With the growth of sites like Airbnb it’s easy to fall into the trap that the property management of renting out your home is always easy and straightforward. Most people who have at some point managed a property themselves are glad for an agent to take over the day to day management.
What does home property management provide?
Every property management company will have their own menu of services. Typically they will include elements of the following:
- Extensive local knowledge of the property rental market(very necessary in Annapolis MD).
- Where to buy, what to buy, what rental return to expect (if for investment).
- An extensive marketing “machine”. A property management agency will be marketing continually and will know where best to go and what to do.
- A website that has traffic and assists the visitor to answer his questions and to contact the property manager.
- Viewing service to show properties to prospective tenants – sometimes at unsociable hours and on weekends.
- Responsibility for interviewing and performing background and financial checks on all prospective renters.
- Keep and manage security deposits.
- Manage check-ins and check-outs.
Often it is a separate service to manage tenants once they have taken up a property. Typical services are:
- Manage, if requested the property maintenance and any property issues.
(Fancy a call at 7 p.m. on Saturday night about a clogged toilet or a broken washing machine?)
- Handle rent collection.
- Chase rent arrears.
- Deal with the payment,handling and transfer of all utility bills.
In essence a property management company should take away the majority of hassle and stress of renting out your home. When comparing their fees with the cost of your time it’s easy to see why property management services are popular. From the tenants perspective they want to know they can quickly and easily have any problems resolved quickly and are far more likely to agree to a long term rent through an agency rather than direct with an owner.