Property managers have a challenging role that requires balancing the interests of property owners, tenants, and the law. They must ensure that the properties they manage are well-maintained, safe, and profitable, while also respecting the rights and needs of the tenants who live there. However, dealing with tenants can sometimes be tricky, especially when conflicts or disputes arise, and when the property manager is inexperienced.
No Margin for Errors
Unless you have a wealth of experience yourself, you should leave property management in Baltimore County to the professionals. Here are three reasons why property managers must tread carefully when dealing with tenants:
1. Legal liability: Property managers are responsible for complying with various federal, state, and local laws and regulations that govern landlord-tenant relations. These include fair housing laws, anti-discrimination laws, habitability standards, security deposit rules, eviction procedures, and more. If professional property managers, or DIY property managers/owners, violate any of these laws or regulations, they could face legal action from tenants or government agencies, resulting in fines, penalties, or lawsuits.
2. Reputation and referrals: Property managers rely on their reputation and referrals to attract and retain clients and tenants. If a Baltimore property management firm treat tenants poorly, disrespectfully, or unprofessionally, they could damage their reputation and lose business. On the other hand, if property managers treat tenants fairly, courteously, and professionally, they could enhance their reputation and gain more referrals. Therefore, property managers should always strive to maintain good relationships with their tenants and provide excellent customer service.
3. Tenant retention and satisfaction: As a DIY manager, you want to keep your properties occupied and avoid vacancies that could reduce your income and increase expenses. One of the best ways to do that is to keep tenants happy and satisfied. Happy and satisfied tenants are more likely to renew their leases, pay their rent on time, take care of the property, and recommend it to others. Unhappy and dissatisfied tenants are more likely to move out, withhold rent, damage the property, or complain to others. Professional property managers have the talent and expertise to listen to their tenants’ concerns, address their issues promptly, and make them feel valued and appreciated. Unfortunately, that’s a skill few untrailed, DIY, self-managers have!
So, if you are a property owner, looking to self-manage your properties, then you need to consider these important factors. While managing properties might seem “straightforward”, it entails more than signing leases and collecting rental checks! Along with the responsibility of property management, comes huge consequences, for which there’s no margin for error. Inexperience or lack of knowledge may cost you a lot – not just in money, but also in reputation and legal woes.
A Conscientious Partner
If you are looking for a Baltimore property management company with an established track record, then please contact us for a candid appraisal of how we can help. At True, we act as conscientious partners, not as “service providers” to our property owners. Our technology-based services platform helps homeowners, residents and home owner associations (HOAs) address all their requirements expeditiously.