Silver Spring Property Management
Let us manage your Silver Spring rental property
All good relationships involve trust. In property management trust is essential and especially vital. A property owner wants to know his investment is in good hands, that his investment is safe, and that his funds are safe. An owner wants to know that the property is secure and well maintained. Trust is earned over time, and therefore the primary responsibility of a good property management company is to make sure the property is occupied by excellent tenants who pay rent on time and take good care of the property.
An owner wants to be free of day-to-day involvement. The owner also wants to benefit from cost savings provided by good management through increased occupancy rates, higher rents and ongoing assessment of the property. The owner also wants the option to have access to what is going on at any time, 24/7.
"Silver River Property Management is licensed in the State of Maryland, and has been providing property management services to satisfied clients since 2002. We are proud of our untarnished record of excellent service to owners and investors." --Dan Stein
What We Do As Your Silver Spring Property Manager
- Management Fees
- Tenant Screening
- Legal Compliance
- 24/7 Emergency Service
Silver River Property Management is a family-owned business. Our clients experience us as very personable while always professional. The fees we charge for outstanding service are surprising to our clients: never more than 9% of rental income and sometimes even less. We are reasonable and fair.
We never forget that a big part of our success depends on both the time saved and extra money earned by property owners using our services.
- 9% of rental income
- No long-term contracts
- No upfront fees
- No termination fees
- No fees during periods of property vacancy
- No fees for the cost of advertising vacancies
- No add-on percentage or fees for owner-approved improvements/repairs
- Fast disbursement of funds to owner accounts
- 8% on properties with 4-20 units
- 7% on properties with 21 or more units
It is our job to provide property owners the highest possible profit and return on their investment. Our property owners can have confidence knowing that their investment is in the care of able professionals. Our owners are free from the day-to-day stresses of having to deal directly with tenants or with the property itself.
When a property is vacated, it is essential to secure a new tenant fast. This becomes our highest priority. Your property will be promoted on the Realtor's MLS, Realtor.com, Craigslist, YouTube, Zillo.com, Trulia.com, and numerous other sites. We always make sure the property has been prepared in a timely manner, by a thorough cleaning and other maintenance issues as may be required. Furthermore we always cross-check with current local rental rates to make sure we are asking the best rents that the property will bear. The goal is to get a rental rate that is competitive, yet demonstrating fair value from the tenants’ perspective.
Anyone can find a tenant. But we won't let just 'anybody' sign a lease and rent our properties. We adhere to a careful screening process to assure a quality tenant!
Naturally, we only want to lease to tenants who will take care of the property, make their rent payments on time, and not create extra costs by continually requesting unnecessary or unwarranted repairs. Our thorough tenant screening process serves to provide high confidence that the tenant moving into the property will be the kind we want.
There is a reason why banks and lending institutions rely heavily on credit scores before lending money. This is because a good credit score is the single greatest predictor of a tenant making timely rent payments into the future. Except for unusual extenuating circumstances, and unless the owner specifically authorizes an exception, we will always deny a tenant applicant whose score does not reach a specific target.
Our thorough tenant screening includes criminal background searches and employment verification processes. We especially look for the following criteria:
- Credit checks and credit scores
- Criminal background searches
- Employment verification
- Criminal sex registry
- Prior evictions
Before accepting a potential tenant’s application, it is our policy to give a full report and recommendation to the property owner for final approval.
When we began leasing properties in 2002 we started with an excellent leasing contract. Nevertheless, over the years we have adjusted our contract to meet the various circumstances and changing environment of our region. That prompted us to add a clause here or a paragraph there. We have also incorporated some important disclosures. Our current leasing contract is now eighteen pages and attorney-approved. Our contract provides owners with legal protections and assurances against every circumstance we have experienced or could possibly predict.
The proper handling of all real estate requires periodic property maintenance. Timely maintenance ultimately delivers better profits to owners, wisely avoiding greater future expenses.
For example, plumbing leaks should be addressed immediately, before bigger problems develop. Another example is the wood trim around windows, which should be painted when showing signs of cracking and chipping, thus avoiding weather rot, which will require entire replacements.
While we respect different policies or preferences of owners regarding the maintenance of their properties, our job is to point out recommended repairs to the owner; and money is never spent without the owner’s approval.
Every Silver River lease contains wording that allows for periodic inspections of the property. Typically this is done once a year or more often as may be indicated to ensure the property is being well maintained, and to alert us to any maintenance items that may be required in the near future.
Landlord/tenant laws are constantly evolving with evermore federal, state, county and city regulations. It is our job to minimize owner liabilities by making sure every property and lease is in compliance with the law to protect owners from legal complications. This includes issues related to health, safety, zoning, and landlord/tenant law. Silver River makes sure to stay in compliance with the updated housing regulations and to keep our owners informed of relevant issues.
We are proud of our track record of identifying and leasing to stable and faithful tenants, resulting in an eviction rate of less than 1% on tenants we place in our properties. Nevertheless, when evictions are necessary we know exactly what to do. We have a zero tolerance policy on late rent payments, and we make sure our tenants know it. We are rarely called upon to take legal action, but we are always ready if warranted.
All funds are tracked and accounted for in separate property ledgers, owner ledgers, and tenant ledgers. Owners have access to their personal property ledgers anytime 24/7 through an online password-protected login procedure. Additionally, owners may also opt to have full accounting reports sent to them each month. Once rents are received, funds are forwarded to the property owner in a timely manner, either by direct deposit into an owner-designated account that takes only one day or by delivering via U.S. mail.
24/7 Emergency Phone Contact+
An emergency contact number monitored 24/7 is provided to tenants and owners in the event of any urgent situation.
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Silver Spring Area Information
The early 20th century set the pace for downtown Silver Spring's growth. E. Brooke Lee and his brother, Blair Lee I, founded the Lee Development Company, whose Colesville Road office building remains a downtown fixture. Dale Drive, a winding roadway, was built to provide vehicular access to much of the family's substantial real estate holdings. Suburban development continued in 1922 when Woodside Development Corporation created Woodside Park, with 1 acre (4,000 m²) plot home sites. In 1924, Washington trolley service on Georgia Avenue (present-day Maryland Route 97) across B&O's Metropolitan Branch was temporarily suspended so that an underpass could be built. The underpass was completed two years later, but trolley service never resumed. It would be rebuilt again in 1948 with additional lanes for automobile traffic, opening the areas to the north for readily accessible suburban development.
Takoma-Silver Spring High School, built in 1924, was the first high school for Silver Spring. The community's rapid growth led to the need for a larger school. In 1935, when a new high school was built at Wayne Avenue and Sligo Creek Parkway, it was renamed Montgomery Blair High School. (The school remained at that location for over six decades, until 1998, when it was moved to a new, larger facility at the corner of Colesville Road (U.S. Route 29) and University Boulevard (Maryland Route 193). The former high school building became a combined middle school and elementary school.) The Silver Spring Shopping Center and Silver Theatre (designed by noted theatre architect John Eberson) were completed in 1938, at the request of developer William Alexander Julian. The shopping center was unique because it was one of the nation's first retail spaces that featured a street-front parking lot. Conventional wisdom held that merchandise should be in windows closest to the street so that people could see it; the shopping center broke those rules.
Source From Wikipedia