Rental Property Owner FAQ’S

We specialize in Single-Family homes, Town-homes, (MFD) Multi Family Dwellings, Duplexes and Condos. We also handle Commercial mixed use properties.

Today! Effective Property Management services are just a phone call or a property management request form away!

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.

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.

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. Owner statements are normally dispersed between the 10th and the 15th of every month, depending on when all rents are received if you have multiple properties.

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.

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.

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.

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

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.

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

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. 

The expert team at BPS has over 15 collective years of industry experience.

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.