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Only 64% of homes in Columbia, Maryland are owner-occupied. The rest are owned by landlords who rely on renters to cover costs like mortgage payments, property taxes, and property maintenance.
Being a landlord isn't as easy as you might have expected when you purchased a rental property. Not only does it not guarantee a profit, but it's up to you to provide safe, healthy living conditions for your tenants.
If you're struggling to keep up with landlord duties, you may be in need of landlord rescue services. What steps should you take to get things back on track? Read on for important landlord tips.
Address Legal Problems
Maybe you feel like dozens of issues need your attention all at once. You've got plumbing problems, electrical problems, cosmetic damage, and you need to secure new tenants for the next leasing term. Before you get started on the laundry list, start with anything that constitutes a legal problem.
It may help to review Maryland tenant rights. Is your property up to code? Are you upholding your end of the lease agreement?
Once you're legally in the clear, then you can start to address things like wear and tear. Remember, cosmetic fixes can't make your property more tenable. They're only appropriate when you've already invested in structural repairs and code compliance.
Perform a New Rental Analysis
You bought a rental property with your heart set on one thing: earning a rental income. If you've been treating your property like a source of passive income without the help of property management, it's likely that your monthly rent no longer reflects the value of your property.
Rental analysis doesn't just look at the average cost of rent in your neighborhood. You should also make an honest assessment of the condition of your property, the amenities you provide, and the overall desirability to live there. A new rental analysis will shape everything from your maximum annual profit to the security deposit you can charge.
Hire Property Management
There are tons of reasons to hire a property manager. Maybe you're looking for someone to take over all landlord duties, from tenant relations to maintenance to rent collection. Maybe you need someone to fill in the gaps and improve your rental property accounting or provide online tools.
If you're struggling to keep up with your rental property, some of the best landlord advice we can offer is to let property management step in. You continue to reap the reward of owning an investment property without having to take on the stress of maintaining it.
Need Landlord Rescue Services? Call PMI Mason Dixon
Columbia, Maryland is home to hundreds of landlords. While some enjoy the hands-on process of managing their own properties, others are in need of landlord rescue services. If you're ready to step back and see a quick improvement, it's time to partner with a property manager.
PMI Mason Dixon is proud to offer comprehensive and customizable property management services in Columbia. Contact us to learn how we can turn your rental property into a success.
