Most of the people go on their own when it comes to the process of property management in Philadelphia. It can be easy if you have been into the property management business in the past but if you are a local person who has no past background in managing the property, then it can get tough for you to take over the legal considerations regarding lease and management.
May also Helpful: Report Landlord to Authorities
Here we bring you the 5 most common mistakes that are made by landlords while working on the process of property management.
Work on the Market: The first and the most frequently repeated mistake which is often made by the landlords, investors, or managers is the lack of market information. You should be aware of the fact that if your area is in the right location to attract tenants.
Even if you have offered the right price to the tenants there are chances that the location of the property is not favorable for the tenants. During such situations, one has to ensure that tenants must be compelled and negotiations must be made to achieve fair deals.
Lack of Legal Knowledge: The second mistake that is seen among property managers is the lack of legal understanding related to tenant laws and lease-related documentation.
Moreover, you should have a clear knowledge of the fair housing laws. Also, there should be no place for discrimination that would restrict anyone from taking advantage of housing facilities.
Marketing is a Must: A great way to attract the right tenants to your property is to work on the right marketing agenda. Though it may not be as appealing as selling a car or motorbike still advertising a few good pictures of your property can really make a difference as compared to some random text-based ads.
Screening Tenants Properly: Though it is very important to ensure good speed during the screening process of tenants, it is necessary that you find renters who are not only qualified but have a good social reputation. You must verify the credit reports of the tenants as well as past criminal records to make sure that the right people stay at your place.
Landlord Responsibilities: A big miss which is often done by the landlords or managers is they forget to secure the tenants. Most of the time, the entire focus is kept on finding tenants who can pay you well but after that landlords miss their responsibility to keep a tenant secure and stick by your property.
So, if you want to become a successful tenant, then you have to work in the areas of marketing, accounts, law customer service, etc. to get perfect results.
