In the competitive age, especially among scam and cheap property management companies, it’s quite challenging to pick the right property manager Philadelphia. Apart from verifying if they hold state license and credentials or knowing the client details of the professional, you should ask 5 vital questions while looking for a reliable property manager to optimize the value of your ROI. Here are the questions that you should consider:
How will you market my property?
Unless your property is marketed property through the right means it will remain vacant for a long time making you count loss on every single day. It’s therefore, vital for you to ensure that you leave your rental property to expert hands with considerable experience in the industry.
What to expect: Typically, they should have an active database for renters, on the quest for rental property, so as to property never remain vacant. Aside from this, as a primary way of marketing, they adopt digital media to promote your property on the website of property manager Philadelphia.
Depending on the current condition of your property, before listing it online, the professional may consider needed repairing, painting, to make it appealing to potential prospective renters. Equally, he/she should be well-versed about how to portray the details of your property in advertising which should be viewed online with images of the property. Also, the professional should have thorough knowledge about the rate of a rental property equivalent to yours in the local areas before deciding its rate.
What kind of screening of potential talents do you follow before selection?
Akin to various industries like staffing, background screening of tenants has been a vital step to ensure their genuineness of occupants and avoid people with a criminal background or a bad tenant.
What to expect: Seasoned property manager Philadelphia is expected to pursue a variety of techniques and mechanisms to judge the background of individuals or families interested in renting. Apart from screening personal details, a responsible property manager should validate the candidate’s employment background, criminal history if any, devoid of which, you carry a higher risk of getting bad or shady tenants.
The screening process should include – Verifying personal details like ID with current address, driving license, bank statement aside from details of employer or business, proof of income, utility bill, etc. verification of earlier places of residence, either of rented or own property through personal reference like details of the landlord, property manager or an agent who was involved in selling their home is essential.
Do kind of services I can expect from you?
Before hiring a property management company, you should ensure the range of services you can expect from the professionals. Don’t get fooled by unprofessional property managers or mushroom companies spread in the market.
What to expect: considering that not all property managers provide clients with a full range of services, you should always skip an agency that takes responsibility or only screening, marketing, or rent collection. A specialized property manager in Philadelphia is supposed to offer wide-ranging services from tenant screening to marketing of vacant rental apartments, needed maintenance of the property equipped with licensed contractors, preparation of lease agreement, resolving tenant disputes, eviction of bad renters, and time-to-time advisory on various issues including tax management.
How do you ensure timely collection of payments?
When it comes to the rent collection process, a property manager should be winged in all terms to ensure getting rents from occupants on a timely basis to get the best value of your investment. However, as there are good-paying renters, facing defaulters is of no surprise and this is why you need to ensure the collection process they follow.
What to expect: An experienced best property manager in Philadelphia should prefer getting payment online from renters enabling the landlord to get in their account on time. Given many tenants pay by check, the professional should have proper systems in place to make sure your payment is under processing or received in the account. While charging defaults high amount of late payment fees is in vogue, at times, it may appear that the occupant is not going to pay due to a financial crisis or by intention. In that case, the property manager should produce ‘pay or quit’ legal notice according to the lease agreement agreed by the talent. Such a legal notice is likely speeding up the payment process otherwise the talent may vacate the property. The property manager should be equally seasoned go for eviction of the property with their practiced squad.
What are the management fees you charge?
Typically, property management fees depend on the kind of services offered; however, as you are looking for a professional providing a full range of services, knowing the fees is essential.
What to expect: it’s worth noting that the management fee of a professional property manager in Philadelphia is competitive enough even though you cannot expect the professional to satisfy you with a low-priced offer which is a major ‘Red Flag’ and need to be avoided.