Property management companies in the Harford County area are a specialized section of the rental property business.
Offering property owners years of experience and specialized knowledge in managing multiple rentals, property management companies have the potential to add real value to your rental homes as well as boost your positive cash flow.
Unfortunately, not all property management companies run their businesses in a way that best benefits their clients.
So, how do you know if the property managers you enlist to help you manage your Abingdon properties are up to par?
Keep reading to find out the many qualities your property management company should possess.
By the end of this article, you will be able to see just how your property management company stacks up against the rest.
You may find that it’s time to switch to one that takes their business [and yours] a little more seriously.
Does Your Property Management Company Stack Up?
It should come as no surprise that all property management companies claim that they are the best.
However, there are several stages that each property management company must master before being able to truly claim they are a success.
Let’s look at what those stages are before determining whether your property management team hits the mark.
Stage 1: Business Building
In the beginning, a new property management company will focus on building a solid clientele. There will be a great deal of learning and even more reliance upon the education acquired before entering the property management business.
Here are some of the main challenges a new property management team faces:
- Networking and negotiating with new contractors
- Determining which vendors to build long-lasting relationships with and which cannot be trusted
- Managing cost-benefit factors as they relate to advertising
- Building relationships with local Maryland home inspectors
- Dealing with property management competition
- Outlining which services to offer clients
Altogether, every business experiences some level of growing pains in the beginning. However, handling these challenges appropriately will ultimately determine a company’s future success.
Stage 2: Clients and Their Properties
After the foundation of the business is established, property management companies will then focus on their Abingdon clients and the rental properties that are available for management.
This is where property managers with a real estate background can prove to be extremely beneficial.
Property managers that can make recommendations to improve a property’s visual appeal, make cost-effective renovations, and provide insight on competitive rental rates can help their clients boost their own rental rates, and ultimately, revenue.
Stage 3: Tenants
Next, it’s time to focus on all things tenant-related.
A crucial piece of this tenant stage is learning the importance of proper tenant screening procedures. Local and state laws regarding background checks, proper lease agreement drafting, and the process regarding non-payment or an eviction are all learned in this phase.
Stage 4: Making a Profit
As time goes on and the property management team has experienced many of the commonplace issues in the rental property industry, the concentration then turns to increasing your profit.
Here are some ways a property management company may attempt to build a better profit margin:
- Seek new vendors for better cost-benefit margins
- Outsource advertisement for better rates of return
- Manage problem tenants
- Fine-tune small details that may prove costly over time
These are just some of the things a growing property management company will focus on once becoming established Abingdon property managers.
What to Look for in an A+ Property Management Company
Now that you have a clear idea of the main stages most property management companies in Abingdon and surrounding areas go through as they build a positive reputation in the Harford County region, it is time you decide whether your own management company makes the cut.
Here are some of the crucial qualities that define an exceptional property management company.
Education and Experience
Sure, education typically comes before business building (as it should). However, in life, there is always room to learn more and this certainly applies to businesses as well. The learning never stops—you can always expand your knowledge of business.
In addition, the longer a property management company is in business, the more experience they gain. This leads to a more thorough understanding of
- Local properties available in and around Abingdon
- Developing more efficient processes for tenant screening and maintenance requests
- Better relationships with high-quality contractors
- And more
Having a well-established property management company, such as Bay Management Group, can have a positive effect on how your rental property business operates.
Our experience and education is top notch and trickles down to all employees, making us a great option as your property management company.
When a property management company is just starting out, it can be difficult to organize every policy and procedure regarding property owners and tenants.
It takes hard work to focus on both property owners and tenants, all state and federal laws related to rental properties, and potential safety hazards that can lead to costly lawsuits. And, this is just the beginning.
Your property management group should have a knowledgeable staff when it comes to serious legal issues such as lead paint hazards, housing inspections, eviction procedures, and fair housing laws.
In addition, there should be:
- A strict rent collection policy in place that applies to every tenant placed in your rental property
- A professional and timely maintenance and repair service
- Detailed documentation of your property taken both on move-in and move-out dates
Being detail-oriented helps property management companies build their business and establish a reputation as one that focuses on both property owners and tenants.
In addition, attention to detail helps increase your revenue, which in turn helps the property management company make more money off the rentals they manage.
Luckily, a solid property management company, such as Bay Management Group, does all of this and more. This proves our commitment to details in everything we do from tenant placement and rent collection, to routine property inspections and maintenance service calls.
A property management company must have great networking skills if they want to make it in the competitive business of managing rental properties.
One of the best ways to do this is to build solid and long-lasting relationships with local contractors and vendors. This way, each side benefits—the property management company gets great deals and quality service and the contractors/vendors receive consistent business.
For example, Bay Management Group secures relationships with only the best contractors in town that offer quick turnarounds, quality work, and affordable pricing. Knowing this assures you that your property is well cared for at all times. Further, we also maintain close ties with those in the real estate industry to ensure you get the best rental rates possible, without overextending yourself and turning potential tenants away.
In the end, your property management company has a lot to answer for when it comes to managing rental properties in Harford County.
And, while new businesses have the potential to really “wow” new customers, oftentimes opting to work with the well-established and experienced company is a better choice.
If you own rental properties around Abingdon and are looking for a trusted and experienced property management company that exceeds every step of the business growth model mentioned above, contact Bay Management Group today.
Working solely in property management for years, Bay Management Group has mastered what it takes to care for your property. Maintaining legal compliance, handling all issues without a hitch, and giving you the peace of mind that your property is in good hands is what Bay Management Group proudly guarantees Abingdon investment property owners.
One thought on “How Does Your Property Management Company Stack Up?”
Very detailed post, thanks!
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