Finding the Top Silver Spring Property Management Service

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As a responsible investor, you’ve decided to make some moves in the real estate market. In particular, you’re interested in the Washington, D.C. area. You want to hire a property management company to handle your rental units for you. 

Well, it’s fortunate you came to this article. It’s everything about finding and hiring a reliable Silver Spring property management company. Not all property management companies are worth your investment, after all. 

Still, property management is a booming industry you should take advantage of. Consider this fact about property management throughout the country. In the year 2019 alone, the industry made $75 billion as a whole.

You’re not alone in seeing the value of hiring a reliable Silver Spring property management company. Make sure that the company you choose to protect your financial assets is well-equipped. Keep reading to make the most of this upcoming hiring process.  

silver spring property management

Why You Should Hire Reliable Property Management Services

The first thing to recognize is the value of a reliable property management service. You want to ensure your property investments are well-maintained throughout the future.

After all, there are a ton of responsibilities that come with being a landlord. That’s what makes hiring a property management company worthwhile. Allow these professionals to deal with all the finer details of managing a property. 

Finding the Top Silver Spring Property Management Service 3

A proper Silver Spring property management company will handle everything to fill those units. That includes things like advertising of available units to repairs of those units. Make sure responsibilities are clear between you and your property management company.

After all, the average homeowners spend around one to four percent of the home’s overall value on improvement projects every single year. Your rental property is going to need continued repair and maintenance, too.

Save yourself a ton of time and energy. Allow property management professionals to handle those projects on your behalf. 

Plus, property management companies excel at marketing and promoting available rental units. It’s a lot of work to find tenants, screen them, and evict them as needed. Avoid the headache and hassle with the value of a qualified management company. 

Start by Evaluating the Costs of Hiring Property Management

It’s worthwhile to hire a property management company to avoid the headache of landlord duties. Doing so means you don’t have to handle building regulations or tenant screenings. 

Still, you want to ensure that a Silver Spring property management company is not too expensive in the long run. That’s why you should ask for an estimate for managing your rental units. 

Ask a couple of different property management companies what they would charge. For the most part, property management companies take out a designated fee.

This fee is often in the form of a percentage of each rental unit’s monthly payment. Take the time to figure out how much you can expect to profit after hiring a property management company.

You’ll save money when you delegate property management responsibilities.  With hired maintenance crews, you don’t have to worry about purchasing maintenance equipment. 

Plus, you’ll end up saving time by not having to hire and train your own employees. The return on the investment of hiring this kind of service is going to be an invaluable asset in the long run.

The Value of Owning Property in the Silver Spring Area

The area of Silver Spring is an unincorporated and, thus, an unofficial city. It borders Washington, D.C. to the direct north. Because it’s near to the nation’s headquarters, you can expect a lot of well-off professionals to live in this area. 

Many residents of the Silver Spring neighborhood appreciate the short commute into DC’. For that and other reasons, they’re willing to pay a decent amount for a month of rent in the area. 

Though it’s unincorporated, the United States Census Bureau still counted its population. Tenants in the Silver Springs area will have over eighty thousand neighbors. That’s a lot of people to ask for extra milk and eggs!

Another great perk about living in Silver Spring is the large presence of parks. Your property investments might have excellent views if they’re next to one of these well-kept public parks. 

The education system in Silver Springs is definitely a high-end one. There are several expensive private schools in the area. Tenants looking for more affordable schooling might be better off living somewhere else. 

Those private schools make the property around there much more expensive for growing families. Still, owning property in and around Silver Springs can be beneficial. You can expect a high rent to keep your investments profitable for many years to come. 

Stay Well-Informed of the Area’s Real Estate Market Trends

As you start to grow your real estate presence around Washington, D.C., you’ll need to do some research to stay competitive. For Silver Spring, in particular, know what surrounding rental properties are expecting.

That can give you a better idea of what kind of income you can expect in that area. Your property management company can help you stay well-informed, too. Don’t be afraid to ask them questions about their recommendations concerning real estate. 

As an example, check out some of these residential rental listings in the areas in and around Washington, D.C. Silver Springs is a thriving community that continues to grow over the years. Stay relevant in that real estate market by evaluating your competitors every once in a while. 

In addition, think bigger when it comes to real estate. Who knows? Maybe you’ll expand your investment pursuits into other areas of the country altogether.

It’s going to be up to you, though, to keep up with what’s going on in your potential real estate markets. Working with industry experts can be your best chance for keeping up with those trends. 

For instance, did you know that the median home price for the state of Virginia is $285,229? For the state of Maryland, the median home price is $308,041. Knowledge like this can help you stay on top of what you can expect from your rental properties around Washington, D.C.

You Should Feel Completely at Ease When Working with Them

Perhaps one of the most essential characteristics of a property management company is that of friendliness. You should always feel comfortable when interacting with the business you’ve hired. Even experts recognize trustworthiness as the number one characteristic to remember when hiring a property management company. 

For instance, upon first reaching out to your potential property management company, how does the phone call make you feel? Is it clear that you’re their top priority? On the other hand, do they make you feel as though you’re a waste of their time and energy?

