If you're asking yourself, "Should I sell my home or rent it out," you may want to think about the steady stream of passive income you'll have if you opt for the latter. Renting out your home may be a lot of work if you go it alone. It is truly an overwhelming task, especially if you're new to the job.
However, having the money coming in every month is a wise investment strategy. You can always sell the house several years down the road. Additionally, there's no reason you need to manage all the aspects of property management on your own. With the help of one of the best property management companies in Baltimore, you can achieve great results and reduce how much you'll need to be involved in managing your home as a rental.
This blog will explain how you can benefit from having a property manager show you how they make owning rental properties easier.
Is It Worth It To Hire a Property Manager?
You may wonder what a property manager can accomplish for you that you can't do yourself. You might also be concerned about the cost of hiring a property management company. Of course, these are important to consider. However, keep in mind that the cost of your time and peace of mind is worth a lot, too.
Also, if you make an error with a tenant, dealing with a bad tenant can be costly. For example, if you don't have a thorough screening process in place, you could have to evict a renter that wasn't right for your property. This could cost much more than paying a property manager to ensure you have quality, paying tenants who don't cause any trouble.
However, property managers do more than just screen your tenants. They can ensure your lease is legally sound, including any addendums you might need.
An airtight lease goes a long way in ensuring your bases are covered in the event someone doesn't follow the protocols you have in mind for your property. Without a binding rental contract, you cannot legally enforce the rules with a resident.
Property managers also handle everything from marketing your property to collecting the rent on time and ensuring maintenance issues are resolved promptly with quality fixes.
What Will a Property Manager Do for You as a Rental Property Owner?
Some of the more specific things that a property management company will do for the homeowner who rents out their house include the following:
- Prepare Your Home to Rent: Rental properties must go through a systematic make-ready process after a tenant moves out, before a new tenant moves in, or before your first tenant moves in. Preparing your home for rent includes thorough cleaning, conducting repairs, completing routine maintenance tasks, painting, and ensuring the home makes a good first impression.
- Marketing Your Rental Property: A lot goes into getting your rental off the ground and out where prospective tenants can find it. Fortunately, when you work with one of the top property managers in Baltimore, you can count on the listings reaching your target audience. They have connections to the best online listing sites, including the MLS (Multiple Listing Service), to ensure your house is seen by many tenants seeking to rent.
- Tenant Screening: As mentioned above, tenant screening is crucial for renting out your house. Property managers use sophisticated software to screen tenants and make sure you get qualified people in your home.
- Rental Collection: Collecting the rent every month and doing so on time can be a big hassle. However, you won't have to deal with this when you partner with a property manager. They have protocols in place that make it easy for tenants to pay their rent, and they'll send out reminders regularly if someone falls behind.
- Maintenance Management: There's nothing worse than getting a maintenance call at an inconvenient time, like when you're enjoying a quiet evening, asleep, or on the weekends. Not having to deal with maintenance issues is one problem you'll be glad to offload to the property manager. They will be there 24/7/365 to handle the big and small maintenance issues that a tenant may have.
Not only will a property manager take care of issues when a problem arises, but they will also take care of incoming and outgoing inspections, as well as routine maintenance.
Property managers are the best way to turn your home into a rental property without worrying about who will live in it, finding a tenant quickly, collecting rent, or keeping the home in excellent condition!
Work With the Best Property Managers in Baltimore
If you're ready to take the leap and rent out your home, be sure you work with one of the best property management companies in Baltimore. Not all property managers provide the same quality of services. You'll also want a property manager who works with first-time rental property owners to transition from living in your home as your primary residence to transitioning it into a rental property after you move out.
Renters Warehouse BW Metro makes it easy to rent out your former home! We'll manage every task and guide you through critical decisions required to operate your home as a rental property and generate passive income. Reach out to our team to learn more, or start by requesting a free copy of "The Benefits of Renting vs. Selling."