Property Management Services
Up-To-The-Minute Statements and property reports are always available online.
We provide: a very high level of service to a relatively small number of property owners. Unlike most management companies (500+ units), our business model is that we never manage more than 100 units - which enables us to be very knowledgeable of each property and the tenants. Our level of service to both our tenants & owners is un-matched.
Monthly Management Fee: $100 for most houses - $87.50+ per unit for most duplexes & fourplexes.
1 Time Charge For Procuring A New Tenant: If we are managing the property, we charge only 6% of the total of the lease to create the tenant marketing campaign - professional photography -- take the dozens of calls, emails etc... communicating with prospective tenants... pre-qualifying to verify ALL prospects histories, which includes national criminal background, sex offenders search, past work and rental histories, verification of prospects current rental & employment situation - and finally, we pull the applicants full credit report... and then prepare lease and supporting documents & pay the tenants brokers' their commissions. * Example: a 14 month lease at $1500 month - our commissions would be 14x$1500 X 6% = $1260
Start Up Cost For Owners: We keep our management fees very low compared to the industry and pride ourselves in managing the properties as-if-they-were-our-own. Most management companies charge 2 times our monthly fees and can't even approach our personal management style. Starting with a new property is quite expensive and time consuming so we hope you will understand that we need to assess a 1 time start-up fee of $250 per unit. This helps cover all the hours of work associated with bringing on a new property to our company.
Renewal Fee: We work very hard to maintain a great tenant relationship - all geared towards keeping them year-to-year as tenants. We charge a 1.25% of the total lease renewal rent. Example: $1500 rent renewed for 12 months = $225.00 renewal fee
Systems: We have amazing systems to reduce vacancy, secure great tenants, increase lease renewal rates and reduce property expenses. (developed from over 40 years managing property)... as an example, we are the only company that i know of that does NOT charge for tenant pre-approval... this is very advantageous for you because all the other properties require full application fees paid up front before any property manager looks at the applicants info... prospective tenants are not reluctant to apply for our properties because they do not have to pay any $ up front... more applicants = shorter time on market and greater chance of better tenants. Tenants tend to prefer properties when they feel good about the management company!
Forms: We use the Texas Association of Realtors Management Agreement and (TAR) Lease along with our (40 years in the making!) TXAPP.info proprietary addendum which details application requirements/instructions, in depth clarification of many lease terms and a few of our own additional lease terms. We have the most comprehensive tenant application in the business: Our Application (app procedures, etc... at TXAPP.info)
Monthly Management Fee: $100 for most houses - $87.50+ per unit for most duplexes & fourplexes.
1 Time Charge For Procuring A New Tenant: If we are managing the property, we charge only 6% of the total of the lease to create the tenant marketing campaign - professional photography -- take the dozens of calls, emails etc... communicating with prospective tenants... pre-qualifying to verify ALL prospects histories, which includes national criminal background, sex offenders search, past work and rental histories, verification of prospects current rental & employment situation - and finally, we pull the applicants full credit report... and then prepare lease and supporting documents & pay the tenants brokers' their commissions. * Example: a 14 month lease at $1500 month - our commissions would be 14x$1500 X 6% = $1260
Start Up Cost For Owners: We keep our management fees very low compared to the industry and pride ourselves in managing the properties as-if-they-were-our-own. Most management companies charge 2 times our monthly fees and can't even approach our personal management style. Starting with a new property is quite expensive and time consuming so we hope you will understand that we need to assess a 1 time start-up fee of $250 per unit. This helps cover all the hours of work associated with bringing on a new property to our company.
Renewal Fee: We work very hard to maintain a great tenant relationship - all geared towards keeping them year-to-year as tenants. We charge a 1.25% of the total lease renewal rent. Example: $1500 rent renewed for 12 months = $225.00 renewal fee
Systems: We have amazing systems to reduce vacancy, secure great tenants, increase lease renewal rates and reduce property expenses. (developed from over 40 years managing property)... as an example, we are the only company that i know of that does NOT charge for tenant pre-approval... this is very advantageous for you because all the other properties require full application fees paid up front before any property manager looks at the applicants info... prospective tenants are not reluctant to apply for our properties because they do not have to pay any $ up front... more applicants = shorter time on market and greater chance of better tenants. Tenants tend to prefer properties when they feel good about the management company!
Forms: We use the Texas Association of Realtors Management Agreement and (TAR) Lease along with our (40 years in the making!) TXAPP.info proprietary addendum which details application requirements/instructions, in depth clarification of many lease terms and a few of our own additional lease terms. We have the most comprehensive tenant application in the business: Our Application (app procedures, etc... at TXAPP.info)
Leonard Schwartz, Owner, REALTOR®, Broker, GRI, ABOR, TAR, NAR, NARPM, MFIC -- Our Property Management Services are ideal for those who need to acquire top quality Tenants without any involvement. I have personally bought, sold, rented over 400 houses. Real Estate is my passion and I prefer to keep my business small and manageable (unlike the rest of this industry that continues to focus on doing more and more business (at the expense of quality). We offer our clients a standard in-between tenant make-ready service that includes standard unit cleaning (if needed), minor repairs, paint touch-up & minor carpet repairs & stain removal: beginning at $250 (a $450+ value).
