If you’re like most self-managing landlords, you might be resisting professional Philadelphia property management because you think it’s more expensive than doing it yourself. Most self-managing landlords, however, forget to calculate the opportunity cost in managing their own properties.
Rental Property Mistakes are Expensive
Just because you can manage your own property doesn’t mean you should. Professional property management provides a more efficient, more effective leasing, maintenance, and management process. It saves you money and it saves you time. It delivers peace of mind, especially when it comes to laws and requirements.
Mistakes are expensive when you’re renting out a home. You might deny a tenant with a service animal because you don’t allow pets, and that will land you in trouble with both the Fair Housing Act and the Americans with Disabilities Act. Maybe you’ll deny one tenant’s application because you’re looking for a higher income level, but then after your property is vacant for a month, you approve another applicant with the same income. That’s discrimination.
Self-managing landlords will often allow tenants to make their own repairs or agree to use the security deposit for a month of rent that the tenant can’t pay. We have heard of DIY landlords showing up and demanding to look around without any notice or cause.
These are common mistakes we see, and they lead to very expensive lawsuits, claims, and penalties. Professional property managers protect you from these and keep you in compliance.
Saving Money on Vacancy and Turnover
You’ll lose less money on vacancies and turnovers when you work with a professional property management company. We understand the Philadelphia rental market. We know how to price your home properly and competitively, and we know how to attract the best potential renters.
We also deliver outstanding customer service, ensuring your good tenants stay in place for the long term. Vacancies and turnover costs can eat away at your ROI quickly and irreparably. When a self-managing landlord has to prepare a property for a new tenant after an old tenant moves out, it could take weeks or even months to get the work done, advertise the home, and show the property. Professionals can do it in a matter of days. This saves you money, which means it earns you money.
Maintenance is more Cost-Effective
The preferred vendors we work with are available to us as soon as we need them. They respond to middle-of-the-night emergencies and they treat our residents with respect. We work with loyal vendors and contractors who provide us with competitive, preferred rates. The volume of work we provide means our properties go to the front of the line when work is needed.
Reducing Bad Tenants and Property Damage
Every landlord who has rented out their own home without professional help has a story of how and when it went wrong. Maybe they rented to a family member who stopped paying rent and needed to be evicted. Maybe you have a tenant who decided to leave in the middle of a lease period without notice, leaving behind a mess in the house and damage that went far beyond the amount of the security deposit.
Renting out a home on your own can be overwhelming, especially if you have your own career, family responsibilities, or personal pursuits you’d like to focus on. Professional Philadelphia property management provides value. Contact TCS Management for more information. Talk to us about whether you’re better off managing on your own or working with a team like ours.
TCS Management is a full service property management company headquartered in Philadelphia, Pennsylvania, also serving Cherry Hill, NJ, Wilmington, Delaware and the surrounding areas. We focus on single-family and multifamily residential property management of homes, condos, townhomes, and apartment buildings.