners in Fair Housing” and a “certificate of rental suitability” should be delivered and a copy signed for the landlord.
4. Know What You Need to Do if Things Don’t Work Out
Nearly every landlord eventually encounters a tenant that he or she must evict from the property. This is seldom an easy task, but if you’ve got all your ducks in a row before you start the process, you shouldn’t have any problems.
- Understand Pennsylvania’s eviction requirements
- Keep your paperwork and correspondences to your tenants well organized
- Document demands to your tenants in ways that can easily be tracked, traced, and recorded
Bay Property Management Group has been helping Philadelphia landlords make the most of their investments for years. If you’re interested in hiring a professional Philly property manager, you’ve come to the right place! Get your free Property Management Analysis today!