Our Property Management Philosophy
When wanting to retain current tenants and rent a property in an expedient manner repairs must be handled both professionally and quickly. This ensure a cash flow that any investor is looking for. When work is needed for make-readies, or repair whether minor or major, we have the most cost effective solution while still providing the quality you would want in our own home. We have access to the most affordable and quality contractors. This allows for a substantial discount. We pass this often significant savings on to the property owner thus keeping your investment in the cash positive side of the balance sheet. We also offer innovative services to maintain your asset value and ensure your investment portfolio continues to appreciate with the respective neighborhoods. WE meticulously monitor all make readies, required repairs and other ongoing maintenance to your asset to ensure its value is retained or increased. We impress all of our clients whether they are seasoned investors and we out perform their previous management company or first timers needing to feel that their asset is being taken care as if it were them doing it themselves.
Below are listed just some of the additional property management services we can provide:
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Emergency services:
Electrical and plumbing failures related to the home itself, not on “city side” provided services. One of our employees/contractors will be dispatched ASAP. 24 HOUR call response and messages/calls returned promptly.
Renovations: We can handle just about any size renovation.
Lawn care: Mowing, edging, bed cleaning and mulching, hedge trimming, and material removal, weed & feed, bagging of grass or mulching upon request, blowing, irrigation inspection and general curb appeal. If you like this cost can be wrapped up in rental rate and advertised as an amenity.
Insect/Pest Control Pool care: Chemical maintenance and balancing, all debris/grass/leaf removal. (if required)
House care: Maintenance of locks, doors, and windows. Furnace/AC service and maintenance inclusive of air filter replacement programs. Interior/Exterior painting, siding repair or replacement, outdoor deck care, pressure washing.
FAQ
Why should I hire TexasRealty.us as my Property Management company?
You should hire us only if you think we are the best match for your property management needs. Frankly, we are not a perfect fit for every property owner and it would be arrogant and wrong for us to simply proclaim "we are the best, hire us!". We may be the best property manager for some owners and properties but not for others. That is why this FAQ page exists so that you can learn about us and and the guiding principles we will employ in the management of your property. Allow us to keep your investment in the black. By spending a little you will keep your asset an asset and avoid it becoming a liability. Turning over your rental property to the care of an unknown property manager can be an emotional and frightening experience. 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. Of course, we'd love the chance to earn your trust and manage your property, so please read on. Up-To-The-Minute Statements are always available online. See example (just 1 of many Owner reports) Owner Statement.
How do you make sure the tenant is taking good care of my home while renting?
There are several ways your property manager has to know this. Above all, careful tenant selection from the outset protects 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, your property manager will schedule a preventative maintenance walk-through to make sure the air filter is being changed, that the smoke alarms have batteries and that there are no unreported problems at the property.,
Our Property Management Philosophy
When wanting to retain current tenants and rent a property in an expedient manner repairs must be handled both professionally and quickly. This ensure a cash flow that any investor is looking for. When work is needed for make-readies, or repair whether minor or major, we have the most cost effective solution while still providing the quality you would want in our own home. We have access to the most affordable and quality contractors. This allows for a substantial discount. We pass this often significant savings on to the property owner thus keeping your investment in the cash positive side of the balance sheet. We also offer innovative services to maintain your asset value and ensure your investment portfolio continues to appreciate with the respective neighborhoods. WE meticulously monitor all make readies, required repairs and other ongoing maintenance to your asset to ensure its value is retained or increased. We impress all of our clients whether they are seasoned investors and we out perform their previous management company or first timers needing to feel that their asset is being taken care as if it were them doing it themselves.
Below are listed just some of the additional property management services we can provide:
.
Emergency services:
Electrical and plumbing failures related to the home itself, not on “city side” provided services. One of our employees/contractors will be dispatched ASAP. 24 HOUR call response and messages/calls returned promptly.
Renovations: We can handle just about any size renovation.
Lawn care: Mowing, edging, bed cleaning and mulching, hedge trimming, and material removal, weed & feed, bagging of grass or mulching upon request, blowing, irrigation inspection and general curb appeal. If you like this cost can be wrapped up in rental rate and advertised as an amenity.
Insect/Pest Control Pool care: Chemical maintenance and balancing, all debris/grass/leaf removal. (if required)
House care: Maintenance of locks, doors, and windows. Furnace/AC service and maintenance inclusive of air filter replacement programs. Interior/Exterior painting, siding repair or replacement, outdoor deck care, pressure washing.
FAQ
Why should I hire TexasRealty.us as my Property Management company?
You should hire us only if you think we are the best match for your property management needs. Frankly, we are not a perfect fit for every property owner and it would be arrogant and wrong for us to simply proclaim "we are the best, hire us!". We may be the best property manager for some owners and properties but not for others. That is why this FAQ page exists so that you can learn about us and and the guiding principles we will employ in the management of your property. Allow us to keep your investment in the black. By spending a little you will keep your asset an asset and avoid it becoming a liability. Turning over your rental property to the care of an unknown property manager can be an emotional and frightening experience. 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. Of course, we'd love the chance to earn your trust and manage your property, so please read on. Up-To-The-Minute Statements are always available online. See example (just 1 of many Owner reports) Owner Statement.
