Whether you have a small operation with a single property manager handling your rentals in Maryland, you do it alone, or you use a property management group, there may come a time when you need to change your management approach.
Maybe you don’t have enough free time to keep up with the responsibilities, or your property manager has been underperforming, leaving dissatisfied tenants.
Whatever the reasons to consider a change, rental property owners in Montgomery County, Anne Arundel County, or even in Baltimore City should know they have options.
Top Reasons to Change Your Property Management Company
- You’re not getting the services you need. Some property managers provide a limited menu of services. They may collect rent and perform certain maintenance tasks, but they leave you to handle routine filings, background checks, and other vital rental requirements. Or, they may advertise certain services but fail to maintain your property as expected. Regardless, if you pay for a management service and do not receive the quality of service you need, it may be time to make a switch.
- Breach of contract. When you enter into an agreement with your property manager, they become a fiduciary for you. That means they are legally responsible for the management of your property. You should expect your manager to be ethical and keep certain information confidential. As a trustee, you can expect your manager to:
- Provide all the information they have so you can make informed decisions regarding your property.
- Act ethically and in good faith while in control of a clients’ assets (property).
- Always act in the best interest of the property owner.
- Inadequate response time. Timeliness is one of the most important aspects a property management professional can offer. If they fail to respond or reach out to you in a timely manner, you may miss an opportunity or face a shortened timeline to get certain things done. Remember that property management in Maryland is built on customer service. If you do not receive great customer service, there may be another group that can provide what you deserve.
- Inadequate maintenance performance. Maintenance is one of the most important services a property management group provides. If yours fails to cover the maintenance requirements listed in your contract, then you could face thousands of dollars or more in repair costs because of your manager’s incompetence or unresponsiveness.
- A lack of expertise. Make sure that the company or individual you work with has the experience required to effectively manage your properties. From financial statements to local laws, it’s important that your property manager understands all aspects related to your investment property. Many property management companies are mom-and-pop shops with fewer than 100 properties. Many of these groups fail to provide the appropriate accounting and an understanding of the local and state laws. They simply do not have the resources to do so.
- Expense concerns. The average monthly cost for property management ranges from 6% to 12%. If you’re paying a high percentage and still not getting the services you need to maintain your property, it is probably time to consider switching to a new company. Look carefully at the cost-benefit ratio to determine which local company provides the best value.
There may be other reasons your situation isn’t working out, including personality differences or changing property requirements. Remember that you should be able to entrust your property management group with nearly every aspect of your rental property.
Taking the time to ensure their commitment to service will make a difference in the long run.
Rely on Professional Property Managers in Maryland
As the leaders in professional property management in Maryland, Bay Management Group continually seeks to match the right tenants with your property while providing an unprecedented level of service.
If you are in the market for a new management company, consider the comprehensive services that our team of real estate professionals provides, including:
- Multifaceted advertising approach – We send mailers, post online classifieds, post on popular rental websites, and work with tenant placement companies. We provide tenant screening to ensure that we place only the most reliable tenants in the properties we manage. Less than 1% of all the tenants we place into a rental property end up getting evicted.
- Around-the-clock service – Whether tenants need assistance during business hours or in an emergency, we have someone available 24/7 to quickly resolve any problem. This provides peace of mind to our clients, who appreciate timely service and repairs.
- Rent collection – With electronic rent disbursement and clear rental agreement terms with tenants, we can efficiently move rent payments from tenant to owner so all parties stay up-to-date with bookkeeping.
- Inspections and maintenance – Our team completes routine inspections and maintenance to keep properties fresh, whether they are currently leased or vacant. Competitive pricing allows us to provide great value to clients with properties in the Baltimore-Washington metro area.
- Registration and legal filings – To keep all of our managed properties in good standing, we make sure to register each rental, and quickly handle all evictions and subsequent lawsuits. The property owner retains all recouped assets.
While every property owner has different needs and expectations for a property management group, we look forward to providing customers with the information they need to make educated decisions.
Whether you plan to stay in the area or frequently travel outside of the country, we want you to have the peace of mind that your property is well managed.
Tips for Choosing Your Property Management Company
When you’re ready to make the change, it’s important that you take extra time to evaluate your next property manager.
A great property manager makes your life easier and provides you with the highest possible rate of return on your investment property.
An inadequate manager leaves you with extra work or even future lawsuits.
Evaluate how companies promote current properties, and whether they use comprehensive online marketing tactics as well as traditional methods.
You want to make sure they have enough influence in the market to draw the kind of tenants you expect. The management company should have straightforward screening, maintenance, and rent-collecting policies.
If you can’t easily understand a company’s approach to management services, they may be trying to hide something.
With these tips, we hope that you’ll have a long-lasting property management experience that is rewarding for both parties. Taking the time to determine what your relationship will look like can save you from changing companies in the future.
We look forward to the opportunity to serve as your company for property management in Montgomery County, Prince George’s County, and throughout Maryland.