How South Baltimore Property Management Companies Help You Maximize Your Real Estate Investment
South Baltimore offers many fantastic opportunities for real estate investment. You have neighborhoods such as Federal Hill that garner high rental prices relative to their mortgages, as the area is convenient to downtown Baltimore, major highways, and the commuter rail that runs down to Washington DC. It also offers a vibrant nightlife and thriving food scene that makes it attractive to working professionals.
Before you start or continue putting money into real estate in this part of Baltimore City, you should have a plan for maximizing your rental investments. A property management company in South Baltimore provides you with the resources you need to get the best return on investment.
Setting the Right Rental Price
Rental pricing is a delicate process. If you simply go by the average market rent for the area, you could be leaving money on the table. On the other hand, go too high, and your units sit vacant for too long. A property management company keeps several factors in mind when setting the rate:
- Comparable properties in the neighborhood: The square footage and number of bedrooms and bathrooms are the first line of comparison. After that, the property management company looks at interior features such as the kitchen, whether bathrooms are upgraded, and if the property has a rooftop deck and/or yard.
- Parking availability: Street parking in South Baltimore can be an adventure. Units with a garage or parking pad are more desirable.
- Time of year: Rental demand naturally fluctuates throughout the year, as many people try to avoid moving during Baltimore’s wet and wintery months at the end of the year. However, South Baltimore is also affected by the college semesters of Johns Hopkins University, the University of Maryland, and other higher education institutions.
- Type of property: Do you have a single-family home, a classic Baltimore row home, or a multi-unit building available? The fewer attached neighbors someone must deal with, the more rent they’re willing to pay.
- View: Some of the views in South Baltimore are spectacular. Accounting for waterfront and green space views is another way to optimize the rental price.
- Extra amenities: Do you offer amenities such as furnished units, in-unit washers and dryers, dog park access, and/or a gym? These perks may end up raising your rental price.
- Apartment layout: Tenant preferences vary when it comes to the apartment layout. Some are seeking roommate friendly arrangements, with a single bedroom on each floor or multiple master bedrooms. Others want to see an open concept living area when they walk in the door. A property management company can improve your ROI by adjusting the rate based on this factor.
- Recent renovation: Did you just spend your time, money, and other resources on renovating the unit? The rental rate for the unit should reflect the improved quality of life tenants can enjoy in this home.
Filling South Baltimore Vacancies Quickly
Time is of the essence when it comes to filling a vacancy. Every week that the unit sits unfilled is another week that you’re not realizing rental income from it. A property management company uses streamlined processes and multiple marketing methods to get suitable tenants into the units as quickly as possible.
Reducing Tenant Turnover
Avoiding a vacancy by improving tenant retention is a major goal of South Baltimore property management companies. Filling units quickly might be a significant part of what this type of service does for you, but keeping tenants happy and renewing their leases is where it shines.
The property management company makes the tenant’s experience a positive and enjoyable one. They make paying rent and creating maintenance requests an effortless process. They’re professional and responsive to any complaints and foster a great relationship with the renters.
While tenants may move on to other properties or end up buying their own homes, they remember the service they received from the property management company. When you expand your rental investment in South Baltimore, these tenants refer their friends and family to the listings handling by that property management company. This prospective renter pipeline is another way to speed up vacancy filling.
Giving You More Free Time
Property management companies help you realize hard number improvements in your rental investment, but you also receive benefits that are harder to quantify. They do the hands-on work with managing the rental property and the tenants. An end-to-end service means that you have more free time. You don’t have to worry about responding to emergency maintenance calls in the middle of the night, marketing the property to prospective tenants, or collecting rent. Everything gets handled for you, so you can truly relax and enjoy life.
Maximizing your real estate investment goes beyond the basics of tenant relations and market rent pricing. A quality property management company in South Baltimore gives you a cost-effective way to boost your ROI and receive more funding for purchases.