Managing a rental property investment on your own is hard work. Even if you only have one or two rentals, keeping up with every detail (and tenant) is a lot of responsibility. Without the right experience and strategies, you can quickly fall behind on maintenance, repairs, and rent collection.
Every late rental payment, delayed repair, or bad tenant costs money and damages your returns—but does paying for the services of a Philadelphia property management company actually save landlords any money? Keep reading to find out!
Stop Losing Money On the Wrong Rental Price
Anyone can set the rental price for a rental property, right? You don't need to pay an expert to do that for you.
Are you sure it's the right price? A rate that's too high discourages renters from applying for your rental. The longer it sits vacant without a paying resident, you lose money! However, aiming too low with a monthly rent amount leaves money on the table every month—even if you quickly find a tenant who pays the rent on time.
If you're selecting a rate for your property based on the rental down the street or an amount you have in mind, you're probably losing money! A property manager in Philadelphia applies rental market analysis to determine the ideal rates for your rentals.
Late Rent Is Expensive
When renters don't make their monthly payments on time, that's money out of your pocket. Plus, property owners must spend time and resources sending reminder notices and tracking down tenants who haven't paid the rent. If you collect rent payments by checks, you're also spending time depositing them at the bank and waiting for funds to hit your account to maintain cash flow.
A property manager prioritizes on-time rent collections with methods that make it easier for renters to pay the rent on time every month. With property management software and an online tenant portal, your residents can log in and instantly pay the rent or set up recurring payments, so they never miss paying the rent on time.
Quick and Quality Responses to Maintenance Reduce Costs
It is not uncommon to believe that handling maintenance for your rental properties on your own saves money. You're not paying for a costly contractor if you can find what you need at the local hardware store, follow an online video, and fix a problem yourself!
However, most rental property owners don't realize that DIY fixes often need repeated repairs. Multiple trips to the hardware store to buy materials and tools also adds up over time. If you're not able to get to a repair quickly enough, a minor issue can become a significant (and more costly) problem the longer it's allowed to go without a fix.
In some cases, handling a repair that a licensed and experienced technician should handle can lead to liabilities and code compliance issues. Without permits and trained experts making repairs, you put your tenants, rentals, and income at risk.
A property management company has skilled maintenance teams and repair personnel readily available. They ensure that all repairs, maintenance, and inspections are handled promptly and according to building codes and rental property requirements for legal operation.
Effective Marketing Reduces Income Loss
Many investors dread having to find a new tenant. If a vacancy period lasts longer than a few days or weeks, property owners lose significant rental income while also paying for ongoing listing fees and other marketing costs.
A Philadelphia property management expert maximizes marketing to reduce vacancy times and help investors find quality tenants faster. They know it's critical to minimize the number of days your property sits empty during the year. When it's time to find a new resident, they work quickly to take professional photos of the property, create a compelling listing, then place it online everywhere renters look for new homes. Without a property manager, rental owners won't have access to the MLS and other high-traffic rental search sites, making it challenging to reach enough potential renters quickly.
But What Does It Cost?
Marketing and property management expertise isn't free, is it? Investors will have to pay for these services, but the boost to your returns is worth the nominal expense!
However, not all property managers are the right price for your budget. Many property management companies charge a monthly management fee that might range from 8-12% of a property's rental price. This type of pricing structure often includes hidden costs that aren't covered in that monthly percentage.
Don't be discouraged! There is a better way. Experience the best property management services in Philadelphia PA, without paying hidden fees or a percentage that can fluctuate depending on the rental price set by your property manager. Choose RentWell's OneRate™ fixed monthly rate plan that includes all services (with no hidden fees)!
A Philadelphia Property Manager Saves Time and Money!
Saving your valuable time as a property owner, reducing expenses, and improving returns are hard things to accomplish on your own. An experienced Philadelphia property management company takes the work of managing rentals off of your plate and does it efficiently and effectively to minimize income loss and maximize budgets!
Investors don't need to pay high prices for the best property management in Philadelphia Pennsylvania. Check out Rentwell's OneRate™ pricing and service plans to experience expert management while maximizing ROIs!
Learn more by trying our free OneRate™ Calculator to see how Rentwell’s pricing compares to other property management companies.