6,000Units Under Management
Less Than 1% Eviction Rate
Avg. Time Rental Is on Market 23 Days

Property Management Basics: Wikipedia Edition

looking for a place to rent in Laurel, MD

Whether you’re looking for a place to rent in Laurel, MD—or you’re looking for a way to capitalize on the property you own in the city by renting it out—the right property management firm can point you in the right direction. It’s all about knowing what you’re getting into before you make a commitment. In this guide, we’ll explain why property management firms are important and how they make life easier for renters and landlords.

What Does Property Management Mean?

When someone hires a property management firm, they’re hiring a company to oversee the day-to-day operations of their rental properties. Property managers help owners of properties who are renting out their spaces by:

  • Monitoring payments made by tenants
  • Caring for the properties’ maintenance, lawn care, and upkeep
  • Advertising vacant spaces, interviewing potential tenants, and completing the lease-signing process

What Does a Property Manager Do?

In a simple phrase, the job of a property manager is to take a lot of stress off the homeowners they represent. Being a landlord can be very stressful, but when you have an experienced property manager in your corner, you don’t have to worry about:

  • Collecting rent
  • Responding to tenant complaints
  • Marketing your property
  • Bringing experience to the table
  • Giving you peace of mind

Property Manager Duties

A property manager’s duties are never done. They work tirelessly to ensure the residents and property owners are in a good place. Among other duties, property managers are tasked with:

  • Maintaining property rental advertisements, responding to inquiries, and interviewing potential tenants
  • Keeping the property clean and in working condition
  • Establishing rental rates appropriate for the area
  • Negotiating leases and collecting rental payments

What is the Cost to Hire a Property Manager?

There’s no hard and fast answer to this question, but there are some guidelines you can use if you’re considering hiring a property manager.

Baseline Fees

If you’re renting out your residential space, you should expect to pay between 8% and 12% of the monthly rental value of the property, plus expenses. Some companies, however, charge a flat rate. Do the math before you commit to a property management firm.

Vacant Unit Costs

Some firms will charge you a month’s rental fees up front if the property is vacant. Property managers use these fees to advertise the vacant space and prepare paperwork for prospective tenants.

Eviction Costs

Unfortunately, sometimes, you have to get rid of tenants who aren’t upholding their ends of the bargain. Evicting someone can be a messy circumstance, particularly if you don’t know the laws surrounding the situation. Managing eviction processes on your own can be difficult; it pays to pay someone who knows how to navigate rental laws, so you’re not caught in a sticky situation.

When to Hire A Property Manager

It’s important to be proactive when you’re considering hiring a property manager – this is key. You want to get ahead of any possible situations before they erupt into more urgent matters. The sooner you hire an experienced property manager, the sooner you can rest easy, knowing your rental property abides by the laws and takes care of its tenants.

Of course, if you have problems navigating the sometimes-muddy waters of landlordship, it’s best to consult a company that knows the ins and outs. At Bay Property Management Group, our expert team knows a thing or two about making sure rental properties are in a positive place.

Bay Property Management Group is the premier property management firm in Laurel, MD. If you’re ready to see what your property can really do for you in terms of revenue, you need to hire the people who will put your space in the right place. Learn more about the property management services BMG offers in Laurel today!