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 into the property management business in the past but if you are a local person who has no past background of managing the property, then it can get tough for you to take over the legal considerations regarding lease and management. Here we bring you 5 most common mistakes which are done by the landlords while working on the process of property management.
Work on the Market: The first and the most frequently repeated mistake which is often done by the landlords, investors, or the managers is the lack of market information. You should be aware of the fact that if your area is under the right location to attract the tenants. Even if you have offered the right price to the tenants but 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 which is seen among the 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 the discrimination that would restrict anyone from taking the 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 but 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 record 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 at finding the 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 on the areas of marketing, accounts, law and customer service etc. to get perfect results.