Here are a list of Questions You Should Ask Real Estate Management Companies
If you are a property owner in Baltimore city looking to maximize your rental properties, chances are you are looking at a variety of real estate management companies to manage your portfolio. Here at Maryland Property Management we have compiled a list of not only common questions we get, but also questions you should be asking real estate management companies. So when you are doing your due diligence, make sure to bring this list of questions along with you!
Questions You Should Ask Real Estate Management Companies
What Services Do You Offer?
Most Real Estate Management Companies will say that they take care of repairs and administrative work regarding your property. At Maryland Property Management we take it one step further and offer our services in Compliance, Marketing, Repairs, Administration, and Customer Service. To see a full list of services we provide, make sure to visit Information for Property Owners.
How much will rent be if you manager my property?
Rent can be a tricky subject because you want to maximize your profits, while also having a tenant that stays in your property for the long term. Here at MPM our property managers will work with you to set the rent amount in order to obtain QUALIFIED residents for LONG-TERM residency.
What fees are involved in managing my property?
While we cannot speak for every real estate management company, we can speak for ourselves. At MPM here are the fees associated with managing your property.
- Placement: One (1) month’s rent, not to exceed $1500
- Management: 8%
- Rent Court Appearance: Free
- Escrow Court: Free (unless attributed to failure by owner to comply)
- Repairs: Owner’s choice; Approve MPM Work Orders or do the repairs themselves within 24-48 hours.
Does your company handle disbursement of rent?
At MPM the answer is yes! Rental disbursements to owners are made by direct deposit at no additional charge. Our accounting department processes rental income ONCE a month, BETWEEN 11TH AND 14TH, depending on the calendar. If rent is paid after the 10th – by special request – MPM will process disbursement. Otherwise it will be paid out the following month.
Is there a repair escrow or does the owner have a choice?
Good news! There is NO REPAIR ESCROW with MPM! MPM believes in transparency. Instead we are pay-as-you-go which gives owners CONTROL OVER EXPENSES. Our service manager provides a work order without charge which you approve or CHOOSE to do yourself. Work must be started within 24-48 hours. MPM currently averages over 100 work orders a week – or 5,500+ per year!
Will your real estate management company handle my condo fees?
Most real estate management companies do not handle condo fees. In fact all mortgage and condo/HOA fees are the responsibility of the property owner.
Will you manager my water bill?
At Maryland Property Management we do everything to serve our clients! In fact if your water bill is too high, we will do an historical analysis of your bill. IF there is a problem MPM will send a licensed plumber to your property, schedule a hearing date, and get your bill reduced. There is a nominal fee for this
What will you do if there is an unfair municipal housing citation on my property?
If you are issued an unfair citation, MPM will review the circumstances and if we feel there is a cost-benefit to reducing the fine, will will schedule a hearing date and get the citation reduced.
There is a nominal fee for this.