February 2023 Newsletter

1099 E-Filed

Please be advised that the 1099 has been filed and you can expect to get it mailed to you in a couple
of days.

For your IRS Reporting needs, it’s recommended you hire a tax professional or CPA that understands your investment business. To better prepare for tax filing season, you can download your Year-To-Date Rental Owner Statement. You may run your year-to-date rental owner statement by logging into your Owner's Portal, click Accounting and choosing the correct period.

Warranty on Repairs and Recall Process

Our vendors provide a maximum of 90 days warranty for most repairs on the work they do on
your property. This means if the same scope of work occurs again within 90 days time frame, our Dedicated Team process what we consider a recall. This process request the same vendor revisits the property and make repairs free of charge unless the vendor provides proof it’s not the same problem or their estimate stated no warranty was included.

Maintenance Program

Maintenance costs can make or break the owner's bottom line, our maintenance program is created to maintain the owner's investment value with decreased liability and high turnover due to deferred maintenance.

All incoming work orders will be sent to the owners first, this means the owner/s have 36 hours to respond to non-emergency tickets. You will be set up with Latchel - our dispatching company and through Latchel, any work orders will be brought up to your attention via SMS and/or email first before reaching our team for processing.

Read more about our Maintenance Program here.

Rent Collection Timeline

All residents are well-aware of the consequences of paying their rent late. For Tenants we place, we even require them to sign and acknowledge our process before they even decide to rent one of our properties. To have a better understanding of our Rent Collection Timeline, click here.

Eviction Trends

Maryland evictions drastically increased during the summer months, moving closer to pre-pandemic levels. Evictions in the third quarter of 2022 were about 30% lower than during the same period in 2019, but about two and three times higher than during the third quarter in 2021 and 2020, respectively.

For almost 3 years, thousands of evictions were prevented across Maryland by a combination of federal and local eviction moratoriums put in place during the pandemic, federal rental assistance funds, and court backlogs.

The number of successful evictions we had have tripled in the 1st quarter of 2023 compared to the 3rd and 4th quarter of 2022. Right now we are noticing a huge improvement on delinquency management.

Be a Hero! PropertyWize Referral Program

Pick anyone and we’ll manage their property for 1 month for free and yours for free too.

For Referrals
Only applicable to first time customers. Property also must minimum standards and fully compliant of all state and local laws.

For Current Clients
To qualify, your account must be in good standing. Also only 1 property management fee credit is applicable up to a maximum of $150.00.

Owner Benefit Package

Minimize Your Exposure... and Headaches:
When a tenant defaults on the rent, it can take months to regain your property and get another tenant in place. Meanwhile, you're continuing to make mortgage payments and incurring additional expenses on the property, all the while losing rental income. Enter the Owner Benefit Package.

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Greater Baltimore Property Management Blog