Deciding to find a Maryland property management company to work with can prove to be one of the most important steps you take in growing your investment business.
Deciding to take this step is an investment in your financial future:
- It means freeing up your time
- It means boosting profit margins
- It means growing your business success long term
- And it even means turning a risky situation into a better opportunity.
The question is, though: How do you know who to hire?
You can't select 'just' anyone to operate one of your most valuable assets. You need a professional—and that means knowing where (and how) to look.
Talk to Other Local Property Owners
One of the easiest ways for you to find a Maryland property management company to work with is to ask other Baltimore rental property owners who they trust.
Referrals are always a good thing! They give you insight into what the company can do for you and what to expect daily. You will also learn about the companies that may not be the ideal choice, perhaps those that are hard to communicate with or too busy to provide you with the level of service you need.
- Even if you do not have any local friends to ask, reach out to others with rentals properties in the Baltimore area.
- You can also do some research online about various companies operating in the Baltimore rental market.
- Gather as much information as you can before proceeding with any selection.
Your goal at this stage is to pick out some prospects and discover more of what your property management partner will do for you—and how well they will meet your goals long term. The more insight you have, the better.
Choose a Professional That Knows the Area
It is also important for you to choose a local professional, one that knows the Baltimore area well. When you work with a Maryland property management company, you want a professional that knows how our market operates to help you make decisions.
For example, there’s a big difference between rental prices, marketing methods, and resident selection processes between Seattle and Baltimore! Selecting a local company means selecting a local partner with the expertise you need to attract renters across the Baltimore City area. The more insight they have on the Baltimore rental market and the community, the better they can serve you as your property partner.
Local insight means knowing the most sought-after rental upgrades. If you want to attract high-quality applicants, an expert that lives, works, and plays in Baltimore can help you pair the right 'bullseye price' with the right upgrades for your single-family homes or multi-family units.
Dig Into Their Policies and Procedures
It is also helpful to choose a Maryland property management company that takes a stance you resonate with as a property owner. That is, you want a company that has policies, procedures, and guarantees you can depend on.
- You want to know, for example, how they handle evictions (especially during high-risk periods like a pandemic).
- You want to know how they help you to properly maintain your Baltimore rental properties.
- You also want to know what legal contracts they use for renters.
Read through these policies: Do you agree with the terms? Go deeper into this as well.
- Learn about the property management interactions they have and compare this to what your needs are.
- Some property owners want a hands-off management style where they do not have to do any of the work.
- On the other hand, you may want a higher level of interaction with the company and more ability to make final decisions in some situations.
You should always investigate the contact and communication style of any prospect you're considering. Remember that not all Maryland property management companies are the same! Some simply do not have the same level of flexibility as others do.
Find Out How Successful Their Marketing Is
Next, investigate their marketing methods.
- How effective are they?
- Can you find their ads online?
- What type of advertising do they do?
- What is the average length of a property turn?
- How often are their properties vacant for extended lengths of time?
- What type of rental properties do they think will work best for the residents in this area?
- What type of screening process do they use to ensure they are renting to long-term, stable individuals?
Gathering this information is crucial because it can give you a clear expectation of what kind of efforts will be employed for your Baltimore rental property. You want to know they are going to be able to find and keep high-quality residents in place long term. Do they write effective rental listings that get attention? The best companies are able to use their advertising dollars effectively to achieve outstanding outcomes.
At the end of the day, you want a Maryland property management company that’s easy to work with, capable of strengthening your business goals, and effective. That’s not too much to ask for when choosing a partner to manage one of your most valuable assets! Yet, you need to know as much as you can before you invest in them.
Another question worth asking is: What kind of resources do you offer to potential clients? A property partner with their interests in the right place will always offer the property owners they hope to serve access to some of their insight in the form of free resources. At Renters Warehouse, we offer a library of such resources to investors!
A great place to get started is with our free Makeready Checklist to ensure your Baltimore rental homes are prepped and ready for your next renter!