Published September 24, 2020. Updated June 12, 2023.
Owning a Maryland rental property can be a wise decision if you're looking for a way to build more long-term wealth. Whether you have single-family homes or multi-family rental properties, residential real estate tends to grow in value over time.
Therefore, having a diversified income source via a rental property can help you build profits, strengthen your community, and safeguard your financial future.
However, while owning property is an easy decision for some, actually managing your investments as a property owner is a bit more complex. Utilizing excellent property management services from a Maryland property management company could be one of the best decisions you can make to balance your income and expenses!
If you're hoping to grow your portfolio and your long-term wealth, then choosing to work with the right Maryland property manager is your next best investment. Here's why!
Owning a rental property can be an excellent way to build passive income if done well. However, many people entering the world of real estate investing don't realize the time drain that having even just one rental property can become.
You may spend multiple hours each day fielding maintenance requests, collecting rent, and responding to requests from potential tenants.
You may even miss out on holidays or family events because there is a problem that needs to be taken care of right away.
The key to remember about owning and managing your Maryland rental property is that you are on-call as a property owner all the time — even nights and weekends.
If your renters need you, you have to be the one to provide those property management services when you operate alone or self-manage your rentals. There is no one else for the renters to call when they need help, or something happens, and few residential property owners have the resources to be everywhere they need to be to handle every task of operating successful rental properties.
This situation is only magnified if you own more than one investment property.
However, with the help of a Maryland property management company, all of this pressure is suddenly lifted with streamlined property management services.
With a property manager:
There is someone else to answer the phone and answer questions about tenant placement.
They can handle virtually any need that arises — even in the middle of the night.
You can focus on your life and not just on your portfolio.
When you choose full-service property management like Renter's Warehouse Maryland, you can let our Rent Estate™ Advisors do the hard work for you!
Another critical factor in hiring a Maryland property manager is that it alleviates the stress of making a mistake.
Rental property laws in Maryland are somewhat complicated regarding tenant screening. However, a property manager has processes in place and understands local, state, and federal laws to help property owners place excellent renters without violating any rules or regulations.
For example, real estate investors must follow the federal Fair Housing Act to avoid discriminating against anyone who completes an application for one of their rental properties.
Additionally, if you hope to charge a security deposit, you must follow the laws regarding this, too — so navigate it carefully!
When you have a professional property management team handling everything from resident screening to lease agreements, owners experience a lot less stress. You don't have to stay up to date on changing rental laws, either. Your property managers stay current on all laws and regulations, then adjust processes, lease agreements, or other best practices to follow the laws and protect your investments and profits.
You'll be able to put your focus where it matters when you let your Maryland property management company ensure your rental property remains within mandatory housing guidelines!
When you hire a Maryland property manager for your real estate investment, you do not have to handle any of the tasks required to manage your investment properties.
For example, you could handle that leaking faucet on your day off from your daily career or while enjoying a round of Saturday golf — or you could count on your property manager to route the request to a professional to be taken care of the same day. Not only does that ensure the work is done properly, but it also ensures your renter is happy with their rental home!
Real estate can indeed be a good long-term investment, but only when it is well-maintained. Even if you know exactly what to do in every situation, it's a lot to worry about handling yourself. So, you can spend your time doing the work — or you can focus on strategies used by elite investors and choose a licensed professional instead.
Another key benefit of property management is having a partner who can tell you how to maintain rental homes properly to ensure they have the kind of updates renters want! Even small upgrades can impact prospective tenants and their willingness to rent with you.
Renters Warehouse Maryland can help you invest in the right upgrades because we are experts in the local rental market! We'll also help coordinate the work to update your rental properties and keep them in excellent condition to attract high-quality renters.
Investing in real estate with Maryland property management can help free you to grow your investment portfolio and keep up with the things you love to do outside of managing rental properties. You may even find that you are increasing your profit potential over the coming years by building your portfolio — without spending any extra time!
With the help of our Rent Estate™ Advisors, you may find you are spending less money on what was formerly a serious drain on your income. You will also have a higher-quality, modern property to offer to Maryland residents. That often translates into increased savings and higher profits from rental income.
For all these reasons and more, consider the value of working with our Renters Warehouse BW Metro team. We are your next best investment!
To learn more about one of the many ways we serve our investors, download your free copy of our Makeready Checklist to see what we look for every time we walk your property!