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Property Owners Frequently Asked Questions
Thanks for visiting our web
site and considering our company for your property management needs.
We are asked all the time - why don't you have a bunch of available properties
on our web site? For those of you that like have have stats here they are.
We manage several hundred properties and maintain a 90 + % occupancy rate. The
average in our market is about 70 %.
We also maintain a default rate of less than 2 %. The average in our market is
around 8%.
That being said we do not have tons of available properties on our web site
because they are rented.
Due to the amount of advertising we do our web sites average around 41,000 page
views per month.
When properties do come available our average vacancy rate is about 20 days or
less for single family homes.
Q: What type of rental properties do you manage?
We
specialize in single family homes around the Killeen, Harker Heights, Nolanville
& Temple Texas. As well as Commercial properties all over
Central Texas
Q: What areas do you
handle?
Our Property Management
service area includes Killeen, Harker Heights Temple & Nolanville for single family
homes and investment property.
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Q: Who is responsible for
Yard and Pest Maintenance
Leases on single family
homes require that the tenant maintain the yard and grounds. Pest services is
generally the responsibility of the owner on single family and multi family
homes homes. The owner of multi family homes generally must bear the expense of
yard maintenance depending on the situation and layout.
Q: What Property Management
experience and credentials do you offer?
We are licensed Realtors®
and are members of the Fort Hood are Board of Realtors & Temple Board of Realtors.
Texas Heritage Real Estate offers you the level of
experience and expertise you should seek from any property management company
you hire.
Q: Why should I hire Texas
Heritage Properties as my Property Management company?
Turning over your rental
property to the care of someone you don't know is an emotional experience. Talk
to several property managers before hiring one, and ask questions. You want to
be able to trust your property manager so that you won't be worrying about your
home. The more research and information you gather, the better you will feel
about your final decision.
Q: How much will my house
rent for?
Generally, most homes
are renting for about 0.5% to 0.9% of the home's market sales value. Each home
should be evaluated individually these figures are just a guide
Q: What will you do to rent
my house?
FOR RENT SIGNS - Posted at
the property with an information number.
INTERNET LISTINGS - Our
available homes for rent are posted online and updated regularly with photos,
maps and complete details for the convenience of those searching for a new home.
LEASING LOCATORS - We make
all of our listings available to the many Lease Locator companies. These
non-Realtor companies specialize in helping tenants find apartments, duplexes
and homes for rent.
YELLOW PAGES - Generates
many calls each week from tenant prospects.
WORD OF MOUTH / REFERRALS -
Current and past tenants, friends of our tenants, referrals from other agents
that we network with.
CORRECT PRICING - Even the
best and nicest homes for rent will not lease quickly if overpriced. We make
sure your rental home is priced according to current market conditions.
THOROUGH PREPARATION - Even
the best located and well priced rental homes will not lease quickly in our
current market if the rental home is not in top showing condition. Part of our
job as property manager is to make sure your rental home is presented in a clean
and attractive condition so that it will attract a good tenant.
Q: What, specifically, do
you do to qualify a tenant after they have applied to rent my house?
Using a 3 rd party service
we -
LANDLORD REFERENCES - We
talk to past landlords and ask detailed, open ended questions about the
applicant's past performance.
CREDIT REPORT - We obtain a
credit report which tells us the applicant's current and past performance toward
meeting their financial obligations. It also tells us their monthly debt, credit
score, and shows their previous addresses (which we compare to addresses listed
on the application). An applicant should have current clean credit to qualify.
DRIVER LICENSE VERIFICATION
- We pull a copy of the applicant's public drivers license data to determine if
the addresses given on the application are consistent and also when and what the
last drivers license activity was, such as a renewal or change of address.
EMPLOYMENT/INCOME - We
contact the employer to verify length of employment, status, and income. An
applicant should earn at least 3 to 4 times the monthly rent in gross income to
qualify for rental.
PETS - We don't allow
animals/pets into managed properties unless you direct us to do so. If directed
to allow pets we would recommend a pet deposit be required.
