BAY PROPERTY GROUP offers a range of services for your property, and we will need to view your property to fairly quote you an accurate price. Please contact us for a free no-obligation quote for your property.
When and how do I get paid?
BAY PROPERTY GROUP exerts all of its energy the first week of each month on collecting rents. Adhering to trust accounting requirements, we must let rent checks season before dispersing funds to the owner. Therefore we hold off on completing owner statements and depositing funds directly into our property owner’s accounts until after the 25th of each month. Additionally, if we pays any bills on your behalf, we generally do these between the 1st and 10th of the month, as we need the rent money to complete those payments.
Who pays for advertising?
BAY PROPERTY GROUP posts listings onto our website which syndicates to hundreds of other sites. Our Google, Yahoo and Bing search engine optimization (SEO) placement is targeted and produces great results.
Who holds the security deposit?
The property management company is a neutral third party. It’s one of the reasons that residents come to a property manager. In today’s economic environment, residents want to make sure they know that their security deposit is safe. The Department of Real Estate (DRE) mandates that these fees be held in a separate account, thus we protect these funds for the resident.
What is your resident criteria?
We work with a top external company which carefully pulls credit, criminal background, include sex offender records, eviction, bankruptcy, lawsuits, judgments, liens, collections, fraud, bad checks, FICO score, Social Security ID check, Patriot Act records, name verification, address verification and identity validation. We make sure the applicant has a minimum 650 credit score, earns three times (3x) the monthly rent and other directly related financial criteria.
Some property managers do very little screening. Many owners are very tempted to go with these companies, because they also boast higher rents and shorter rent-up periods. Unfortunately, that tends to be a short-term gain, as the damages, eviction costs, and re-rent costs are much greater.
Can residents apply online?
Our website is simple in design but probably the most powerful property management website in the Bay Area. Each of our listings allows the prospective renter to complete an online application. Our residents can pay online, submit a maintenance request online, as well as view our resident FAQs and maintenance FAQs and troubleshooting guide.
Our owners have similar functionality. BAY PROPERTY GROUP understands that everyone communicates differently.
What if the resident stops paying?
Rents are due on the 1st of the month, but typically leases have a 3-5 day “grace period” penalized only after this time period. Once this grace period has expired, we issue / deliver 3-day notices for all residents who failed to communicate and/or make arrangement to pay rent. If we still don’t hear from the resident after the 3 days, you as the owner will be notified and we will discuss the next steps in the process.
How long does it take to rent out a house?
Renting a property depends on price, condition, location, and the market. Our goal is to select a qualified resident as soon as possible. Since we have access to valuable rental statistics, it’s our job to advise you on price, condition, location, and market conditions so that we can achieve this goal as quickly as possible.
Can I find my own resident?
Once under management BAY PROPERTY GROUP requires that all potential residents complete an application, pay the application fee, and be submitted to our screening company. All of this screening isn’t just there to find you a quality resident, but it is also there to reduce risk to both the property manager and you as the property owner. With all of the identity theft and lawsuits arising from landlord/resident relationships, thorough resident screening is becoming more and more the norm. These are also the reasons why so many landlords are hiring professional property managers to manage their rentals.
How much does an eviction cost?
Costs can vary greatly ... depending on a number of important and often uncontrollable factors such as; property location, jurisdictional laws, city regulations, time of year, ability to serve the resident, and then which if the resident hires an attorney. Both the eviction costs and the service to the residents are a cost that is passed onto the resident. Sometimes the resident has left enough deposit to cover these costs, other times we have to get a judgment against them and begin collections. Should you be an owner who has access to our NO LEGAL FEE GUARANTEE*, all attorney fees are waived. Courts costs still apply.
What is the NO LEGAL FEE GUARANTEE*?
BAY PROPERTY GROUP was founded by a real estate attorney who also owns rental property, Daniel Bornstein of The Law Offices of Bornstein and Bornstein. Therefore, we understand the concerns, issues and legal challenges of rental property owners.
