Property management companies are businesses that help property owners handle the maintenance of their properties. Among other things, they help property owners take care of their properties and handle tenants. A broad range of services are typically included in managing properties and, as a result, it’s pretty easy to sometimes lead to confusion.
You should have intimate knowledge of the services prospective property management companies provide, so you can set realistic expectations. When you understand the scope of their services, you’ll know what to expect from property management companies. In this article, we’ll highlight the main services offered by property managers in Maryland.
While each company offers a unique set of services, there is a core set of essential services rendered by every property management company. They typically include:
● Regular maintenance
It would be unreasonable for you to take on the stress of running about, replacing bulbs on your property, when you pay for property management in Maryland. The essence of working with a professional property management company is to give you relief from such stress.
Property management companies help owners handle regular maintenance like fixing pipes, repairing damaged roofs, installing locks, or eradicating pests. These maintenance requests must be taken care of as soon as possible- that’s why you should choose a company in the area.
These companies must have professionals – either on staff or contracted on-call resources, which can quickly handle repairs cost-effectively. It is their primary responsibility to ensure the property is always in good condition.
● Compliance with local laws
Property management companies know the laws that relate to Maryland in particular. The laws include how and when maintenance should be carried out, when inspections should be done, and the criteria for considering a property a nuisance. They also know the laws and ordinances that guide landlord-tenant relationships and what to avoid.
These laws can be a handful, but you don’t have to worry when you have a company to take care of them.
● Tenant screening and evacuation
Handling tenants can be very stressful for landlords- property management companies take care of that too.
Property management companies don’t just take care of the property; they are also responsible for handling tenants. They screen tenants by checking their employment history, former rental history, and credit score. They also evaluate potential tenant’s expected living arrangement (pets, number of residents) to ensure the landlord has no issues with such arrangements. Property management companies play a crucial part in picking the right tenants.
They also play a role in facilitating the eviction of tenants who either fail to pay rent or become a disturbance to the landlord or fellow tenants.
● Drawing leases and collecting rent
Property management companies usually have lease templates that cover security deposits, disclosures, rent amounts, maintenance agreements, and other related factors. They quickly customize those documents to draw up applicable leasing agreements to be signed by all parties involved.
Another crucial aspect of Maryland property management is rent collection. Since property managers are familiar with the real estate industry in the area, they suggest the best rent amounts to landlords. They also collect rent, and take care of all related accounting and record-keeping.
To get the full benefit of all these management services, and many others, working with a reputable property management company with local experience is always advisable. Contact us for your property management needs – we’ll provide you a personalized quote!