Professional property managers have a broad scope of skills, expertise and responsibilities. However, not all Baltimore property management companies operate the same way – and they shouldn’t! Each company works to deliver specific value to their clients. But, how do real estate owners, looking to establish a relationship with a property manager, determine whom to work with?
Whether it’s rental property management in Baltimore that you need assistance with; or its commercial real estate or lot and land management assistance you’re looking for. Here are four questions that you should ask before you sign on the dotted line.
- WHO ARE THEY?
Before you engage with property managers in Baltimore, it’s good to do some background checking of your own. Think of this as your diligence prior to making a significant investment – perhaps in a commercial or residential rental property. Typically, you wouldn’t start negotiating an investment unless you first checked out the potential of that opportunity. The same holds true for property managers.
- WHERE DO THEY OPERATE?
It’s great to work with a property manager who has been in the business for 50-years. It’s fantastic if they have stellar references that speak highly about them. However, what good is it to you, an owner of rental or commercial properties in Baltimore, if that company operates primarily out of the West coast? If your rental real estate interests lie primarily in Baltimore, a property manager seasoned in Oregon or California property environments adds no value to a partnership. It makes sense to focus on companies that are experienced in rental property management in Baltimore.
- WHAT CAN THEY OFFER YOU?
This is probably the acid test for any long-term business relationship. If you own one rental home, it’s probably something that most property managers can assist you with. However, working with someone that is experienced in managing a varied range of real estate portfolios offers much better value for money.
This is especially true if you own, or soon plan to own, a broad-based portfolio of properties.
Ask if they have experience in:
- Managing lots, plots and un-developed land parcels
- Residential/rental property management
- The management of commercial/multi-family properties
- Dealing with Home Owner’s Associations
- Working with Condominium Associations
- Helping with tenant intake, evictions, rent collections
- Property maintenance and upkeep
Most property managers in Baltimore might not offer such full-spectrum services. However, establishing a relationship with one that does, opens many possibilities for you to expand your real estate portfolio in future.
- GET A SENSE OF THEIR FEE STRUCTURE
One reason that most property owners don’t manage their own properties, and choose to work with property management professionals instead, is complexity. The complex array of rental agreements. The endless rules and regs around what to charge, how much to charge and when to charge. State and municipal rent control regulations. Property owners, especially rental real estate owners, don’t want to be landlords – they just want a stress-free way to benefit from their investments.
So, here’s the question: Why, then, would property owners choose a property manager with a complex fee structure? They shouldn’t!
When looking for professional assistance with rental property management in Baltimore, it’s best to establish a relationship founded on a flat rate based on your needs, and those of your individual properties. Yes, most professionals do charge you a one time set up fee. However, beyond that simply adds layers of complexity that you must avoid!