Key takeaways
- Maryland’s high rent prices appeal to rental investors. With renter-occupied residences on the rise, Poplar saw an opportunity to expand its services in Maryland.
- Poplar’s acquisition of Silver River in 2022 expanded its reach in Bowie and surrounding cities.
- Maryland homeowners enjoy the same local expertise and quality of Silver River’s services, strengthened by Poplar’s national tools and robust technology.
In 2022, Poplar announced its acquisition of Silver River, a prominent property management company that has established strong roots in Maryland. This acquisition marks a significant milestone for both Poplar and Silver River as it provides better services to its clients.
Why Poplar Expanded to Maryland
Poplar recognized growth in demand for rental properties in Maryland. The percentage of renter-occupied property in the state is 32.7% and is expected to grow by 0.28% annually. Additionally, rent prices in Maryland have been consistently above the national average since 2018 making it a desirable location for rental property investors.
When the opportunity presented itself, Poplar acquired Silver River Property Management to provide services to a new set of customers. Its established foothold in the Maryland market allowed for a seamless transition and faster market penetration. With the combined resources and expertise of both companies, they can now offer even more value to existing customers as well as homeowners and renters in Maryland.
What’s in it for Maryland Homeowners
Poplar Homes’ acquisition of Silver River Property Management brings numerous benefits to homeowners in Bowie. According to Chris Stein, the director of operations at Silver River, “Teaming up with Poplar is bringing expanded support, a technological upgrade that will seamlessly help manage your properties, and nationwide expansion opportunity for your investments.”
Through this acquisition, Maryland homeowners can expect enhanced property management services and access to innovative technologies that will make managing their properties easier and more efficient while maintaining the same local expertise they were accustomed to with Silver River.
Some benefits for homeowners include:
Access to a robust Owner Dashboard
Poplar Homes offers a powerful owner dashboard for Maryland homeowners with an easy way to monitor their property’s performance throughout the leasing, maintenance, and rent collection processes. With this tool, one can keep track of all important documents, manage work orders, and track income and expenses.
The owner dashboard is a user-friendly platform that offers real-time data on property performance, allowing the property owner to make informed decisions quickly. Whether one needs to approve a maintenance request or review financial reports, the owner dashboard puts everything one needs in one convenient location.
Better payment system
Chasing rent payments is a thing of the past. Poplar’s platform automates rent payments through a direct ACH payment system, ensuring faster rent collection and reducing the need for manual tracking and follow-up.
In addition to streamlining rent collection for homeowners, Poplar Homes also offers convenient payment options for renters. Renters can set up autopay, which deducts rent payments automatically or split rent payments with their roommates. This flexible payment system simplifies the process for renters, making it more convenient and accessible for them to pay rent on time.
Better financial protection
Maryland homeowners can also enjoy better financial protection against late rent payments and eviction with Poplar Homes. Residents are backed by Poplar’s Rent Guarantee and Eviction Coverage, ensuring peace of mind and financial security.
With Rent Guarantee, rental property owners will receive their rent payouts on the third business day of the month, even if the renter pays late. This ensures consistent and reliable cash flow for homeowners, regardless of any unforeseen delays or issues with rent collection.
In addition, Eviction Coverage offers up to $15,000 in coverage of legal fees in the event of an eviction. This added protection provides Maryland homeowners with an added layer of financial security against the potential costs of legal action.
More areas to expand
Poplar Homes’ national reach provides a unique opportunity for investors based in Maryland to expand their portfolios into new states. With Poplar Homes’ robust system, homeowners can seamlessly monitor multiple properties across the country, all from one convenient dashboard.
Poplar Homes’ platform offers unparalleled visibility and control, allowing homeowners to track their properties’ performance, view key metrics, and manage tasks like dispatching maintenance. With Poplar Homes, homeowners can confidently receive the same level of service across their entire portfolio, regardless of location. This level of consistency and transparency is crucial for homeowners looking to expand their portfolios and maximize their returns.
About Silver River Property Management
Silver River Property Management is a family-owned and family-operated business based in Maryland. Founded by Dan Stein, the company has a deep commitment to maintaining the highest standards in property management and delivering outstanding results to its clients.
At Silver River, the family members work together to achieve the company’s goals and maintain the healthy growth and development of the business. This family-oriented approach has helped Silver River build strong relationships with its clients and establish a reputation for reliability, professionalism, and quality service.
In 2022, Poplar Homes acquired Silver River to leverage its local expertise and family-oriented values with Poplar’s national reach and cutting-edge technology. This partnership allows both companies to provide even more value to former Silver River clients and other homeowners in Maryland. By combining their strengths, Poplar and Silver River aim to continue providing top-notch property management services that meet the unique needs of each client.
Up next: Revolutionizing property management in Nevada: Poplar’s acquisition of Marshall Stearns in 2021
Final Thoughts
Poplar Homes’ acquisition of Silver River Property Management in Maryland marks an exciting new chapter for both companies. Maryland’s high rent prices and increasing demand for rental properties make it an attractive location for rental property investors, and Poplar’s expansion into this market was a strategic move to capitalize on this trend.
With the combined resources and expertise of both companies, Maryland homeowners can expect enhanced property management services, better payment systems, financial protection, and more areas to expand their portfolios. Poplar and Silver River’s partnership promises to deliver outstanding results and maintain the highest standards in property management.
Recent Comments