Hiring the best property management companies, Philadelphia will help free up your time while feeling confident to take good care of your property if you are managing your rental property and not knowing what a property management company does. This article will let you the primary responsibilities of the best property management companies Philadelphia, and how they operate.
Marketing And Leasing
When you are hiring the best property management company, they do an initial walkthrough video of your home that includes recommendations on repair and updating in your property. These recommendations are helpful to improve your home to attract potential tenants and decrease your odds of extended vacancies. They also include needed repairs to bring your house to move-in ready status and take care of any regulations such as required smoke alarms or door locks.
The property management firm will also market your home to fill up the vacancy. It includes photos, videos, website postings, and showings. The firm effectively markets your home to attract tenants quickly. They take pictures to showcase each room and have adequate lighting.
The right property management company is skilled at setting reasonable rent for the area your home is in. They run a rental analysis that breaks down your rent and why it should be in that particular area.
After posting about your home on their websites, the property management firms in Philadelphia also help select the tenant and draft the lease.
Screening And Selecting The Tenant
The responsibilities of the best property management companies, Philadelphia include screening prospective tenants. That means they’ll run a credit check, contact rental references, background check, etc., to find the best tenant for your home. The right firm will help you the first qualified from the list of applicants.
The established property management companies have written criteria that outline what they consider when selecting a tenant. Having a written document is essential that allows you to check the list of potential tenants. It also decreases the chances of a Fair Housing violation in case of not selecting any good tenant.
The property management firm also drafts leases and make modifications—they even a standard lease that all tenants sign.
Rent Collecting And Accounting
The property management firm in Philadelphia also collect rents from the tenants and make sure that everyone has paid it. They furthermore enforce any late payment fee to those who haven’t paid on time.
In case a tenant refuses or neglects to pay the rent, the company is responsible for starting an eviction process. The companies have an attorney that will assist them with this process.
Once the tenants pay the rent, the property companies deduct the rent that goes to them and other miscellaneous charges. The remaining rent is given to you. The best property management companies, Philadelphia, include a statement with the deposit that itemizes any expenses incurred during a month.
The firm also clarifies its accounting process as this will affect when you get paid each month and keep your records. Property management firms also set a security deposit for the tenants. In the case of move-in, they collect the tenant’s deposit, deduct any necessary fees, and return the rest to the tenant under local regulations.
Property managers handle all maintenance at your property, including the initial repairs and improvements to make the property rent ready. The best property management firm has its repair service or a contractor’s license to operate its maintenance team.
The tenants need to follow a process for maintenance requests in case of urgencies. It helps make the process easy for the tenant to submit a claim and the manager to handle it quickly.
Depending on the emergency, the tenants submit the maintenance request to the Property management firms. The tenants can submit maintenance requests online via a maintenance portal or submit them to the manager directly.
Other Maintenance Duties
During the tenancy, the property management firm is also responsible for enforcing the lease and resolve disputes. It includes repairing tenant-caused damage, correcting HOA violations, and a walkthrough of the property to ensure property cleaning and sanitation. The property management firms also modify the lease if the roommate changes, allow pets, or repainting the walls a different color. If the tenant gives the notice to move out, the management firm finds a new tenant.