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Maryland Property Management Package

Category:
Real Estate - Property Management
State:
Maryland
Control #:
MD-P114-PKG
Format:
Word; 
PDF; 
Rich Text
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Description

This Property Management Package contains the essential forms to assist you in leasing your premises, complying with legal requirements, and keeping relations with your tenants amicable. State-specific forms are included.


The following forms are included in this package:


1. Landlord Tenant Closing Statement to Reconcile Security Deposit


2. Residential Rental Lease Application


3. Residential Rental Lease Agreement


4. Commercial Building or Space Lease


5. Security Deposit Agreement


6. Inventory and Condition of Leased Premises for Pre-Lease and Post-Lease


7. Agreement to Lease Commercial Property with Option to Purchase at End of Lease Term - Rent to Own - Real Estate Rental


8. Lease or Rental Agreement of Residential Property with Option to Purchase and Own Property - Lease or Rent to Own


9. Property Manager Agreement


Purchase of this package is a savings of almost 60% off over purchase of the forms individually!

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FAQ

Property management isn't worth the money to some investors.One important note, even if you choose to manage your own properties it pays to have a backup plan in case you're no longer able to handle them. For others investing in real estate, there's no way they'd choose to manage their own rental properties.

The management fee is intended to compensate the managers for their time and expertise for selecting stocks and managing the portfolio. It can also include other items such as investor relations (IR) expenses and the administration costs of the fund.

Management fees cover a number of ongoing services that keep your property occupied and operating well, while leasing commissions pay for just one thing putting a tenant in a space.

Some standard matters covered by the service charge include: insurance for the building (not including contents of your apartment); refuse collection; electricity to the common areas; lift maintenance; maintenance of fire-safety systems; cleaning of the common areas; grounds maintenance; CCTV and security; repairs and

In the state of Maryland, you do not need a broker's license to be a property manager. However, acquiring a property management license and brokers license are both relatively straightforward.

A property manager costs approximately 7-10% of your total rental income, however the services and expertise offered by a good property manager is worth much much more than this fee, plus in many cases the agents service fee is tax deductable.

The applicant must be at least 18 years old. The applicant must be of good character and reputation. Before being licensed, the applicant must complete a 60-hour, preapproved real estate course. The applicant must be able to pass the Maryland real estate licensing exam.

The fee covers the time it takes to make any adjustments to the leaseincluding performing a Comparative Market Analysis to recommend rent changes (if any)and obtain the tenant's signature. Whether the property managers charge a set fee or a percentage, the lease-renewal fee is typically around $200 or less.

While the industry average is anywhere from 25 to 30% of the rental cost, the fees that are charged by the vacation rental property management companies vary. They vary based on the location of the property and the company themselves. The can go anywhere from 10% all the way up to 50%.

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