Baltimore presents a lot of exciting prospects to potential real estate investments. While the city continues to grow and re-develop, it still presents investors with a lower cost to buy in than many other east coast cities. If you’re acquiring residential properties, you’ll have to go through the process of finding the right property management company to ensure your properties are overseen professionally and efficiently. A good property management company can help tenants have a signficantly better living experience, allowing you to retain residents and not have to pick up the slack of incompetent managers. That being said, let’s take a look at three tips to help you find the right investment property management company.
Referalls for a Property Management Company
The first step will be to find candidates that fit your needs. While you could go about a traditional search method online, we recommend you start by seeking out referrals. If you have purchased or are planning on purchasing your property from a reputable real estate investment agency, speak with them about their preferred managing companies. Having worked throughout with real estate investors across Baltimore City, they may be able to guide you on which property management companies are great to work with and which you should probably avoid. This will help streamline your search process and allow you to rely on the advice of professionals who are experienced in the industry.
Learn About Their Tenant Screening Process and Vacancy Policy
These are two of the most important pieces of information a property management company can furnish for you because they’ll directly affect how your property is handled. Tenant screening processes differ greatly between different companies. Ensuring tenants with negative records from previous places they lived are weeded out can save you money in the long run. All it takes is one unruly to cause significant damage to your property. Make sure your property management company employs a vigorous screening process for residents.
Their vacancy policy is also of interest. Like screening processes, different companies carry different rules for how they address vacant units within your property. Some companies will charge you in bulk for every unit, while others may lower their fees in the event that a unit is left vacant. Ensure the management company is experienced with your property-type so there is no doubt they’ll be able to quickly place residents in units.
Take a Look at the Tenant-Management Agreement
Lastly, you should ask any prospective management for a copy of their tenancy agreement or contract. This will contain important information in regard to how they conduct direct business with the tenant. Pay attention to how they screen tenants, how they handle rent and other billing items, how they address maintenance issues, and how they manage security deposit. All of these elements are important to ensure your property is protected from damage, and that your tenants are treated properly by the management company.
A property management company is an indispensable tool to investment property owners in Baltimore. Ensuring your investment is taken care of and your tenants are treated fairly in way that helps encourage stable tenancy is key. These tips will help you weed out untrustworthy companies so you can rest assure that your investment is in good hands.
Looking to expand your investment property portfolio? Want to break into the market for the first time? Contact Ben Frederick Realty today.