New Client Property Owner FAQs:
1.) (Q) What type of properties does BPS manage?
(A) We specialize in Single-Family homes, Town-homes, (MFD) Multi Family Dwellings, Duplexes and Condos. We also handle Commercial mixed use properties.
2.) (Q) When can BPS start managing my property?
(A) Today! "Pro-active and Effective Property Management services are just a phone call away!
3.) (Q) What's the minimum duration of a BPS management agreement and how much notice do I need to provide to cancel?
(A) BPS requires a 1 year minimum to all management agreement's. In the event of cancellation, Owner must provide 60 days’ notice prior to agreement expiration. *If notice is not received by our office, the management agreement automatically renews with the same terms and conditions as prior.
4.) (Q) What are BPS monthly management fee's for managing my property and placing a tenant?
(A) BPS Management fees are 10% of the properties rent income. This fee can be adjusted with larger property portfolios or multiple managed properties. Additionally, BPS normal business practice is to retain the 1st month's rent for tenant placement per unit.
5.) (Q) How Do I receive my Payment?
(A) All owner payments are made through direct deposit unless specified and coordinated differently. We will need a voided check and/or direct deposit information. You will also be able to login to your owner portal to view your monthly statement.
6.) (Q) What information should I expect to see on my monthly owner's statement?
(A) BPS monthly owner statements reflect detailed and descriptive reporting of expenses and distributions. Owners can also log in to our owner portal to access data information 24hrs a day! Our well-seasoned Managers can also assist with analyzing your properties performance and creating a comprehensive plan to maximize overall income and ROI.
7.) (Q) Does BPS hold reserve money for repairs?
(A) We keep a $350 owner reserve per property in your account to insure there are always funds to cover general pay-outs to vendors for work performed. If the repair exceeds the owner reserve funds, a prompt balance payment is expected as soon as possible.
8.) (Q) Will BPS notify me of repairs or expense payment prior to executing?
(A) Maintenance and repairs that are less than $350 are paid out of your account and will reflect on your monthly statement. If a repair is going to exceed $350 we will contact you immediately before executing. If for any reason, we are unable to contact you we will approve repair work even if it is higher than $350. The following issues would get approval from management if we cannot get an approval from an owner.
An issue that affects the health or safety of a tenant
If the property will incur damage if immediate action is not taken
No A/C when the temperature exceeds 90 degrees or above.
No hot water or running water.
Leaking Roof (etc).
Our contractors have been informed to contact us for any repairs that are going to exceed $350.
9.) (Q) How do you qualify someone that is applying for my property?
(A) When screening prospective applicants, we only approve responsible tenants by using and processing a detailed tenant application. We review credit report, criminal history, employment verification and rental history.
- Credit Report
- Minimum 600 credit report.
- Bankruptcy and foreclosures must be at least two years old.
- Collection judgements due to a property management company and/or Landlord.
- Criminal History
- Extensive criminal background check.
- Any person required to register as a sex offender will not be approved.
- Rental History
- Rental History verification is handled through credit report and also through current and prior landlord references.
- Broken leases or evictions within a 10-year threshold will not be accepted.
- Income Requirements
All applicants must make a combined income of three (3) times the total amount of rent.
Self-employed applicants are screened by requesting two (2) years of tax returns, financial statement prepared by a CPA and current bank statement
10.) (Q) How do you make sure the tenant is taking good care of my property?
(A) We make sure to carefully select responsible tenants when processing the application. During the lease term, we may have occasions to enter the property for repairs or maintenance issues and will use this opportunity to examine the property thoroughly. We will also schedule a renewal assessment of the property prior to renewing a lease contract. This will let us know exactly how they are maintaining your property as well as protect the interest of you and your property.
11.) (Q) What happens if the tenant does not pay their rent?
(A) All rent payments are due on the 1st of each month and if no payment has been received by the 5th - 6th day of the month, we begin the eviction process on the 15th. Whether we eventually have to proceed with a formal eviction depends on the specific circumstances of each tenant. It is usually financially better, for all parties involved, if a solution can be worked out. If the tenant has experienced a one-time event which caused them a financial hardship, and we have had no previous problems with them, we will normally give them a chance to catch up, if there is reason to believe they can do so. If the tenant has demonstrated an ongoing pattern of late payments, broken promises and/or evasiveness, eviction is usually the best course of action
12.) (Q) What if my tenant needs to be evicted or bails out?
(A) BPS will handle rent court filings and proceedings for both City & County cases. Our firm will represent in court as acting agent advocate for our owners. Our agents are extremely effective and continue to retain a solid reputation within the Maryland Rent Court jurisdictions due to our profound knowledge of Maryland Landlord/ Tenant eviction proceedings. Additionally, we have Collection's Attorney's that are always ready to assist. * Collection Attorneys are Vendor's and rates are determined solely through their office.
13.) (Q) How much experience does BPS team of experts have to offer their clients?
(A) The expert team at BPS has over 15 collective years of industry experience.
14.) (Q) What sets BPS apart from the competition?
(A) Our team’s integrity and dedication to not only our clients, but the entire Real Estate Market! We pride ourselves with the effective and positive changes that we continuously contribute to the Real Estate market
Still have questions? Call Us!
(443) 898 -3811
New Client Smooth Transitioning
Checklist to Ensure a Complete and Smooth Transition:
Tenant List/Rent Roll:
- List of tenant’s name, address, and phone number;
- Copy of tenant’s application (if available) and/or Social Security Number;
- Rental due date (1st, 5th, etc.), Monthly Rent Amount, Current account balance (is the tenant paid up to date or in arrears)
Which utilities the tenants pay;
The amount of security deposit and the date the security deposit was received (Baltimore Property Solutions requires the owner turnover sufficient funds to cover security deposits and accrued statutory interest to the date of BPS assumption of management);
Lease expiration date and a copy of each lease agreement; and,
- Size of the rental unit (one-bedroom, two-bedroom, etc.).
- Does the unit include a Refrigerator, Washer, Dryer, Dishwasher, Central or window AC?
*Name and mailing address of owner (name as it is to appear on the check).
Completed IRS FORM W-9, which certifies the owner’s social security or federal tax I.D. number (Federal law requires Baltimore Property Solutions, LLC filing of FORM 1099-MISC at the end of the year for gross income received).
- Agent’s name and phone number,
- Name of insurance company,
- Coverage limits for fire and liability,
- Policy number and policy expiration date, and
Instructions for payment of the insurance premium (i.e. the owner, Baltimore Property Solutions, LLC as owner’s agent, or the lender from an escrow account
Instructions with respect to the responsible party for payment of real estate taxes (i.e. Baltimore Property Solution as agent, the Owner, or the lender from an escrow account).
Is the property in fee simple, or subject to a ground rent? If there is a ground rent, how much is it, when is it due, and instructions as to who is to pay it?
Service Contract Information (please provide a copy of any written agreements, the name, address, and phone number of the service provider and the terms of the agreement):
- Trash removal,
- Lawn, Snow, Landscaping,
- Fire protection,
- Heating & Air Conditioning Maintenance.
- When was exterior last painted?
- When the roof was last replaced? When it was last coated? (ETC)
If you still have questions or simply just want to know more, we are more than happy to assist you with providing more information and answering any questions that you may have. Contact our office during normal business hours and one of our representatives will assist you.
Office: (443) 898 -3811