Q: How do you make sure the
tenant is taking good care of my home while renting?
The most important
factor is careful tenant selection to protect your property from being rented to
irresponsible people. During the lease term, we may have occasion to enter the
property for repair or maintenance reasons and will use that opportunity to have
a look. If we are fortunate enough not to have any repairs or maintenance at
your property over an extended period of time, we can schedule a preventative
maintenance walk-through to make sure the air filter is being changed, that the
smoke alarms have batteries, etc.
Q: What do you do if they
are not taking care of my property as they should, or you discover unauthorized
pets?
We give the tenant an
opportunity to correct the situation and they usually do. If a problem persists,
we will make a joint decision with you based on that specific situation.
Q: What happens if the
tenant does not pay their rent?
On the 5th of each
month, we send late notices to all tenants with unpaid rent and asses late fees.
We will post an eviction notice before the 12th day of the month if payment is
not received by then. If the tenant has experienced a one-time event which has
caused them a financial hardship, and they don't have a history of problems, it
is best to let them catch up. If a tenant has an ongoing pattern of late
payments, broken promises or evasiveness, then eviction is usually the best
course of action. Full evictions, when necessary, can usually be completed by
the end of the month
Q: How informed will I be
about what happens with my property?
We will let you know
about it right away of any emergencies or potential interruptions to your
ordinary cash flow (loss of tenant or major repair). Non emergency items will be
communicated along with your monthly statements and you can contact us at
anytime.
Q: How do you handle
maintenance requests?
Tenants can call, fax or
email their non-emergency maintenance. For emergencies, tenants can call us 24
hours a day. After we receive a repair request, we generally contact the tenant
to determine the exact nature of the problem before sending a service
technician. Any tenant caused problem requiring repair will be billed back to
the tenant.
Q: How do I know you won’t spend my money on large repairs
without my approval?
For non-emergency
repairs of less than $200, we take care of it without notifying you. For
emergency repairs where 1) the health or safety of a tenant is at risk, or 2)
the property will incur damage if immediate action is not taken, we will
initiate the repair work, even if it is higher that the $200 limit, and contact
you right away.
Q: When do you mail the
owner's checks and statements?
Owners checks and
statements are mailed out no later than the 12th of each month.
Q: Can you put my rental
proceeds directly into my checking account?
We will be happy to.
Direct deposits go out on the 12 th of each month taking into consideration that
it does not fall on a weekend or a holiday.
Q: What will I receive with
my monthly statement?
The monthly statement
showing all income and expenses for the accounting period and the original
receipts for any repairs. We don't mark up repair invoices and we send you the
original copy so you'll see what was done.
Q: How much is your monthly
property management fee?
Our property management
fee is 7 % of the monthly rent, with a $55 per month minimum.
Q: Are your property
management fees negotiable?
If you have multiple
properties that are commonly located, give us a call and we may be able to
negotiate a discounted rate.
Q: Are there administrative
fees or other service charges up and above the property management and leasing
fees?
No.
Q: Does your property
management agreement give you exclusive right to sell my property?
No. We can sell your
property if you would like us to, but we do not bind you to that in the
management agreement like most companies do.
Q: Is the Property
Management Agreement a standard, widely used form?
Yes. We use the Texas
Association of Realtors Property Management Agreement. If you have
Adobe Acrobat Reader
you can view a copy of our property management agreement and Residential Lease
Agreement. Just send us an E Mail request and we will get a form right out to
you.
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Q: Who holds the tenant's security deposit?
All security deposits
will be held in our deposit trust account unless otherwise negotiated.
Q: How much security
deposit do you charge the tenant?
The common deposit
amount charged is 50% to 100% of one month's rent, more depending on the tenants
previous rental experience.
Q: Are you licensed
Realtors?
We are licensed Realtors®
and are members of the Fort Hood Board of Realtors®
&Temple Board of Realtors®.
Q: How soon can we start
managing your home?
We can start the process
immediately by obtaining some information about you and your
property. 254-554-3342
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