You could rely on a Google search and your best friends’ advice to answer your rental questions, or you could rely on the knowledge, experience and expertise of a Rental Management Company like Tidewater.
Why Do I Need a Rental Property Manager?
Renting your property can be a great investment and source of income, but it can also be a full-time job to manage. A Rental Management Company handles direct communication with prospects and tenants, markets your rentals, collects rent, handles maintenance and repairs, responds to tenant complaints, and pursues evictions. Long story short, we save you lots of time and effort, while bringing our know-how and experience to your property.
- Knowledge of Fair
- Knowledge of State
& County Laws
- Credit &
When dealing with tenants rentals have a bad reputation, we remove that stigma. Leave the stress to us!Tidewater’s Rental Division specializes in leasing and property management, and as always, we’re driven to progress by our commitment to personal service and customer care.
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Whether you’re renting out your second home, making money on an investment property, or just need a part-time renter while you travel south for the winter, we strive to make the entire rental process easy, painless, and profitable for our clients.Tidewater represents homeowners, landlords, and investors in the Baltimore & Washington D.C. Metro area of Maryland.
1. Who decides on the amount of monthly rent?
The decision as to the amount of monthly rent is always made by the property owner. However, Tidewater can provide the owner with information on similar properties which have recently rented in the area in order to determine an appropriate price.
2. How do I know that I will get my rent on time?
Effective credit and financial background screenings can help ensure tenant rents are received on time. It has been consistently proven that tenants who have handled their past credit and rental obligations well will continue to do so in the future.
3. What happens if the tenant pays the rent late?
A late fee is assessed to the tenants account if the rent is not received by the 5th of the month. A notice is sent to the tenant notifying them of the past due rent and late fee being assessed to their account. If rent is still not received by the 15th a Failure to Pay is filed with the county and the eviction process is initiated.
4. How will I know if the tenants are taking good care of my property?
Tidewater conducts an in-depth outside and inside, room-by-room inspection of the property prior to a tenant moving in. The tenant is then provided with a copy of this inspection and invited to add any additional comments. Tidewater also conducts a semi-annual inspection while the tenant is occupying the property to ensure the property is well maintained during their occupancy. At the time the tenant moves out, Tidewater conducts a final inspection to determine if there should be any deductions from the tenants’ security deposit for items over and above normal wear.
5. What happens if a tenant damages something?
The repair or replacement of an item, damaged or neglected by a tenant is handled in one of two ways. If the tenant brings the damage to Tidewater’s attention or if it is discovered during a routine inspection, Tidewater will arrange for the repair or replacement of the damages. Initial payment for the repairs comes from the owner’s management account; however, the tenant is then immediately invoiced for the cost of the repair. In the event the tenant-caused damage is not detected until the tenant has moved out of the property, the cost of any repairs will be deducted from the tenant’s security deposit.
6. How does Tidewater take care of minor repair items?
It is expected that the property owner allow Tidewater the leeway to make smaller day-to-day repair decisions. $500.00 will be set aside from the owner’s first month’s net rent in order to establish a reserve fund to cover small repair items. Tidewater will provide the property owner with a detailed accounting each month of all monies collected and expensed.
7. How does Tidewater take care of major repair items?
You received a copy at, or prior to, closing on your home. If you need another set, it is available through your association and/or its managing agent. Your Governing Documents are recorded instruments so they are also available through the County in which your Association is located. A copy may be available for download on the communitys website.
8. How do the mortgage payments, condo/HOA fees, etc. get paid?
It is up to the homeowner of each property as to how the fees are paid. If the homeowner elects to have Tidewater pay their monthly fees, the fee amount is deducted from the monthly rent received. If the homeowner does not elect to have Tidewater handle the payment it is the responsibility of the homeowner to continue making the necessary payments.
9. How do I get my money from Tidewater?
Each homeowner has the option to receive their monthly owner draw in one of two ways. They can either receive the money by check via the postal service or by electronic payment. Homeowner draws are issued no later than the 15th of every month.
10. How much does all of this cost me?
Tidewater charges a one-time leasing fee each time there is a new tenant placed in the property in order to recover costs associated with the marketing, showing, and screening of applicants. This fee is a percentage of the rent and is determined at the time of signing the management agreement. This payment is deducted from the monthly rent in two installments. Tidewater also charges a monthly management fee. This fee is also percentage of the rent received and is determined at the time of signing the management agreement.
11. What homes are currently available for rent?
For a full listing of Tidewater’s available properties go to the Featured Listings link under Rentals and click on the Full Listing button.
Prospective tenants may learn of the property either through the owner’s advertisements, a real estate agent’s showing or Tidewater’s advertising. In any event, once you have seen the property and make the decision to rent it, the owner and the real estate agent step out of the process. You will then make an appointment to meet with a TidewaterÂ representative who will assist you through the application and leasing process.
