If you work in the real estate industry, you probably know the amount of work that goes into managing a property. Property managers are able to deal with the majority of the tasks needed to keep both landlords and tenants happy.
If you are an investor that is looking for a property management company, it can be hard to know where to start! There are many factors to consider when choosing a property management service.
Here are some of our tips for finding the best property management company in Philadelphia.
What Does a Property Management Company Do?
While there are some real estate investors and landlords who work full-time in real estate, this is not always the case. Many people who invest in real estate want something that is more of a passive stream of income.
In order for your investment to be passive, you’ll need to hire a property management company to handle the day-to-day operations.
A few of the tasks that property management companies can assist with are:
- Property marketing
- Tenant applications and screening
- Tenant communications and problem-solving
- Repairs and maintenance
- Rent collection and account management
By hiring a manager to handle these tasks, you can put your time into growing your investment portfolio, or simply spending more free time doing what you love!
Do Thorough Research
It is important to do thorough research into any property management company that you want to work with.
This research can include the information presented on their website or their blog. You can also find reviews posted elsewhere on the internet. Be sure to look for a company that has good reviews from clients who live in your area.
You should know who you would be working with, and what kinds of services they offer before you pay any money.
Prioritize Organization and Technology
Two of the best ways that property management companies help real estate investors and landlords are organization and technology.
Property managers will be able to help you establish a tenant screening process and application process. Other systems (maintenance complaints, tenant feedback, etc.) will make your rental business more efficient as well.
Many property management companies also use different kinds of software. These programs can streamline the rent collection process and tenant communications.
Know What You Want
While you are collecting information about potential property managers, it is important that you know what you want. Every landlord is different and every property has different needs.
If you want help with tenant communications, potential evictions, and rent collection, you should make those things a priority when searching for a manager.
Are You Looking for a Property Manager in Philadelphia?
Finding the best property management company is a large task. If you are looking for comprehensive services and expert staff, then you are in the right place!
Interested in learning more about how we can help you to make the most of your real estate investment? Contact us today to speak with a management professional!
