Owners

BDR processes and mails out owner checks and statements between the 10th and the 15th of the month, assuming rents are paid on time and funds clear the appropriate financial institutions. Funds are transferred directly into the owner’s bank account. BDR sends the net proceeds collected from the rental property minus the rental commission, fees, and any costs and expenses necessary for the property to be leased. Owner statements are available online through an owner portal after the 20th of each month. Property owners can view their account and print monthly statements.

If owners would like a division of funds, written instructions will be required as well as signatures from each owner. We do require one person to be designated as the point of contact for authorization of repairs and questions from management.

We will conduct inspections based on the level of management services you have chosen. A BDR manager will conduct an inspection of the outside and inside of the home. Any repairs needed will be noted and work orders will be placed. If any repairs are due to tenant neglect or are the responsibility of the tenant, those will be billed to the tenant. Tenant will be required to sign the report and a copy will be uploaded into your owner portal.

Rents are due on the 1st of each month and considered late after midnight on the 3rd. If rent is not paid by the 4th, the tenant is sent a late notice with a 10% late fee. If the rent plus a 10% late fee is not received by the 3rd day after notice given, BDR will begin facilitating the eviction process. Late fees collected are split 50/50 between the owner and BDR. The eviction costs are solely the responsibility of the owner and costs approximately $135 to $150 to file and $65 to $150 to serve notice depending on the county your home is located in. We will contact you prior to starting the eviction process because this is the last resort but we believe an aggressive collection process prevents further late payments. Most tenants will understand and pay on time or contact us if there are problems.

The screening process is very thorough but no property management company can guarantee a tenant will always pay on time or take care of the property to the standard of the owner. BDR will do all it can by law to verify the tenant through the screening process and through the semi-annual inspection process.

A security deposit equal to one month rent is collected from the tenant at move in. The security deposit is held by BDR in a property management trust account and is used when the tenant moves out if there are any repairs necessary that are beyond “normal wear and tear”. There is no definition of normal wear and tear in NM real estate law so a judge would have to determine those repairs outside of normal wear and tear if there is a dispute. Generally speaking, holes in walls beyond normal nail holes for pictures, missing flooring, missing appliance, holes in doors, etc would be considered beyond normal wear and tear. All tenants are required to professional clean the carpets before vacating the property and leaving the home in a clean condition. Receipts for carpet cleaning are required or BDR will send it’s own vendor and deduct from the security deposit. Items like minor staining on carpet, smudges on walls, and holes from artwork are considered normal wear and tear. Dead landscaping is also within normal wear and tear unless all landscaping is dead. New Mexico has a very dry climate and owners can expect some vegetation to not survive, especially grass and fruit trees that need more water. It is advised to replace grass with rock if it dies.

There are very few maintenance emergencies that would require service at night and on the weekends, however, BDR has an emergency contact line for things like water leaks, heater issues in winter, or no hot water. Most other repairs would not be considered an emergency and a normal work order would be placed.

BDR is a full service real estate company. We have a dedicated residential sales staff and we offer commission discounts to our residential management clients.