Posts Tagged ‘rental management services maryland’

Property Management Tips: Rent Collection & Financial Services in Bowie, MD

Thursday, November 1st, 2012

Rent is the life blood of your business. And while it may seem like an easy process, rent collection can be difficult, especially if you run into a problem tenant.

Rent Collection Tips

  • It begins with the Lease: The first step in rent collection is your lease. In this lease you should outline your rent collection policies, define when rent is due, detail late payment procedures, and, heaven forbid, eviction policies.
  • Outline your Rent Collection Policy: Even though your rent collection procedures are detailed in the lease, it is important to explain these procedures to your tenants.
  • Be Consistent: Remember, this is a business. You need to keep your emotions out of it and make sure you remain consistent. You cannot cut one tenant a break or grant them an extension on their rent without doing the same for everyone else.
  • Rent Reminders: If you have the time and resources, it is nice to send tenants a rent reminder before their rent is deemed late.
  • Late Payments: You should have specific procedures and penalties in place to deal with late payments. If you fail to properly act when payment is late, your tenants will never respect your rent deadline and you will continue to receive late payments.
  • Keep a Record: It is important to keep a record of any and all communications between you and your tenants, especially when it comes to rent. These communications could prove useful if you ever need to evict a problem tenant.
  • Late Payment Notices: Send a letter out as soon as rent becomes late, the very first day after any grace period specified in your Lease.
  • Leave the Rent Collection to the Professionals: Luckily, there are property management firms that will handle all of your rent collection needs for you!

Potomac Valley Management: Rent Collection and Financial Services in Bowie, Maryland

At Potomac Valley Management, we serve landlords, like you. It is our job to help you more effectively and efficiently operate your rental property or properties. And one way we accomplish this is through our rent collection and financial reporting services, which are part of our rental management package.

  • Rent Collection: PVMGT will bill renters and track accounts receivable.
  • Financial Reporting: At PVMGT, we present our landlords with comprehensive financial reports, including balance sheets, income statements, general ledgers, accounts payable reports, check disbursement reports, and income and expense budget comparison.

Hopefully you have found these Property Management Tips useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

Potomac Valley Management provides a number of options to provide you with a level of service that is tailored to your needs. We take care of your needs from bookkeeping to tenant screening to landscaping contractor oversight, just to name a few. We provide quality and reasonable services.

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.

 

Rental Management Services from Potomac Valley Management

Monday, September 17th, 2012

Let’s face it: the real estate market right now is a buyer’s hot ticket item, not a seller’s. But if you’re looking to call a new property home and can’t obtain a fair return on your current house, renting your place may be the way to go. The problem is, though, many homeowners don’t exactly delight in the idea of becoming a landlord when they sign the deed to a new property. That’s why Potomac Valley Management offers rental management services to those looking to occupy their house with tenants.

At Potomac Valley Management, we’ll streamline the rental process for you, offering the following help as you seek a second property:

  • Screen and obtain qualified tenants for occupancy
  • Offer maintenance services when requested by tenants
  • Conduct credit and rental history checks for potential tenants
  • Advertise your property to occupy it efficiently
  • Provide comprehensive financial reports including balance sheets, income statements, general ledgers, accounts payable reports, check disbursement reports, and income and expense budget comparison
  • Bill renters and track accounts receivables
  • Should problems arise, file court and eviction notices to delinquent tenants and attend eviction court sessions

Potomac Valley Management will be on call for your renters at all times so that you don’t have to; enjoy the extra income of a rental property without having to partake in the hassle of maintaining one. We’ll make sure you see the fruits of your decision to lease your property – the rental payments – on time and without complications. Let us take the stress out of renting your home with our management services.

If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

Potomac Valley Management, LLC has been providing association management and maintenance services to the Washington-Baltimore area since 2004.

Potomac Valley Management (PVMGT) manages and maintains various condominium and homeowners associations as well as rental commercial properties throughout the region. As a mid-size firm, PVMGT has a vast array of resources and service capabilities which are immeasurable, taking care of your needs from bookkeeping to tenant screening to landscaping contractor oversight.

And we are here to serve you!

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.