Property Management: What Baltimore Rental Property Owners Dread Most
Rental property management in Baltimore, like anywhere else in the country, is an extremely “involved” business. For most property owners managing their own properties, it’s typically a 24-7, 365-day commitment. Anything less, and you’re likely not doing a good job of it. That’s why many property owners and investors work with a professional property management company in Baltimore to service and manage their properties. But why do they do that? Wouldn’t it be “cheaper” to DIY?
Let’s explore those questions in greater detail.
Experience Versus Expedience
It may sometimes be expedient and convenient for property owners to dismiss the seriousness of being property managers as well. The euphoria of investing in rental properties, be they commercial or residential in nature, may sometimes cloud one’s judgement about what “management” entails. And, it is that spirit of jubilation that often leads owners to either take on more than they can themselves handle; or bring in “cheaper” assistance.
The prevailing thought might be: Why use property management companies in Baltimore MD, when there are “less costly” alternates available. In choosing “cheap” over a proven track record and experience, unsuspecting property owners severely compromise their investments. Not only can that mindset jeopardize a steady and predictable income stream, but it may also put properties into a state of disrepair, neglect and irrecoverable damage.
Unknown to many property owners, the process of managing and servicing rental real estate is quite complex, and requires expertise and experience that even many long-time property owners lack. Here’s just a partial list of why owners should dread managing their own real estate:
- Many self-managed property owners don’t have sufficient time (from their personal lives) to deal with the plethora of responsibilities that property management entails
- Unlike a professional property management company in Baltimore, that employs full-time staff and hires experienced specialist contractors, DIY managers don’t have the skills needed for professional management
- It requires an extensive network of contacts and affiliations to bring in a steady stream of renters and long-term leases. Property managers who are in the business have those associations and leverage them. Those new to the business may cause units to go un-rented for months – depriving owners of much needed rental income
- What many DIY or novice property managers fail to appreciate is the extensive amounts of documentation and paper work involved in professionally managing properties. Unfortunately, lack of knowledge doesn’t absolve property managers from facing the consequences of the law – which can sometimes result in thousands of dollars in legal costs and fines!
- Lack of experience to attend to issues quickly, with the goal of preventing minor problems from ballooning into a full-fledged crisis. Sometimes, something as small as a leaking flush can be a harbinger of major maintenance challenges. Inexperienced property managers may take the “I’ll tend to it next week” approach, resulting in hundreds (if not thousands) of dollars in extra repair and maintenance costs
The Real Cost of “cheaper” Property Management
At the end of the day, using the services of professional property management companies in Baltimore MD is a more cost-effective solution than other options. Those “other” choices may include DIY, or choosing to work with less reliable and inexperienced property managers. Property owners may think they’re “saving” money by opting for the alternate. However, in the final analysis, “cheaper” property management doesn’t always translate to better management!