Do you have property in the Baltimore MD/Washington DC area? Looking to rent out your premises? Before taking a step, you must pause to consider a few important things. Managing property is a totally different business from owning one. Most of the time, it can be quite a tricky issue. A property owner is not necessarily an authority in the field of property management. Making even a simple mistake while renting out your house or building can cost you a lot of money in the long run.
The wisest course of action in this event is to procure the expertise of a property management company. The company will assist the owner in renting out the property. First, they will visit the property, do a thorough survey on the property and provide the owner with rental comparables for the area. The company will also market the property to be rented out through the most appropriate channels. They will make sure that the preferences of the owner are also mentioned in the advertisement, e.g. no pets. The company will also take the prospective tenants for a tour of the property. All these tours will be planned in advance and no visit in the house will be unannounced.
Before a particular tenant is selected, the company conducts a comprehensive screening process. The prospective tenants are required to fill out an application form having the following details:
- Identity of the prospective tenants
- Their rent history, if any
- Number of people intending to live in the property
- Employment history, including include current and the past employment
- Credit history of the tenants
The property management company will verify this information provided by the applicants. Additionally, the property management company also hands over these applications to the owner of the property. After an applicant is selected, the property management company prepares a lease agreement that would cover all the encumbrances. The security deposit is generally an amount equivalent to one-month rent of the property.
There are many property management companies in that provide move-in packages to the tenants, which makes it easier for the tenants. As soon as the tenant moves in to the property payment, usually in the form of money order is required. The company representative is present to answer any question they might have. The property management company also ensures that the tenant receives all-important documents like the rent receipts. At the same time, they ensure that the owner of the property receives the rent on time. The owner also has the privilege of receiving monthly statements.
Both the tenant and the owner of the property can always get in touch with the company or its representative if they face problems of any sort. The company acts as a liaison between the owner and the tenant, and also resolves any issue they might have. The property management company makes every effort to ensure that their clients do not have any difficulty.