6 Questions to Ask Your Rental Property Management Company

6 Questions to Ask Your Rental Property Management Company

At the last count, only 47.7% of Baltimore residents owned their homes, while the rest rented their accommodation. That makes the city a promising prospect for investing in real estate or converting an unused home into a rental property.

Whether you're a first-time landlord or looking to make the most of your existing investment property, it's essential to hire a team of property managers to oversee your Baltimore rental property. 

Hiring a property manager is the best way to enjoy all the benefits of owning a rental property without the stressors. That is if you find the best one for your needs.

These are the most important things to ask your property manager prospects before you commit.

1. How Long Have You Been Managing Properties?

A well-established Baltimore property management company will have long-standing relationships that add significant value to its services. They've got strong ties with the best maintenance vendors, HOAs, insurance companies, etc. 

This means they can get things done quickly and more affordably than a business that's just starting. A reputable company is also likely to have a solid client base of qualified tenants looking for properties just like yours.

2. How Do You Handle Maintenance?

For your convenience, you should give your property manager the power to authorize repairs on your behalf. 

Find out if you can set a limit on how much they can spend, whether you pay the vendor directly, whether you're bound to their in-house vendors, and if they'll get multiple bids on expensive repairs.

3. Do You Conduct Routine Inspections?

Your property manager should visit your property frequently to check for necessary repairs and make sure the tenants are complying with the terms of their lease. 

Most importantly, ask if the property manager is aware of local rental housing bylaws and whether they will ensure your property remains compliant.

4. Do You Have the Latest Technology in Place?

The best property managers use online tools to control and administer their businesses. This software allows you to keep track of what's happening with your rental property. 

A tenant portal is ideal for renters to submit any maintenance issues and pay their rent conveniently every month. 

5. Do You Have the Necessary Credentials?

Property managers don't need a specific license to offer their services in Baltimore, but they do need a business license to operate in the state. 

You should also check whether the company has the necessary third-party liability insurance to protect you against incidents on your property. 

6. How Do You Charge for Your Property Management Services?

Property management is a complex process involving high costs for the provider, but it's always cheaper to hire a professional than to DIY these tasks.

Be on guard against unusually low prices. These too-good-to-be-true offers frequently involve pared-down services or a host of extra charges hidden deep within the fine print of their contract. 

Your Search for the Best Property Managers Stops Here

Hiring the best property managers is a surefire way to maximize your real estate investments in Baltimore, MD. Be sure to choose a legitimate property management business that takes care of your property and your tenants at a price that suits your pocket.

The Home River Group Baltimore ticks all the above boxes and more. Please get in touch for answers to all your property management questions. 

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