Real estate investors must avoid common mistakes to make more money and protect their investments. Did you know that one of the biggest mistakes you can make is choosing the wrong property manager?
While it's a smart decision to hire a property manager, you have options when it comes to who you work with. With expert Baltimore property management, real estate investors experience better quality renters, well-maintained properties, and more income! However, not all property management companies are the same. An inexperienced property manager that isn't committed to your future can be a bad decision.
Choosing a property manager requires research and knowing what to look for when partnering with a company that focuses on your goals and delivers results! What should investors look for when it's time to hire a property manager? Follow this guide!
They Must Be Professional
We don't mean they list themselves as "professional" property managers. The best property management company for your Baltimore rentals must look, act, and represent you and your properties with a high level of professionalism.
What does that mean? Real estate investors can look for a few key indicators of professionalism when researching potential partners, including:
- A modern and up-to-date website that's easy to navigate for owners (and renters)
- Whether you meet with them in-person or through a video conference, their offices, background, and appearance are professional, clean, and organized
- High-quality marketing materials for their business and managed rental properties
If a Baltimore property management company doesn't present itself professionally, you can't count on them to care for the appearance and delivery of your property or their services when caring for renters. Your investments and long-term income are too important to settle for a low-cost property manager that doesn't impress you with a professional approach to their business.
They Need Experience and References
Are they good at what they do? You should be able to find plenty of evidence in support of their experience in the Baltimore market and success at helping investors make more money.
Make sure your research includes:
- Requesting references and speaking to property owners who work with the company
- Reading online reviews
- Asking about pricing and services
- Talking through eviction and vacancy rates
Remember to evaluate positive and negative online reviews with a grain of salt. The right property manager has more good reviews than bad, plenty of success stories, and statistics about how they help investment properties perform better for owners.
They Offer Technology
Property management has come a long way since the early days of manual processes and doing everything by hand. Today, the best Baltimore property management company offers cutting edge technology solutions to make it easier for renters to pay the rent and make maintenance requests online. They also manage their internal operations with efficiency and technology to replicate high-quality services across every property in your portfolio.
Property owners should also expect secure online access to financial reports, income statements, and communications regarding your rentals. The most effective property management solution embraces the digital age to attract better-quality residents and minimize costs to investors.
While you will pay fees for the services you need, partnering with the right Baltimore property manager should boost your bottom line. An inefficient operation won't accomplish that for you. Before choosing a property manager, talk with them about how they operate and the technology they have in place to serve you and your residents well!
They Accommodate Your Communication Style
Do you prefer phone calls or texts? How often do you want to hear about your properties? Not every Baltimore real estate investor has the same expectations or preferences when communicating about their investments.
It can be uncomfortable to bring in a professional and turn over the management of your Baltimore rental properties to outsiders. However, when you find a property manager who adapts to your communication style, keeps you informed as often (or as little) as you like, and makes sure you never have to worry about the condition of your properties or income, you've found the best partner for your financial future!
As you interview potential property managers, ask how they communicate with owners and keep them informed. Make sure it meets your expectations!
They Must Be Available
Can they deliver everything you need? What if you add more rental properties to your portfolio? The right Baltimore property management company can quickly onboard your rental property and grow with you as you build a portfolio!
Don't Settle for Less Than The Best!
Investors can't settle for "just any" property manager and expect their income to grow. Only the best Baltimore property management company delivers the services and professionalism you need to represent you and your rentals in the market while maximizing your investments.
The Rentwell team prioritizes quality, technology, and meeting owners' needs to deliver an excellent property management experience! Contact us to learn more about what to look for in a property manager!