PROPERTY MANAGEMENT SERVICES INFORMATION
Management Fee:
10% of the collected rent.
Contract:
We will have a TREC Property Management Agreement signed between us. The agreement is 12 months then goes month-to-month.
Leasing Fee:
1-2 properties the fee is half of one months rent.
3-4 properties the fee is 25% of one months rent.
5 properties or more the fee is ZERO.
Repairs & Maintenance:
We do not up-charge for repairs and maintenance, you pay what we pay. You will be provided all receipts and invoices each month.
Repair Reserve:
We do not require you to hold a repair reserve with us since we cut checks at the end of the month.
Make Readies:
If you have less than 5 properties and a make-ready exceeds $10,000 we may charge a 10% general contracting fee for handling the renovation.
If you have 5 properties or more there is no fee regardless of the cost.
Contractors:
We have professional and licensed contractors as well as handymen that do work for us at discounted rates. We do not pay night and weekend rates or trip fees. Those savings are passed on to you.
Owner Payments:
Owners are paid at the end of the month since we do not hold money in reserve for repairs. A net payment will be made with rent collected less management fees and any expenses.
Direct Deposit:
We can make owner payments direct deposit into your account so that you do not have to deal with mail or checks.
Statements:
You will receive detailed monthly statement by email including any receipts and invoices. You will receive a 1099 at the end of the year.
Leasing:
We do all showings and leasing contracts. Standard term is 12 months. We get as high a rental rate as possible within a reasonable time period. All proper leasing documents and addendums will be provided.
Advertising:
We typically cover all advertising including signs, photos, and many internet postings. We also receive referrals from our current and past tenants on a regular basis
Security Deposits:
We collect security deposits in an amount equal to the rent. If the lease rate is $1200 then the deposit is also $1200.
Pet Deposits:
Pet deposits are $300 per pet and Non-refundable. These deposits are paid out to the owner same as the rent and subject to 10% management fee. We do not allow problem dog breeds.
Lease Extension:
There is no charge for lease extensions.
Inspections:
We do move in/out inspections. We also do six month inspections of all properties to ensure that tenants are doing what they should and get an eye on any needed repairs that may go un-reported.
Seller / Insurance Inspections:
We do not charge for seller or insurance property inspections within reason.
Vacancy:
Our vacancy rate is about 7%. Most properties rent within 30 days.
Evictions:
If tenants are late we notice them. We will go to court and evict them if they do not pay. You pay the court costs but we do not charge for our time to notice tenants and go to court.
Tenant Screening:
For properties that rent below $1500 a month we typically do not do credit checks. Most tenants have poor credit. We call the past two landlords and verify employment and income. We want to make sure that the tenants have sufficient income and stable employment.
Online Payments:
Our tenants can pay online by ACH, credit card, and even through 7/11 and Ace Cash Express. Online payments improve timely rent collection.
24/7:
We are on call 24/7 for tenants.
As you can see, for only 10% of the collected rent you get a lot of services. We are more interested in maintaining good tenants that stay and pay than cycling through tenants continually.
Since I am a property owner myself I understand the importance of keeping properties rented and expenses as low as possible. Many cities now require rental inspections and we are subject to those inspectors. But, we run all the properties the way I run my own.
A Note About Carpet:
I NEVER put carpet in my houses. In my experience it is a waste of money. If the house has a concrete slab we stain the concrete if possible. If it has hardwood flooring we refinish the hardwoods. When we can’t stain concrete or refinish hardwoods we use vinyl planks that look like wood. These flooring options are the most tenant resistant. This is something we can discuss further for your properties.
If I have missed something that you would like to know, please contact me.
