As a real estate investor, growing a healthy, well-diversified portfolio that will provide a passive income to carry you through your retirement in style is your business. As an investor, selecting the best investment opportunities allows you to earn the highest returns on your investment dollar.
Just as you should approach the business with systems in place to ensure a smooth process for your real estate transactions, you must also invest yourself in your tenant-landlord relationship. It is an essential cog in the wheel of your business. Before jumping into any investment, you should speak with your tax consultant and a local professional investor who is highly familiar and active in the market. Taking the time to learn the ropes while working with experienced professionals can help you to avoid investing in money pits, placing bad tenants, or practicing poor management. Read on as we explore three things to consider before becoming a landlord in Philadelphia.
Naturally, it takes marketing that provides the necessary information, remaining within all legal guidelines to fill vacancies. Before becoming a landlord in Philadelphia, you’ll need a strategy that fits your budget yet promotes your rental property to the right tenant. With over 80 percent of renters finding their next residence online, you’ll need to be there to compete. While the internet will advertise your rental property worldwide, don’t skip the local online rental listing sites. Not to be forgotten are the humble community bulletin boards and the power of word of mouth, talking about your available rental units to your circle of family and friends. You should also spread the word among the professional connections you’ve built in the real estate industry; networking often pays off with building a great team for your business and excellent tenant placements. Working with a professional home buyer like those at Philly Off-Market Deals and their team means you can be confident your marketing plan is legal and on target to attract the best tenants in Philadelphia.
Before becoming a landlord in Philadelphia, you should understand fully that your rental property success reflects the management of your property or lack thereof. The role of the landlord includes placing the best tenants to protect your wealth and income while following all local, state, and federal guidelines governing tenants. You should also conduct an in-person interview with prospective tenants, following a carefully laid out series of questions to remain within those laws. Finally, landlords should perform thorough background and credit checks, including contacting all references; former landlords can provide you with valuable insight. Working with a professional home buyer like those at Philly Off-Market Deals means you can be confident that there are no missteps in screening your tenants.
Let’s face it; happy tenants stay in place longer, have few complaints, take better care of the rental property, and cost less overall; it helps if you’re a people person. Before becoming a landlord in Philadelphia, you should understand what it takes to retain good tenants and take a realistic assessment of your skills in these areas. You need to approach your new role with a structure for tenants, their payments, complaints, maintenance, and repairs. All guidelines should be in writing, based on mutual respect, with a clear outline of the rules provided from the beginning, describing your duties to your tenants in return and how you will enforce the rules, strictly following your word. However, even the best tenants can experience personal issues that may cause financial strain; it’s essential to know when to be flexible, so you should consider these situations when you create your guidelines. When the response from management is slow to their needs, tenants may stop reporting damage. For example, a problem that begins as a slow water leak can quickly cause severe and costly damage. In addition, tenants notice preferential treatment and may feel resentment; less desirable tenants may act out and destroy your property. Pros like the professional home buyers at Philly Off-Market Deals and their team of the most highly regarded property managers in Philadelphia can help you to avoid these problems.
Ready to become a successful real estate investor with happy tenants? Let us help you find the best rental properties and place the best tenants, and don’t forget to ask about our current inventory at Philly Off-Market Deals. Time is money, and at Philly Off-Market Deals, we save you time by handling everything in-house, tapping directly into our vast network of industry providers. Philly Off-Market Deals handles it all, from zeroing in on the investments that fulfill your goals to closing, including management repairs and exiting the investment. And Philly Off-Market Deals saves you even more because we never charge commissions or closing costs. Talk to the local professional home buyers at Philly Off-Market Deals before becoming a landlord in Philadelphia. We make it easy to live the dream. Call Philly Off-Market Deals at (215) 422-3288.