Owning rental property can be a great source of passive income, but you’ll still have to take certain measures to keep that property profitable. One of these important goals is to reduce the amount of time your rental unit is vacant.
While a real estate agent can help you find good tenants, you should know how to prepare before you talk to a realtor.
Understand How an Agent Differs from a Property Manager
While both an agent and a property manager will usually charge the equivalent of one month’s rent, the services they perform will be different. Both the agent and the property management service will market your property and vet applicants, but that’s usually where the agent’s services end.
A property manager will provide extra services for additional costs. They can help you collect rent, address tenant issues, and maintain your property in good condition. Whether you need these extra services or not will determine which professional is better to hire.
Obtain a Home Valuation Report
Your next step in renting your property will be to obtain a home valuation report. The report will examine the condition and features of your rental property and compare it to economic factors and the local real estate market. This will help you arrive at an accurate rental rate that won’t be too high or too low for your area.
Search for an Experienced Agent
If you go with a real estate professional, you’ll want to find one who has been working in the community for several years. An experienced agent will have a larger professional network. Their marketing efforts will reach more people in your community, and that means they can find new tenants faster.
Discover More Benefits of Working with a Property Manager
If you’d rather discover the full range of services a property management company offers, reach out to Reliable Property Management, Inc. of Maryland. We’ll discuss our services with you and help you get started when you contact us online or call us at (443) 869-3799.