Why Do I Need a Property Manager
if I Live Near My Rental Home?

As professional property managers, we are somewhat biased.  We believe, though, that no landlord should manage a rental property on their own.  A landlord needs to understand what they are doing.  There are many reasons for this.

Learn 3 Expert Tips for Managing Rental
Properties So That You Can Build Wealth

  • Are you interested in maximizing profit on your rentals?
  • Do you need to know more about how to avoid fines and penalties?
  • Do you want to learn how to truly value your time so that you can run your business like an expert?

Then you don’t want to miss our free Zoom chat session where you will learn:

  • How to charge the fair market value for rent;
  • To uncover the number one reason you could lose in court and a simple fix to avoid it;
  • An easy formula for deciding how much your time is worth.

Our next sessions are scheduled for May 23 and June 6.  Both sessions will be held at 5:30 pm.  If you prefer, though, you can also request a “personal” chat session (you can suggest a date and time that is convenient for you).

When you attend, you will also receive a FREE copy of our E-book “Investment Real Estate:  Your Best Hedge Against Inflation!”  Attendance is free, but you will need to register.  That’s so we can send you the invitation for the chat session of your choice.  If you’re not ready to chat yet, you can request a copy of our E-Book to get started.

Rental Home and Property Manager Laws

The first reason we believe you need a professional property manager for your home is the ever-changing landlord-tenant laws.  Many times they are different from one jurisdiction to another.  We have witnessed many times where a  landlord is embarrassed in Maryland District Court.  If the law isn’t followed by a self manager, District Court may not be a pleasant experience.  The old saying “Ignorance of the law is no excuse” is very true!

Lease Documents for Your Rental Home

Landlord Tenant and ManagerIf you live near your rental home, you run the risk of your tenants knowing where you live.  You may also end up going to the rental home too often.  We believe that a rental property should be inspected by the manager no more than quarterly unless there issues with the home.  Many times, a landlord uses a lease that does not completely comply with Maryland laws for rental homes.  It also may not comply with County laws.  You need to know for sure that your lease will stand up in court.  We use a Deed of Lease for Maryland that was written and approved by our State Association, Maryland Realtors.  We also have access to jurisdictional lease documents for those Counties that have different requirements.  They are not available, though, to the general public and can only be used by licensed real estate agents.

Rental Home Rent Collections

Collecting rent for a rental home can be stressful for a landlord.  We have many clients who used to self manage their home and stopped because they were tired of listening to the tenants’ excuses for non-payment of rent.  Many landlords lose a lot of uncollected rent because they are too soft.

If a Failure to Pay Rent action must be filed, you will need to spend time to file the papers in District Court.  You will then need to take time away from your other activities to attend the hearing.  That can take up to three hours.  You will also need to devote time to the legal process leading up to an eviction.  If you need to evict your tenants from your home, you can expect to pay an eviction company between $750 and $1,500.  The eviction will usually take a minimum of 3 hours, but could take an entire day from start to finish.  You must attend with the Sheriff.

Most landlords own rental homes for “passive income.”  That means it is not their main job.  You need to be able to devote time and attention to your rental home.  If the home needs repairs, you need to have contractors who are licensed and insured do the work.  That’s why we offer our Home Owner Concierge Service program to home sellers and landlords.  Through the program, we will handle everything that is needed to prepare and maintain the home.  You may want to review our Property Management Agreement so that you can see the value of the services that we offer to landlords.  We are available to discuss your homes for rent.