How do you make sure the tenant is taking good care of my home while renting?
There are several ways your property manager has to know this. Above all, careful tenant selection from the outset protects 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, your property manager will schedule a preventative maintenance walk-through to make sure the air filter is being changed, that the smoke alarms have batteries and that there are no unreported problems at the property.,
What do you do if they are not taking care of my property as they should, or you discover unauthorized pets?
Your property manager gives the tenant an opportunity to correct the situation and usually they will. If a problem persists, we will make a decision based on that specific situation. We offer the guarantee below to all of our property owners.
Your property manager gives the tenant an opportunity to correct the situation and usually they will. If a problem persists, we will make a decision based on that specific situation. We offer the guarantee below to all of our property owners.
What happens if the tenant does not pay their rent? Click Here To Review Our Tenant Payment Rules.
** I literally can't remember the last time I had to evict anyone. Whether or not we eventually have to proceed 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 is a slam dunk 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 or fifth week after the process starts. However it may take longer depending on the court or the appeals process.
Our Collection Policy
Our rent collection policy is fair, reasonable and based on treating all tenants with respect. We stress clear communication from the start and provide red mailing labels to make it as easy as possible for our tenants to get their rent to us by the due date.
With our strong stream of communication, we seldom evict a tenant approved for one of our managed properties, but we receive a lot of calls from property owners saying "my tenant has not paid rent... can you help me?" If the property meets our standards, we can and we do. The vast majority of our tenants pay their rent on time and count on our positive reference when they relocate or purchase their own home.
How informed will I be about what happens with my property?
Absent any special considerations unique to you or your property, our rule of thumb is this: If something may cause a potential interruption in your ordinary cash flow (loss of tenant or non-emergency repair in excess of $500), we will let you know about it right away. Other than that, the saying "no news is good news" is most appropriate. Up-To-The-Minute Statements are always available online... you will be provided with a link. We encourage you to contact the property manager anytime you have a question or wish to discuss something. We know some owners desire a level of involvement that our property management system is not designed to accommodate. We try our best to make sure you are a part of the property management program.
How do you handle maintenance requests?
Tenants must email their requests to us, but most fill out an online form on our website. After we receive a repair request, we 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 (example: 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 2 working days, and in fact are usually able to do so. 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.
Do you use the cheapest maintenance people you can find?
No. Our people are fair competent and reliable. We also have two dedicated all-around maintenance sub-contractors who are capable in a wide range of home repairs including air-conditioning, light plumbing and electrical. 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. It also means that if we are called out on a dishwasher repair, we are going to be checking the a/c filter, sink drains, smoke alarms and general condition of the property - something that a single trade vendor will not do for you. We think we have developed a very sensible approach to handling maintenance and repairs and that you will realize cost savings that other property managers simply can't or won't deliver.
Do you hold some of my money for repairs? How much?
We will hold $250 per unit in our escrow account so that we always have funds to pay our vendors quickly.
How do I know your property manager won’t spend my money on large
repairs without my approval?
This is a legitimate fear. We promise in writing not to do that. For ordinary maintenance and repairs of less than $500, we take care of it without notifying you. You will find out when you receive your monthly statement. If we think a repair might exceed $500, we will email or 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 that the 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.
What if I want you to use my plumber, A/C company, etc.?
No problem - just remember you selected them and we cannot be held responsible for their performance. Our professional reputation as property managers, both with tenants and owners, is largely, if not almost entirely, determined by the effectiveness with which we handle maintenance. We follow a practice that is most likely to insure the best possible response and resolution to maintenance and repair problems for your property. Simply stated we suggest letting us handle what we do best and work with those who know how we work.
When do you send the owner's funds and statements?
Owners funds are electronically sent on the 10th-12th of each month. Up-To-The-Minute Statements are always available online.
Who holds the tenant's security deposit?
All security deposits must be held in our state mandated escrow account.
How much security deposit do you charge the tenant?
As a general rule of thumb we usually get around 100% of one month's rent for deposit. This is what will be asked for by most property owners and property managers in Austin.
How soon can you start managing my home?
We can start the process immediately. We will start by obtaining some information about you and your property and helping you decide if we are a good fit for your needs. Contact us online or call Lenny at 512-502-8855.
How much will my house rent for?
We are asked this question more than any other by new owner prospects. Of course it depends on a lot of factors, but in general, most homes in and around Austin are currently renting for about 0.5% of the home's market sales value. The more expensive your home, the lower the ratio of sales to rent value. For example, a $340,000 three bedroom home may rent for $1,700 to $2200 per month in Austin depending on the neighborhood, the competition and the condition, while a $440,000 home may only rent for $2,200 to $2,500. This is a very generalized range but will in fact hold true in most instances.
Renters Insurance
We REQUIRE the tenants to carry Renters Insurance with us listed as additional interest (not insured - that doesn't do any good)..
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