Hiring a property management company for your Philadelphia rental property is a big decision.
A good property manager has the potential to ensure your tenants are satisfied, that you receive a monthly positive cash flow, and that your property is properly cared for.
In a property management company, you are going to need qualities like:
- Solid tenant screening procedures
- Secure rent payment collection
- Routine inspections of your rental property
- Maintenance and repair policy that satisfies tenants at all hours of the day and night
As a property owner, you will also need competitive management fees, superior communication between your tenants, property managers, and yourself, and of course, will need to rely on your property management company to properly document all of your rental property’s paperwork.
If you are looking to hire a high quality property management company near you, keep reading to learn how to find one nearby that will meet all of your of your property management needs.
Finding a Property Management Company Near You
1. Search Online
One of the best places to get started in your search for an experienced Philadelphia property management company is online.
Start with a simple Google search. After you have narrowed down prospective property management companies near you in your search results, you should further your investigation.
To start, Google the exact property management company’s name and see what pops up. Generally, any reviews that have been left about the company will appear on the first page of the search results. Make sure to look closely at highly reputable review sites such as Yelp, Angie’s List, and Zillow.
In addition, you might want to give Glassdoor.com a look as well. This website offers insight into what it is like to work for a specific company. If the property management company you are interested in is listed on Glassdoor.com, check out what previous and current employees are saying about the interviewing process, overall experience, salary, and work environment. If the company treats their employees poorly, chances are they’d do the same to their property owners.
Disgruntled property managers are not the type you or your Philadelphia tenants want to deal with. Based on the company reviews left on Glassdoor.com, you will be able to better gauge which property management companies to move forward with and which to cross off your list.
In addition to seeing what other people have to say about a property management company you are considering hiring, take a look at the company’s own website.
Here are some things to look for while exploring the property management company’s website:
- A comprehensive list of services they provide including, but not limited to: tenant screening, vacancy advertising, rent collection, maintenance procedures, financial reports, and property inspections
- Management fees and fee schedule
- Warranties or guarantees provided to property owners
- Information regarding the owner/president, property managers, and administrative staff
- Areas the property managers serve
- A property owner and tenant portal
- Testimonials from satisfied property owners
- Contact information
Although some of this information may seem obvious to have on a business website, the truth is not all Philadelphia property management companies are the same.
The way a company represents itself online can lend insight into what type of company they are. A good property management company will provide as much information as possible online for property owners to see.
Not only does this transparency help establish the company as reliable, it helps property owners make educated decisions when it comes to choosing the property management company they feel comfortable entrusting their investment properties to.
Lastly, you can check with the Better Business Bureau to ensure the property managers you are interested in are in good standing. Here you will find any issues or complaints filed against the property management company you are interested in, and help you weed out the ones that seem problematic before you even hire them.
2. Get a Local Referral
Many experienced property management companies in Philadelphia have strong relationships with industry professionals in the nearby region.
If you are not sure which property management company to go with, and have ties to a local real estate agency, title company, or investor, consider asking them for their professional opinion.
Another idea is to ask your friends or acquaintances that also lease rental property in the Philadelphia area. Perhaps they use a property management company they love and have convincing reasons you too should entrust your investment property to that company. Nothing is better than receiving a referral from someone you know personally.
Word of mouth is very powerful when it comes to home services, especially when it comes to income properties. If a property management company has a bad reputation, you can bet word of it has spread amongst other property owners and industry professionals.
The same can also be said for exceptional property managers: Those with a good reputation will find referrals being sent their way regularly by those who have had good experiences.
3. Check Out Local Ads
Property management companies do a great deal of advertising when it comes to finding tenants for their clients’ vacant rental properties.
This is also a great way to find local property managers.
Simply check out the local newspaper, online classifieds, and hotspots like Craigslist. These resources are often utilized by local property management companies as a way to share that a rental property they manage is available for rent.
Following the advertisement trail may lead you to some exceptional property management companies near you. Just be sure you conduct further research about each company you find to know whether they are the right fit for you.
In addition to finding out which property management companies are near you, doing this affords you the opportunity to check out how they advertise vacancies, what their ads look like, and whether you would feel comfortable advertising your rental property in the way that they advertise their clients’ rentals.
You want to make sure their advertisements are free of discriminatory statements, include detailed descriptions of the available property, and have high-quality images of the available rental.
It’s a good idea to also see whether they advertise across a variety of channels, giving the vacant property a chance to be seen by a wide tenant pool.
4. Talk to Current Renters
Currently, renters occupy 37% of United States households.
This means that there is a good chance you know someone that currently rents a home.
Try asking tenants that they know personally about their landlord, and whether a property management company is used to manage the property.
Again, word of mouth is very powerful in these situations. There is no way a tenant is going to sugarcoat any experience they have had with a property manager. This is especially true if they know you are looking to employ one for your own rental property.
Finding a local property management company is not the hard part – it’s finding one that has high standards, competitive management fees, and a good reputation in the community that can be challenging.
Do your research before you jump in and hire the first local property manager you find. There are plenty of options out there designed to meet a variety of needs.
For those who own rental property in Philadelphia, Bay Management Group has all the qualities of an exceptional property management company.
With strong community ties, a far-reaching network of professional relationships, and a dedication to managing your rental property at competitive rates, we at Bay Management Group work to provide you with everything you need – from advertising your property to managing the move-out process – and more, beyond what you would expect from a standard property management company.
So, get in touch with Bay Management Group today and let us manage your rental property, keep your tenants satisfied, and generate you the consistent rental property income you’re looking for.