Property Managers Maryland Should Advertise

How Property Managers Maryland Should Advertise

While you may have some of the best property managers Maryland has to offer, if they don’t know how to effectively advertise your rental properties, then they won’t be much help when a tenant moves out. Now, keep in mind that advertising isn’t all about where you advertise your Maryland houses for rent, although that does help, but it’s also about what you say in your advertisements. Below are some tips for how you should advertise your properties to generate the most interest possible from your advertisements…this is especially important if you are paying for your advertising space!

 

  1. Keep It Simple – The first thing you and your property managers Maryland should know is that short and simple is the best way to go when advertising rental properties. Believe it or not, sometimes providing too much information in an ad will cause readers to move on to the next advertisement without calling you first. The reason simple advertisements work well for Maryland property management professionals is because they don’t tell everything and leave the reader curious. (This is the point because you want them to want to see the rental.)
  2. Include Pertinent Information – While you and your property managers Maryland don’t want to give away all of your properties’ secrets, you will have to include some information in the ad. However, this should only be the important stuff. For instance, how many bedrooms/baths the house has, how much in rent you want a month, if any bills are paid, whether or not you accept pets and your contact information. Basically, providing the “need-to-know” information and that’s it. Make the reader call you for more information about the rental.
  3. Hold Off on Discussing the Deposits – While you need to make sure your property manager in Maryland includes the monthly rental price in the initial advertisement, leave out the deposits you require before move in. If possible, don’t discuss this with the prospect until (s)he has seen the unit in person. Wet their appetite by showing them your amazing rental property and then tell them what you require (pet deposits, security deposits, etc.) after they’ve seen (and want) it!

 

Owner Tax Tips

Property Management, Columbia, MD : Owner Tax Tips

If you are thinking of investing in rental property, experts in property management, Columbia, MD have some important information on the tax considerations of investment ownership. Let’s look at the most common sources of income on your rental property, and according to professionals in property management in Maryland, evaluate the possible tax implications.

 

How to Treat Income from Your Howard County Rental Property

 

Rental income is taxable in the year you receive it. This income includes collection of first and last months’ rent. Though the money collected for the last month’s rent may not be applied for months or even years down the road, it is considered income for tax purposes in the year you receive it.

 

Security deposits, on the other hand, are not taxable when you receive them if your intention is to return them to the tenant at the expiration of the lease. Should you discover, however, that you must retain a portion of the security deposit to pay for repairs to the property due to damage caused by the tenant, the solution is simple: You may declare the portion you keep as income, make the necessary repairs, then use that expense, which is tax deductible, to offset the income.

 

How to Treat Expenses

 

Not everything you do to your Columbia rental property is tax deductible. Repairs are tax deductible, while renovations are not. Repairs are necessary in order to maintain your property in fit condition for renting and are deductible in the year in which they are paid. Renovations and improvements, on the other hand, add value to your property and, though they cannot be deducted, they can be depreciated over time, allowing you to recover the cost over the life of the property.

 

Tenants with Peace of Mind

Property management in Maryland Provides Tenants with Peace of Mind

There are several steps that property management Maryland can take to help minimize property owners’ liabilities. Effective prevention techniques include the following.

  • Peace of Mind – Exceed state and local requirements for deadbolt locks, window locks, and interior and exterior lighting. Well-maintained landscaping is also a deterrent.
  • Key ControlProperty management in Maryland enforces strict key return policies, confirming everyone returns rentals keys.
  • TrainingProperty management Maryland focuses on training employees to notice uncommon behavior and contact law enforcement if these situations develop into concerning issues.
  • Inspection – Properties require regular inspections, which help provide peace of mind through prevention.
  • Suggestions – If tenants contact property management with prevention suggestions, it is important to take these comments seriously. If necessary, obtain information from law enforcement personnel.
  • Alarm System – If alarm systems are not in proper working order, contact the company to repair the system or request alternative measures until the system is in working order.
  • Promises – If leases make any peace of mind guarantees, it is important that property managers abide by these written agreements. Alternatively, it is preferable for property management not to make any kind of guarantee. Instead, rely on prevention practices and keep tenants informed.
  • Liability Insurance – Landlords should purchase liability insurance, as this helps offer peace of mind towards their assets.
  • Education – Education is the key to prevention. Teach tenants about prevention techniques in order to avoid problems.

Up Next: Columbia Property Management Discusses Co-Signers

Property Management Pros on Money-Receiving Methods

Howard Country Property Management Pros on Money-Receiving Methods

Today’s landlords and professional Howard County property management agents can choose from an abundance of options for receiving monies such as rental fee payments. Take a look at the money-receiving methods outlined below to see if you may have been missing one.

