We promise to provide value added services that help your property and tenant operate efficiently and effectively.
Services include but are not limited to the following:
Should I ask someone to manage my rental property?
If you have the time, the necessary experience, access to competent legal advice and are local, then you could and should manage your own property. If you don’t maybe you should hire someone who does.
What does a property manager do?
A property manager is involved in many things other than collecting rent and enforcing the terms of the lease as noted in the Property Management section. Hiring competent contractors, making sure they do the job right and stand behind the job, and ensuring that the tenant is happy is a big job.
Will you tell me everything that happens with my property?
If something may cause a potential interruption in your ordinary cash flow (loss of tenant or non-emergency repair in excess of $300), we will let you know about it immediately. Non-emergency items will be communicated along with your monthly statements. We encourage you to contact the property manager anytime you have a question or wish to discuss something.
What is your monthly property management fee?
Our fee is 8% of the monthly rent, with an $80 per month minimum. If your home rents for less than $1000 per month, or is vacant for a period of time, you will be charged a flat $80 per month.
What amount do you charge the tenant for a security deposit?
We ask for an amount equal to one month’s rent for deposit. This is what will be asked for by most property owners and property managers in Austin.
Who holds the tenant’s security deposit?
All security deposits must be held in our deposit trust account.
What do you charge to lease my property?
The leasing commission is 70% of the first full month’s rent for new tenants, with a $700 minimum. A renewal fee of 10% of the new monthly rent is charged for retaining current residents and executing a lease renewal. All classified advertising costs are passed through to owners, and we absorb all other costs of leasing the property including MLS fees, internet marketing, for rent signs, lockboxes, etc.
The leasing process is about pricing the property properly for the market (and the time of year), exposing it properly by putting it on the MLS, signage on the property, word of mouth/referrals and online presence so the “right” tenant has an opportunity to find it, and being patient enough to let time do its work.
How do you screen new tenants? How do you know who to pick?
We screen tenants for their Personal Character History in the areas of credit (how many and how do they pay their obligations), criminal (have they ever been charged with a crime – and do they confess it when asked), evictions or broken leases (have they ever had an y filed against them or refused to pay rent for any reason), registered sexual offender status (have they had problems in this area in the past). Once a prospective tenant has demonstrated that they have good character traits, we assess their prospects for how reliable they will be going forward into the future. It is more art than science.
What do you do when a tenant doesn’t pay the rent? Also, how do you handle problem tenants?
When the tenant doesn’t pay rent on time we contact them to find out why. The law is very specific about what steps you need to take and how to take them. On the 4th of each month, we send late notices to all tenants with unpaid rent. We will post an eviction notice about the 12th day of the month if payment is not received by then. Whether or not the property manager eventually proceeds with a formal eviction depends on the specific circumstances. It is always financially better for all involved if a solution can be worked out. If the tenant has experienced a one-time event which is causing them a financial hardship, and we have had no previous problems with them, it is better for you and the tenant if we give them a chance to catch up – if there is reason to believe they can do so. If the tenant has demonstrated an ongoing pattern of late payments, broken promises about payments and/or evasiveness, we know from experience that eviction is the best course of action.
Each case is unique and the property manager will make a decision based what is best for you and your home in the long run. That said, we always proceed with the legal notices required for eviction regardless of any other factors. We will simply postpone the actual filing of the eviction if the tenant is showing favorable effort toward resolution. Eviction for non-payment of rent in Texas are very straight forward and there is no way a tenant can prevail in court if they have not paid rent and the landlord has properly executed the notices and filing process. Full evictions, when necessary, can often be completed by the fourth week of the month.
What about maintenance requests?
Tenants will send a request form to us. After we receive a repair request, the property manager may contact the tenant and ask them questions which will help us determine the exact nature of the problem before sending a service technician. We also make sure it is not something the tenant can fix themselves (ex: reset button on the disposal, tripped breaker) before your money is spent on a service call. After determining that it is a legitimate problem, we will send the appropriate service vendor to make the repair. We tell our tenants that we are able to handle most repair requests within 1 to 3 working days. Comfort items such as air conditioning, no hot water or heat, receive highest priority and are usually attended to the same or next business day.
How much do you charge for maintenance repairs?
We have dedicated all-around maintenance sub-contractors who are capable in a wide range of home repairs including air-conditioning, light plumbing and electrical. Our main "go to" guys charge $45 per hour. Our other vendors range in price from $35 per hour to $75, and sometimes more for conditions such as an after-hours emergency sewer backup. We try to have our main guys handle most of the multi-trade and make-ready tasks and use other vendors when we are backed up. This saves our owners a lot of money on multi-trade repairs by cutting down on the number of service calls to the property by different vendors.
How much of my money do you hold back for repairs?
We will hold back $300 per unit in your account so that we always have funds to pay our vendors quickly.
Will you spend my money on large repairs without my approval?
For ordinary maintenance and repairs of less than $300, the property manager will take care of it without notifying you. You will find out when you receive your monthly statement. If we think a repair might exceed $300, we will call you and let you know what is happening, what we think should be done, and what the estimated cost might be. Sometimes expenses such as a replacing a bad water heater, a roof leak that needs patching or repair, or emergency A/C and furnace repairs are unavoidable. In those cases where 1) the health or safety of a tenant is an issue, or 2) in instances where there is only one option to consider or 3) the property will incur damage if immediate action is not taken, the property manager will initiate the repair work, even if it is higher than the $300 limit, and then let you know of the situation and what we are doing about it. Mainly, we don’t think important repairs should be delayed while we try to contact you for permission to do the obvious.
Besides managing property, can you help me find new rental property investments?
Absolutely! I am a real estate investor as well as a real estate broker and property manager. I can help you with these ideas and make them work for you. I advise people to consider owning rental property for long term investment and wealth building. But, like any other investment process you need to investigate before you invest. For more information visit to Buy and Hold Investments .