Being a successful Maryland landlord means learning how to make good business decisions that will power your career forward. Sometimes, that involves deciding which tenants should live in your property, picking properties based on how profitable they are likely to be, or finding a good mentor who can give you helpful advice when needed.
Other times, it means figuring out how to work with a Maryland property manager in a way that will provide you with the best return on your rental property investments.
Maybe you’ve thought about hiring a property manager before, but you’re unsure of how the business relationship would work and what benefits you would see. Or, perhaps you’ve already hired a property manager and want to know how to make the best of your business relationship.
Either way, this blog post is for you. Keep reading, and you’ll learn how to successfully work with a property manager so you can decrease your responsibilities while increasing your profit.
Why work with a Maryland property manager?
Before we discuss ways to get the most out of working with a property manager, let’s talk about why you might want to work with a property manager in the first place.
- You feel stressed constantly. A property manager can help by relieving you of the responsibilities that are overwhelming.
- You’re a long-distance landlord. Assigning a property manager to handle properties far from where you live means you won’t have to waste time and money traveling to your property every time a problem arises.
- You struggle to collect rent on time and find high-quality tenants. A good property manager will find tenants that are highly likely to pay rent on time by using marketing tactics and tenant screening best practices.
- You don’t know the local landlord laws that apply to you. The last thing you want to deal with is a costly lawsuit. If you hire the right Maryland property manager, they’ll be able to make sure you’re operating your business legally.
Of course, some Maryland landlords choose to hire a property manager because they simply have no interest in managing their properties and would rather have someone else handle it, which is as good a reason as any. If one or more of these reasons apply to you, it’s likely that a property manager could greatly improve your business and quality of life.
How to Successfully Work with a Maryland Property Manager
If you do decide to partner with a property manager, keep these 4 tips in mind to get the most out of working with them:
1. Pick the right Maryland property manager for your needs.
Choosing the right property manager is key to the success of your rental property business. Here are a few things you can do to determine which Maryland property manager is right for you:
- Look at the property manager’s online reviews. If their previous and current customers have enjoyed working with them in the past, that’s a good sign. You should be able to find reviews and testimonials on the property manager’s website.
- Ask lots of questions. You may want to figure out how much experience the property manager has, how many properties they manage, how they would market your properties, how they handle certain tenant scenarios, what their fees are, and more. To make sure you don’t forget anything, write down all of your concerns before you talk to your potential property manager candidate and have them address those concerns before you make a decision about partnering with them.
- See if they offer all of the services you need. Figure out exactly what you need and make a list of those services. Then, you can go down your list and check off the ones they offer. If you check off every item, it might be a good fit!
You’ll also want to consider where your property is located in Maryland and determine whether or not the property manager you’re thinking about working with has experience with properties in that area. Since tenants living in rural areas (Harford County, for example) often have different needs that tenants in more urban areas (like Montgomery County), this step is critical to keeping tenants happy and maintaining a profitable rental property business.
2. Understand your contract terms.
As a landlord, you’ve worked with tenants before, and you know what it’s like to explain your policies to them. You may also know what it’s like when conflicts arise due to miscommunication about those policies.
Your property manager understands this and wants to make sure that you, the landlord, understand all of their policies completely to avoid conflicts in the future. So, be sure to listen intently when the property manager explains their terms, and speak up right away if you have any questions.
Doing so will allow you to establish realistic expectations and set the tone for a healthy business relationship.
3. Avoid micromanaging.
Think about it – you’re hiring a property manager so you can decrease your stress and workload. But if you choose to micromanage, you’ll be adding that stress and work right back again! Plus, your property manager may begin to resent that you don’t trust him or her.
Still, you might find it tempting to micromanage since you rely on your rental property business for income, and that’s understandable. You shouldn’t need to micromanage as long as you pick the right property manager from the start. They should be someone you trust – not someone you feel like you have to constantly monitor.
4. Be communicative.
The best business relationships involve honest, open communication, and the relationship between a landlord and property manager is no different.
So, make sure you email, call, and meet up with your property manager on a regular basis when necessary. Also, if you’re telling your property manager to complete a task for you, provide clear, actionable instructions that will help them complete it to your standards.
If you’re looking for a Maryland property manager, consider Bay Management group. We have a low monthly management rate of 8%, we’re responsive to your needs 24/7, and we’re seasoned experts when it comes to managing properties all over Maryland.
Whether you need full leasing services, rent collection, eviction services, or something else, we can help. We even offer a 12-month tenant warranty. In other words, if a tenant that we place in your property is evicted within the first year, we release the property for you for free – that’s how confident we are in our ability to place high-quality tenants!
To learn more about how we can help your rental property business, contact us today.