No matter whether you are owning a rental property in Baltimore County or any other location in Maryland, managing or maintain the property can never be easy for the property owners. It has its own set of challenges and complications that often create problem for the owners. And this is the reason why most landlords prefer hiring a property management company. The professional property manager and his team helps in managing the rental property in Baltimore by finding quality tenant, collecting rent, and also handling maintenance and repair. But, do you know the exact meaning of ‘Property Management”?
When we talk about property management then most people take it as maintaining the property, attending calls and collecting rent but, it’s more than this. This is divided into two separate entities – Property Management and Rental Management. Though these entities are different but, work together to perform efficiently and effectively to manage the property.
Here in this article we will be discussing about the difference between property management and rental property maintenance, which will help you to know when you need to hire a property management company in Baltimore County MD to manage your rental home in Baltimore and when to hire rental property maintenance service in Baltimore.
So, we will start from property management.
Table of Contents
What is Property Management?
Property management companies are those who manage your rental property. Property management companies appoint a property manager for managing your rental homes or properties in Baltimore County. And they operate, control and manage your investment in better ways. And due to this, you get positive cash flow each year.
Let’s see the primary roles and responsibilities of the property management company: –
You know that how difficult is to find the right tenant for rental property. You just can’t read it on their faces that they are ‘Bad’. It’s property manager’s responsibility to screen tenants and check their background, credit history and criminal record (if any). This will ensure they are hiring quality tenant.
Lower Maintenance and Repair Cost
It’s not a challenge for a property management company to get right repairman to fix any repair issues in the rental property. They also have crew members who can fix any repair issues and if not then search for the right handyman and minimize the repair and maintenance costs.
Better Rent Collection Process
Professional property manager knows how to handle late payments and rent collection process. Because it is the only way to ensure consistent cash flow. They know it’s their job to ensure that the tenant must pay the rent on time or they will evict the tenant in case of non-payment.
Handles Tenants’ Problems and Evictions
You have to be ready to hear countless complaints when you hire renters as it is kind of their nature, they always find something that needs to get fixed or repaired and property managers are smart enough to handle their problems. Even if there is requirement of eviction they handle eviction process too.
Lease Agreement Drafting
Lease or rental agreement is the important part of rental property. While hiring tenant for the rental property, one must draft an agreement that includes all the terms, rules and regulations for both the tenant and landlord to follow. And needs to be undersigned by both the parties and give a copy to your tenant as well. So, your property manager will help in drafting lease agreement as well.
What is Rental Property Maintenance?
You might be thinking rental property maintenance and rental property management are the same thing. They may seem like one or the same thing, but they are actually two separate entities. You need to understand that they are not the same, only then you will be able to know which service you actually want.
We can say that people often confused with these two service providers by understanding them as the same thing, but they are not. Property Management Company manages the property including handling tenants and collecting, move-in, move-out, while as the Rental property Maintenance Company only maintains your property. They provide the services like snow removal, lawn care maintenance work, etc. So, this means the company is only to help with the maintenance of the rental property.
Property management companies have their own maintenance group. They are used for handling routine rental home upkeep, emergency repairs, etc. Let’s see the things handled by rental property maintenance staff: –
- Electrical work
- Lawn care maintenance work
- Common area upkeep
- Snow removal
Well, these crew members help the tenants when they face any problem in the rental property. The problem arises when the property owners, real estate investors, and landlord expecting property maintenance service provider to do the job of property management. So, that’s why it is important for everyone to know the basic difference in between these two.
You may be new to the rental property business so, it may be a bit difficult for you to understand what exactly a property management and rental property maintenance is. And also, whether the staff or crew are different for these two services. Well, one thing that is important for you to understand is that you must hire property management company in Maryland, especially if you are new landlord or own multiple properties.
But, make sure to get an agreement signed by you and the property management company and also check its fees before signing the agreement.