The Many Hats That Property Management Companies Wear
Property management companies have grown dramatically in popularity over the last few decades. Property owners turn to them to handle all the day-to-day functions of their investment properties because they don’t have the time to do so themselves or they feel they will save money by hiring a management company. Here are some of the skills that competent Baltimore/Maryland Area property management companies should have under their belt.
Advanced Knowledge of Landlord/Tenant Laws
There is no tougher part of being a property owner than learning about landlord/tenant laws in a particular area because there is so much information that this field covers. Property management companies deal with all the particulars of landlord/tenant laws on a daily basis. This makes them highly skilled at helping the property owner avoid violations in these areas and helping the owner to facilitate the resolution of claims against offensive tenants.
Trained and Professional Staffing
Most property management companies have well trained staff to handle all of the functions of property management. They are usually highly skilled in tasks such as rent collection, advertising, providing emergency and routine maintenance, periodic property inspections, evictions, and initial rental or leasing prescreening. All of these services and more provide a well-rounded approach to successfully managing properties.
Proactive and Available
In order for a tenant’s many needs to be met it is important when managing a property to be proactive and available 24/7. Property management companies are geared towards this very purpose. They usually have maintenance personnel on call at all hours of the day and a round the clock team of managers. They also use time tested routine maintenance schedules that tend to keep things in good working order and help avoid more costly repairs due to negligence.
Proven To Have Decreased Vacancy Rates
Property management companies on average have lower vacancy rates for their properties than most property owners that handle this function themselves. This is because property management companies are highly experienced at advertising and targeting properties in specific areas of the Baltimore and Maryland Market. They know what types of properties that certain people and businesses tend to look for in each area and they gear their advertising towards this knowledge. This type of approach gets the right people looking at the right properties and keeps their occupancy rates high as a result.
Property management companies handle all of these responsibilities and a lot more. There is so much that has to be done when it comes to property management and these duties are time consuming. Most property owners do not relish the idea of having to be available 24/7 to meet their tenant’s needs, so property management companies are a great way to fill this gap and give the property owner the peace of mind they need regarding their investment properties.