Are you thinking about hiring a Maryland property management company to help you care for your Potomac investment properties?
Many property owners quickly find out that self-managing their rental properties entails a lot more work than they originally anticipated.
This is especially true for those looking to grow their rental property business, expand their portfolio of properties, and come out successful on the other end.
In the past, we have discussed why you should consider opting for a property manager to help you with your investment properties:
- Save Yourself Time. Managing rental properties, especially if you have another job to hold down, can be overwhelming. Sometimes being physically present at your rental property is impossible, due to other commitments filling your time.
- Expertise. You may find out after investing in your first Potomac rental that you lack the necessary skills to conduct a profitable rental property business.
- Willingness. You may find that you are simply unwilling to put the required time into managing every detail necessary for successfully leasing your rental property.
These three reasons for hiring a property manager are definitive. In fact, the majority of property owners fall under at least one of these three categories.
However, there are more reasons why a property owner might want to utilize the services of a property management company.
And, it just so happens that our Potomac property managers are privy to this knowledge, and want to share it with you.
Reasons to Enlist the Help of a Potomac Property Management Company
1. You Do Not Live Nearby
Landlords that do not live nearby their rental properties will have a tough time managing the day-to-day operations investment properties require.
This is where a property management company in close proximity to your rental comes in handy.
Not only can they handle daily things with your property, in the case of an emergency, they can be at your property right away. This is helpful to you, and satisfying to your tenants.
2. Vendor Relationships
Knowing someone that is highly qualified, affordable, timely, and customer-service oriented is valuable.
That’s why having the help of a property manager is beneficial to you as a landlord.
Successful property management companies have built strong relationships with vendors of all kinds throughout the years – maintenance workers (if they do not have their own crew), contractors, suppliers, tradesmen, and vendors.
Your property manager’s connections will garner you the best work in town, and save you money in the long run.
3. Customer Service
Knowing how to keep your tenants happy, and willing to sign lease renewals come the end of their lease term, may seem easy.
Unfortunately, many landlords do not possess the customer-service skills tenants expect from their landlord.
This can break down a healthy landlord-tenant relationship over time, which ultimately leads to a vacant property come the end of the lease term.
However, by using a customer-service oriented property management team in Potomac, you will reap the benefits of their ability to satisfy your tenants.
Whether it be with the tenant package they provide new tenants, their quick turnaround times when it comes to maintenance and repairs issues, or simply the convenience that online rent collection provides busy tenants, a good property management company will be able to take care of your tenant’s every need.
4. Help Expanding
Property management companies are well versed in the real estate market trends that span the regions they work in.
This means that for those looking to expand their portfolios across regions, the insight of a property manager that is already managing one or more of their properties can be very helpful.
If you are looking to cross city or state lines in hopes of investing in some valuable rental property, an already established relationship with a property management company will be useful for gaining knowledge about new markets.
Plus, you can have them take over the management of your new properties, making the transition to other areas even easier.
5. Setting Rental Rates
In tune with knowing the status of the current rental property market, a qualified property management team will also understand what the going rent rates are.
They will be able to help you determine the right rent rate for your properties, depending on things such as location, amenities, and going rates for similar properties.
This will prevent you from both undercharging and failing to maximize your monthly rental income, and overcharging, which can lead to longer vacancy periods.
In addition, a good property manager will be able to help you decide when a good time to raise your current rent rates is, and by how much.
6. Compliance with the Law
Ignorance of the rules and regulations, as they relate to Potomac rental properties, is no excuse when it comes to owning investment properties.
Here are some of the important legal concerns an experienced Potomac property management company can help you with:
- Fair Housing regulations
- Lead and mold inspections/disclosures
- Smoke and carbon monoxide detector requirements
- Housing and building codes
- Proper notices
- Eviction procedures
Don’t get caught up in landlord-tenant disputes, or worse, legal battles that can ruin your rental property business.
Hire a property management company to help ensure you are always in line with federal, state, and local laws as they apply to your rental property.
There are plenty of solid reasons for investing in a property management company in Potomac.
By choosing a competitive property management team, such as Bay Management Group, not only will you reap the benefits of their services, you will maximize your profitability and boost your success as a property owner.
If you are in need of an experienced, highly qualified, and customer-service oriented property management company in the Potomac area, get in touch with Bay Management Group now. We can help you find the best tenants, minimize risks associated with investment property ownership, and ensure that your rental property business continues to grow.