Taking Advantage of Property Management Services in Maryland
Trying to decide whether you should work with a property management company or handle the properties on your own?
Many Maryland investment property owners are unsure which management method would work best for their situation.
Whether you have rental properties in Prince George’s County, Montgomery County, or even around Baltimore, there are a number of factors landlords need to assess to know which style of management would work best for them, including:
- How many properties are you currently trying to manage?
- How much time do you have to dedicate to those properties?
- Do you have efficient and reliable maintenance resources in place when problems arise?
While hiring a professional property management company is an investment, having the right company in place will end up paying for itself by saving you time, money, and stress.
And there are a number of additional benefits, including various long-term advantages, that Maryland landlords should consider when deciding if professional property management is best for their investment properties.
- Higher Quality Relationships
Working with a property management group is an excellent way to ensure all tenant interactions remain professional. Rent collection doesn’t have to be awkward or uncomfortable.
A property management company will ensure that rent is collected on time and prevents any tenants from trying to talk their way into a reduced rate or delayed payment.
Tenants and landlords alike can feel secure knowing that fair and consistent service is being offered across the board to all renters.
This advantage also manifests in the following ways:
The Benefit for Owners
The worst-case scenarios associated with renting a property are far less likely when working with professional property management.
These businesses have access to a greater pool of clients, contractors, and legal consultants than most individuals can hope to attain on their own. That means these resources are also available to the homeowner.
Cooperating with tenants and meeting their needs is easier than ever before.
The Benefit for Tenants
Knowing an entire team of professionals is standing by is one way to remove the stress of renting. If a lessee needs to make a midnight call for a burst pipe, he or she will never have to worry about waking and upsetting a landlord, or the possibility that the party responsible for the repair is out of town.
From College Park to Cockeysville, our 24/7 Emergency Service ensures the problem will be attended to and fixed promptly.
- Improved Business
Better relationships mean better business.
With less to worry about, property owners can pursue other opportunities and sleep easy knowing their investments are protected by a quality management service.
Tenants can also have peace of mind knowing that any issues affecting their safety or well-being will be handled immediately.
With higher quality relationships and improved business, tenants and owners also enjoy:
The Benefit for Owners
Working with a property management service means higher quality tenants and improved business. With their large networks and advertising resources, property management companies can help homeowners attract and identify quality tenants. Once these renters have signed on, management teams work to keep them happy, increasing the likelihood that they will become long-term tenants.
The Benefit for Tenants
One of the biggest perks of renting is not having to take care of costly repairs on your own. These expenses can significantly cut into a personal budget, not to mention the potential earnings missed when you factor in lost business hours or time spent tracking down reliable contractors.
With a reputable property management team they can rely on, tenants can rest assured that their concerns are a priority and will be addressed immediately.
- Bridging the Legal Gap
Legal issues are one of the biggest pitfalls for many Maryland landlords, but a quality property management company will handle all legal matters.
In fact, this is one of the greatest advantages of partnering with a management team.
The Benefit for Owners
Landlords take a big risk when renting on their own. Great care must be taken to draft a proper lease, accounting for everything from pets to restricted items and landscaping responsibilities.
Additionally, throughout the screening process, a self-managing property owner could face discrimination charges or be hit with a claim related to leasing disclosure laws. Overlooking or misunderstanding what may seem like a minor detail can create major issues and have long-lasting effects.
Luckily, property management services exist to address these very concerns.
Inspections, licenses, permits, rent collections, charging and reconciling fees, among other things, are taken off a homeowner’s plate when working with a team of property management experts.
While these services take preventive actions to make sure all the paperwork is filed correctly, they are also prepared to handle any issues that may surface. Attorney’s fees and the process of evicting a trouble occupant can add up quickly. This is often a difficult and confusing process to go through alone, especially if you have no previous experience in these issues.
The Benefit for Tenants
Whether your properties are in Howard, Anne Arundel, or even Prince George’s County, property management companies give tenants the assurance that their concerns are a priority and they have a reliable resource available 24/7 to address any problems which may arise.
And if a tenant ever wishes to make changes to a lease, such as extending it, signing it over to a new party, or reassessing pet agreements, the process is streamlined thanks to our experienced management team.
- Lower Your Blood Pressure
A positive, stress-free experience is the ultimate benefit of relying on a property management company. By screening tenants, making timely repairs, and resolving all legal matters, a quality property management company will ensure long-term satisfaction for both landlords and tenants.
From Prince George’s County to northern Baltimore County, Bay Property Management Group is one of the top property management companies in Maryland. We offer benefits and accessibility that landlords need and many local competitors struggle to match – including 24/7 responsiveness and one of the lowest management fees in the state.
From our round-the-clock responsiveness for tenant or owner concerns to a number of legal services, Bay Property Management Group has the resources you need to attract and retain quality tenants, all with minimal involvement required from property owners.
Contact us today to learn more about the hassle-free property management solutions we provide to the Baltimore-Washington metro area and discover how landlords and tenants can find a match made in heaven.
Your Turn: Have you worked with a property manager, either as a tenant or landlord? What are some of the benefits and disadvantages you came across?
I like how you point out that a property management company can benefit tenants just as much as it can the owners. I wouldn’t mind hiring a property management group to help me handle my rental properties if I had any. It would be nice to be able to sit back and relax while someone else takes care of property management responsibilities for you.
Thanks for the great blog. You mentioned that with a property management service, you can create great healthy relationships with your tenants. With better relationships with tenants, they’ll likely spread good word about the facility and it will be easier to fill vacancies. Which could lead to making the property as profitable as possible.
Thank you for the information regarding the benefits that come with hiring a property manager, and how they can improve the client’s business. I think that it’s important for the the manager to help attract and identify possible tenants for the property. By finding renters and getting them to sign the paperwork to let them stay in the property, it helps the owner make money and provides a place for the renter to stay.
Thanks for your message Thomas. We agree – one of the key responsibilities of the property manager is to help rental owners lease out their property to qualified tenants as quickly as possible.