Property management is the continuous process of keeping a property valuable, and overseeing activities resulting in an optimum return on investment (ROI). The various activities involved in managing a property make it a daunting task for non-professional property managers. That’s why, property management companies are a good choice for property owners. But what do property management companies do?
Generally, property management companies oversee the affairs of a property, from setting rental rates to performing associated legal duties. However, a deep understanding of their specific can help you appreciate the value-for-money they deliver to your own property. This article will highlight the main services that Baltimore property management companies render.
Here are the ways in which management companies help property owners manage their properties:
● Bookkeeping and invoice handling
Keeping records is the least interesting part of managing a property. The tricky part is this aspect is also one of the most important- so it’s unavoidable. From enhancing cash flow to minimizing taxes, there are several benefits of bookkeeping and invoicing. While some property management companies offer this service, others refer property owners to reputable bookkeepers. Whether or not your property management company is your primary bookkeeper, helping you keep records is a part of their services.
● Routine Maintenance
Responsive and swift customer service is one of the surest ways to reduce tenant turnover rates and optimize property returns. Urgent repairs are inevitable when managing a residential property; this can be challenging for a property owner. Property management companies are always at your tenants’ beck and call. Instead of calling you, the owner, at odd hours of the day/night, your tenants can contact your management company. This helps you avoid going to the property and attending routine repairs.
A good property management company helps you maintain the value of your property by carrying out preventative maintenance checks. This also ensures maximum returns because prompt maintenance prevents further damage, reducing costs to the barest minimum.
● Handling defaulting tenants
A major source of stress for property owners is dealing with defaulters, from slow payers to tenants breaching their tenancy agreement terms. These issues may range from a one-week rent default to a serious risk to your property- you may have to involve the police sometimes. Enlisting the help of a reputable company for property management in Baltimore County, helps you avoid situations like this.
A property management company acts as a buffer between tenants and landlords as they deal with all issues without directly or actively involving the property owner.
● Sourcing and screening tenants
It’s difficult to source and screen tenants- it takes skills and expertise. A property management company is responsible for marketing your property and showing potential tenants the property. Furthermore, they are skilled in screening potential tenants based on different criteria. They make it easier to maintain a good tenant turnover rate by supervising tenant move-in and move-out.
While most property management companies offer many of the services discussed here, some provide better quality services than others. Also, it’s always better to opt for a management company with experience in your area. For the best property management services in Baltimore, contact us today!