12. Do I rent the home from the owner or from Tidewater?
Prospective tenants may learn of the property either through the owner’s advertisements, a real estate agent’s showing or Tidewater’s advertising. In any event, once you have seen the property and make the decision to rent it, the owner and the real estate agent step out of the process. You will then make an appointment to meet with a Tidewater representative who will assist you through the application and leasing process.
13. What is the procedure for applying to lease a Tidewater property?
The lease application and approval process can usually be completed in a one-step process at Tidewater’s office. You simply need to call Tidewater to schedule an appointment. We do not accept lease applications without an appointment. You will want to schedule the appointment as soon as possible, as our properties are leased on a first-come, first-served basis. A credit and criminal background check will be processed for all applicants living in the property who are 18 or older. Tidewater will also verify rental and employment history for each applicant.
14. What are the financial qualifications needed to rent a Tidewater property?
A steady, monthly, positive cash flow and the information obtained from a tenant credit report will be influential in deciding whether or not a prospective tenant qualifies. At the time of the rental application, a consumer credit report will be obtained for all adult persons who will be occupying the property. These credit reports are instantaneously available for Tidewater’s review at the time of the rental application. Poor credit history will be cause to deny the rental application.
15. Will I need to have a security deposit?
AllÂ TidewaterÂ leases will require a security deposit from the tenant. This security deposit will be collected from the tenant at the time the lease is signed. Security deposits are usually an amount equal to one month’s rent. At the end of the lease the security deposit will be returned to the tenants, plus interest, less any deductions for lease violations or damage to the property.
16. How long is the term of the lease?
Most Tidewater leases are for one year or more. At the end of the initial lease term, the lease will usually continue on a “month to month” basis. Should the tenant wish to continue the lease for an additional year or more, Tidewater will attempt to arrange for this on the tenant’s behalf.
17. Will I be allowed to have pets?
Every property owner seems to have different thoughts concerning pets. It is a part of Tidewater’s duties to see that the owner’s instructions are carried out in this area. For those properties which do allow for the keeping of pets, there will usually be some restrictions as to the number, size and type of pets which will be allowed. Also, an additional pet deposit will usually be required.
18. If I am a member of the Armed Forces and the military transfers me, what happens?
All Tidewater leases provide that if a tenant is an active-duty member of the Armed Forces and receives official military orders to proceed to a new permanent duty station which is fifty miles or more distant from the tenant’s present duty station, then the tenant, upon giving Tidewater thirty days’ prior written notice, may terminate the lease. The military tenant’s thirty-day prior written notice must be accompanied by a complete copy of the tenant’s permanent change of duty station orders, and the new reporting date must reasonably coincide with the requested ending date of the lease.
19. How, when and where do I pay the rent?
Tenants can pay their rent by check, money order, cashier’s check, or ePayment. Rent is due on the 1st of the month and is considered late after the 5th of the month. Tenants can forward their check, money order, or cashier’s check to Tidewater’s office located at 3706 Crondall Lane, Suite 105 Owings Mills, MD 21117. If paying by ePayment, the tenant can access their tenant portal and submit it via the website.
20. What utilities will I be responsible for?
All Tidewater-managed properties will have separate metering for electricity, gas (when available) and in most cases water and waste water. Tidewater will assist you with all of these arrangements at the time of your lease application and inform you of which utilities you will be responsible. Arrangements for telephone, cable, DSL, etc. will be made directly between the tenant and the service provider.
21. What upkeep and repairs will I be responsible for?
Inside the property, it is the tenant’s responsibility to keep things reasonably clean, so as not to cause damage to items such as carpeting and other flooring. Smoke detectors should be tested on a routine basis. Furnace filters are to be changed at a minimum of every 60 days. Care should be taken so that tubs and sinks do not overflow, as this can cause considerable damage to the property. All appliances should be used within their reasonable operating limits and never overloaded. Pest control is also the tenant’s responsibility.
Outside the home, the tenant will need to keep lawn areas cut, weeds removed, shrubs trimmed, gutters clean of leaves. Snow removal from driveways and walks is also a responsibility of the tenant. In general, it is expected that the tenant maintain the property on a par with neighboring homes. Tidewater will arrange for any exterior maintenance such as painting, roofing and siding repair, deck staining, driveway capping, removal of dead trees, etc. These are maintenance items which should be pointed out to Tidewater’s attention during routine property inspections.
22. How do I notify Tidewater when something needs fixing?
There are several urgency levels concerning the time frame for repairs. Items which need attention, but do not show cause for danger or major damage or inconvenience should be mentioned during routine property inspections or by contacting our office. Items which could become a danger or major inconvenience to the tenant or further damage the property may be reported to Tidewater through completion of the Repair Proposal Request Form on this site or by calling the emergency line for situations outside of normal business hours which could cause immediate danger or damage such as fires, burst water pipes, etc.