If you're considering making your home into a rental to generate additional income after you move out, you may be wondering how to proceed.
You may wonder what to expect when you have tenants in a property. How much work will you have to do? How can you find tenants? Is it worth simply paying the property management fees Maryland professionals require?
Dealing with the many tasks of operating a rental property may cause you to hesitate moving forward. Maybe you realize it would be a huge burden for your lifestyle or lack the time to take on such an endeavor. However, securing the services of a property management company like Renters Warehouse can alleviate the burden and put passive income in your pocket!
So, is it worth it to pay a property manager? Here's what to consider!
What Will a Property Management Company Do for You?
Property managers handle various tasks for rental owners, including being available 24/7/365. You never know when a tenant may have an issue or an emergency might occur.
A property management company will manage the following tasks for you:
- Rental price analysis
- Handle rent collection
- Marketing and advertising
- Showing the property to potential tenants
- Screening for high-quality tenants
- 24/7 property maintenance and repairs
- Accounting and financial management
- Lease enforcement
- Move-in and move-out inspections
As you can see, renting out a property is a lot of work! It can become a full-time job, which may not be doable for you if you already have a full-time job or are moving out of the area. That's why a property manager can be a valuable resource to handle everything for your home while you benefit from the rental income.
Advantages of Professional Property Management for Owners
You gain many benefits when working with one of the best property management companies in Baltimore. These include the following:
- You are relieved of the stress and hassle of renting out a property on your own.
- You will no longer have to deal with managing advertising.
- Someone else will find tenants for you and ensure they are screened properly.
- All the rent will be collected in a timely manner, alleviating worry.
- You won't have to get up in the night or be interrupted at other times for maintenance calls.
- You will have a professional team to manage disputes.
With experts handling these aspects of owning a rental property, you don't have to deal with some of the more stressful aspects of being a landlord!
How Much Do Property Managers Charge?
Now that you see the many benefits of working with our property management team, you probably wonder, "How much does Renters Warehouse charge?"
That's a fair question, and the answer will help you weigh the cost against the benefits. Of course, some situations might be a bit different, but in most cases, the fee breakdown for professional rental management is usually a flat fee between 8-10%, plus a one-time set-up fee.
However, when choosing Renters Warehouse BW Metro, we offer inclusive flat-fee pricing packages ranging from $99/month to $149/month, depending on the services you prefer for your property.
We also offer:
- No upfront fees
- No additional marketing fees
- No restrictive contracts
In addition to these benefits, you can deduct property management costs from your income taxes. So, while you pay a fee for our expert services, you generate more income from your rental and benefit from a tax deduction for our fees!
Weighing the Pros and Cons
As you weigh the pros and cons of paying to have a property management company handle your rental or manage the property yourself, it's vital to keep in mind what the advantages are for you versus the fees. Although you will have the added expense of a property management team, the relief of knowing your rental is running smoothly, efficiently, and profitably makes professional management more than worth a small fee for services.
Additionally, a property manager adds an element of professionalism to your property, which can encourage tenants to renew their lease after it expires. They are also equipped with extensive knowledge of the rental market, possibly obtaining more rent for your property upon renewal.
These benefits can certainly outweigh the costs of securing a property management company. Of course, it's always helpful to do your own research, compare prices of different property management companies, and make sure you find a place with all the services you need. This will help you make the right decision for your home as you consider offering it as a rental property.
Choose One of the Best Property Management Companies in Baltimore to Maximize Your Property
If you are ready to take the next step with your rental property and partner with a property management company, Renters Warehouse is here to help facilitate a smooth transition of your home into a rental property. Our team offers a robust selection of services that are sure to meet your needs and goals.
Reach out to one of our Rent Estate™ Advisors to learn more about how simple (and profitable) it can be to operate your home as a rental!
Learn more about what to expect when choosing to turn your home into a rental instead of selling! Download our free guide, "The Benefits of Renting vs. Selling."
