Updated June 8, 2022.
Choosing a Philadelphia property manager is similar to choosing an 'asset manager.' A Philadelphia property management partner will be managing a very big asset of yours: your rental property.
You don't want to entrust an investment of this size—or value—to a property management company that isn't going to give your asset the attention it needs to continue boosting your return on investment! Plus, you need your Philly rental property to bring you consistent cash flow to be successful as a real estate investor.
What should you look for when picking the right Philadelphia property manager? We'll go over some top traits that will apply whether you're looking in Philadelphia or Minnesota because they represent the foundation of what good property management should be.
Get the Numbers
A great Philadelphia property management company should know their business well—and they should keep track of the numbers that tell them whether they are doing a good job. If they do, they should be able to tell you:
Average vacancy times and the average time to lease: How long does it take to turn a rental property and get a new renter? A property management company with a good leasing program will have a lower number here.
The average length of residency: Great property management companies get more renewals than poor companies because they provide excellent service.
Advertising spend: A good property management company spends the money to find high-quality renters faster—so vacancies are lower by default!
Sometimes, if you look at the numbers, you can learn a lot about how well a company is run.
Look at Reviews
There is a lot you can learn from reviews—but you have to know what to look for. A Philadelphia property management company that takes good care of investments for their owners is liable to have some angry reviews from renters who are being held to higher standards.
Here's what to look for as a Philly investment property owner:
Owners mentioning that their property was well-cared-for
Residents mentioning maintenance was handled in a reasonable time.
Some negative things that might actually be good signs:
Residents upset about pet screening
People upset about fees (this generally means lease enforcement)
The property management company is responding to reviews (this shows they're actively listening to how people feel).
Level of Interaction
Some Philadelphia property management companies are happy to let owners call all the shots. However, most prefer to work with a level of autonomy—letting their experts be the experts. You'll want to get a feel for how much control you'll have as an owner if you're very concerned about this. Most companies and owners work best together when the management of the property is left to the property manager.
The company should be able to walk you through business as usual, so you know whether you're comfortable with the whole process.
Local to Your Properties
You'll want a property management company big enough to be stable—but you also want them close, so you know there is someone nearby keeping an eye on your investment. Local offices are important because it means that it is easier for your Philadelphia property management company to provide regular inspections, take care of things in a timely manner, and genuinely understand the rental market.
We want to take a moment to remind you that our team puts eyes on the investment properties in our care far more frequently than our competitors. We believe (and know for a fact) that regularly inspecting the inside and outside of an investment is the best way to prevent costly issues that will hurt your cash flow.
Here are some other things to consider when looking for the best Philadelphia property management company:
Willing to invest in technology: A great company is going to invest in the technology that will make your property perform, such as having an online resident and owner portal, direct deposit, and rent collection enhancements to ensure you get paid on time.
Satisfaction guarantees: Look for a company that is going to lock you in by providing great service—not lock you into a contract that forces you to stay if the service is terrible.
Tenant screening and replacement: If a property management company places a risky renter even despite their best screening efforts, look for a company that won't charge you to fix their mistake!
We're Here to Help You Rentwell
We're here to help however you need it: check out our free resources for investors! We believe that empowering you to take the best care of your investment is the first step to helping you become a successful real estate investor. We're also here to help if you need support with your Philadelphia rental properties!
The first step to success as a real estate investor is to get a rental ready for a new resident. Starting the relationship off on this 'right foot' is so important to long term success. Download our free Makeready Checklist and use it to ensure your rental property is in tip-top shape!