Investors and people we work with often want to know the difference between self-management and working with a professional company like Long and Foster Property Management.
Property Management Companies Save You TimeProperty management is a time consuming process. You have to market the property, do all the leasing, screen potential tenants, handle all the maintenance, and document the accounting. So, you have to evaluate your abilities and your willingness to make a large time commitment. Are you an expert on the judicial system? You need to understand the eviction process if you’re going to be a self-managing landlord.
You also need to understand what your time is worth. If you don’t have the time and the mechanisms to deal with things like water heater leaks in the middle of the night, you’ll need some professional help. You also need to think about whether you have the time and knowledge to market your property and include all the necessary terms in your lease agreement.
Understanding Landlord Tenant LawsDetermine if you know enough about how the landlord tenant law works in Maryland. It takes time to understand all the laws and regulations and to stay up to date on their changes. If you’re employed full time and you want to build a rental portfolio, you’re going to need to invest a lot of time. That’s why people hire professional management companies.
In addition to saving you time and providing expertise, you are also removed from a lot of potential liability. You have a professional between you and a tenant to handle any potential issues.
If you have any questions about Salisbury property management or what property management companies can do for you, please contact us at The Maryland Group of Long and Foster.