It's not an easy decision to make, but once you do start looking for a Philadelphia property management company that can handle all of your property needs - what will they have on offer? The options are endless!
Here is some advice about how to ask the right questions before making this important choice:
- Where are the majority of your properties located? If they don't manage properties in your area they may have issues getting vendors to do work there.
- How do you handle it when a tenant does not pay rent on time? You want a company that follows a consistent system when collecting income from your tenants and not one that defers you to make that decision.
- How long did your last three evictions take? If it takes them a long time to evict tenants then that's a red flag. Are they too easygoing? If a tenant is not paying rent, as long as it's not prohibited by law during Covid, they need to be served and taken through the eviction process or they could end up living in your property rent-free for a long time. The bigger bill a tenant incurs the less likely it is to be paid since it'll be too overwhelming for them.
- How do they handle maintenance? You want a company that has good and reliable vendors to send out to do repairs to your property and not one that will defer to you. When owners get involved with repairs the vendor quality suffers and tenant satisfaction drops reducing the chance they'll renew their lease. Fewer tenants renewing means more vacancy and less rental income in your pocket.
The bottom line, you want a property management company that has the experience and resources and makes the decisions for you. If a property management company defers to you to make important decisions regarding the management of your property, it's usually a sign they don't have the experience and resources you need.