A property manager, or to be more precise, a property management company for rental real estate is often capable of doing jobs that the landlords find particularly hard to get done on their own. This is precisely why property management companies are doing so well in top residential locations such as Pennsylvania, Maryland, and Washington D.C.
If you are simply curious, or you actually have one or more medium to large rental property/properties being rented out to tenants, read on as we discuss what and why property managers can do certain things that most landlords may find quite difficult to achieve without help.
Find Qualified Tenants Much Quicker
Most landlords can find few tenants when they start the business, but filling up a whole apartment building takes time, even if the property is in a good location. Then, of course, there is the question of tenant screening. You don’t want bad tenants because that could be a serious hazard to deal with later.
A property manager would help in finding and screening tenants and leasing all rental apartments within their area of expertise, faster than a large majority of landlords can on their own. The Bay Property Management Group is one of the most famous property managers in Howard County, well known for providing a comprehensive set of services that cover everything from finding tenants, collecting rent and catering to all their apartment maintenance needs. They take pride in their record of finding tenants in less than 30-days, something which would be very difficult to pull off for a landlord unless they are very experienced.
Property Managers Provide Tenant Retention Assurance
As just mentioned, tenant screening is an intricate part of what property managers do, so they only allow tenants who have an extremely low chance of getting evicted. On rare occasions, when a tenant does get evicted due to one reason or the other, a good property manager will often re-lease the property without any additional charges. However, that assurance period usually only lasts 3 – 6 months.
Take Care of All Maintenance Issues Fast
It is possible for a landlord to provide all maintenance services to their tenants in a small apartment building or a single house or two. However, landlords who own multiple rental properties will find it difficult if not impossible to take care of every tenant with their limited resources. Keep in mind that in Maryland, tenants expect basic maintenance services swiftly from the landlord.
Property managers have the resources and the manpower to handle all maintenance needs of the tenants with fast response times. This is, of course, provided that your property manager is actually any good! This further contributes to long-term tenant retention, as well as ensuring legal compliance.
Aside from the work was already mentioned, property managers do also have a system and the right kind of resources to both collect your rents in time, as well as to evict tenants who qualify for eviction; both of which are tasks that the average landowner will often struggle with. These are just a few reasons why property management companies and rental businesses are such an effective and prosperous combination for each other.