As a DIY landlord, renting out your Philadelphia property can be challenging. It is more than just handing over the keys to tenants and taking rent money from them. It is about finding good tenants, making them comfortable, retaining them for a long time, and earning profitable ROI. With the growing competition, you need to upgrade your properties, meet the housing standards, and fulfil tenant expectations. Here are a few ideas for landlords to rent their Philadelphia home successfully.
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Make The Place Habitable For Tenants
Considering the availability of rental options in Philly, tenants are becoming more selective while searching for their new rental homes. In a market like Philadelphia, the expectations of tenants are even higher. Landlords need to meet as many of these as possible though it may not be possible to fulfil all of your tenant’s requirements.
Provide regular maintenance services to tenants and thoroughly clean the property. Make sure you repair any damages that could be dangerous to your tenants. Protect your property from potential hazards. Check for structural damage, non-functioning appliances, health of utilities, and the state of the plumbing. Get the necessary repairs done and make the place habitable for your tenants.
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Market It Online
In today’s virtual world, the majority of tenants search for their homes online. Platforms like social media websites and listing websites are more effective tools to connect with a larger pool of tenants. Create online rental listings on reputed websites like Zillow, Trulia or post vacancies on Facebook.
Be sure to add key features that will make your rental stand out from the crowd. Enable the applicant to visualize the space by posting clear images of your property. If the tenants like your property, they will try to contact you for the next steps. Make sure you upload your name, contact number, and exact location of your rental property in the listing.
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Have Your Policies and Agreements Ready
A comprehensive lease agreement is the best way to communicate your requirements and expectations to your tenants. Having this ready can help landlords streamline the process and make the rental process move faster. Make sure you include pet policies, eviction policies, lease renewals, rental obligations, rights, and clauses in it. Include the name, number of occupants, amount of security deposit, and rent amount in a lease agreement. Landlords can hire a local attorney to ensure that all the policies and clauses comply with Philadelphia housing laws.
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Screen Tenants Properly
The tenant screening process is crucial to find good tenants who will take care of your rental property, and pay rent on time. Create application forms and gather information about your potential tenants. Run background checks for criminal history, credit score, identity, and employment proof.
Gather references from previous landlords, and employers to understand how the applicant’s behavior was in previous living and working environments or what their previous employers have to say about their day-to-day behavior. Lastly, shortlist your prospective tenants and conduct a final discussion about rent amount, security deposit, and lease duration.
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Hire A Property Manager
Professional property managers have a good network to source tenants, market the property, and screen them properly with all the necessary checks. If it is becoming challenging for you to manage your property on your own, hire a property manager.
They can help you in screening your tenants, fixing repairs, conducting inspections, collecting rent, keeping you updated about the rental budget accounts, and submitting annual reports.
TCS Management is a trusted property management company headquartered in Philadelphia, Pennsylvania, also serving Cherry Hill, NJ, Wilmington, Delaware, and the surrounding areas.
We focus on managing single family and multifamily residential properties of homes, condos, townhomes and apartment buildings. We can help you rent out your property quickly and make your work as a landlord easy.
For more information, connect with our experienced professionals at TCS Management.
