October 9, 2020

Secure a Property

A guide on how to secure a property with Baker Street Properties.

How to Secure a Property

A property is only secured by signing a lease and paying the first month’s rent. However, you can place a deposit through our Wait List process to gain a higher priority of securing a property.

Wait List:

Due to the city ordinance in Ann Arbor, we cannot tour properties located in Ann Arbor until the current tenants have been moved-in for at least 70 days.  That does not mean that we cannot schedule a tour for a future date.  If the property you are interested in has not reached its 70th day mark, we will be more than happy to schedule a tour after that day.

Because of this ordinance, Baker Street has implemented a wait list system to stay organized and ensure we honor our fair first-come-first-serve policy.  During the current tenants’ 70 day period, they will have the first priority to lease the property for another term.  For the next priority, we turn to the wait list.

To secure priority on the wait list, you will need to place a $1,000 deposit. You can send the deposit via Venmo at Baker-Street. The first person to place a deposit will receive next priority to the current tenants, and so on.  Note, sometimes the current tenants tell us that they do not want to stay another lease term before the 70 day period, so it is possible to receive first priority after all.  If you receive first priority of the property, your $1,000 deposit will be credited to your first month’s rent payment, which is due at lease signing.

As a side note, the security deposit (1.5 month’s rent for Ann Arbor properties), which is different than the wait list deposit, is due one month before move-in.  If you place a deposit and someone with a higher priority, such as the current tenants, leases the property instead, you will receive a full refund of your deposit.  However, if you receive first priority to lease the property and you change your mind, you will lose your deposit.

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