When you begin your property investment journey, there many important decisions you have to make. What kind of property to invest in, where to invest, and whether or not to bring on a property manager. If you’re looking into property management in Ellicott City, you may be interested in what actually goes into the complete process from start to finish. Today, we want to explore this topic so you can start your management journey off right.
Step 1: Researching Property Managers
To begin with a property manager, it’s necessary to start by gathering information available at your disposal to choose the right company. During this period, look at service offerings, fees, and the backgrounds of each management company to get an initial feel for how they operate. Next, check online for reviews and testimonials. It’s valuable to find a company based in the local area that has the necessary knowledge about the market you’re investing in. Finally, reach out to set out your initial consultation.
Step 2: Property Analysis and Consultation
Each property comes with its own unique challenges and needs. The management requirements for a single-family home vs. a multi-unit apartment building will look different. While the process is similar, your property managers need to assess the nuances properly. A property analysis will allow them to gather all of the necessary information about condition, vacancy, square footage, amenities, and the quirks of each unit.
Once the property analysis is completed, your prospective property managers in Ellicott City will create a proposal for your property management services. Once you sign your contract and pay your first month, you’ll have a team of professional property managers at your disposal.
Step 3: Leasing, Property Marketing, and Tenant Screening
Once you’re working with a professional team, they can analyze your current leasing agreements to ensure there are no missing clauses or changes that need to be made. A qualified property manager should be up-to-date on all the latest Howard County and Maryland state rental laws. Once the lease agreements have been finalized, you can move into the property marketing phase. One role of your property managers is to help you optimize your rental listings for maximum exposure to the right audience. This may include rewriting property descriptions, capturing professional property photos, and creating listings across different platforms. Once a property has garnered the necessary interest from prospective tenants, they’ll move into the screening phase.
Comprehensive tenant screening ensures you have the best residents for your properties. Rental history, income, credit score, and a criminal background check will be taken into account to judge how well a prospective tenant will fit. Tenant screening can be a time-consuming part of property management in Ellicott City, but with the right managers in place, you can rest assured knowing the process will be thorough and intentional.
Step 4: Move-In Procedure and Ongoing Management
Another essential role of a property manager is to handle all of the move-in procedures for your properties. This includes move-in cleaning, security deposit collection, property walkthroughs, delivery of keys, etc. Once a tenant has taken up residence, your property management team will be the primary liaison between you and them. No need to take midnight lockout calls or communicate directly about property care. Instead, property managers will collect rent, process and address maintenance requests, and regularly inspect property conditions. Taking these tasks off your plate will allow you to reclaim your free time while still benefiting from rental property ownership.
Step 5: Move-Out Procedures
Once a tenant decides to move on, professional property managers take the responsibility of inspecting your property, cleaning it making repairs or updates, and disbursing the security deposit. Sometimes, the lease terms may not be held up. In those cases, your property management company will also take on the unpleasant task of filing legal proceedings and initiating eviction procedures. It’s another aspect of property management in Ellicott City that can be challenging on your own, but easy to navigate with a professional team at your disposal.
Get Started With Property Management in Ellicott City Today
If you want to reap the benefits of rental property ownership but struggle with day-to-day responsibilities, a property management team is the right option for you. CVille Properties is a local team familiar with the needs of local owners in Ellicott City. Reach out today to get started.