tax tips for landords tax
"for rent" sign in front of rental property

Benefits of Renting Instead of Selling

Should I keep my house as a rental or sell it?

Deciding whether to sell your house or retain it as a rental property is a significant financial decision that homeowners often face. While selling a home may seem like the more straightforward choice, there are several compelling reasons to consider keeping your house as a rental property.

Let’s explore the strategic benefits of renting out your property, becoming a landlord, and retaining ownership of your property.

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Don’t sit on the sidelines: Get involved in NARPM®

Melissa Hargreaves, RMP®, has worked in property management since 2014, when she founded Peace of Mind Property Management. Peace of Mind serves the Central Maryland Region.

Melissa is the President-Elect of NARPM®’s Baltimore/Washington Chapter and is serving on the NARPM® Broker/Owner Planning Committee for 2023 and 2024. She is working on her Master Property Manager (MPM®) designation with hopes of completing it before the end of 2023.

The following article was written by Melissa Hargreaves and was originally published in the October 2023 issue of NARPM‘s monthly news magazine, page 27.

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fall rental property
Landlord calculating whether to sell or rent

Testing the Market to Sell or Rent Simultaneously

If you own a property that is no longer your primary residence, what should you do with it? Sell or rent? We understand how stressful that significant decision can be.

In a previous blog post called “Should I sell or rent out my house?” we discussed some important factors to consider. For example, what are your long-term financial goals? How is the current market? What are the potential risks?

For some property owners, it’s a clear decision whether they should sell or rent out their house. However, for others, either option would be a win for them. Perhaps they don’t have a strong preference either way, or they want to test the market. In that case, we at Peace of Mind Property Management offer a special solution: we can list the property both for sale and for rent at the same time.

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Inner Harbor in Baltimore City
property management emergency call

Decreasing Emergency Calls

Prevent Emergency Calls in the First Place

“An ounce of prevention is worth a pound of cure.” I think Benjamin Franklin must have been a property manager. This famous phrase from 1736 was about fire awareness and prevention. It also holds true for many other things that we, as property managers, encounter each day.

The best way to handle emergency situations is to be proactive in trying to prevent them in the first place. Many state, county, and city guidelines will address some of these situations. But, just in case, here are some ideas for how to decrease your emergency maintenance calls. Continue reading

Collaborate with Realtors

Collaborate with REALTORS

Looking for More Contacts?

Ask any owner of a property management company what their goals are, and chances are good, you’re going to hear something about growth. We all desire to grow our business, increase our number of doors, and meet more landlords!

There are various strategies we use to make these connections. There is direct mail, cold calling, online ads; and many more. The one thing some property managers (PMs) miss out on is REALTORS®! Like it or not, property management is a relationship business. We work to build strong relationships with our landlords and tenants, but have you considered the relationships you are building (or not building) with the real estate community around you? Continue reading

Barbecue Safety for Property Managers