Preparing Your Property for Rent
Our landlord services help ensure that your house is ready to be a legal rental property. After a walkthrough, we determine if any repairs or updates are needed to pass any applicable state, county, or city rental inspections. We’ll let you know what the most common inspections entail, including Maryland lead inspections (if the house was built prior to 1978), Baltimore County inspections, Howard County inspections, and Baltimore City inspections.
It’s our job to keep up with the current regulations and to make sure that your property has the proper registrations. We have a great working relationship with local contractors to make sure that all necessary inspections or repairs are completed before your home is rented out. The retainer is used to cover the costs of preparing your property for rent.
Once your home is ready to rent, we help to determine the rent price and begin to market your property for rent. This includes taking great pictures of the property and advertising on the multiple list service, as well as many other websites. Our leasing agent handles coordination of showings, processing of applications, screening of tenants, lease preparation, and the move-in walkthrough.
Since turnover is a profit-killer, our goal is to find a tenant who will stay long-term, so you can earn as much as possible. We will obtain a background report, credit report, and a detailed application for each applicant. We will present this information to you and assist you in making the appropriate decision. The cost for tenant placement is typically the first month’s rent. We also offer a six-month leasing guarantee.
Once a tenant is placed, Peace of Mind Property Management will handle monthly rent collection as part of our landlord services, so you don’t have to worry about late or missing payments. Before the first day of every month, we send an invoice to the tenant, so they know how much is due and when.
Tenant Payment Options
Tenants are set up to pay monthly rent via our electronic payment system. Electronic payments help ensure timely payments, and tenants can conveniently pay with a bank account, which is free for them. Tenants can also choose to pay with a credit card, which has an associated surcharge.
If a tenant prefers to pay cash, we have provided that option by partnering with PayNearMe, which allows them to pay cash at many local convenience stores. And if a tenant prefers to mail a check or money order each month, they may do so, as long as they provide a tracking number prior to the first of the month. This eliminates the potential excuse that “The check is in the mail.”
Landlord payments are sent out electronically to make sure you get your money as quickly as possible! Your monthly management fee and any expenses due to the property management company are deducted from your rent payment each month with an emailed invoice for your records.
We offer ongoing landlord services for managing residential properties in Maryland. We can take over a property with a tenant already in place. Or if our leasing agent has placed a new tenant in your property, then it’s a seamless transition for us to manage your property after that. In addition to rent collection, we also handle routine maintenance and emergency repairs.
Maintenance and Repairs
We take the 2 a.m. phone calls, not you! Peace of Mind Property Management will quickly handle the coordination of any repair or maintenance needs.
You are responsible for the cost of any repairs above the tenant’s repair deductible, but we will assist you in purchasing a home warranty to prevent unexpected costs. In the event a repair is not covered by a warranty or if you choose not to purchase a home warranty, you will benefit from our relationship with reputable contractors who extend discounted pricing to our clients.
Ever since Peace of Mind Property Management was established in 2014, we have not had to evict any of the tenants that we manage. We value the relationships with our tenants and set clear expectations from the beginning. However, if the client is not paying or taking care of your property, then we will make sure the proper filings are done in court and will handle any evictions as needed. We have an attorney on retainer who extends discounted pricing to our clients.
Thinking About Selling?
If you’re trying to decide if you should sell or rent out your house, we encourage you to consider your long-term financial goals with the property, as well as the current market. If you decide to sell, then you are not obligated to work with us. If you were referred to us by your realtor, then we refer you back to them.