Building a portfolio with Philadelphia real estate investments might mean it's time to let go of your DIY ways and let a professional help grow your business. Investors who want to grow their long-term wealth through rental property ownership can't make it happen without expert help—and that's not a bad thing.
Having too many profitable rental properties is an excellent problem to have! However, keeping them profitable for the long haul becomes overwhelming for investors who juggle a full-time career, home and family life, and a booming portfolio.
If you want to grow but aren't sure how to start (or how to manage more properties when they become part of your portfolios), we have the answer. More successful real estate investors choose expert Philadelphia property management to start—and maintain—growth! Here's why.
That Property Isn't Right For You
It might look nice and come at the right price, but that doesn't mean a property is right for you. How can you know?
Building a successful rental property portfolio in Philadelphia requires experience and insights to help investors avoid a bad property purchase—especially when the property seems too good to be true. Sometimes house flippers or homeowners apply cosmetic updates that look impressive on a real estate website (or even in person). However, cosmetics that cover up serious foundation issues and other structural problems can mislead an unsuspecting investor into a terrible property that never makes any money.
What about the location? A property that looks (and is) great can't overcome a location that doesn't attract quality renters. Even if all signs point to a smartly-updated property with no significant problems, renters won't choose a home in a location without good schools, excellent walkability, or easy access to highways, transportation, restaurants, retail, and recreation.
Research Leads Investors To the Right Properties
If that property isn't right for you, walk away! Investors need the right rental market analysis to know if property won't be an excellent addition to their portfolio or if they're looking at their next significant income generator.
What kind of research do you need? An expert Philadelphia property management company provides it all, including:
- Information about the neighborhood, including nearby amenities and schools
- Average rental price per square foot
- Property values
- Comps to evaluate a potential property to other similar rentals in the area
- Local vacancy rates
- Estimated costs for renovations and ongoing expenses versus potential long-term income
Purchasing a new rental property is a significant investment! The right local market research helps inform investors before sinking money into a sinking ship.
What do Philadelphia renters want? If you don't know, you risk buying an investment property that won't meet their needs or make any money.
Successful real estate investors must put aside personal preferences and focus on what renters look for in a safe, comfortable rental home. The features and amenities you want in your private residence might not be the same thing local renters want when searching for a new home that meets their needs at a price they're willing to pay.
The right Philadelphia property management company helps investors understand what renters want and find properties that meet those demands. If a potential property isn't ideal for new renters, a property manager also helps investors choose smart upgrades that make a property more attractive without spending money on amenities that will never pay off.
With the insights of a property manager, you can build a portfolio of profitable rental properties that:
- Stay competitive—even as renter needs change
- Command an ideal monthly rent price to avoid rental income loss
- Attract high-quality renters and improve renewal rates
- Stay up-to-date with appropriate upgrades as-needed
What renters want in a rental home today might be the same features the attract the best renters in a few years. We know that today more residents work from home than in prior years.
The right Philadelphia property management company stays updated on new trends and how they shape the rental market demand. When it's time to add another property to your real estate portfolio, we help investors target properties that meet changing needs. We also recommend critical updates to your existing portfolio rentals that help you continue delivering the best rental homes in the market.
Grow Your Portfolio With the Pros!
Building a successful rental property portfolio is easier with a Philadelphia property management team that goes the extra mile for owners and residents. To rise above the competition, investors need to deliver rental properties that renters want—and Rentwell is here to help you make that happen!
It isn't always easy to find a property manager that listens to your goals, helps you grow accordingly, and delivers peace of mind with every investment. Contact us to learn how Rentwell consistently delivers the best in the market!
Not sure what to look for in a property manager? Download a free copy of our "Guide to Finding the Best Tri-State Property Management Company."