Working With a Baltimore Property Management Company to Grow Your Portfolio - Article Banner

Baltimore property management offers a lot of useful services for owners and investors. There are the things you expect: leasing, tenant screening, marketing, maintenance, rent collection, and tenant relationships. 

But when you’re working with a great property management partner, your relationship isn’t only about the services that are provided. 

It’s also about understanding your investment goals and helping you reach them. 

If you’re a serious investor, you never want your portfolio to become stagnant. You want to be thinking about what else you can do and how you can grow. Maybe you want to acquire additional properties. Maybe you don’t necessarily want new investments, but you’d like to explore ways in which you can earn more with your current portfolio of properties. 

Your Baltimore property manager is in a good position to help you understand the rental market, the competition, and the opportunities that exist for investors who want to grow.

There are many ways to increase the value and the size of your real estate portfolio. When you begin to reshape and expand your investment strategy, you can look for new ways towards wealth. In order to meet your goals, you’ll need a team of professionals who will support you and help you put together an actionable plan. 

Surround yourself with local and industry experts. Working with a Baltimore property management company like ours comes with a lot of benefits. You’ll have access to knowledge, resources, and ideas. You’ll also get an idea of how the market can support your goals and where your next acquisition can be found.

Let’s take a look at how working with a property management company helps you grow your portfolio.

Establishing Investment Goals and Aligning Your Purpose

You need to think about your property manager as an asset manager. Whether you own one rental property or a dozen, you have real money invested in those homes. They are just as valuable – perhaps even more valuable – than the stocks and funds and other investments that you manage elsewhere. 

To get the most out of your property management relationship, have a series of detailed conversations about where you are right now and where you want to go. When your management team understands your investment goals, they can do a better job of helping you achieve those goals. We’ll be able to identify opportunities that you can’t access on your own. 

Maybe you’ve always invested in commercial properties but you’re ready to buy some residential units since there’s such incredible demand for high-quality rental housing. Maybe you’re thinking about a 1031 exchange. Perhaps you’re ready to start investing and you have no idea where to begin. 

Establish your investment goals first. Then, talk to your trusted property manager about how to achieve them. You cannot grow if you don’t plan.

Leverage Baltimore Property Management Education and Experience

Property managers will understand the nuance of the Baltimore rental market and even the local sub-markets. As you likely know, the neighborhoods in Baltimore and throughout the Maryland, Virginia, and Washington, D.C. area are diverse. What you find in Fells Point is a lot different from what you’ll find in Hampden or Belair.  Your property manager will understand the different rental values, inventory, competition, and tenant preferences. 

It’s easier to grow with the help of professionals who stay up to date on all the laws, trends, and best practices in your market. We invest a lot of resources in education because we need to be prepared for what’s happening locally and throughout the Delmarva region. This knowledge and expertise can help you grow your investment portfolio because it expands your network. We can lead you to the best real estate agents, brokers, and other investors. This is an important benefit to partnering with a management company.  

Experience is important. Connections are, too. Property managers will understand how to identify a good investment property that meets your specific needs. We work with tenants every day and we know the best vendors and contractors in the area who can help you prepare your property for the rental market or provide an estimate on what it will cost to renovate an older home. 

You need targeted experience. For example, acquiring a single-family home in an HOA will be much different from investing in several units in an older Baltimore building. The right property manager will know how to focus on cash flow if you’re interested in apartments and how much you can expect your asset to appreciate when you’re looking at single-family rental homes. You can explore short-term vacation rentals as well as long-term leases.

A property management partner brings you options. Those options lead you along your path to growth.

Asset Management is the Key to Property Management

At Stripe Management, we provide comprehensive, full-service property and asset management. This is an important distinction. A lot of landlords out there are not thinking about growth. They just want someone to collect the rent, keep the property maintained, and send the necessary paperwork at tax time. 

Investors, however, are always thinking about their next move.

We want to do more than manage your property. We are here to manage your assets, and that sets you up for successful and smart growth. 

Your entire portfolio, whether it’s one rental home or a diverse mix, is treated like the valuable asset that it is. We make sure you understand how your assets are performing and what we can do to help it perform even better. 

Our approach is simple but detailed. We spend the time with you that’s necessary to understand your investment goals. We want to know why you’re interested in investment property and what pushed you into this field. Understanding what motivates you and what looks like success to you will help us make good decisions. We’ll be better equipped to think about residents, renovations, rental amounts, and lease agreements. 

The best clients, for us, are those who are actively looking to grow their portfolio.  

Our team understands the Baltimore real estate market very well. This helps us when you’re buying an investment property, selling one, renting one out, or making renovations to increase rental values. We understand how to accurately and competitively price your rental property, and we know what a good tenant looks like when we’re establishing rental criteria and screening applications.

Managing your assets is just as important as managing your physical property. Leverage our resources and knowledge to have a better and more profitable investment experience. 

The Right Baltimore Tenants Grow Your Portfolio

Growth depends on relationships. 

Tenants are more than a rent check. They’re people who support your investment goals, care about your property, and can help you move forward as your portfolio grows. Maybe the person you’re renting to today will be someone who buys one of your assets later. 

We work hard to develop and maintain positive, respectful, and mutually beneficial relationships with all the owners and investors who choose to work with us. We believe in establishing and maintaining strong relationships with vendors, too, especially considering the costs of maintenance and repairs and how those costs are only going up. We are also always looking to grow our network of reliable vendors and community partners who can help our clients with things like insurance, accounting, mortgages, and legal advice. 

The tenants who occupy your property also require our full attention and commitment.

We deliver.

We’re dedicated to establishing good tenant relationships because it leads to a more profitable investment experience for you, and it also allows for steady portfolio growth. Good tenant relationships result in on-time rental payments, lease renewals, and extra property care. With a positive relationship with your residents, we can help you earn more.

Nothing will stall growth in your rental portfolio like an eviction, excessive tenant damage, or high turnover rates. We work hard to avoid all of those things.

Knowing Your Numbers to Achieve Smart Growth

You need a solid understanding of where you stand financially and where you’re going. That requires an investment in technology, professional accounting services, and transparency when it comes to income and expenses. 

Financial management should be part of your property management agreement. It’s an important part of understanding where you are financially and what needs to happen to reach your investment goals. 

We have systems in place that allow you to keep track of all the income and expenses associated with your property. When you’re choosing a property manager in Baltimore, make sure you look for the best property management software and technology. At the very least, you’ll need an online portal, where you can see monthly statements and detailed reports. 

You should always know how your property is performing. There cannot be any guessing or assuming when you’re trying to grow your portfolio. Statements and reports need to be clear and easy to read, and if you’re looking for specific financial information, you should have your property management team ready to run reports that will give you what you need. 

Growth requires financial management as well as property management. If there’s a tenant who doesn’t pay rent on time, you’ll need to know your property manager has a collection process that ensures the money comes in as soon as possible. Security deposits must comply with state and local laws. You’ll need to know that your portfolio, as it grows, is financially compliant at all times

Most importantly – you want to keep costs down. Your property manager should ensure you’re not paying more than you should for things like maintenance and repairs.  

knowing your numbersWe’d love to talk more about how we can help you grow your investment portfolio. Contact us at Stripe Management. We work with owners, investors, and properties in Upper Marlboro, Prince George’s County, Washington, D.C., Capitol Heights, District Heights, Baltimore, and anywhere in the DC metro area.