Money-Receiving Methods and Options

  1. Internet payments – Today’s Internet offers a number of ways to receive money online. Some property management companies have chosen to use online payments systems exclusively, eliminating the need for handling cash or checks. Search for one of the many programs available that offer receipts, billing, auditing, and tracking for tax purposes.
  2. Rental office payments – If your rental office is open for regular hours, you or your staff can accept payments there. Always provide a receipt and keep a signed copy for your records. Keep any cash in a locked safe and take it to the bank for deposit as soon as possible.
  3. Off-hours cash or check payments – One long-established method for receiving payments is the “drop box”, where residents may leave their rental fee payments in an enclosed box during the hours that the rental office is closed. If you plan to install one of these handy boxes in the wall of your rental office, make sure it has a chute that directs the renter’s envelope by turning at least one angle. This helps thwart thieves who try to remove the envelopes by using a wire in the chute.

Experienced managers suggest that landlords would do better never to accept partial payments of their rental fees, nor difficult-to-track money orders.

Up Next: Property Management in Maryland: Handling Written Renter Complaints

Advertising Tips for Property Managers Maryland

Advertising is just one of the things that comes with the territory for all property managers Maryland. It doesn’t matter if you are providing your own Maryland property management or if you have hired a professional firm to help you out – advertising must be done in order to get tenants in your vacant investment properties. The problem for a lot of investors is they don’t know where to advertise their vacancies.

This is a problem because if you don’t know where to advertise effectively, then you will be wasting a lot of time and money. Therefore if you are an investor without professional property managers Maryland, keep reading because you’ll find some great suggestions below regarding where you should advertise your Maryland houses for rent.

  1. Traditional Venues – While more and more prospective renters are starting to learn about the advantages of using the internet to aid them in their quest for rental properties, there are still many reliable renters who check the newspaper listings first. Therefore, don’t be afraid to take out an ad in a local newspaper advertising your vacant property. After all, there are still a lot of property managers Maryland who do this – and are very successful with it!
  2. Internet Outlets – As mentioned above, the internet is becoming more popular for investors and their Maryland property managers to use for advertising vacant rental properties. Why? It’s free and generally reaches a much larger group of people than local newspapers do. A few great places to advertise your rental properties online include Craigslist, Facebook and Rentals.com.
  3. Universities – If you have rental properties that are within a close drive to a university or other educational facility for adults then print off a few flyers and take to the university (or school) office and ask if you can post the flyers somewhere for students to see. There is generally a designated area on university campuses where this is allowed. Students looking for housing know where these areas are and stop by frequently, so don’t miss out on this great advertising space!

Howard Country Property Management Pros on Money-Receiving Methods

Today’s landlords and professional Howard County property management agents can choose from an abundance of options for receiving monies such as rental fee payments. Take a look at the money-receiving methods outlined below to see if you may have been missing one.

Money-Receiving Methods and Options

  1. Internet payments – Today’s Internet offers a number of ways to receive money online. Some property management companies have chosen to use online payments systems exclusively, eliminating the need for handling cash or checks. Search for one of the many programs available that offer receipts, billing, auditing, and tracking for tax purposes.
  2. Rental office payments – If your rental office is open for regular hours, you or your staff can accept payments there. Always provide a receipt and keep a signed copy for your records. Keep any cash in a locked safe and take it to the bank for deposit as soon as possible.
  3. Off-hours cash or check payments – One long-established method for receiving payments is the “drop box”, where residents may leave their rental fee payments in an enclosed box during the hours that the rental office is closed. If you plan to install one of these handy boxes in the wall of your rental office, make sure it has a chute that directs the renter’s envelope by turning at least one angle. This helps thwart thieves who try to remove the envelopes by using a wire in the chute.

Experienced managers suggest that landlords would do better never to accept partial payments of their rental fees, nor difficult-to-track money orders.

Up Next: Property Management in Maryland: Handling Written Renter Complaints

Property Management in Maryland: Handling Written Renter Complaints

When renters who are late on their rental fees send written complaints, some landlords and even agents involved in property management in Maryland may to drag their feet in responding. Some reason that residents who do not pay their rent on time do not deserve their attention and time. Others consider a complaint from a late-paying renter an opportunity to compel them to pay their rent, simply by withholding a response to the complaint.

These reactions are understandable, but they can put the landlord or manager at risk of losing a lawsuit. You should respond to all written complaints, if only to protect yourself from a charge of negligence in the future.

Response does not have to come in the form of an immediate solution, unless the complaint is about an emergency, such as those situations listed below. Otherwise, your reply can simply state that the complaint was received and will be addressed as soon as possible.

