Frequently Asked questions
Full Service Property Management:
- marketing the property
- screening tenants
- handling maintenance and repairs
- collecting rent
- managing legal compliance
How do you screen potential tenants?
- Screening process includes background checks, credit checks, rental history, and employment verification to ensure reliable tenants are selected
- Income of 2.5x’s monthly rent is required
- Credit 670+*
- No evictions
- No bankruptcy
What are the fees for property management services?
Our pricing is straightforward, transparent, and tailored to the needs of your property. Management fees vary depending on the level of service and the unique characteristics of each home. We provide a clear management proposal with no hidden fees, so you'll know exactly what to expect before making a decision.
Contact us for a complimentary rental consultation and customized management proposal.
How will you market my property?
The existing market determines how we market your home, as not all properties are the same.
All of our listings are posted online and aggressively marketed using “The Big Three”: Zillow, HotPads, and Trulia. This further sydicates them to various broker websites and resources used my common renters.
How do you handle maintenance and repairs?
We receive maintenance request through phone calls, texts, emails, and our online forms. Depending on the severity of the issues all calls are handled appropriately.
For standard repairs and maintenance we will confirm the request with a site visit and photos. From there we use our local rolodex of contractors, handyman, and service providers to select the right person for the job. We have many service providers we have used for years for both our clients’ homes and our personal properties.
- We keep you informed of all work requests and will between necessary maintenance a
- The scope of work will determine if additional quotes are necessary.
- For emergency work, we handle the situation immediately.
This can include:
- working with the tenants over the phone or in person
- meeting emergency teams at the property
- hiring and dispatching the proper service team within the necessary time frame
- overseeing and managing all work being done
How do you determine the rental rate for my property?
We prefer to not list your home as the highest and will price it competitively to attract the most qualified applicants. Thus, giving a larger applicant pool so we can assure the right person is making your property their home.
- Step 1: Market research: We compare similar properties in the area and focus on neighborhood trends to determine the monthly rate for your home
- Step 2: Analyze comparable properties: By using comparative market analysis we determine a median range for similar homes in the area and use that as our target audience
- Step 3: Evaluate property features and upgrades: Air conditioning, solar, community amenities, recent updates, all play a large factor in determining your home’s value to potential renters
- Step 4: Factor in operating costs: Taking account for your mortgage, monthly maintenance, reserve funds for larger profits will all be considered in your professional analysis
- Step 5: Adjust for market conditions and seasonality: The tried and true law of supply and demand will always play a factor in what eligible tenants are willing and able to pay
How do you handle rent collection and late payments?
We offer tenants the ability to pay rent in person/mail via check or money order or online using Zelle.
Payments are due on the 1st of every month, there is a 3 day grace period for rent
Late fees are assessed after the third day, late fees are included with the owner proceeds
What happens if there is a problem with the tenant?
We are an involved and local management company making it easier for us to have a relationship with tenants. This helps us be aware quickly of potential issues. If issues, such as tenant disputes, lease violations, or property damage are noticed we will quickly act. This can include serving notice to the tenant and working together to get them back in compliance.
If there is a safety issue or policy concern we will engage the property owner to agree on a resolution.
How often will I receive updates about my property?
Homeowners will receive regular updates through monthly statement emails
Phone calls and/or emails will be sent when decisions need to be made
Full service management allows the homeowner to be hands off, while BPM remains vigilantly hands-on.
What is the process for ending the management agreement?
Our term length is always negotiable. Our general contract is for one year and automatically renews after.
Either party can terminate the agreement with 30 days notice after the initial signing period. Financial penalties may occur if less than 30-day notice is given and a file transfer fee may incur.
How do you ensure compliance with local and state rental laws?
As your property management team we remain knowledgeable about and compliant with all relevant rental laws, including fair housing regulations, eviction procedures, and lease agreements.
How do you handle tenant turnover and vacancy?
They are interested in understanding the process for dealing with tenant turnover, including how long the property might be vacant and the steps taken to minimize vacancy periods.
What insurance should I have as a landlord?
Landlord insurance, a policy of homeowners is required of all rental property owners. BPM Team must be a named additional insured.
Tenants are required to have renters’ insurance of a minimum $100,000 liability. BPM Team for owner must be a named additional insured.
Additional policies are required for pets
Can I still be involved in decisions regarding my property?
You can be as involved as you would like. We do recommend letting us take the lead on tenant selection and qualifications. We will work with you on deciding rental rates.
If you have your own contractors or service providers we are happy to utilize them for your property.
How do you handle security deposits and move-in/move-out inspections?
Security deposits are requested and received once an applicant is accepted. It is held in our Broker’s trust account as required for the duration of the lease.
Inspections are done upon move in and move out
All potential damage is assessed at the end of a lease in the final move out
Inspections are done throughout the term of lease as needed
Tenants are given the right to a pre-move out inspection to address any potential concerns before the end of their lease
Next Steps
You’re Hired: BPM Team is the right fit for your home
Agree on terms and Sign the Contract
Terms of service and fees are agreed upon
Digital copy of the property management agreement is sent for signature via Docusign.
This will also include a property questionnaire to review any vital information about the condition of the home.
Market the Home:
Prepare the Property
Walkthrough of the Home: Bill or Brigette will use their professional experience to walk through the home and discuss items needing attention. This can include light fixtures, paint & patching, flooring, windows, plumbing concerns, aesthetic vs. functional recommendations, etc. After the walkthrough, we will provide you with a "punch list" of what needs to be done. We can either hire the right people for the job, or you can handle it yourself.
Photography: BPM provides photography services or will use images provided to us by previous listing agents or clients.
Create Listing: BPM drafts a custom description of the home and prepares the online ad. We will list the home within the agreed-upon timeline.
Property Previews
BPM will prequalify all prospective applicants
Showings of the home will be held by a licensed agent from BPM Team.
If the home is occupied, we work with the occupants to ensure ease of scheduling and minimal inconvenience
Select a Tenant:
Review Applications
BPM thoroughly reviews and qualifies all applicants in accordance with the guidelines of the Fair Housing Act and local city and county ordinances.
This includes a review of personal information, previous tenant history, credit reports, criminal background checks, and eviction history.
Accept application
Accepted applicants are notified of their acceptance and provided instructions on sending their security deposit.
Once the deposit is received, the home is taken off the market, and the rental agreement is sent via DocuSign for digital signature..
Move In
Finalize Repairs & Condition of home
BPM Team coordinates with service providers to ensure all necessary repairs or improvements have been completed to satisfaction prior to move in.
Tenant Coordination
The big move is scheduled
- Tenant is provided with all information for the move including utilities set up and insurance requirements
- All information required by Homeowners Association is completed and returned to association within the necessary timeline
- On move in day, a BPM Team agent meets with tenants to do a walkthrough of the home and review necessary safety information, such as:
- Water and gas shut offs; mainline access
- Electrical panels and GFCI locations