Over 110,000,000 residents live in rental housing throughout the United States. In Maryland alone, 33.17% of households were renters, according to census data. That’s a lot of renting responsibility meaning there is a definite need for property management firms to exist. But, with so many management companies out there, how do owners know which is best? Continue reading below to discover the many benefits of property management and why Bay Property Management Group is the area’s leading source of rental experts.
Reasons to Hire a Professional Property Manager
There are many reasons why you might consider hiring a property management group to care for your rental property needs. After all, successful investors know that their time is valuable, and partnering with an experienced manager can maximize their investment’s potential. Check out these other reasons to hire benefits of property management below.
- You have a large portfolio of rental properties
- The properties you own are not local
- Hands-on management does not appeal to you
- Your time is limited
- Understanding local compliance laws can be confusing.
The Benefits of Property Management
Saving time and building profit is not where the advantages of professional management end. Owning rental property involves constant maintenance, tenant communication, rent collection, marketing, and compliance items. Therefore, having a team of experienced industry experts on your side is a huge advantage. Read on to discover why Bay Property Management Group is one of the leading Maryland property management groups around.
- Transparent Financials
- Targeted Marketing
- Quality Tenant Placement
- Top-notch Customer Service and Communication
- Efficient Rent Collection
- Timely Maintenance Coordination
- Up-to-Date Law and Ordinance Knowledge
- Industry Expertise
- Avoiding Legal Issues
- Streamlined Eviction Procedures
When looking for a property management company to manage your rental portfolio, there are many qualities a great company should have. That said, one of the most important is transparency regarding property finances. So, monthly and annual statements are necessary for owners to understand the property’s cash flow, all maintenance invoices, delinquency reports, rent roll, or other financial transactions. These figures are vital to evaluate the health and profitability of your investment.
Bay Property Management Group uses the latest technology to make checking in on your property’s financials as simple as the click of a button. Log in to your convenient Owner Portal anytime, anywhere, for real-time updates on what matters most. In addition, our in-house accounting team provides annual statements and 1099 to make tax time a breeze.
Any great property management group will know the current market and use that information to advertise your vacant property. However, understanding the local market also means knowing your target rental pool and competitively pricing the property. Efficient marketing is a key aspect of renting your properties successfully and to a quality tenant.
At Bay Property Management Group, we aggressively market each property using online classifieds, the MLS, Craigslist, HotPads, and all other major search engines. So, you can rest assured your properties get the exposure needed to fill a vacancy quickly. In fact, on average, the marketing and leasing team at BMG fills vacancies in less than 30 days.
Quality Tenant Placement
Great tenants are like gold, while poor quality tenants are a landlord’s worst nightmare. Fears of property damage, untimely or missed rent payments, poor job stability, and even unacceptable background checks are not something you should have to concern yourself with. Therefore, employing a property manager with the processes to place good standing tenants in your properties is essential.
Bay Property Management Group thoroughly screens all potential tenants while following strict Fair Housing Laws. Our standard qualifications protect against prior evictions, judgments, liens, bankruptcies, criminal histories, and creditworthiness as well as ensuring a stable source of income.
Furthermore, completing extensive move-in/move-out reports helps to ensure any physical property damage is accounted for. Therefore, thanks to our time-tested processes, our company boasts a less than 1% eviction rate.
Top-notch Customer Service and Communication
Communication is crucial to any relationship, especially the one between a landlord and tenant. Nowadays, tenants expect prompt communication via phone, text, and email. Therefore, being able to respond quickly and professionally to all of your tenant’s questions is essential to keeping things running smoothly.
The dedicated team at Bay Property Management Group takes pride in providing top-notch customer service by focusing solely on property management. One of the benefits of property management is knowing someone is on hand 24/7 to handle all tenant concerns, so you do not have to.
Efficient Rent Collection
Your property’s rent payment is what makes up your income. So, worrying about whether the rent will be paid on time should never be a concern with the right property management group. Once again, Bay Property Management Group relies on the latest technology to offer convenient rent collection and processing. Tenants are strictly held to the terms of their lease and can make payments directly through their Online Tenant Portal. In addition, funds are then efficiently disbursed to owners through direct deposit or a standard check. So, you are never left waiting on payment.
Timely Maintenance Coordination
One of the best benefits of property management is its ability to manage maintenance and repair needs effectively. After all, one of the main reasons tenants leave a rental property is the poor handling of maintenance concerns. Residents expect landlords to handle their maintenance issues right away, and by not doing so promptly, you send a terrible message to the tenants.
Bay Property Management Group handles various maintenance issues using both in-house maintenance technicians and an extensive third-party network of vendors. Our established vendor relationships 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 any location means complying with federal, state, and local laws. Therefore, knowledge about rental registration and required inspections are easy to overlook if you lack industry experience. That said, failing to comply with all of the regulations puts owners at risk of penalties and massive fines.
So, bypassing this responsibility onto an experienced property management firm, owners can rest easy. Your property manager will ensure the rental is in full compliance with all local laws. Bay Property Management Group is well-informed in all matters regarding current rental registration and inspection regulations.
Landlords hold the responsibility of handing over your investments to a reliable third-party company. Unfortunately, unreliable property management groups can neglect your properties and reap the benefits financially. So, make sure you research the companies thoroughly and understand their experience fully, so you are not taken advantage of.
Bay Property Management Group offers valuable expertise at every level, from our President to our dedicated employees. Led by a licensed real estate broker, this sets BMG apart from many other property management groups. With real-world experience as both an investor and real estate businessman, the focus of Bay Property Management Group is full-service property management – and property management alone.
Avoiding Legal Issues
Dealing with legal issues on your own and managing properties can quickly escalate into a major headache. Things such as drafting leases, marketing, financial and physical property responsibilities, inspections, licenses, and rent collection, are just some of the tasks that can be difficult to manage on your own. Instead, allowing your hired property management company to take care of those issues relieves some of the legal paperwork one would ordinarily have to draft.
Bay Property Management Group is familiar with landlord-tenant law and strives to protect your interests. So, should a legal issue arise, feel at peace knowing that the correct steps will be taken to quickly and professionally handle the matter.
Streamlined Eviction Procedures
No landlord ever wants to deal with an eviction. However, it can happen, and when it does, landlords face a long process and potentially months of uncollected rent. Therefore, finding the right property management company for your rental must include an outline of their eviction procedures.
Bay Property Management Group has a standard practice when it comes to eviction practices. After the grace period expires per the lease, managers file paperwork to begin eviction proceedings. In order to comply with Fair Housing Laws, our team upholds the terms of the lease.
Protect Yourself and Your Investment with Professional Rental Management
Many factors go into choosing the perfect property management group for your rental properties. The list above offers some insight into what to expect from the company you choose and the many benefits of property management. Interested in learning more about maximizing your investment’s potential? Contact us today for a free rental property assessment!