Owner Resources

Ownership with Bridge Property Management

Learn about the benefits of using a property management company for your rental property, and find out how Bridge Property Management can help you maximize your investment!

Frequently Asked Questions

What is the maximum amount I can raise my rent each year in Montana?

Landlords cannot increase the rent rate in the middle of a lease term, and must charge rent in accordance with the lease or written rental agreement.

30 days or more before a lease is set to expire (or for month to month leases, 30 days before changes are set to take effect), the Landlord must give a notice of any changes to lease terms. Terms can include fees, property rules, and rent rate. There no limit to the amount a landlord can increase the rent on their rental property each year, unless there is a provision in the lease. A tenant can move rather than renew their lease at the increased rate.

What is the average pet deposit and monthly fee in Montana?

Average pet deposits and rents fluctuate in Montana, but we see rates anywhere from $25 to $100 per month on average for monthly pet rent. Bridge includes a Pet Agreement along with a tenant’s Lease Agreement that stipulates an agreed upon pet rent amount for pet owners, as well as Pet Rules and Regulations.

How do you determine if an applicant has sufficient income?

Rent payments are the primary source of income from your rental business, so you’ll want to ensure tenants can pay rent consistently. You are within your legal rights to decline a tenant who can’t afford to rent the property. As a general rule, most landlords expect their applicants to make at least three times the monthly rent to be considered.

You can verify an applicant’s employment and income by contacting their employer. However, if an employer cannot verify the details you need due to legal reasons, you can request several documents to verify a potential tenant’s income. These include pay stubs, a W-2, or a tax return, to name a few.

What kind of insurance should a property owner carry on a rental property?

Typically, a standard homeowners insurance policy does not cover losses while your home is rented. A standard homeowners insurance policy is designed to cover a primary residence for the insured, not a rental property.

Rental property insurance or ‘Landlord Insurance’, is advantageous for when you own a home or condo and use it as a rental property, either long term or short term. It can cover:

  • Natural Disaster Damage.
  • Personal items left on the property for maintenance or tenant use (i.e. appliances, lawn mowers, snow blowers, etc.)
  • Loss of rental income if you are not able to rent out your property due to damage from a covered loss.
  • Liability if a tenant sues over injury suffered on the property.
  • Any costs you have to pay to move a tenant in or out of the property during repairs
  • Any compensation you must pay to a tenant if damage puts heating or air conditioning out of action.

Most of these types of policies do NOT cover:

  • Theft coverage if your tenant steals your personal property (you must request that this to be added to your policy).
  • Tenant’s Personal Belongings**
  • Loss of income if a tenant fails to make rent payments
  • Cost of evicting a tenant if necessary.

** To avoid conflicts with tenants concerning damage to personal belongings, Bridge will always require tenants to purchase renters’ insurance before taking residence.

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When we partner with property owners, we guarantee a
full-service experience defined by excellent communication, dependability and tailored strategies.

 

Leveraging in-depth knowledge of the market, we’ll determine your property’s rental value and prepare it for move-in, as well as deploy marketing techniques to get it occupied by great tenants, quickly. We’ll also handle every aspect of tenant screening, collecting security deposits, paperwork and of course, handle all tenant communications and repairs, leaving you with less stress, more time to focus on you.

  • Determining Rental Value
  • Preparing Property
  • Insightful Marketing
  • Tenant Screening
  • Move-In & Move-Outs
  • Secure Online Owner Portal
  • Convenient Rent Collection/Payment
  • Repairs & Maintenance
  • Property Inspections
  • Maintain/Increase Property Values

 

Not ready to be an owner? Contact us to learn about our vacancies and find your next property in Montana!


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Bridge Property Management!

 

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Contact Us

If you’re ready to begin maximizing your investment, or if you have any questions about our process, services, or pricing, please don’t hesitate to get in touch.

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Bridge Property Management
406-261-0734
contactus@bridgepmmt.com

439 Grand Drive, Ste. 106
Bigfork, MT  59911

 

 

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