The importance of a Philadelphia Residential Management Company is paramount to profitable and responsible real estate ownership. So, what attributes make a successful Residential Management Company? In this page, we’ll explain what to look for, and how to qualify a Residential Management Company. This is important, because the company you choose will be responsible for overseeing the marketing, finances, and maintenance of your property. The return on your real estate investment will ultimately be dictated by the Residential Management Company of your choice.
PHILADELPHIA RESIDENTIAL MANAGEMENT COMPANY – WHAT THEY OFFER
- Tenant communication – Your Residential Management Company is the sole point of contact for tenants. When issues arise (related to lease terms, maintenance, or something else), communications will flow through the property manager. The Residential Management Company will be able to answer all questions on the owner’s behalf. With regard to maintenance issues, the Residential Management Company will be authorized to make repairs up to a certain point (typically $300) without first speaking with the owner. It’s important that the owner is not bothered unnecessarily, as that is a major reason many owners use a Residential Management Company to begin with. At the same time, it is also important to obtain owner permission when necessary.
- Maintenance- When it comes to maintenance and construction needs, your Philadelphia Residential Management Company is essentially a project manager and general contractor. The Residential Management Company is responsible for bidding jobs, coordinating various sub contractors, and conducting quality and progress inspections. For this reason, a Residential Management Company should have construction, and preferably general contracting experience. A Residential Management Company should have a long list of licensed and insured sub-contractors which they have worked with in the past. Additionally the Residential Management Company should have their own in-house maintenance team for routine issues.
- Leasing soon to be vacant units – A Residential Management Company collects a management fee from an occupied unit which has a paying tenant. For this reason, a Residential Management Company and the investor they represent have a mutual goal; find a good tenant as quickly as possible. Some companies are more adept at this than others. Innovative and forward thinking marketing techniques such as photos with a digital SLR camera / wide angle lens, high definition video tours, and exposure to various marketing platforms are necessary today’s marketplace.
Selecting a Philadelphia Residential Management Company
The above list is what a good and responsible Philadelphia Residential Management Company should offer. Examining their services is the first step in selecting a Philadelphia Residential Management Company. The next step should be speaking with some current and past clients, to see how their interaction has been with the Philadelphia Residential Management Company. After that, go in for an in person meeting with the company at their office. You should be comfortable, after the meeting ,that the owner and staff are competent. Make sure to take a look at JG Real Estate, Philadelphia’s premier property management firm.