It can be very difficult for one person to manage properties that they rent to others, and most people think this task is too hard. If you are searching for property managers in Maryland, you may wonder what makes a good manager and how to find them. Typically, you will need to know their responsibilities, what your responsibilities are as the owner, what their total cost will be and many more items.
Owner Responsibilities
As the owner, you have responsibilities, even after hiring a manager. These responsibilities include paying the mortgage, insurance and taxes, although some management companies will handle these obligations for you.
You will also be responsible for the repairs and maintenance of the building, although the manager will likely be able to handle these problems. In most cases, you can include in the contract that you want to be notified of anything over a specified amount.
You can ultimately take as much responsibility for the area as you want and can do, delegating the rest to the manager.
Their Responsibilities
Managers in Maryland have an obligation to collect rent on your behalf, take calls from the tenants, arrange for repairs or maintenance to be done, see that all maintenance and repairs are completed correctly, and send appropriate notices to residents. These notices can include rule violations, nonpayment of rent and others, so it is very essential to hire a professional property manager.
They may also be required to oversee evictions, get approval from you or a delegate about significant expense needs and inspect the building or units.
By law, they will likely be required to keep an account of all the money received and paid out, depending on the state in which you live. Every state is different, and it may be you who is responsible for this task.
Total Cost
Typically, a building manager gets between five and ten percent of the gross rent amount each month. If you have ten tenants who pay $100 each month, five percent would be $50. However, costs may be hidden, especially with management companies. These hidden costs can include set-up fees, vacancy advertising and visits to the property.
References
When seeking a manager or management company, you will want to ensure you get references from past managing experiences. Remember to call those references and ask whether they did a good job and if they would use the person again.
Property managers in Maryland are meant to make your job easier, but it is important to select the right one. Companies such as Real Property Management Capital can help, so visit their website today.
