1. Why Billwood Properties?
Billwood Properties is locally owned and operated with experienced agents. We take the hassle out of managing your rental property. We market your rental, show the property to all the “looky-loos”, select/screen tenants, and evict tenants if necessary according to continually changing state and federal laws. Furthermore, we provide a safe, functioning home for your tenant(s) by responding to emergencies and maintenance needs. We deal with the many facets of Fair Housing and treat everyone equally (one of the main lawsuits inexperienced landlords face). Finally, due to our volume, we have long-lasting relationships with our contractors and receive fair and honest service. We shoulder the burden of the daily hassle of property management and minimize expenses while working to maximize your income!
2. What are your fees?
Tenant Placement/ Referral Fee $250-500 (depending on size and scope of property)
Set-up Fee (Includes Marketing and Inspections) 1/2 Months Rent
Property Management Fee 8 - 10% of Gross Monthly Rent (certain restrictions apply)
3. Is Billwood Properties insured?
Yes. We have an E&O (Errors and Omissions) policy to cover lawsuits due to negligence. This does not, however, protect you if someone is injured on your property, etc.
4. What does the initial property set-up and marketing fee cover?
Installation of “For Rent” sign at the property
Placement of ads on our Facebook page (www.facebook.com/billwoodproperties)
Placement of ads on various internet sites (www.billwoodproperties.com, www.zillow.com www.trulia.com and www.craigslist.org)
Weekly email updates of showings and prospects
Interior/Exterior property inspection and evaluation
10-15 digital photos of property prior to tenant(s) occupancy
Complete tenant screening (Including, but not limited to, verification of tenancy, income verification, credit check, national criminal background check, sex offender registry check and MD judicial searches)
5. What if I want additional advertising for my property?
We have great faith and success with our current marketing program. We advertise with the most popular rental websites for one low price, and more importantly, internet ads are more detailed than newspaper ads. Local and out-of-town applicants have access to searches, which also broadens the pool of qualified applicants. Newspaper ads may be placed at the owner’s expense, but our experience has shown this to be a costly and less effective means of advertisement.
6. How do you determine the rent for my property?
We provide a comparable market analysis and research equivalent units (similar size, features, and amenities) to make a recommendation based on current market trends over a three month period. Our goal is to price the rental in a manner that will maximize the number of applicants.
7. What is typically involved in preparing the property to be rented?
The property should be clean, in good condition, and all personal belongings should be removed. The property needs to be move-in ready, which we can help with.
8. How long will it take to rent my property?
Location, season, type, and price of your rental property will determine how quickly it is leased. We work hard to aggressively advertise your property and protect your investment. Vacancy is market-driven.
9. Who handles property maintenance and emergency calls?
We handle all phone calls, 24 hours a day, with multiple lines. As a general rule, the tenant(s) is responsible for repairs under $50, however, we encourage owners to welcome reports that can be handled with preventative maintenance and avert more costly repairs in the long-run. Expenses incurred will be deducted from the following month’s income, and receipts will be included. Expenses over $500 will require the owner’s authorization unless habitability of the property is in question.
10. Do you screen applicants, and what is required?
Yes! Our marketing always produces a large pool of applicants. We do extensive credit, criminal background, employment, and rental history checks to ensure that the applicants presented to you are the most qualified.
Due to the trend in the current real estate market, it is increasingly common to come across applicants with poor credit or foreclosures, in which case we increase the security deposit to a maximum of 2 times rent when income and employment meet our criterion.
11. When are inspections of the property done?
Inspections are done when you hire us and then again prior to occupancy. We will handle city, section 8 and lead inspections
12. What is your policy regarding pets?
Many responsible tenants own a pet. Allowing tenants to keep them with an additional security deposit may increase the pool of qualified applicants. Billwood Properties's company policy prohibits any Pit-bull or Rottweiler dog breeds on property at any time (mixed & pure bred). All other animals are approved on a case-by-casebasis with security deposit.
13. How and when will I receive my rental proceeds?
Once the property is rented, you have several options on the 15th of each month:
Check mailed to address provided
Direct deposit into your account
Funds can be placed in a trust account from which we pay your recurring expenses (mortgage & HOA payments etc.)
In addition, you will receive a monthly statement with income and expenses incurred.
14. Who holds the tenant’s security deposit?
It is held by Billwood Properties in a interest bearing, trust account.
15. What happens if rent is late?
Rent is due on the 1st of each month and is late by the 5th. We begin court process on the 6th of every month.
16. What kind of accounting information do you provide?
A comprehensive accounting report provided by property management software (Buildium). You will have 24/7 online access to a detailed operating statement. Plus a detailed annual report will be provided with your 1099 in mid-January every year.
We offer a wide range of rental services, including:
Our most popular service is Tenant Placement. Tenant turnover can be a stressful, hectic time for a landlord. This service offers a smooth transition between tenants. We will handle everything up to lease signing to make things stress-free for you. Our rigorous screening process allows you to be confident in the tenant you choose to rent to. In addition to screening, we handle advertising, showings, inspections and much, much more. Take advantage of this service and allow yourself the freedom to enjoy the glories of your investment while leaving the hard part to us.
As always, our services are customizable to YOUR needs. Choose the service you would like to build your tenant placement package.