A Full Service Rental Property Management Company
Get the most out of your Annapolis rental property by having every aspect of the lease being monitored. All tenant needs are met with friendly and dedicated service, while property owners can maximize their investment return. We handle every rental property in our portfolio with the utmost care and we seek long term relationships with all of our clients.
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Hiring a Property Manager
There are many reasons to hire a property manager to oversee your rental property, but most of all, it is important to have a dedicated team that has experience in the major aspects of the rental process. At Provision Property Management, we are not only able to manage everything related to your rental or investment property, but we also provide complete transparency with dedicated owner and tenant portals. Here are some of the key features which we will manage for you.
Finding and vetting qualified tenants to live in a rental property is a huge burden for most homeowners without experience. A qualified rental property manager will conduct all of the following for each and every applicant:
Perhaps the biggest factor when determining whether to hire a property manager is the financial aspect of the rental process. You need reliable and organized cash flow in rental home, which is why we offer all customers the following services:
The physical building that serves as a rental property must be maintained in an appropriate manner. A qualified property manager will perform or oversee all following areas of the dwelling place on an ongoing basis and as needed:
The legal side of a rental property can have the largest impact on the overall success of the investment. Without proper oversight, a legal matter can drain profits and long term viability. We have extensive knowledge and experience with:
Annapolis Rental Property Overview
The charts below show both the median rent amount and the number of rentals for the Annapolis area over the past year. This is a strong indication of where the rental market is heading in Annapolis, which is clearly upward. The median cost of rent has increased from $2,200 to $2,300, while the number of rental units has increased from roughly 180 to 220 units, or 22%, since June of 2018. With both the volume and potential profit from rental properties increasing in the Annapolis area, the opportunity to capitalize on an investment property is growing rapidly.
Charts via Trulia.com
Renting vs Selling a Home in Annapolis, MD
In addition to the growing median cost to rent and number of units, renting a property is becoming increasingly attractive over selling in the Annapolis market. From May 2018 to May 2019, the median sale price for a home in Annapolis decreased by over $15,000, or 3%. The price per square foot is also down about 2%.
Chart courtesy of Trulia.com
Why Property Management?
As we have seen, the median price to rent in Annapolis has been increasing, while the selling price of similar homes has been decreasing. So for those looking to put their home on the market, the prospect of renting it out is becoming more attractive. However, many homeowners never consider renting their home, or they are discouraged from doing so with the assumption that it either requires more work and effort than they can provide, or the fees are too high. That is where a trusted property management company can help reduce the stress and work load required to effectively rent out a home, all for a minimal fee.
By hiring a property manager, the homeowner is able to take advantage of the increasing rental market while not having to invest massive amounts of time and effort. Provision Property management offers all of our clients the benefit of having every aspect of the rental process handled with care and expertise.
Frequently Asked Questions
We are the best because of our 20 years of experience in the real estate market. We use this expertise to get you the highest possible rent while maintaining the shortest days on market.
Our technology and talent allow us to advertise across the most successful listing platforms and gain the most attention from prospective tenants with high quality photos and video of your property.
We average signing a lease within 21 days! Every property is different and there are many factors that can effect turnaround times, but we are the most efficient in placing tenants in your property in the area.
Once the tenants rent clears our account we will EFT the funds directly to your account on the 10th of the month. With tenants being able to pay online and us being able to EFT to your account, there is no more waiting for checks to arrive in the mail and the overall payment process is much simpler.
With a rich knowledge of construction and servicing properties we are able to help tenants fix issues with no cost. If we do have to go to the property to repair an item we usually already know how to fix it quickly and not have to pass much cost onto the owner. If the repair takes an hour or more we have a service call technician on payroll that keeps the cost very low at $75 to start $30/hr. for additional time. If the needs to be a larger repair we have a long history of very loyal contracts in all the trades which will give us the best deal which is passed onto the owner. We also pass all yard and regular maintenance onto the tenant and regularly check in with them to remind them of their responsibilities.
Keep utilities in your name until we have the tenant take them over, this usually takes a week but it can be very costly if you turn them off too early. The water bill will also be the tenants reasonability but that takes a little longer to get transferred into their name. We will manage this process for both parties.
you will be responsible for paying your mortgage, insurance, taxes and HOA fees. We will send you the full rent minus our management fee every month so you can pay your bills but ultimately it is your responsibility to make sure those get paid.
We use the CIA method: Credit. Income. Assets.
We do a credit history check to include criminal background and eviction filing report. We verify income via pay stubs, tax documents and direct contact with employer. We only accept cash or equivalent for security deposit and first months rent. A careful analysis of debt to income ratio is used to support monthly rent payment and other housing expenses.
A property management company can charge anywhere from 8-10% of the monthly rental amount. However there are often additional fees and various charges for certain tasks that are not disclosed. Provision Property Management charges 8% with no hidden fees or costs. Read more about our rates here.
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Simplified Leasing Management
Finding the right tenants is a key to a successful rental investment. We have a proven system of finding and placing tenants, and provide ongoing management to make sure the rental property maintains tenants long term and minimal vacancy periods. Once a tenant is selected and qualified, we outline their responsibilities to the home and the lease arrangement. The ramifications of the lease agreement are also explicitly communicated to ensure there is no confusion as to what will happen should they fail to fulfill their end of the contract. In return, we give them a direct line to our team for any questions or concerns that arise during the rental period. We treat each and every occupant with respect and dignity, and seek long term relationships that result in consistent lease terms and timely payments.
Financials and Accounting
The financial side of renting can be a difficult process to manage effectively without dedicated attention. Collecting rent is only one side of the accounting system needed to turn a profit on a rental property. There is also a need to have high bookkeeping standards for taxes and income assessments, as well as keeping the utilities up to date. Even a slight oversight in any financial aspect can cause disastrous circumstances for a property owner. Provision Property Management of Annapolis is proud to have avoided countless issues like this with organized processes that are designed to streamline the renting process for both tenant and owner.
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Building Inspections and Maintenance Calls
With every rental property comes an occasional issue with regard to plumbing, electrical or structural integrity. We make these headaches disappear by responding promptly to each repair order. You have a single point of contact throughout the process, and the tenant never has to worry about a long wait. Tenant needs are paramount when seeking a fruitful relationship. Having a dedicated service crew available 24 hours a day has proven to be one of the most beneficial aspects to our business – as is evident from our reviews. In addition, having our local Annapolis location, we are able to perform regular inspections to avoid larger scale issues with the building and/or the city codes.
In the unfortunate event that a tenant falls too far behind or becomes negligent of the property, we will take every measure to ensure your investment remains protected. We understand the landlord-tenant laws surrounding Annapolis rental homes and will act accordingly.
If a tenant becomes delinquent, we will take the necessary steps in court to quickly evict and recover the funds owed. We have plenty of experience with these proceedings in the Anne Arundel Court system.
Once the appropriate papers are filed, the next step is to make sure an appearance is made on the scheduled date. We will also make sure someone is before the court to not miss out on any deadlines.
Should it come to it, we will follow through with all of the court judgements onward to a complete eviction. It must be scheduled with the Sherrif’s office, and there is a very short window to complete the process.
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Our Annapolis Office Service Area
Our Annapolis office covers Anne Arundel county and surrounding areas.