Q: How much will my home rent for?
A: Various factors will determine the amount of rent you can get for your
property: Location, condition, square footage, number of bedrooms and baths,
and general curb appeal will contribute to determine the best rental rate for
a property. It is part of our job to visit the property in order to make a
good assessment and quote a fair rate. Arriving at the best rental rate is
a formulaic process that takes specific factors into account. The rental
rate that Cherry Blossom Property Management, LLC recommends is subject
to the owner's approval.
Q: What happens if tenants do not pay their rent?
A: We make sure our residents 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.
Q: What is the process for emergency maintenance requests?
A: If we receive an emergency maintenance request, we will immediately
dispatch a vendor and have the work completed. Emergency maintenance
requests are defined as:
- No Utilities (electric, water, HVAC – temperature dependent)
- Significant storm damage
- Significant threat to life, health, safety
Q: How long does it typically take to schedule a vendor for a maintenance request?
A: Depending on the situation, we may first have to call for owner approval.
We contact owners as quickly as possible and provide them with all available
information. Once we have owner approval, a vendor is dispatched to diagnose
and fix the issue at your home.
Q: Does the owner pay for every maintenance request?
A: No, accidents happen. We evaluate each invoice and situation to determine
if it is the owner’s responsibility or a resident’s responsibility to pay
for the maintenance work.
Q: How informed will I be about what happens with my property?
A: As informed as you want to be. Owners have the choice to be kept informed
of all communications regarding work orders or other resident requests. Once
we receive rent payment, 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.
Q: When do you disburse the owner's payments?
A: We do an ACH deposit on the 10th of each month
to into your account with your net proceeds.
Q: What type of reports do I get and how often?
A: You will receive a ledger each month that itemizes all rents received,
expenses incurred if any, and the balance of funds in the account. At the
end of the year, we will provide a Year End Statement as well as a 1099
for your taxes.
Q: Who holds tenants' security deposit?
A: We hold the security deposit in a separate Escrow account. It is
illegal to comingle funds and security deposits must be in a separate
account than rents and other revenues.
Q: Can I expect to be contacted by tenants, HOA or neighbors?
A: We never give out your contact information. If tenants do research
and somehow are able to contact you directly, please refer them back to us.
Q: Do I get to see the lease or sign it?
A: Yes, we will send the lease out to all parties to sign. We do not
sign the lease on your behalf.
Q: What type of properties do you manage?
A: We manage residential single family properties including detached homes,
townhomes and condominiums, and multi-family properties.
Q: How soon can you start managing my property?
A: We can take over management immediately. All you would need to do is
sign our management agreement and complete our new owner paperwork. If
there is a tenant in place, we can notify the tenant of the management change.