Frequently Asked Questions
Answers to your common questions
While our office is in Bowie, we manage properties located in Prince George’s, Anne Arundel, Howard and Montgomery Counties.
Many real estate companies offer property management as a side business to complement the primary focus of the company, namely real estate sales. However, Silver River Property Management exists with the primary focus to provide excellent, cost-effective property management services.
Once a property becomes available, we immediately promote it on the Metropolitan Regional Information Systems (MRIS) MLS to alert the thousands of real estate agents helping tenants find a place to live. We also post on Craigslist, YouTube, Zillow, Trulia, realtor.com, hotpads.com, and numerous other active real estate sites targeting renters in Maryland. In the case of tenants who are moving out soon, we begin this process no less than 30 days before they move out.
Once a property has been listed, owners will receive an email daily, with a detailed report on the number of showings their specific property is getting, including valuable feedback from agents and their customers.
We have found that there is a very high correlation between timely rent payments and good care of a property. Still, we recommend an inspection once a year. During our inspection we check to make sure that tenants are abiding by the lease and that there are no threats to the value of the property. We also check for such infractions as additional persons, unauthorized pets, maintenance issues, potential fire hazards or other potentially suspect conditions.
*Every property we manage must comply with minimum standards for health and safety. We also strictly adhere to laws regarding fair housing.
We make sure our tenants know we represent a landlord who expects rent payments on time. We also make sure they know that we have a zero tolerance policy on late payments. Our leases clearly state that rent is due on the first day of the month. Maryland law allows for tenants to pay by the fifth day of the month, without penalty. However, any rent not paid by the fifth incurs a 5% penalty. Payments not received by the tenth day will trigger court action. We do not hesitate to file a case with the District Court, and a judge will send out the sheriff to personally post a notice ordering tenants to appear in court on a specific date as ordered by the judge. Tenants who experience this once or twice usually get the message and change their behavior.
We have an attorney represent the landlord in court to get the judgement and file for the eviction. The best way to avoid all this is by choosing the right tenants from the beginning. Our track record of eviction occurrences on properties we manage is less than 1%.
The simple answer to this question: as informed as you want to be. Owners have the choice to be kept informed of all communications regarding work orders. Once we receive rents, they are quickly disbursed to owners via direct deposit to the account provided. Owners can go online 24/7 to get monthly statements via a password-protected login. We also email these monthly.
Maintenance costs are a reality in owning a property. In selecting our vendors, cost is a very important criteria, but vendors must also be capable of providing excellent work without needing to be called back for repairs that were not done right. They must also be of reputable character and dependable to do the work when they say they will do it and complete the job in the timeframe originally promised. We maintain a vendor list where we track their performance and fees.
We hold a reserve of $300 in your property escrow account to be able to quickly resolve any small issues as they may come up from time to time. Nevertheless, it is our policy to notify the owner of even small maintenance needs whenever they come up.
If you have a preferred plumber or handyman that is licensed and insured, we will be happy to call on that person. Thanks for the referral!
No. They vendors assigned are typically very slow to schedule the visit with the tenant. Often times we'll need to go outside of warranty assigned vendors as the issue needs to be repaired immediately and cannot wait.
Pools create an additional liability. Nevertheless, pools can add value to a property if managed correctly. There are laws regarding proper fencing around pools, and these must be complied with. The landlord must maintain a maintenance contract with a pool service that regularly cleans them, applies chemicals, and provides seasonal startup and closedown services.
Owner disbursements go out by the 10th of each month via direct deposit.
Yes! We deposit proceeds directly into your account by the 10th of each month.
o 9% of gross monthly income
o No long-term contracts
o No upfront fees
o No fees during periods of property vacancy
o No fees for the cost of advertising vacancies
o No add-on percentage or fees for owner-approved improvements/repairs
o Fast disbursement of funds to owner accounts
o 8% on properties with 5-20 units
One months rent is charged to lease a vacant property.
Security deposits are held by us. Maryland law requires that security deposits be held in separate escrow savings accounts. The law is very strict on this, and severe penalties can apply to anyone who does not comply.
Our standard security deposit is equal to one month's rent. There are some circumstances under which we will require two month's rent. It is against the law to hold security deposits totaling more than two month's rent.
Call us anytime at 301-352-0098! You can also contact us via email at info@SilverRiverPM.com.
We manage . . .
to protect your investment