In addition to value appreciation over time, most rental property owners put their money into rental real estate because they wish to earn a steady stream of passive income. The underlined word here is “passive”. Achieving that objective, without support from elite property management in Baltimore, is an uphill battle. The hands-on nature of rental property management makes “passive” involvement a myth. Read on to understand why professional property managers make the difference.
Real World Challenges
Over the course of many years, every landlord has some issues managing their properties. Unfortunately, many of those challenges aren’t just as simple as a tenant losing their spare set of keys, or a renter complaining about a fused bulb in the corridor. As any provider of premier property management in Baltimore will attest, many real-world problems require experience, knowledge, and finesse to reach an equitable outcome:
- Rowdy tenants
- Noisy parties next door
- Compliance with newly enacted regulations
- Fix, repair or replace a leaky toilet
- Extremely high number of vacancies
- Proper accounting and reporting for the next Home Owner’s Association (HOA) meeting
From rental property investment decisions, to timely communication with your stakeholders, working with a company delivering elite property management in Baltimore is often the best way to ensure your rental units continue to deliver value-for-money. And, while you may think some issues aren’t particularly challenging to address, they could, in fact, mean the difference between a profitable investment and a loss-making one.
Four Challenges to Consider
Here are some issues that almost every landlord will face:
- Frequent Turnover: While turnover results in vacancies, which mean no rental income, they also require administrative support to deal with. And that means more expenses. A double whammy!
- Delinquent Rental Receipt: When you are chasing down later payers, it’s frustrating, to say the least. But it’s also taking away focus from other critical tasks – such as addressing a legal summons, or delaying a move-in inspection.
- Difficult Evictions: Some tenants don’t take evictions easily. Unless you are knowledgeable about the eviction process, and trained in negotiation and de-escalation techniques, these situations often turn violent too.
- Timely Communications: Letting tenants know when water will be turned off for maintenance. What time will a Super enter the unit for in-suite maintenance. Notifying all tenants of by-law changes. Distributing accounting and financial packages to Condo board members. Delay, in some of these communications, isn’t just an “irritant”, it might also make you legally non-compliant.
Firms delivering premier property management in Baltimore deal with these, and a myriad of other challenges, routinely.
Addressing Challenges Head-on
Could you deal with the issues directly, as a first-time DIY landlord? Possibly! However, by the time you “learn on the job”, your tenants might leave your property in droves. Worse yet, you might find yourself bogged in complaints and legal challenges. The result: Reputational damage. Inability to command premium rent. Loss of steady, predictable income. Erosion of property value.
If you own rental property, and are experiencing any/all these challenges, it’s time to enlist help from a provider of elite property management in Baltimore. The professionalism they bring to the job, and the technology-based solutions, including online portals, they offer, ensures that all stakeholders – investors, owners, renters, board members – enjoy a stress-free and profitable rental property management experience.