Not many people know how to be a good rental property owner before owning an investment property. While there's plenty of available help, it's often a 'learn-as-you-go adventure' to buy rental properties and make sure they generate enough passive income to meet your goals.
If you're handling multiple properties, 'passive' might not be the word you would use for the income coming in from your rental homes in the Baltimore area. While investing in real estate is a reliable way to generate additional income on top of a full-time job's salary, it requires a lot of work to find success!
The Rent Estate™ Advisors of Renters Warehouse BW Metro love helping property owners make more money from their investment properties. If you're ready to improve your portfolio's performance and generate more income, keep reading to learn how from our professional Maryland property management team!
High-quality renters are a critical key to success when operating Maryland rental properties. Without renters, you don't generate income from your real estate investments. However, not just 'any' renter is a good idea. Even when you really need to fill a vacancy, choosing a renter without enough research into their background can be a bad financial decision.
It's too easy to put your properties (and income) at risk of enduring a bad renter—but how can investors find good renters in a sea of potential options? It starts with how you market your Baltimore rental home!
Most renters first learn about a potential rental home through a property listing. If you're struggling to find a new renter, there's a good chance your listing is getting lost in the shuffle of listings for other investment properties.
Have you ever scrolled online rental listings? Which ones catch your eye? It's probably the listings with photos that grab your attention and text that 'sells' the property represented in the photos. If your listings don't match the quality of your competitors, your properties will often remain overlooked.
Expert Maryland property management knows that improving the quality of your listing will attract more potential renters and improve the quality of your tenant screening process. Every property listing needs:
If your property listings lack any of these details, you'll continue dealing with long vacancies and poor-quality renters. Make your properties shine—it's worth the effort.
After your new-and-improved rental property listings start bringing more rental applications to your inbox, it's time to shore-up your tenant screening and management strategies. Your approach to selecting high-quality residents and building positive, long-term relationships with them can make or break your investment income.
When you commit to screening potential renters, you must also commit to following the law—but it's worth it. A thorough tenant screening process helps investors:
The right screening strategy isn't an 'option' for investors who want to grow their long-term real estate investment wealth and avoid financial disasters caused by bad residents. When you find high-quality renters, your next step is building a positive and professional long-term relationship with them while they live in your property.
If you're not sure how to set up a thorough legal screening process, consult an expert Maryland property management company.
You probably know by now: rental properties don't maintain themselves!
Have you been doing your own rental property maintenance? Even keeping up with repairs and responding to emergency maintenance requests can be time-consuming, stressful, and hard to manage across multiple properties—or a full-time job.
However, if that's all you're doing, it's not enough. Often, rental property maintenance and repairs should never be an issue—yet finding time (on your nights or weekends) to fix things as they break is the pattern for many DIY property owners.
You don't want to live in a house that always needs repairs or doesn't have any curb appeal. Renters don't want to live in your rental property if it's falling apart, looks rundown, and takes too long for you to respond to maintenance requests when something breaks.
Marketing and screening for high-quality renters won't do you any good if your rental properties don't match the quality of the residents you want to pay the rent. Instead of chasing after things that break, a proactive approach with routine maintenance is a more efficient (and profitable) way to grow your income through rental properties.
Your routine maintenance plan should include:
Poor-quality maintenance services will drive good residents away. However, offering professional maintenance and keeping your properties in excellent condition makes you more competitive in the market. You'll also improve your renewal rates when residents love how well you care for your properties.
We mentioned that managing profitable rental properties is a lot of work—and we haven't talked about everything involved with a successful real estate investment portfolio! However, more income doesn't require more work—from you.
The best (and most passive) solution to improving the income from your rental properties is hiring a professional Maryland property management company. They handle every detail while you watch your income grow.
Letting a professional Baltimore property manager handle property listings, screening, managing renters, and every maintenance issue is the smartest (and fastest) way to grow your wealth while you focus on the things that are most important to you in life!
Keep pursuing your career, spend more time with friends and family, take a vacation, and more—all while your property management team takes care of your properties and makes sure they generate the income you need to meet your financial goals. When you find the right Maryland property manager, it's a smart investment in your financial future!
Not every property management company is the right fit for your portfolio or provides the quality (and range) of services you need. If you're ready to step away from the daily tasks, you need someone you can trust to protect your portfolio and investment income.
Choose wisely, and let us know if the Renters Warehouse BW Metro professional Rent Estate™ Advisors can help!
Renters Warehouse is committed to compliance with all federal, state, and local fair housing laws and is a proud member of NARPM.
Each Renters Warehouse® franchised business is independently owned and operated under a license granted by Renters Warehouse USA, LLC
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