*If the property owner allows BAY PROPERTY GROUP to screen and place residents, and a situation arises with a resident that causes eviction, BAY PROPERTY GROUP will cover LEGAL costs of the eviction. Court fees still apply for the property owner. Click here to learn more about The Law Offices of Bornstein and Bornstein.
Who keeps the late fees?
Collecting late rent is a very difficult job. We could actually get away with less staff if all residents paid their rent on time. And if residents would just communicate when they don’t pay their rent on time, it would be a lot easier. But as it is, our staff has to turn into debt collectors and begin a very aggressive regime to collect money on behalf of our property owners. So, BAY PROPERTY GROUP retains all late fees to help pay for this extra and unpleasant labor. Please note that we do NOT charge owners for issuing of 3 Day Notices.
Can I use my own contractors for repairs?
The simplest answer is, it depends. Over the past decades, we have put just about every contractor to the test. Cost is always important, but as you know, sometimes you get what you pay for. The contractors we use have proven to provide low costs and quality work.
Most of our contractors are small companies with little overhead. We believe that this is how we can keep costs down as well as ensure quality of work. Also, we give them a lot of work, so we typically get better pricing than anyone else.
With that said, we are always willing to try someone new to put them to the test. However, we do require that they have all appropriate licenses and registrations, complete a W-9, have worker’s compensation insurance, and have a general liability insurance policy.
If we and the property owner agree to test out their contractor, the instructions need to come through our office. We have a work order system and if we do anything outside of the system, things can go wrong.
Can I make changes to your management agreement?
BAY PROPERTY GROUP has never had a dispute with a property owner that required a judge to decide. Our management agreement is designed to protect BAY PROPERTY GROUP and the property owner. We do not allow any changes or omissions from the management agreement because once executed, it is filed away and never looked at again. Our systems are built around that management agreement and we won’t know that your agreement is different from anyone else’s.
May I terminate a lease with a resident?
The lease we use is a legal binding document that we negotiate on your behalf, as your agent. If both parties mutually agree, the lease may be terminated. This process, however, does require upfront and honest communications with BAY PROPERTY GROUP. We request that the owner does not to contact the resident directly for any reason. Depending on the property location, rent control laws may apply.
May I inspect the property?
As mentioned above, inspections are important and need to be done. The residents do have legal rights to the property and there are laws and rules that we must follow. Therefore, we require that all inspection be scheduled through our offices. Additionally, for the protection of everyone, a BAY PROPERTY GROUP employee will accompany the property owner or their designee on any inspections.
What do you do if the residents damage my property?
Because BAY PROPERTY GROUP’s resident screening is so thorough, resident damages are limited. However, even with the strictest criteria, things sometimes happen. Ideally, their security deposit will cover the damages. In that event, we get a judgment and collect the funds in small amounts over a period of years. Basically, this concern is why our acceptance criteria is as strict as it is. It can take months of rent to cover the costs of one bad resident. This is also why more and more landlords are turning to professional property managers to manage their rentals.
Will you inspect my property?
Inspecting your rental property is just something that needs to be done. At the same time, we also want the resident to feel like the rental is their home. We want to minimize any interference with their peaceful enjoyment of the home. We have learned over the years that the more we leave the residents alone, the longer they tend to stay.
With that said, there are times that an inspection is needed. First, let us explain all that we do to make sure that your home is well taken care of, and then explain the process for additional inspections. When we take the property on, we conduct an initial inspection which generally includes a written report and photos. Next we conduct move-in inspections and move-out inspection with all residents. The property owner receives a written report with photos after each and every move-out inspection.
All of our vendors are trained and required to report any cleaning or damages to the property when they provide service. With all that said, if the property owner wants an inspection, we will do it at no additional cost to the owner. But this needs to be within reason. Like we said above, we don’t want to constantly bother the resident if they are fulfilling all terms of the rental agreement.
Do you have more questions, that we did not answer?
If this FAQ was unable to answer your all questions, please send us an email or submit a questions here, thank you