Don’t work with Silver Spring property management services who don’t put your interests as their top priority. You don’t want that noncommittal attitude to maintain your rental properties in the long run. Instead, work with a property management company that you actually want to work with throughout the future. 

Be Willing to Ask Plenty of Questions About Knowledge and Experience

Speaking of communicating with your property management company. Don’t be afraid to ask plenty of questions regarding their knowledge base and experience. These professionals should be industry experts and able to reflect that. 

It’s important to know that your property management company has done a great job in the past. Plus, you want to make sure they’re licensed and capable of performing property management duties.

For more detailed guidance, check out this article on critical questions to ask when interviewing a potential property management company. You need to know things like the size and qualifications of their maintenance team. 

All in all, don’t sign the contract until you’ve read the finer print, too. You should know exactly what kind of financial agreement you’re getting into. That way, you won’t get taken advantage of now or in the future. 

Do Plenty of Online Research

Thanks to the modern Digital Era, technology and the Internet are great resources for businesses. You can learn a lot with just a simple Google search for a company. For instance, you’d learn very quickly if there was a history of unethical or illegal practices connected with a potential property management company. 

In addition, take a look at your potential property management company’s website. Is it clear that they spend time and energy investing in updating and maintaining it? If not, you might not want to spend your money on a company that doesn’t take pride in their work. 

In addition, use the Internet to compare different options for your property management company. The ones with the more significant online presence are the ones you can trust to take you seriously as a client. Still, this is only one key factor to consider when choosing a potential property management company. 

Confirm How Interactions with Tenants Will Be Handled

Speaking of choosing a property management company, don’t forget about how they handle interactions with tenants. As the party responsible for filling the rental units and collecting rent, your property management company should have an excellent history of dealing with tenants. 

For one thing, if you have a very unhelpful or rude property management company, your tenants will notice. It’s possible that they will leave negative online reviews about your rental property. Instead, ensure that you trust the friendly demeanor and fair practices of your property management company. 

In particular, be sure to ask about how your property management company handles legal matters with tenants. This is of particular importance when it comes to evicting a troublesome tenant.

There are certain industry standards and regulations that your property management company should have full knowledge about. It’s important that you identify the clear boundaries between yourself and the property management company when it comes to liability. 

Consider Reviews and Testimonials from Previous Clients

As mentioned above, one way to spot a qualified property management company is one that has plenty of successful experience in the industry. For that reason, make sure you research any potential online reviews or testimonials from previous high-end clients like yourself. 

A quick Google search should present you with a few online reviews of a potential property management company. Don’t underestimate the value of even Yelp reviews about a company. 

Sometimes, though, reviews and testimonials are found directly on the company’s website. For example, check out some of these previous client testimonials for proof of their great experiences. Taking a look at these will give you great insight as to what kind of experience you can expect, too. 

Continue to Cultivate Your Relationship with Your Property Management Company

Develop a reliable long-term relationship with your property management company. After all, you both are profiting from the same business together. Your property management company’s success will translate to your own profits.

Establish the most efficient means of communication right off of the bat. Stay in close contact with your property management company to stay in the loop regarding your property investments. 

Cultivate this relationship to establish a deeper trust in your property management company. Plus, you deserve the peace of mind that comes with that trust. 

Hire the Most Reliable Silver Spring Property Management Company Today

At this point, you can recognize a trustworthy Silver Spring property management company. You’ll do whatever it takes to make the most of your financial investments in properties. You deserve the peace of mind that comes from knowing those financial assets are in good hands. 

Don’t underestimate the importance of your relationship with your property management company, either. Stay on consistent communications terms for updates on the success of your property. Your property management company should focus on your needs and concerns.

That’s one of our top values as a property management company in the Silver Spring area, by the way. We encourage you to browse through the rest of our website to see how our services could meet your needs. 

On our blog, you’ll find the latest and greatest real estate resources. In particular, the blog focuses on Washington, D.C. and the surrounding areas. Plus, we offer expert property management services to clients just like you that are worth your consideration. 

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Enhanced Reporting

Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

  • The Enhanced Rent Roll Report will show the rent amount, last payment date, move-in date, lease expiration date, and security deposit amount for each of your tenants. 
  • It will also show a portfolio summary with occupancy percentage, vacancy loss, and more!

Unit Comparison Report:

  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
  • This report enables you to quickly compare financial performance between your units at a glance without toggling between individual reports. 

Income Statement Month-Over-Month:

  • The Income Statement Detail – Monthly Report serves as a month-over-month record of portfolio performance. You’ll see itemized income and expense categories and can track monthly. This report will update with fresh data every time you view it. 

Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

You'll also find a month-over-month operating statement:

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Responses will show up in the conversation ticket:

  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Each conversation will be logged in its entirety:

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

View a snapshot of income and expenses on your dashboard:

See every transaction in real-time on your ledger:

Statements and forms will be posted to your documents library:

View a suite of real-time financial reports:

See a running list of all bills, and drill down for more detail:

Under Bill Details, you'll find dates/descriptions/amounts and more:

You can also communicate with your Account Manager through the portal:

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.