Self-managing rental properties isn’t easy! Ask any rental property owner in Maryland, who is also a DIY property manager, how he/she spends their spare time, and chances are they’ll say: Managing my property! While experienced property managers have an entire team of associates and experts to look after and manage client properties, DIY property management is a full-time job for owner-landlords. That’s why, most rental property owner’s partner with Maryland rental management companies to receive value through professional services.
Value Defined Through Service
So, how do rental property owners receive value from professional property managers? Well, there are countless ways that a professional delivers value through service. However, the greatest of them would likely be: Freedom from stress! Specifically, here are some value-adds that Baltimore rental property management companies deliver:
– Professional advertising and marketing: Value – Fewer un-leased or vacant units, because the professionals know when, where and how to market the property
– Meticulous tenant screening: Value – Higher-quality tenants who are less likely to be a source of complaints and litigation in the long run. This service also ensures reduced frequency of tenant turnover, which is a cost driver for the owner
– Timely rent collection: Value – Uninterrupted flow of rental income, which means property owners can maintain their own lifestyles without any stress
– Prompt repair and maintenance: Value: Prevents property degradation and untimely value depreciation, leading to consistent growth in the owners’ wealth
– Tenant liaison and communication: Value: Builds and maintains high levels of trust and confidence between owners and renters, which leads to more satisfied tenants and greater tenant retention
– Evictions and complaints: Value: Handled professionally, and according to applicable laws, these situations are less likely to escalate into costly legal battles
By taking on these, and other related responsibilities, Maryland rental management companies remove the stress of day-to-day property management from property owners. Because rental property owners carry a huge burden – legal and moral – towards their tenants, the fact that there is now a professional, experienced, and knowledgeable partner, between owner-landlords and their tenants, is a source of great relief.
Most of the above value-adding services, delivered by professional managers, help property owners run their rental operations efficiently and effectively. Whether it’s for homeowners who own a few properties, or Home Owner Associations (HOA) or condominium managers, a well-managed property pleases everyone – owners, residents, tenants…and even municipal and city regulators! More importantly, well-maintained, and professionally managed properties command better rent increase ability, and often sustain much higher rents than market conditions allow. This translates to higher income earning potential for professionally managed properties.
But that’s not where the value proposition ends!
Over a longer-time horizon, skilled and experienced Baltimore rental property management companies help properties appreciate their marketable value through:
– Better preventive maintenance programs
– High-quality landscaping
– The use of qualified contractors and crafts people
These measures enhance property values, compared to neighboring properties that don’t have the benefit of such services. So, when it finally comes time for the owners to sell their properties, their investments yield a return (ROI) that’s many multiples above comparable properties. And that’s the ultimate value of working with professional property managers.