Property managers in Philadelphia don’t just collect rent every month. Their consultations can prove invaluable to their clients in terms of legal compliance, insurance options, and how to deal with difficult tenants. In fact, there are eight non-negotiable nuggets of advice every property manager should be advising their clients on, and we’ve covered them here for your reference.
Attracting and Keeping Good Tenants
From marketing a rental unit all the way down to retaining desirable tenants, property managers should regularly advise their clients on how to get the best people into their properties. Online marketing can be a powerful tool in creating awareness within the area of Philadelphia.
Then there’s the screening process—ensuring the applicant has a good credit record. Finally, there are steps to be taken to ensure good tenants don’t leave because of a lack of maintenance or communication.
Comprehensive Rental Insurance
Property managers should be advising their clients on rental insurance. This insurance costs a small amount each month but comes with a myriad of benefits. To have renters insurance in Philadelphia is a must for tenants, because huge losses may be on the horizon if they don’t.
Property damage, lawsuits, and even injuries are covered by comprehensive rental insurance, so it’s the task of property managers to advise their clients on the most appropriate insurance package.
Market-Related Rental Amounts
Advising clients on Philadelphia’s market-related rental amounts that are lucrative but still competitive is an essential part of property management. Pricing that puts a property out of the market because it’s too high wastes valuable time and money. Then again, rents that are too low will also affect the bottom line of the property owners. Getting the balance for good rental amounts will make property managers in Philadelphia an invaluable asset to their clients.
Legal Advice
Philadelphia's property and rental laws are elaborate, so it goes without saying that property owners rely on their managers to stay up to date with them all. From zoning compliance to eviction processes, staying within the law is crucial to avoiding legal entanglements with tenants or regulatory boards. A good property manager will always have legal knowledge to pass on to their clients for those unforeseen circumstances.
Eviction Processes
It’s unfortunate that many property owners will at some point, be forced to evict their tenants because of non-payment, nuisances, or property damage. Getting this process right will save them time and money and will quickly free up their units for future renting.
Property managers must be well equipped to advise on these situations on a case-by-case basis and in compliance with Philadelphia’s legal requirements. Evicting someone is not fun, but with the proper skills and knowledge, this is one more unpleasantness property managers can handle on behalf of their clients.
Regular Building Maintenance
Whether it’s time for an upgrade or the systematic maintenance of a building unit, property managers prove their worth in staying on top of property needs. Dealing with construction companies and trade workers is a burden clients want to be relieved of, which is where managers can happily step in.
Since the satisfaction of each tenant is heavily dependent on the condition of the property, building managers should have a checklist as well as open communication with tenants and their clients on what needs to be maintained, repaired, or upgraded.
Health and Safety Compliance
Philadelphia is known for getting occasional hurricanes, tornadoes, and long periods of severe climate. Natural hazards in Philadelphia like earthquakes are rare, but they have happened in the past and may happen in the future.
Creating safety procedures and keeping tenants prepared for various emergency events is a great way for property managers to prove beneficial to their clients. From minor emergencies that require first aid to larger risks like fire or natural disasters, property managers can put procedures in place to keep tenants prepared for anything.
Problem-Solving
Handling disputes calls for tact, open communication, and a knack for sometimes having to deal with difficult people. Clients of property managers don’t want to have to deal with the ugly side of rentals, which is why property managers can really shine in the arena of problem-solving.
Unapproved subletting, noise complaints, and other minor issues can quickly escalate into large problems. The ability to nip these in the bud proves helpful to property owners who hire managers to deal with issues swiftly.
Final Thoughts
If property managers become adept at advising their clients on these eight crucial points, they will become invaluable assets. Growing their portfolios over time will become the norm if they spend their time proactively consulting their clients on these issues, preventing the loss of time, money, and peace of mind.