Solutions For Real Estate Investors
Switching Property Management Companies: Entrusted Property Management’s Key Considerations When Making a Switch.
Managing rental properties can be a lucrative investment, but it also comes with its fair share of responsibilities. One crucial aspect of property management is selecting the right management company to oversee your assets. However, with a plethora of companies in the world today, you might find yourself contemplating a switch to a different property management company. Whether it's due to dissatisfaction with your current service, seeking better value, or maybe you simply heard from a friend of this other company, switching property management companies requires careful consideration and thorough vetting. Here are several key factors to assess before making the transition:
1. On-boarding Fees: Before committing to a new management company, inquire about any on-boarding fees associated with the transition. Some companies may charge a one-time fee for taking over the management of your properties. Understanding these costs upfront can help you budget effectively and avoid unexpected expenses. Entrusted Property Management offers a one time “onboarding fee” to help ease the financial obligation. This covers the costs associated with reviewing the current lease, inspection of the property and entering both tenant and owner into our database. To learn more about our pricing structure head over to our Pricing Page.
2. Insurance Coverage: Ensure that the new management company carries adequate insurance coverage. This includes professional liability (sometimes called Errors and Omissions, E&O) insurance to protect against potential lawsuits and property insurance (General Liability) to safeguard both the owner and management team. Entrusted Property Management Carries all necessary insurance and is provided by the area’s top insurance providers! We also have tenant facing insurance plans tenants can choose from through our tenant portal. This protects tenants and owners in the event of a loss.
3. Local Expertise: Confirm that the prospective management company has experience working in your area. Familiarity with local rental markets, tenant demographics, and legal regulations can significantly impact the success of property management. A company with a strong local presence is better equipped to address the unique challenges and opportunities within your market. Entrusted Property Management has been working in Maryland for over 10 years and works closely with local vendors and realtors. To learn more head over to our Partners Page.
4. In-house Maintenance Team: One advantage of partnering with a property management company is access to maintenance services. Entrusted Property Management has an in-house maintenance team as well as a robust list of third-party contractors (vendors). An in-house team can often provide more timely and cost-effective repairs, ensuring that your properties are well-maintained and tenants remain satisfied. The access to a maintenance team reduces the overhead for those smaller repairs and service calls. To learn More head over to our Maintenance Page.
5. Legal Compliance: Property management involves navigating various legal obligations and regulations. Entrusted Property Management employs the state’s best legal experts who review and draft contracts, leases, and other documents. Having legally sound agreements in place can help mitigate risks and protect your interests in case of disputes or litigation. All of Entrusted Property Management’s agreements have been reviewed and edited by Depaula Law in Bel Air, MD. Head over to our Getting Started Page to learn more about your Property.
Ultimately, the goal of switching property management companies is to improve the overall management of your rental properties while maximizing returns and minimizing risks. By carefully evaluating factors such as on-boarding fees, insurance coverage, local expertise, maintenance capabilities, and legal compliance, you will see that using Entrusted Property Management is an informed decision that aligns with your investment goals and priorities. Head over to our FAQ Page to learn more
