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Should You Hire a Property Management Company for Your Rental Property

Jul 27, 2023 | Uncategorized

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You’ve taken the leap, purchased Baltimore real estate as rental property and become a landlord. Congratulations! Now, you have to decide who’s going to manage your rental property… you, a resident manager or a property management company.

Hiring a property management company can be expensive. To help you determine if that’s the best business decision for you, here are some instances in which you may want to hire a property management company for your Baltimore real estate:

You have many properties and rental units, and you don’t have time to do it all yourself.
You live far away from your rental property. Many problems that arise with rental properties need immediate attention.
You don’t want the hassle of having employees. Hiring a resident manager or others to help with your Baltimore real estate means dealing with all the hassles of having employees such as hiring and firing, supervising, providing a safe work place, supplying equipment needed to do the job and paying payroll and employment taxes. Property management companies are independent contractors, not employees, so you avoid all those hassles.
You don’t want to screen potential renters. A management company can screen potential renters and handle any problems that arise with tenants.
You don’t want to manage the property. If you don’t like handling the day-to-day operations of rental property or you prefer to spend your time building your business, a property management company can take care of everything for you.
You can afford it. Fees charged by property management companies vary depending on the type of property (commercial versus residential), the number of properties and units you need managed, the area in which your properties are located and the services that are included. To give you a ballpark idea of the cost, the average property management fee is about 4% to 12% of monthly rent.

Resources:

Property management companies

http://www.allpropertymanagement.com/

Screen potential renters

http://www.nolo.com/legal-encyclopedia/how-screen-select-tenants-faq-29137.html

Property management fee

http://www.managemyproperty.com/articles/property-management-fees-part-i-10

If you are considering selling your home, be sure to contact us at (844) 781-0438 or email us at info@ultrahomebuyers.com so we can provide you with a Fair Cash Offer on your Baltimore house.

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Michellaine FieldsMichellaine Fields
15:54 25 May 23
With the day of signing everything went smoothly. Prior to that it often seems as if the right hand didn't know what the left hand was doing. If I had a question, I had difficulty getting in touch with the correct person. I often had to call Abode to get answers for my questions and I feel like I should not have had to call them. There should have been a person for me to call. In other words it should have made been made clear who my actual contact person was. Also I didn't feel like I had direct answers regarding the steps in the process or how this type of company works. There was confusion about when I was actually going to sign, but once we got that straightened out the actual signing part was the only smooth part and that was with the Abode company.
Kirston SchuylerKirston Schuyler
20:51 31 Mar 23
We had a very pleasant experience with Ultra Homebuyers. They worked very swiftly, got us the price that we asked for, and provided us with any information that we needed every step of the way. We would definitely recommend Ultra Homebuyers to anyone looking to sell their property.
Brendan SchreiberBrendan Schreiber
20:51 17 Mar 23
Everything went really smoothly and we were very happy with the level of communication we got from Ultra Homebuyers. We are working on another sale with them and are looking forward to seeing that process through too.
Grass FedGrass Fed
17:55 03 Mar 23
I was in a tight spot and needed to sell my house fast. Ultra bought my house, and the process couldn't have been smoother. They were super responsive and gave me a fair price for my home. I highly recommend this company to those looking to sell their home quickly
Ricky RiveraRicky Rivera
22:10 27 Feb 23
If you're looking to sell your house without the hassle of traditional home selling methods, Ultra Homebuyers is your solution. They bought my house with cash and took care of everything from start to finish. I was impressed with their professionalism and honesty throughout the entire process. I wouldn't hesitate to recommend this company to anyone!!
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