As the economy rebounds, more renters are bound to seek rental units – be they residential, industrial, or commercial. Having professional rental management companies in Harford County Maryland representing you now, can help your properties stand out and command higher rents.
Why Invest in Harford County Rental Property?
Consider the alternatives. If you would have invested in the stock market, you’d probably have lost a lot of your invested capital. In fact, the S&P 500 index officially entered bear market territory recently. And, if you were a “hot investment” chaser, hoping to make a killing in Bitcoin, you’d probably be disappointed too. The world’s largest digital currency has lost over 50% of its value this year, with more grief forecast to come!
Rental management companies in Harford County Maryland, however, see encouraging signs in the rental market space. Based on official County vacancy rate statistics, there is still demand for rental real estate – especially in the retail and industrial space. Low vacancy rates mean that tenants are snapping-up available space, with only single-digit vacancies now in the market. And that’s the type of demand that rental property investors love!
On the other hand, the median gross rent in Harford Cunty is $121 less than the State median. While that amount might not seem significant, it’s bound to attract prospective tenants who might be struggling with much higher rental rates in other jurisdictions. When you work with professional rental management companies in Maryland, you might even charge premium rents – higher than the County median – due to higher-quality property management services delivered to your tenants.
Not all Property Managers Excel
Given that tenants, especially in the commercial and industrial space, are extremely discerning, how the property is managed will determine what rental value it commands. Like in every business, industry, or segment of the economy, rental property management is a competitive space too. Prospective Baltimore rental property investors must, therefore, perform their due diligence before choosing a property management partner.
Ideally, when evaluating rental management companies in Harford County Maryland to work with, property owners should ask tough questions of any prospective manager:
- Why should you choose them to represent you? Look for experience and expertise, including the ability to be an effective “voice” for you with tenants, home owner associations (HOAs), and other property management partners
- Understand the value-add they bring to the relationship: Look for quality networks they can leverage, such as landscapers, building contractors, and other service providers that help keep your property in top shape
- Assess their legal and financial “savvy”: Exceptionally-managed rental properties require more than landscapers, electricians, and plumbing contractors. It’s important to ascertain whether the prospective property manager is savvy with financial management, dealing with Boards of directors at HOA, external auditors, and State and County building inspectors, legal and tax inquiries
Use the above checklist as a broad guideline to vet prospective rental management companies in Maryland before you start discussing additional reasons to work with them. While the amount of fees they charge should be evaluated seriously, don’t make it the sole criteria for selecting the right partner. For instance, having access to an online portal, that they use to manage the tenant-landlord relationship is yet another big plus. A non-tech-savvy manager may charge lower rates, but you’ll miss out on the huge benefits that rental property management technology delivers!