Residential Property Management in MD and Washington DC
One of the fundamentals of investing is that profits are relative to risk. The greater the risk, the larger the potential for profit. Rental real estate carries a relatively high risk. Some of the potential risks include:
- Non-paying tenants
- Bounced checks
- Skips & sublets
- Negligent Damage
- Deliberate Damage
- Forcible Entries
Income property is still one of the best investments available and, through diligent management; the risks can be significantly reduced. Realty Network is a licensed real estate brokerage firm which can assist you in maximizing profits and minimizing risks.
Professional management involves not only the ability to market properties and collect rent, but the knowledge of how to reduce risk. It demands on-site inspections with knowledge of construction and maintenance. The property manager should have the ability to recognize potential problems before they become serious. With extensive experience in leasing and property management, our associates have the qualifications to provide this kind of comprehensive management service.
The management of your property is a specialty. The business of managing and maintaining real estate is our business.
OUR MANAGEMENT PLAN
Our service is geared toward maximizing your profits and minimizing risk. Here is how we administer our service:
- Advertising and marketing that produces qualified tenants.
- Careful tenant screening including credit check, employment verification and rental reference.
- Set rents at the optimum level, one which will allow the highest possible income with the greatest occupancy rate.
- Provide the latest in rental application and lease forms to ensure compliance with laws and government regulations.
- Interior and exterior inspections of the property concentrating on preventive maintenance and the degree to which the tenant is caring for the property.
- Prudent response to maintenance requests, balancing the needs and desires of the tenant with cost effective maintenance geared to long-term preservation of the property and maximizing cash flow.
- Timely accounting including disbursement of mortgages and owners proceeds checks. Proceeds are disbursed when rents are received — not delayed until the end of the month or when the tenants check clears.
- Provide statements to owners reflecting all income and expenditures. Statements are easy to read and highly detailed. All expenses shown are documented with copies of bills.
OPTION I – Leasing Only
- Establish rental price
- Promotion and marketing costs paid by our firm
- Screen potential tenants
- Prepare lease, obtain deposit
- Recommend repairs, if needed
- Assist in obtaining rental license, if needed
OPTION II – Property Management
- 24 hour “on-call” service via answering service, pager and cellular phone
- Order and monitor general repairs
- Supervise major repairs
- Enforce warranties & service contracts
- Conduct periodic inspections and send condition reports to owners
- Monitor area rental market and recommend appropriate rental rate adjustments
- Handle all accounting matters including mortgage and association fee payments
- Provide owners with monthly statements itemizing receipts and disbursements
- File necessary insurance claims