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Thinking of Renting Your Crofton Home?

Part One of a Two-Part Series for “Amateur” Landlords in Crofton.

Rent SignFrustrated home sellers in the Crofton area and around the country are sometimes “renting” their homes when relocation isn’t optional and they can’t sell their homes.

If you’re relocating out of the area with a job transfer or military PCS orders, you probably want to turn over the management of your rental property to a professional property manager.  Yes, that will cost you a monthly fee, but it is a tax write-off and that decision will save you a bundle of time and hassle that would be compounded by distance from the property. 

All rental property managers are not alike, however, any more than all car mechanics, waiters, or hair dressers.  For that reason, I encourage you to interview two or three property managers before you choose one to handle your home/rental property. 

Here are some questions you might ask them, in no particular order:

 1.  How many rental properties do you currently manage?
 2.  How long have you been managing rental properties in Maryland?
 3.  How do you handle the situation when a tenant is late with rent?
 4.  How do you handle repairs (and who pays for them)?
 5.  What is your monthly fee?
 6.  How much additional fee do you charge for finding a tenant?
 7.  What will you do to market my home for rent?
 8.  Will you oversee preparing the property between tenants?
 9.  How much money do you require in advance for a repair fund?
10. Tell me how much security deposit you charge tenants and whether those funds are held in interest-bearing escrow account.

Of course, don’t hesitate to ask about anything else that concerns you!

Additionally, you should ask for a copy of the lease used by each property management company AND a copy of their property management agreement.  You will want to compare them and watch for details in the small print.

 

COMING MONDAY:  Part 2:  RENTALNOMICS – Advice for Amateur Landlords in Crofton (Details to watch for in your property management agreement) 

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Providing community and real estate information about the Greater Crofton Area is my way of attracting new D.C.-Baltimore area home buyers to our community while also keeping my neighbors informed and earning their real estate business.  Please click on Margaret Woda, Crofton REALTOR or call/text me at 301–346–2923 for help with your next home sale or purchase in the Greater Crofton Area.

 
 

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