Whether you own a few residential properties across Baltimore, or whether you are the owner of several multi-tenant high-rise developments throughout Maryland; the thought about managing those properties must always keep you awake at night. While you’ve worked hard to make owning those properties a reality, maintaining and managing them to prime shape and profitability might require a lot more work.
But why have sleepless nights about property management at all? Enlisting the services of one of the best Baltimore property management companies is a great way to give you peace of mind.
DIY Management -Not for everyone
The allure of being a landlord may sometimes entice property owners to take a leap and assume landlord ship. But before you make that decision, you’ll need to consider what being a “landlord” truly entails:
- Giving up your personal time: Do you have family, friends or other people you’d like to spend time with? Well, as a landlord, you’ll likely not be spending much time with them. Why? Because a lot of that “spare” time will go into managing your properties, including dealing with tenant issues and maintaining legal, statutory and financial paperwork
- Stressful days…and nights: If property ownership is a source of stress for you, consider what property management might do to your health and peace of mind. When a unit is in disrepair, or if there’s a health and safety issue impacting a tenant’s life, can you deal with the stress that generates?
- Management challenges: Experienced property managers in Baltimore have years (even decades!) of property management experience. What about you? Do you have the networks, the connections and the sources to turn to when things go bad – like a call about a leaky faucet or overflowing toilet at 1:00 AM in the morning?
- Hunting for income: Rental properties depend on maximum occupancy rates, and the best possible rent they can command. Do you know how to attract the best tenants? How to screen them? How much to charge in monthly rent? What to do if they don’t pay on time? How to lawfully evict a “problem tenant” so you might quickly rent the unit to someone else and earn income off it? Without the ability to deal with all these factors, property owners may be on a constant hunt for income from other sources.
At first, it may seem like DIY-property management is the way to go, over using Baltimore property management companies, but being a landlord isn’t for everyone.
Receiving Value for Money
Good property management professionals make life easy for property owners. Instead of constantly worrying about property issues and tenant challenges, property owners can relax and enjoy a steady stream of income from their properties. By virtue of the experience and expertise they bring to a partnership, property managers in Baltimore deliver more value to a relationship than a DIY landlord can.
From finding the right tenant and dealing with them, to making repairs and maintaining the property in prime shape, and from honoring bylaws and city and state regulations – owners simply delegate it all, and the property manager takes care of it on their behalf.