Have you wondered what a property manager does to help you with renting your home?
Owning a rental property is an excellent way to invest your money, build equity in a piece of real estate, and diversify your assets.It can also represent a lot of work.
Many property owners choose to work with a property management team to effectively manage this investment. Our team of qualified property managers works hard to ensure that the property owners we represent in the Baltimore Maryland Metro Area benefit from a full return on their real estate investments.
A property management company will:
- Market the home Effective rental marketing reduces the time the property is vacant and maximizes your income potential. To help with renting your home, the property management team may choose to market the home for rent via a posting on the multiple listing service, online advertising, a posting on the management company's website, newspaper advertising, or a for rent sign on the property.
- Fill vacancies Your property manager will meet with interested tenants to show the house, answer any questions, and draft lease agreements. Filling vacancies in the home should be done quickly and efficiently to minimize the amount of time the property is empty.
- Determine tenant worthiness A credit history assessment and background check are important steps in the rental process. A thorough check of the prospective tenant's background helps inform the decision of tenant worthiness.
- Negotiate leases Tenants may request variations to the original lease terms including length of the lease, the presence of pets, or payment details. Property managers will work with tenants to negotiate any changes to the standard lease agreement. Once a lease expires the property management team will ensure a lease extension is offered to worthy tenants to promote longer tenant retention.
- Maintain proper records A property management company maintains records of all income and expenses for a property. Documentation and receipts for maintenance performed on the property should be carefully cataloged and reported to the homeowner on a regular basis.
- Collect rent Property managers are responsible for collecting rent, security deposits, and damage deposits from tenants and disbursing net income to the homeowner. Tenants who make late payments, or those that fail to pay, are held responsible for the terms of the lease agreement.
- Follow local, state, and federal laws There are a variety of local, state, and federal statutes that regulate rental properties. Property managers should follow each of these to ensure all guidelines are adhered to. These may include record keeping and reporting, the method of refunding deposits, and the basic procedure of renting a property without discriminating against certain groups of people.
- Perform maintenance Keeping the property in good condition and in working order is an important job of the property management company. Tenants will contact the management company when something is in need of repair. The property manager will also ensure routine maintenance is performed on the home such as roof, HVAC, and electrical inspections.
- Report to you on a regular basis A property manager will keep the homeowner informed on the status of the property, expected vacancies, necessary maintenance, and upgrades that need to be done to the home.
To learn more about what a property manager does, contact our team at Chesapeake Property Management, Inc. We are proud to serve the needs of the Maryland homeowners who trust us to manage their properties. We're available to answer any questions you have about renting your home and how a property management company can help.