The Philadelphia market can provide a great set of rewards for real estate investors. It’s competitive and fast-paced. There’s a lot of opportunity, and a diverse selection of investment properties available to buyers who are ready to move. With limited inventory and high demand, investing in Philadelphia can also be challenging. To be successful here, you need knowledge, capital, and at least a basic understanding of the market and how it works.
Whether you’re new to investing or carefully growing an existing portfolio, success requires relationships. You need access to the tools and resources, and you also need to surround yourself with experts and professionals from diverse backgrounds who can help you identify the right opportunities and close the best deals.
If you’re ready to capitalize on Philadelphia real estate, you need as much help as you can get.
We’re here to provide it. Let’s take a look at where you’ll find the most resources and the best support.
Philadelphia Property Management Resources for Smarter Investing
As you think about maximizing your Philadelphia investment potential, you need to think about the partnerships you have in place. Real estate agents are great, brokers are necessary, and you’ll want to talk to attorneys, insurance experts, and fellow investors.
What you really need, though, is a Philadelphia property manager.
Property managers will help you place residents, establish the right rental value, collect rent, and respond to maintenance. But, we can do much more for you when you’re willing to tap into our expertise. We can help you build a strong investment portfolio in a couple of key ways:
- Increasing what you earn
When you think about leveraging the opportunities in the local market, you might think about acquisitions. You can certainly grow a portfolio by adding to what you already have. But, it’s not the only way. You can also increase the size and strength of you portfolio by making the properties you currently own more valuable. You can try a 1031 exchange when one property isn’t earning what you expect.
Property management helps you navigate these options, which lead to earning more rent.
- Protecting your real estate investment
Property managers are also a great resource for investors because of the asset protection that’s provided. The role of your property manager in keeping costs down is essential. Making mistakes is risky and expensive. Overpaying for maintenance will hurt your ROI. Placing bad tenants will lead to long-term losses, especially if you have to evict. Forgetting a fair housing law can result in a hefty fine, not to mention damage to you reputation. Protecting you from risk and liability is an important part of a property manager’s role in helping you succeed as an investor.
Your Philadelphia property manager can provide the sort of protection and risk management that is difficult for independent landlords and investors to access on their own. We understand all of the local, state, and federal rental laws that pertain to your property. We understand how to properly return a security deposit and what to do when a resident doesn’t pay rent.
We also do a professional job of protecting you from unqualified residents and expensive legal mistakes. Reducing your liability is a huge benefit. We’ll also save you money on expenses such as maintenance and repairs, vacancy and turnover, cleaning, landscaping, pest control, and other services.
We limit evictions and legal risk.
Professional Associations and Networks
A great resource for investors is your local investing group or professional association.
You have to network.
If you’re interested in learning more about best practices and asset protection (and you should be), you can learn a lot from professional associations such as the local chapter of the National Association of Residential Property Managers (NARPM). You don’t have to be a property manager to join. You’ll find networking opportunities with other investors, vendors, tech providers, and professionals in service industries that impact and support real estate investing. There’s a Philadelphia chapter and a Pennsylvania state chapter.
There are also groups such as the Greater Philadelphia Association of Realtors (GPAR). The Philadelphia Real Estate Council has some great resources. The Philadelphia Real Estate Investors Association is also a good starting point for local investors.
Joining a local investing group is a good idea for your current investment goals and those you may have in the future. You’ll network. You’ll gain some good experience. You’ll even make some deals, especially if you stick around long enough and show a willingness to participate.
Maintenance Vendors and Contractors are Invaluable Resources
An important resource that any real estate investor needs is a preferred network of vendors and contractors. Maybe your property manager provides this for you, if you’re working with a management partner already. Maybe you have your contractors who you trust.
However you come by these skilled professionals, make sure you know who to turn to when you need renovations or rehab work done, preventative maintenance, emergency plumbing help, or cosmetic turnover work.
A good maintenance team is critical when you invest in Philadelphia real estate. There will be repairs and there will be replacements, and you’ll need to have someone who can respond quickly, do good work, and not charge you more than you’re willing to spend. You want licensed and insured vendors with good reputations in the industry and the community.
There’s maintenance and then there are also improvements. If you find yourself dealing with longer vacancy periods, you may want to take those opportunities to make some upgrades and updates. Those renovations will increase the rental value of your property and help you attract good tenants. They may also be necessary to compete with other seasonal rentals in the market.
Let’s talk about how we can help you succeed while investing in Philadelphia. We know the market well, and we’d love to share our resources with you. Please contact us at TCS Management.
TCS Management is a full service property management company headquartered in Philadelphia, Pennsylvania, also serving Cherry Hill, NJ, Wilmington, Delaware, Nashville, Tennessee and the surrounding areas. We focus on single-family and multifamily residential property management of homes, condos, townhomes, and apartment buildings.
