FAQs for Owners
What are the terms and procedures employed for collecting tenant payments? First, having good tenants who pay the rent on time and take care of your property is paramount. Our qualifying procedures are very thorough as described below. If we have not received the rent by 5:00 pm on the 6th calendar day of the month we discuss the situation with you and post a notice to the tenant that the eviction process is underway. Usually, the tenant then pays. If not, we more forward with the eviction process according to Texas law. We work hard at staying on friendly terms with the tenants, but we demand that they pay the rent on time and take care of your property.
How are payments to the owners processed? We collect rents the 1st through the 3rd and process payments to the Landlord begins on the 4th business day. We either mail to you or direct deposit whichever you prefer. Our contract says your payment will be to you by the 10th or before. We always beat the 10th as long as payment from the tenant is made timely.
How is information about monthly receipts and expenses provided to the owner? We email or snail mail a monthly report to you reflecting all activity on your account for the past 30 days.
What steps are taken for late tenant payments? We educate the tenant at time of application and again at move-in on the importance of paying his or her rent on time and in ful. We report late pays to the credit bureaus and charge and collect the penalties due. Being late on rent is serious business and we let the tenant know that we follow through with the consequences. We are also effective at going to court on the Landlord’s behalf when necessary.
What is the fee rate for property management service? Normally, we charge 10% of the monthly rent. We charge less for monthly rents above $2000. For multiple properties we can give a discount. We would have to see the property(ies) and discuss more with you before giving any final quote.
How are new tenants found, and what are the associated fees for the service? We aggressively market your property and have a high presence on the Internet. We are on many different web sites i.e. Realtor.com, DallasNews.com, Google.com, Zillow.com, Trulia.com, Hotpads.com, Point2.com, etc. and 1,000s of other Realtors' web sites. And of course we are on the Multiple Listing Service and other sites that the MLS system feeds. We charge up to 1st month’s rent which is paid by the Tenant to the owner, of which up to 50% is paid to the broker securing the Tenant.
How are property repairs and damage handled? What is the expense maximum that does not require owner approval? Our contract reads that we do not need owner approval on repairs up to $350. If we cannot get hold of you in an emergency situation, we would make a repair without your approval. This is very rare. We will talk to or email you or both should a major repair be needed. We have service people that have been with us a long time and they treat us right. We handle your money as if it were ours. You always have the option to use your own contractors to make the repair or do it yourself, if you are so inclined.
How often is the property inspected and what constitutes an inspection? Every quarter we visit the property inside. Every 6 months we check to insure the filters have been changed. It is the duty of the Tenant to change the filters every month as stated in the lease.
What types of annual information are provided to the owner? Are 1099’s issued? Are owners provided with general rental market assessments? Revenue and Expense Reports are provided to you each month throughout the year and an end-of-the-year statement is sent out with your 1099. We do a market assessment at renewal time and make a recommendation to you.
How are tenant rent payments handled? Rent is due on the 1st, late 11:59 pm on the 3rd at which time we charge a $50 late fee for the 4th day and a $25 late fee for every day thereafter until the month ends. Late fees are applied to office overhead.
Does the management company make suggestions for rental adjustments? Yes, it is part of the assessment.
Are owners notified of changes in property management personnel so that contact by owners can be made easily? We are a 23 year family owned and operated business and have been working together for over 15 years. I tell you this in answer to this question because we have a strong foundation/structure, sound policies and procedures, back one another up and get the job done right. We are not so large that you are just a number nor are we so small that we cannot provide the needed support.
How large an area do you cover? We service the cities North of Dallas only. Specifically: Plano, Frisco, Allen, McKinney, Dallas, Prosper, Celina, Richardson, Carrollton, Garland and other cities north. We limit our outreach because we have found if we get too far away from home we are unable to give the top notch service you deserve. This is very important to us!!
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