Baltimore property prices are at record high – and there’s every sign that things will continue to improve through 2022. Home values have reached 10-year highs, with median time on the market drastically down – to jut 9 days! Clearly, investors who have rental property portfolios have done well for themselves. However, as any specialist offering services for property management in Baltimore County will tell you, making good property investments does not equate to owning a great property. It takes more than just buying good homes to turn them into excellent rental properties.
Heeding Expert Advice
Undoubtedly, you probably consulted your trusted realtor when buying that rental property. And given how Baltimore area property prices have appreciated, it turned out to be a smart move – listening to the experts! Now, it’s time to listen to expert property managers, and make sure your property continues to, not only appreciate in price, but also command the best rental value possible. And, to do that, you need to understand the value a good property manager brings to your team.
Making a Good Investment Better
The fact that the real estate market is on fire, is great news for investors – it promises better capital gains when it comes time to sell. However, for rental property investors, the major interest should be in continuing to leverage that investment in the short and intermediate-term. And that means commanding better-than-market rent, and continuing to have rental value appreciate.
That’s where working with an experienced Baltimore county property management company can help. Rental property investors use their services to:
- Screen tenants through a standardized process that adheres to all laws – Federal, State and Local
- Ensure all units are rented to capacity, and no unit goes unrented over a long period – which reduces the income generating capacity of the investment
- Implement transparent and efficient dispute/complaint tracking and resolution processes – which eliminates the risk of tenant lawsuits and grievances
- Handle evictions expeditiously, safely, and professionally, in accordance with lease terms and governing laws
- Market and promote the properties, so they continually attract high-value tenants and renters
And those aren’t the only things that good property management in Baltimore County entails.
Ongoing Value Drivers
To continue turning a good real estate investment into a great one, requires sustained good property management practices:
- Frequent inspections to ensure issues with key infrastructure are spotted early and promptly addressed
- Predictive maintenance measures are put in place to foresee problems before they become into issues
- Preventative maintenance is conducted to prevent problems from turning into critical issues
- General upkeep and maintenance practices are embraced to make the property presentable and attractive
Without these four pillars in place, your real estate portfolio is likely to gradually decline in value, even though it commands good value appreciation potential today. Additionally, the critical element that drives rental values is a well-maintained property. With an experienced Baltimore county property management company on your team, you’re guaranteed to not only increase the longer-term value of your property, but you’re guaranteed to command the highest rental value among properties in your neighborhood.