A property manager serves the purpose of facilitating the day-to-day necessities of managing a rental property. They do all of the work of maintaining a rental property for a percentage of the monthly rent so that the owner of the property can make passive income and not have the worries of handling the logistics themselves. Property managers in Baltimore take on all of the aspects of property management, but besides the obvious tasks of collecting rent and screening tenants, what else do they do? Understanding what a property manager’s duties consist of will better prepare you for hiring a professional property management service that is right for you.
Dealings of a Property Manager in Baltimore
Property managers are essential to ensuring your investment portfolio reaches its full potential.
Business / Licenses
Before a Baltimore property manager goes into a business they have to get the proper legal certifications that allow them to operate. The laws for what prerequisites must be met differ from state to state. They also must compile a list of trusted vendors and have a comprehensive insurance plan before they will be adequately prepared to take on the management of a property.
License
In Maryland, property managers are not required to obtain a property management license or a real estate license. Therefore, it is important to inquire about what certification they have, if any, to judge their level of professionalism.
Insurance
A property management company must have comprehensive insurance that covers their clients, properties managed, and their tenants. Having an insurance plan that covers all of these areas allows all parties to avoid the headache of being liable for something that wasn’t their fault.
Vendor Screening
To perform trusted routine maintenance and repairs, Baltimore property managers should have a list compiled of reputable vendors. When something in the property needs repairs, property managers shouldn’t have to think twice about who to call. Having these trustworthy relationships with vendors minimizes the chances of having a dispute over liability.
Tenants
Finding tenants is a major part of what Baltimore property managers do for their clients. Sourcing many tenants is far less important than finding quality tenants. Procuring the right fit for your property significantly impacts the rental experience.
New Tenants
Baltimore property managers should be able to quickly fill a tenancy while also choosing a tenant who will respect the property and make payments on time. Tenant screening decreases the likelihood that a disrespectful and improper tenant will be selected. Procuring an appropriate tenant will make the rental and property management process far more likely to be trouble-free.
Enforcement
Going over the lease and rental terms with the tenant before they sign the housing contract does not mean that they will follow all of the stipulations. Property managers are responsible for enforcing these rules and communicating with both the tenants and the owners should anything occur or change.
Evictions
Should the terms of the lease be broken to the point where they lay the grounds for eviction, the property manager would be responsible for issuing the eviction and taking care of any legal proceedings that follow.
Complaints
Any complaints filed by the tenants should be taken care of directly by the property manager. The homeowner should not have to be contacted by the tenant, only the property manager.
Rent
All aspects of the rent are handled by the property manager and then transferred to the homeowner. The rate should be set and discussed with the homeowner and communications should remain consistent between the tenant and the property manager regarding rent.
Setting
A property manager should work with the homeowner to decide on an appropriate monthly rate to set. The rate should be fair enough to attract tenants but high enough that the homeowner is satisfied. Finding this balance is an important aspect of property management that will lay the groundwork for a successful tenancy.
Collecting
Instead of dealing with the hassle of collecting rent every month, the property manager takes this burden off of the homeowners’ hands. They deal with missed rent and late fees to ensure that the tenants make payments on time.
Property
While dealing with the logistics of the tenants’ occupation, Baltimore property managers are also responsible for keeping the property up to standards.
Routine Inspections
By conducting routine inspections, the property manager makes sure that the property remains in proper condition.
Maintenance/Repairs
Any necessary repairs discovered during the inspection should be dealt with promptly and the property manager should have a list compiled of the relevant vendors ready to make repairs.
Turn Over
When a tenant’s occupancy expires, it is time for the property manager to perform a turn-over. This is when the property is brought back to a fresh condition and is prepared for new tenants. Any relevant cleaning or repairs are to be made before the property is shown again.
Owners
The relationship between the property managers and the homeowners should be transparent and remain consistent. Any questions or concerns that the owners have should be easily addressed and communicated. Communications about developments regarding the property and the tenants are just as crucial as the financial records. Your Baltimore property manager should keep a comprehensive record of all financial income and expenditures. This allows for all parties to have a written record of finances and deters disagreements.
Laws
The legal side of property management can be complicated and requires tenured experience to properly navigate. Homeowners are not expected to be aware of any of the legal stipulations that come with the renting process. Thankfully, a professional Baltimore property management team will be well equipt to handle all legal issues and proceedings, thus relieving the legal burden from the homeowner.
Dedicated Property Manager in Baltimore
Having a team of expert property managers in your corner allows for homeowners to enjoy passive income, while the property managers deal with every aspect of the residence and tenants. Do not settle for a property management team that does not have your best interest at heart, instead, go with the best that the Baltimore area has to offer. At Premier Property Management, we have over a decade of experience and use our expert background to provide the best property management services possible to our clients. If you would like to experience the difference that Premier makes in your investment property venture, contact us today.