Emergency Complaints That Must Be Addressed Immediately

  • Broken water pipes
  • Gas leaks
  • Non-functioning smoke and carbon monoxide alarms
  • Non-functional heating systems
  • Any event that puts the renters or the income property at risk

Your maintenance team may be available by phone twenty-four hours a day, yet your renters will sometimes try to use email to make an official complaint about a needed repair. Your reply via email is considered a legal receipt of their complaint and proof of your response, along with the date, in case it ever comes up in court.

Up Next: Columbia Property Management: Your Renters’ Repairs List

Columbia Property Management: Your Renters’ Repairs List

Many landlords and Columbia property management experts hand out a checklist to their renters when they first move in. Such maintenance lists are intended to help the renters avoid a reduction of their security deposit at move-out time.

Contrary to the belief of some renters, landlords and property management companies do not charge security deposits to make extra money on top of the rent. Most would rather avoid having to take care of the deposit fees and handle the disputes, both petty and major, which frequently develop from a deduction.

Security deposits exist for a reason. Few residential communities could continue long without them. The smart ones help their renters to get their deposit back in full.

Your Renters’ Repairs List

  1. Normal wear and tear – Your lease cites “normal wear and tear” as acceptable in regard to the return of your security deposit. Ask your manager for clarification if necessary.
  2. Wall damage – Do not use many nails in the walls, and be careful not to dent them or damage the spackling.
  3. Counter damage – Be aware that your kitchen countertops should not be used as cutting surfaces or hot-plate trivets. Certain substances, such as marble, will also stain if acidic juices or red wine are left on them.
  4. Overlooked cleaning – Check to make sure the following cleaning chores were done correctly: clean out the tracts of your sliding doors and windows, clean the interior and back of the refrigerator, clean the oven, and clean under sinks and cabinets.

Follow the rules – Leave your apartment in the same condition it was in when you arrived.

Up Next: Fees Charged for Property Management in Columbia, MD

Fees Charged for Property Management in Columbia, MD

Landlords who are looking into the cost of paying for professional property management in Columbia, MD can see some of the usual charges in the outline below.

Normal Fees for Professional Property Management

  1. Filling a vacancy – Property management companies usually charge a rental fee for filling a vacancy, which is also referred to as a “placement fee.” This includes the time-intensive task of screening the applicants’ backgrounds.
  2. Maintenance, repairs, and inspections – Most property management professionals charge around 10 percent of the rental fee to handle the maintenance, repairs, and inspections necessary to keeping a rental property running smoothly. The maintenance fees will normally include collections and dealing with evictions and legal notices as well.
  3. Late fee penalties – Your rental community should have regulations in place that explain the charges for late fees and when the rental fees are considered to be in arrears. A property management professional will require a portion of all late fees collected.
  4. Allowable upgrades – When a resident wants a particular upgrade such as changing laminate kitchen countertops to granite countertops, many property management companies will work with them to make that happen, as long as the property owner agrees. Since the upgrade will take the manager’s time to arrange it and see that it is carried out correctly, the property manager will charge a fee for this service. The charge varies, according to the upgrade.

Income property owners can typically choose the fees they want to pay, according to the property management services they require.

Up Next: Howard County Property Management Highlights Community Information

Property Management Companies in Maryland: Landlord ABCs

Property management companies in Maryland sometimes make apartment managing look easy. In fact, it is not. Whether you are a landlord or a property manager, you will need to develop a wide range of skills during your tenure in the income property industry. You will become a salesperson, an accountant, a computer whiz, a maintenance expert, and even a landscape design artist, and your personal ability to interact successfully with others will be tested and expanded to its maximum potential.

While being a landlord is demanding, it is also rewarding. Below is a brief outline of what you will be doing as the owner and manager of income property in Maryland.

Landlord ABCs

Task #1 – Choose your property
You will want to find the income property with the most promise. Find the neighborhoods you like first, then talk to a real estate investment counselor before you choose.

Task #2 – Pick a price
This involves researching comparables in your chosen locale to keep your rental fees in line.

Task #3 – Decide on the regulations
You might want to sit down with a property management professional to accomplish this important task correctly.

Task #4 – Find your renters
Marketing, like everything these days, has been enormously affected by the Internet. Make sure your skills are up to speed, then use the Internet to your full advantage. Once you start showing vacancies, you must also know the Fair Housing rules.

Task #5 – Keeping it all together
Maintenance, inspections, rent, disputes, trash, permits, landscaping, amenities. The list goes on and on. Many landlords opt to employ a staff to help out, which is usually a wise decision.

Up Next: Howard County Property Management Highlights Community Information