Investing in rental properties is a great way to sustain a steady money flow and provide supplemental income. However, being a landlord is not as easy as it seems– and it’s sure enough not for everyone. When choosing whether or not to pass control over to a property manager (Bay Management Group is here at your service), there are three important factors to consider. Today, we’ll review what property managers do, the top reasons to hire a property management team, and how to find reliable professionals.
Contents of This Article:
- What Do Property Managers Do?
- Top 3 Reasons to Hire a Property Manager
- How to Find Reliable Property Management Near You
What Do Property Managers Do?
Property managers are individuals or companies that oversee the day-to-day operations of real estate properties on behalf of owners. Their main objective is to ensure that properties are well-maintained, occupied by suitable tenants, and generating maximum returns for property owners.
The specific responsibilities of property managers can vary based on the type of property they’re managing and the terms of their agreement with the property owner. For instance, residential, commercial, and industrial properties may all have different maintenance needs. However, here are some of the common tasks that Washington DC property management typically handles.
- Rental Marketing- Property managers develop and implement marketing strategies to attract tenants. For instance, writing comprehensive listing descriptions, posting high-quality photos of properties, and responding to inquiries promptly.
- Tenant Management- A primary responsibility of property managers is finding high-quality tenants. For instance, they screen and select tenants, run background checks, credit checks, and verify their rental history. Additionally, they handle lease agreements, collect rent payments, address tenant concerns, and ensure overall tenant satisfaction.
- Property Maintenance and Repairs- Property managers conduct regular inspections to identify maintenance and repair needs. They also respond to tenants’ repair requests and coordinate necessary maintenance and repairs.
- Legal Compliance- Property managers ensure properties adhere to all local, state, and federal housing laws and regulations. Sometimes, they may need to assist in legal matters related to the property, like lease disputes or tenant complaints. Additionally, property managers may handle eviction proceedings if necessary and in compliance with applicable laws.
- Communication and Reporting- It’s crucial for property managers to keep open lines of communication with property owners and update them on property performance regularly.
Top 3 Reasons to Hire a Property Manager
When it’s time to hire a property manager, you’ll know. Hiring a property manager can offer several benefits for property owners, especially those with multiple properties. After all, one person can only do so much, and managing properties takes a lot of time and expertise. So, here are some of the top reasons to consider hiring a property manager to help run your rental business.
- You Can Spend Your Time Wisely
- They Have Specialized Skills
- There’s Less Hassle For You
You Can Spend Your Time Wisely
When you own rental properties, you must spend your time wisely. If you have another job besides being a landlord, calculate how much time every day you’ll have left to manage your property, specifically:
- To be physically present at the property whenever needed, for example, to inspect it, do repairs, show it to the renter, handle a problem, etc. And the more properties you have and the more spread out they are – the more time it’ll take you.
- To do the research: evaluate the average asking price in your area, find contractors to perform necessary repairs or updates, check the background and references of potential renters, create multiple online listings for your property, etc.
- To answer the phone when it rings: take care of the problem, make an appointment with the tenant, and answer questions about the property.
Not doing all these things on time leads to losing profits while your property sits without a tenant. And a property management company understands it like no one else because it directly benefits from renting your property out as soon as possible. They will be handling all those time-consuming issues on your behalf full-time so that you can spend these hours with your family, doing your main job, or plain relaxing.
They Have Specialized Skills
Ask yourself this question: Do I have the skill set to successfully manage my property?
The skills to keep in mind include:
- Fluent talker and a good salesman: know how to highlight the best features of your property and convince potential renters
- Resourcefulness: be able to find a quick (at least temporary) solution to any problem
- People skills: handling issues and inquiries professionally and being nice to customers
- Marketing knowledge: understand how to market your property online and offline to reach the desired customer
- Knowledge of property laws and regulations
- Adequate character judgment
- Understanding of the real estate market
- Basic accounting and record-keeping skills
Do you have all or any of these skills? Or, going back to point one, do you have time to acquire them? If your answer is “No,” then a property management company would probably be a good solution for you.
There’s Less Hassle For You
So you might have the time and the skills, but do you really want to get into property management? Are you willing to be on call 24/7? Are you comfortable asking, requesting, or sometimes demanding rent from your tenants?
Most people don’t realize how much work it takes to manage properties. Oftentimes, it can quickly become an unwanted full-time job when you only wanted it to be a side gig.
However, with a property management company like your local Baltimore property management company here, you don’t have to worry about any of this. We take care of all the aspects and provide you with reports about the state of your property so that you can devote that precious time to something more important.
How to Find Reliable Property Management Near You
Owning and managing properties takes time, effort, and dedication. However, not every rental property owner has the time or desire to manage tenant relations and property maintenance. As such, those that want to own properties but don’t want to make managing them a full-time job often hire property management to help.
To find a reliable property management company, you’ll want to start locally. It’s important to find someone that services the areas where your properties are located. Additionally, you’ll want to check reviews and what types of services each company offers. Look for the services that your properties need, and find a property manager that’ll cater to your needs.
For instance, Bay Property Management Group offers comprehensive rental management services. So, whether you need help marketing properties, screening tenants, performing maintenance, collecting rent, and more, we’ve got it covered. Contact BMG today if you’re looking for rental management near Baltimore, Philadelphia, Northern Virginia, or Washington, DC.