There are nearly 110,000,000 renters in the United States in 2015.
That’s a lot of renting responsibility.
With 32.6% of Maryland residents renting there is a definite need for property management groups to exist. Unfortunately, a lot of Maryland property management groups do exist making it difficult for landlords to decide which company to employ.
There are many reasons why you might choose to have a property management group care for your rental properties:
- You might have a lot of rental properties that need to be managed
- You may not live nearby your rental properties
- You may not enjoy hands-on management
- Your time is limited
- There tends to be lower tenant turnover with property management groups
- Hassle free rent collection is something you desire
- And much more!
The question remains: Who do you choose as your Maryland property management group?
Offering all of the above-mentioned benefits, Bay Management Group is considered one of the leading Maryland property management groups around. Take a look at why:
When looking for a property management company to manage your Maryland properties, there are many qualities that a great company should have. One of the most important is transparency regarding property finances. Monthly and annual statements are necessary for owners to understand the property’s cash flow, any incurred maintenance invoices, delinquency reports, rent roll, or other financial transactions.
Bay Management Group provides financial statements to all landlords. Each month a statement is provided documenting all expenses and income for each property being managed. Annual statements and a 1099 are also provided.
A good property management group will be knowledgeable about the current market trends and will use this information to help you advertise your available properties. They should be able to correctly value your property for the best rental rate possible and have a strong network for finding quality tenants. Efficient marketing is a key aspect to renting your properties successfully. On average Bay Management Group rents out properties in under 30 days.
Bay Management Group “aggressively markets each property, using all major search engines, online classifieds, off-site marketing and direct mail.” Utilizing MLS, Craigslist, HotPads, and other online resources, you can rest assured your properties are getting exposure.
Dealing with legal issues on your own, as well as managing your own properties, can quickly escalate into a major headache. Having a property management group handle of all your legal matters is a great resource to have.
Things such as drafting leases, wielding financial and physical property responsibilities, inspections, licenses, and rent collections, are just some of the tasks that can be difficult to manage on your own without the proper legal knowledge. Letting your Maryland property management company take care of those issues relieves some of the legal paperwork one would ordinarily have to draft.
Bay Management Group is very knowledgeable about landlord-tenant laws. Should a legal issue arise, feel at peace knowing that the correct legal steps will be taken quickly and professionally to handle the matter.
Proper Tenant Placement
No one wants to worry that their property is being rented to a poor quality tenant. Fears of property damage, untimely or missed rent payments, poor tenant job stability, and even unacceptable background checks are not something you should have to concern yourself with. Employing a property management group with the proper skills to place good standing tenants in your properties is essential.
Bay Management Group screens all potential tenants before allowing them to rent your properties. Prior evictions, judgements, liens, bankruptcies, criminal histories, and credit worthiness are thoroughly checked before placement in your property. Additionally, move in/move out reports are provided with photographs taken before and after a tenant takes residency to ensure physical property damage is accounted for. Less than 1% of all tenants Bay Management Group places into a property end up going to eviction!
One of the main reasons tenants leave a rental property is poor maintenance handling.
No tenant likes to deal with things like plumbing issues, broken A/C units, or electrical issues. Tenants expect their maintenance issues to be handled right away, by not addressing maintenance issues in a timely manner you send a terrible message to the tenants.
Having a consistent and timely maintenance process will keep tenants happy when the inevitable happens and hopefully prevent those tenants from leaving.
Bay Management Group handles a variety of maintenance issues using their own personal handymen and reliable contractors to “ensure quality work, quick turnaround and competitive pricing.” We are available 24/7, so your property (and tenants) will always be cared for.
Up-to-Date Law and Ordinance Knowledge
Renting in Maryland poses some unusual situations. Knowledge about rental registration and required inspections can be easily forgotten or overlooked. If you do not comply with all of the regulations and inspections you can face massive fines.
By administering this responsibility onto your experienced Maryland property management group, you can remain at ease knowing that you are in full compliance with all of the laws regarding rental properties.
Bay Management Group is well-informed in all matters regarding current rental registration and inspection regulations. Assisting you with this process is part of the package and comes with proper paperwork submission, informing you of proper compliance information, and even recommendations of inspectors.
Experience in the Business of Property Management
As a landlord you hold the responsibility of handing over your investments to a reliable third-party company. Unreliable property management groups can neglect your properties and reap the benefits financially. Make sure you research the company you hire to handle your properties and understand their experience in the field so that you are not taken advantage of.
Bay Management Group’s owner has had experience in the field of real estate and property management for years. Being a licensed real estate broker sets him apart from many other property management groups, as Maryland is one of 5 states that do not require a broker’s license in order to provide third-party management services.
Another major concern for tenants is weak communication with property management groups. Being able to answer all of your tenant’s questions through a variety of means (phone, email, web portals, etc.) in a professional and timely manner will satisfy your tenant and keep things running smoothly.
Bay Management Group takes pride in customer-service and focusing solely on property management. Dealing with the management of your properties and tenants is our main concern so that you can keep your free time and peace of mind.
Solid Rent Collections
Your property’s rent payment is what makes up your income. Worrying about whether the rent will be paid on time should never be a concern for you with the right property management group.
Bay Management Group takes a thorough and consistent approach to collecting rent each month. Tenants are made well aware what the procedures are for paying rent prior to signing their lease. These payments are then sent efficiently to you through direct deposit or a standard check so you are never waiting on payment.
Appropriate Eviction Procedures
No landlord ever wants to deal with an eviction. This can become a timely and burdensome process with months of un-collected rent . Finding the right property management company for your Maryland rental should include an outline of their eviction procedures. Having a set procedure in place will make the entire process a lot easier and quicker so you can move forward and fill your vacant property with a well-suited tenant.
Bay Management Group has a standard practice when it comes to eviction practices. After the grace period has been exceeded(5 days), paperwork begins for an eviction. There are no excuses for not paying rent on time and our company makes sure all of the tenants are made aware of this in an effort to protect the landlords.
There is a lot that goes into choosing the perfect property management group for your Maryland properties. Hopefully this list, although not exhaustive, gives you an idea of what to expect from the company you choose to manage your properties and, even better, gives you the perfect company to hire as your Maryland property management group.