As a Bay Area rental property owner, you’re fortunate to enjoy one of real estate’s most oft quoted mantra: Location, location, location! But, as many professional companies, engaged in Bay property management in Baltimore will tell you, managing properties is more than about owning a unit or building in the right place. Responsible property management, whether it’s a commercial unit or a row of industrial or residential buildings, comes with several challenges.
Great Move…Better Investment
Buying property is a great investment, especially in high-demand areas such as the Bay area of Baltimore, Maryland. Not only will real estate owners enjoy consistent price appreciation, but being just 40-miles away from Washington DC makes for pretty attractive rental value too!
Since 1998, and until recently, the population of Baltimore – and its neighboring communities – is on the rise. A steadily improving economy (compared to 20 similar metro areas studied, Baltimore region’s economy advanced to 10th place in 2017), and attractive employment and housing options, has also drawn in immigrants and residents from other regions to move to the area.
Investing in property in areas, such as the Bay Area, is certainly a great move!
Grappling With the Challenges – Head-on
But owning and managing property aren’t the same thing. Property management in Baltimore Maryland comes at a price – one that not every property investor or owner likes to pay:
1. Financial: Regular and predictable income is what motivates most rental property owners to invest in real estate – whether that be residential units or commercial buildings. Unfortunately, most tenants have challenges of their own, which leads to owners grappling with late payments, missed payments, bounced checks…and more!
2. Management and Operational: When tenants pay rent (on time or delayed!), they typically expect property owners to address their legitimate issues promptly – and the law is with them on that expectation. Water, heat, plumbing, mold, insanitary conditions, rodent and insect infestations, dangerous construction – these are issues that a professional Bay property management firm in Baltimore routinely deals with. In the absence of professional management, property owners must grapple with these challenged themselves!
3. Interpersonal: Ask any experienced property manager what the most difficult part of their job is, and they’ll likely tell you it’s dealing with people. Interviewing and screening tenants before you sign a lease. Dealing with property inspectors and city/state regulators. Serving eviction orders. Tending to noise complaints at 3:00 AM. Sometimes, interpersonal issues tend to get overly verbal…and perhaps even physical! It takes a trained team to deal with these situations; but in the absence of such a team, property owners must grapple with them daily!
There are also a slew of other issues and challenges, including legal, procedural, structural engineering-related, landscaping and building maintenance, that property managers deal with on behalf of owners. In the absence of professional management, owners must grapple with those challenges too.
Rely on Professional Help
If property owners have the time, patience, expertise and commitment to dedicate significant amounts of their time – anywhere between 75% and 80% of their day – then perhaps property ownership and management might be a good fit. However, if grappling with these, and other challenges does not seem like a good fit for you, then you should consider relying on the services of professional property management in Baltimore Maryland.