As the warmer months approach, the Maryland property rental market begins to transition into its high season. A combination of factors results in more renters seeking new homes. Young families often wait until the school season ends to find a new place, college students graduate or find new housing as the semester ends, and annual lease terms for local workers may reach their conclusion. As Maryland property managers, learning how to handle this seasonal spike is essential to success in the year to come.
In this article, we’ll explore how you can prepare as a landlord for the rental property high season, what steps to take and what pitfalls to avoid to ensure success.
Determine If Tenants Will Renew
If your property is currently occupied, step one will be checking if current tenants plan to renew their lease. On average, Maryland leases should stipulate a notice of at least sixty days prior to the termination date of the lease if tenants plan to vacate. This will determine your path forward. You also have the option, with at least 60 days notice, to end the lease if the tenant is not the right fit.
If the tenant decides to stay, you still have some work cut out for you. If you don’t conduct regular inspections or property visits, it’s important to use this time for a thorough property inspection. Checking in on the health of your property ensures proper care, upkeep, and allows you to identify any areas where damage may have occurred or aging aspects of the home you need to address.
If your tenant is vacating the property, you’ll have a more detailed list of to-dos to prepare as a Maryland property manager and owner.
Check Market Conditions
If you had a long term tenant, the market in your area may have developed in significant ways during the term of your lease. Before creating a new rental listing and lease, you should first take the time to explore market rates and amenities in your area. What bed/bath split is necessary at particular price breakpoints? Does your property have any highly sought after features over other rental properties in your area, such as a parking pad, finished basement, new appliances, etc.?
Understanding your market allows you to match your property to the market and make it competitive within your neighborhood.
Review Your Lease For Compliance and Updated Policies
Maryland property managers need to stay up-to-date on policies that impact the terms of their lease. Maryland leasing law changes semi-frequently, and you don’t want to be on the wrong side of legality when creating your lease. We recommend taking some time to review recent legislative changes. If you have peers within the property management space, especially within your particular county or locality, it may be helpful to ask them if you can review their current leases to double-check you aren’t missing any vital clauses needed.
A compliant lease reduces the likelihood of disputes moving forward.
Make Property Improvements
If you want your property to stay competitive within the industry, you may want to consider making some upgrades to property amenities. In today’s rental market, Maryland property managers need to be cognizant of improvements that can increase property value and the amount tenants are willing to spend on a unit.
Upgraded appliances, updated paint and flooring, new tiling, or a finished basement can all make a property more appealing to great tenants.
Market Your Property
The rental market in Maryland has never been more competitive. To draw in the right tenants, you’ll want your property to stand out from the pack. You can accomplish this by leveraging every resource at your disposal. Start with robust photos of the property. Strive to capture clear, inviting photos that showcase the property’s personality, give an overview of the amenities, and guide prospective tenants throughout the rental.
Use a variety of real estate platforms such as Zillow, Redfin, Trulia, etc., and take the time to create a detailed listing. Fill out the full details, including rooms, bathrooms, square footage, neighborhood amenities.
If you want to fill the property fast, consider featured listings or ads on platforms like Facebook, Instagram, and Google. This will increase your exposure and help you find tenants quick.
Screen Tenants and Handle Move In Procedures
The perfect tenant can be hard to come by, unless you have the right tenant screening process. A robust tenant screening process should not only look at income, but rental history, personal history, criminal backgrounds, and a tenant interview to see if they’re the right fit for your property.
Once you’ve found the ideal tenant, you need to have an effective, efficient move in process. Thoroughly clean the property, collect security deposit and first month’s rent, and hand off the keys. If there are any quirks of the property, lay out clear instructions for tenants to follow.
Not Sure Where To Start? Reach Out to Maryland Property Managers
If you aren’t prepared to tackle the challenge of the rental high season in Maryland, qualified Maryland property managers are the solution for you. At Premier Property Management, we help property owners and investors reclaim their time. We handle every aspect of the management process for you so you can reinvest your time elsewhere. Reach out to our team today to get started.
