Baltimore offers great opportunities in real estate. Whether you own a home, or invest in rental property, having tenants rent and occupy your homes can be financially rewarding. However, unless you have the right temperament, Baltimore rental management can be challenging. While renting out property does offer the reward of a steady, predictable income stream, it can also be a steady source of unpredictable headaches and nuisances.
Making the Switch
Here are some things that you should be aware of, to make that transition from property owner to property manager as seamless as possible:
- Paradigm Mindset Change
Most property investors and homeowners, who are new to rental home property management in Baltimore, find it extremely challenging to transition their mindset from that of an “owner” to one of a “manager”. As an owner or hands-on investor, it’s tempting to “dive right in” and actively make decisions about your property. However, once you rent your home or property to tenants, it is they (your tenants) who can legally (with some exceptions) make decisions about what they do in their homes. They may:
- …decide to re-decorate
- rearrange the furniture
- uproot your old garden and start afresh
- paint their walls bright pink (a color you abhor!)
…and, for the most part, there’s nothing that you can do about it. Some property owners find making that transition the most challenging.
- Think Beyond 9-to-5
Being a landlord is a 24×7 calling! That’s why most property owners delegate the responsibility to professional Baltimore rental management companies. From dealing with a 2:00 AM call about a flooded bathroom, to working tirelessly on property maintenance and upkeep, to marketing and showing the home to prospective renters – there’s nothing 9-to-5 about it! In fact, if you don’t like being on-call 24×7, then you’ll find making that transition – from owner to property manager – extremely difficult.
- Be Ready to Learn…Continuously
Baltimore’s legal framework, governing tenant-landlord relationships, is one of the more progressive one in the land. And, it undergoes change to meet the needs of a continually evolving rental home landscape. When (not if!) you must make a court appearance at scheduled dates, times and at designated court houses; it’s in your interest to be (or quickly get!) up-to-speed on the latest rules and by-laws governing the issue at hand.
Professionals working with rental home property management in Baltimore constantly update themselves on those laws. It could:
- relate to a rent arrears issue
- deal with tenant eviction
- result from an accusation of unfair denial of tenancy
- stem from an unsafe living conditions charge
If you aren’t prepared (or willing) to acquire, and keep abreast with, intimate knowledge of these issues, and the rules and regs governing them, then you’ll find becoming a landlord extremely stressful.
The truth is that not every homeowner or residential property investor is cut out to be a landlord and property manager. Baltimore rental management is an exciting prospect, but is also fraught with the plethora of roles and responsibilities that come with it. And some of those duties, such as proper recordkeeping, and compliance with state, regional and municipal laws, and regulations, aren’t optional. In most cases, non-compliance may result in loss of your right to be a landlord!