When you contract with a professional Philadelphia property management company, what kind of services can you expect?
Generally, it will depend on the type of property you own and the company you ultimately decide to work with. Each property manager is a little different in the types of services they provide and the way in which they offer them. Some companies will provide everything for one flat rate. Others will provide some very basic services and then ask you to pay more for extras.
You might find a management company that offers different service tiers and pricing plans. You might also find management companies that charge a little more in management fees monthly but cover everything pertaining to your property.
A few things should be consistent from company to company, however. Whichever management team you choose to work with, you want to make sure you’re getting outstanding leasing, management, and maintenance services for your Philadelphia rental properties.
When you’re interviewing potential management partners and you’re about to sign a management agreement, make sure you have a clear understanding of what will be included. You don’t want to expect an annual inspection, for example, and then find out that it’s available to you but costs an extra $200.
This is by no means an all-inclusive list, but here are some of the services you should expect from your management company.
What is Included in Philadelphia Leasing Services?
As you begin to search for a property manager, you are likely to find that many companies will separate leasing services and management activities. This is because some owners seek help with leasing only; they don’t require full-service management and are only looking for help in screening and identifying qualified tenants.
If you’re looking for full-service management, you’ll still need a comprehensive leasing program. You should expect your property to provide services that result in a well-screened, highly qualified resident who can be trusted to pay rent on time, take care of your property, and follow the terms of your lease agreement.
Here are the leasing services we provide at TCS Management. You should make sure that all of these things are included in the leasing process you sign onto. Some companies will charge extra for marketing or the set-up of your account. That’s not necessarily bad, but you want to be aware that you’ll be paying extra.
Leasing Services:
- Establishing a rental value for your property based on local data and a comparative market analysis.
- Making recommendations on improvements or updates that may bring in higher rents and attract better tenants.
- Professional-level photos and a detailed listing.
- Sharing and syndicating your rental listing onto several popular websites.
- Including the listing on the management company’s own website.
- Showing the home to prospective tenants.
- Tenant screening services.
- Lease negotiation and execution.
- Collection of security deposit and move-in funds.
- Move-in inspections and inspection reports.
The result should be a tenant, a signed lease agreement, and the understanding about who is responsible for what during the lease period. You should also expect that your property manager follows all fair housing laws during the marketing and screening process.
Philadelphia Property Management Services
The leasing services should only happen once per tenancy because presumably your tenant will sign a one-year lease agreement.
Management services, however, are ongoing services. These include:
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Rent collection and lease enforcement
Your lease agreement will include a rent collection policy, telling tenants when rent is due and how it should be paid. The property management services you receive should include timely collection of rent from tenants. You should then expect that rent to be deposited into your own account. Your property manager should also enforce the lease agreement, holding tenants accountable if they violate it in some way.
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Tenant communication
Your property manager will be the tenant’s point of contact and responsible for the entire relationship with your renters. They will field phone calls, messages, and emergencies. Look for good communication services, updated technology that allows for online platforms, and a responsive approach to working with your residents. Tenant retention should be an important goal for you and your property manager, and the relationship they form with your tenants will dictate how likely they are to renew their lease agreement.
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Rental property accounting
Rental property accounting is also a service provided by many property managers in Philadelphia. Most management companies will provide financial reports on a monthly and annual schedule. These statements will reflect your rental income, operational costs, and net profits. You should expect tax forms at the end of the year as well. Some property managers will also take care of any bills associated with the property, such as HOA fees.
Philadelphia Property Maintenance Services
What kind of maintenance services can you expect from a property manager?
Typically, you’ll have a management company providing routine and emergency maintenance services. Either they will have their own in-house maintenance staff or they’ll contract with local vendors and contractors to get the work done.
Services will include:
- Responding to tenant repair requests 24 hours a day
- Conducting walk-through maintenance inspections before and after a tenancy
- Establishing a list of preferred vendors and contractors or employing their own
- Maintenance invoicing
- Preventative maintenance services including HVAC servicing and inspections, landscaping, and pest control
Looking for Additional Management Fees
Most owners we talk to prefer an all-inclusive and full-service management plan. They know that everything will be taken care of, and they don’t have to worry about paying extra for basic services that they know they’ll need.
If you come across a company that has a dramatically low management fee, make sure you read the fine print. There’s a good chance you’ll be paying extra for things like statements, inspections, or even tenant communication. We have seen extra charges for maintenance coordination and bookkeeping. Make sure you’re aware of them. Transparency is important.
Questions about our services specifically? We’d love to tell you more. Contact us at TCS Management.
TCS Management is a full service property management company headquartered in Philadelphia, Pennsylvania, also serving Harrisburg, PA, 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.
