As the owner of an investment property, you probably face a lot of frustrations on a day to day basis. Owners come to us all the time with those frustrations. Today, we’re explaining how professional property management in Philadelphia can help you successfully rent your home.
RENTING OUT YOUR PROPERTY: TENANT RELATIONSHIPS
Some of the problems with your investment properties can come from tenants. Maybe your tenants aren’t paying rent on time, or they’re calling you at 2:00 a.m. because they’re locked out of their unit. We have dealt with tenants who are smoking in nonsmoking buildings and others who are parking junk cars in driveways. These tenants need to be dealt with, and enforcing a lease can be difficult for an owner.
STRESS-FREE PROPERTY MANAGEMENT
Sometimes, poor property management can also cause frustrations with your income property. Perhaps your property manager isn’t experienced in this business, and they don’t understand what’s necessary in handling the legal aspects of leases. Or, perhaps they’re having trouble dealing with fair housing issues.
MANAGING LICENSES, INSPECTIONS, AND MAINTENANCE
Philadelphia has a rental license requirement when you rent your home, and many owners aren’t familiar with that requirement. They don’t know how to get a rental license. There are also requirements with an income property on having lead inspections.
Maintenance and repairs can be difficult to deal with. As a building or a home ages, things pop up. There will be plumbing issues, electrical problems, and roofing issues. So then, you have to deal with vendors and contractors. Some overcharge, others aren’t responsive, and then you have some who do spotty work. These things will get in the way of you enjoying the benefits of owning investment properties.