Owners

Owner Portal

Owner’s FAQ

Can I manage the property myself?

Lots of owners choose to manage their property themselves and many of them are very successful. However, with the time involved in collecting rents, arranging repairs and leasing units, most owners have found that their time is more valuable spent elsewhere. Other important considerations are the legal aspects of property management. In the litigious society that we live in, a property owner cannot afford to handle a tenant in an incorrect manner. We are well versed in landlord tenant law, and are aware of the constantly changing Federal and State mandates governing them. Property management fees payable to us are also legitimate tax deductions (contact your CPA to verify this statement), saving you tax and freeing up your time to focus on the “bigger picture”.

Don’t all property managers perform the same tasks? How is BHM different?

Most property managers will offer a standard service that includes: leasing services, collecting the rent, conducting routine inspections, organizing required maintenance, monthly disbursement notices, completing paperwork for lease renewals and tenancy terminations. We offer all of the above and more! Here is what separates us from other property management companies:

– We Treat You like a Person, Not a Number.

– No hidden Fees.

– No Conflict Policy.

-Eviction execution.

What sort of properties do you manage?

BHM provides services for owners of all rental properties, from multi-unit buildings to houses, condos, townhomes and small-unit buildings.

Can I use my own maintenance crew and vendors?

Yes. We would be happy to use your maintenance crew and other vendors.

How can I be sure the tenants you find will be good tenants?

Prospective tenants must fill in an application form giving their social security number, previous rental history and details of their income. We will check tenant’s credit history, eviction records, and criminal records. In addition, we will conduct reference checks from previous landlords or property managers and will confirm their income details with their current employer. Only then will they be put forward to you as a prospective tenant for your final approval.

Would one person be in control of my property?

Yes. When you engage BHM, you will have an assigned Property Manager. They will be your primary point of liaison and will have up-to-date records of all communications with you and your tenant. You’ll never be shunted round between several managers who look after different areas (e.g. leasing, accounts, maintenance) and don’t know what’s going on in other areas.

What would happen if my Property Manager is away? Who will manage my property?

All our Property Managers maintain complete and comprehensive computerized property histories. That means if your assigned property manager is away, another qualified rental manager will have immediate and easy access to the history of your property.

How are property inspections conducted and how often?

During a tenant’s occupancy, we carry out routine inspections biannually (additional inspections can be carried out upon request). When the tenants give notice of their intention to vacate the property we carry out a short pre-vacating inspection of the property to ensure the tenant gives the property back in the same condition they received it (fair wear and tear excepted). When the tenants vacate your property we carry out a detailed outgoing inspection. The inspection is done to ensure that the tenants return the property back to us in an acceptable condition. If damage is found or cleaning is necessary, we make the necessary deductions from the tenant’s security deposit.

Do you provide and End-of-Financial-Year Statement for me for my income tax return?

Yes. We can provide you with a Statement at the end of each year.

What if I want to sell my property? Can BHM help with that?

Yes, we can help! We have some of the best real estate sales consultants in our market area to sell your property. Please note that we have a legal requirement to notify, in writing, to a tenant if a property is to be sold.

How do I get started with BHM?

That’s the easy part. Contact us before terminating your current property management agreement or notifying your current tenants of a new property management company. We will provide you with a sample letters and schedule a meeting with your current property management company to pick up the keys and paperwork.

Security Deposit – what is the purpose of it and how are these funds handled?

These funds are collected in the event the resident does not abide by the terms of the rental agreement and if any damages occur at the property that they would be financially responsible. There are a variety of restrictions on handling the resident’s security deposit. First, these funds must be held separate from all operating funds and second we must itemize any deductions upon move-out with documentation (invoices) specifically identifying the charges. As an investor, you must realize and prepare yourself for the possibility that if the resident damages the property, the deposit doesn’t always cover the entire cost to repair the damages. We make every attempt to collect any shortages that we justify as reasonable. Careful screening and choosing from a large pool of applicants is your primary protection, therefore pricing the rental correctly gives us numerous applicants to choose from. Surveys indicate that “how the security deposit is administered” is an important element of responsible management.

Are your services tax deductible?

Yes. Any consulting fees for tax and financial planning may also be deductible when connected to your real estate. Don’t forget, visits to your property and other expenses incurred to stay in contact with our office may be deductible as well. We suggest that you ask your CPA or other tax consultant about tax-deductible strategies.