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SCREENING TENANT PROSPECTS
Once we have the rental application from the Tenant Prospect, we will verify the information to determine if the Tenant Prospect is a good candidate for lease.
CREDIT. We verify the Tenant Prospects credit history. We run all 3 major credit bureaus so we have a history no matter where the prospect is moving from. Experian, TransUnion, and Equafax are the credit bureaus we use. Credit does not need to be perfect, but it does help us determine if the Tenant Prospect is responsible with their payments.
EMPLOYMENT. We require that a tenant Prospect be employed for at least one year or longer with the same company or in the same job field. We have found that prospects that are always changing their type of work do not have regular paydays and that impacts their rental payments.
CRIMINAL BACKGROUND CHECK. We do check on any criminal background that an applicant might have. We run a separate check for convicted sex offenders so we have that information as well.
INCOME-DEBT RATIOS. We verify income and debt information on all applicants. We need to know that they earn enough money and do not have too much debt to be able to afford the monthly rent.
RENTAL HISTORY. We do verify rental history on all applicants. We also try to verify the condition of the property they had rented at the time of their move from the property. If they have moved from another state or area, we can still verify this information online.
ONCE THE TENANT HAS BEEN APPROVED BY YOU AND ME
Once the property owners and the management company have determined an approval of the Tenant Prospect, the prospect must come into the office to initial and sign the lease and pay the security deposit. We do not take a property off the market until the lease has been signed and the deposit paid.
We will prepare a Texas Association of Realtors lease with appropriate addendums to be signed by the Tenants. This lease will be thoroughly explained to the Tenants before they sign.
Monthly rent or prorated rent must be paid by the Tenants prior to their move into the property.
We will video the property inside and out before the Tenant moves into the property. We will also complete a thorough walk-through inspection of the property with the Tenant before they move into the property. A form "Inventory and Condition Report" will be filled out with the Tenant whereby they have the opportunity to point out any defects or conditions at the property that they would want noted so they would not be held responsible for those conditions at the end of the lease. Any defect of condition that they point out will have a digital photo taken for our records.
We will video the property again at the end of the lease once the Tenant has completely moved from the property. We will also complete another walk-through of the property and fill out another Inventory and Condition Report Form. We can then compare the initial report to the final report and make recommendation as to any refund of deposit that might be die to a tenant.
Rents are due from Tenants on the 1st of each month. They are past due after the 5th. Any rents coming into our office after the 5th of the month are subject to a 5% of one months rent late fee plus 1/30 of one months rent for any additional days. Those fees will be payable to the property owners once we collect them.We do not keep any fees for our company for late fees.
Only people named in the lease may occupy the property on a permanent basis. We do normally allow 14 days per year for guests. We thought this would be appropriate because of holidays and family gatherings.
We inspect the interior of the property at least 4 times per year to make sure the A/C-heating unit filters are being changed on a regular basis. If the Tenant is not installing new filters as needed, we will send a service to the property and have this done for them. There is a fee of $20.00 payable by the Tenant for this service.
Note: This inspection also allows us to look at the interior condition of the property to make sure the Tenant is taking care of the property as required in the lease.
Tenant is responsible for yard maintenance. During the time of the year when the grass is growing, we drive by our rental properties every two weeks to make sure the yard is being mowed, edged, trimmed, and most especially that the yard is being watered. We need to know that the soil up next to the foundation is being kept moist so as to prevent any foundation movement. If the Tenant is not maintaining the yard, there is a provision in the lease whereby we will send a yard service to maintain the yard and the Tenant must agree to pay for that service.
Tenants are required by the lease to obtain renters insurance.
Any repair required at the property that might have been caused by the Tenant will be repaired at the Tenants expense. For instance; too much toilet paper and the sewer line is clogged, a knife or a fork stuck in the garbage disposal, a broken window caused by the Tenant. We will certainly have these things repaired but the repairs would be at the Tenants expense. Almost any other repair would be the property owners responsibility.
MONTHLY ACCOUNTING SERVICES
We do not wait for the Tenants check to clear the bank before we issue a company check to the property owner. However, our check to the owner is still subject to the Tenants check clearing the bank.
We will send the property owner a monthly accounting statement itemizing all income and any expenses.
If any repairs to the property are required and the property owner requests us to send someone to take care of the repair, we do not up-charge any cost at all over the amount of the actual repair invoice. If wanted, we will pay the repair vendor and deduct the cost of the repair from the next months rental proceeds to the property owner. We also send the owner a copy of the repair invoice with the next accounting statement.
A year end Income-Expense statement will be sent to the property owners along with a 1099 in January of every year.
Accounting Statements may be e-mailed to property owners if desired.
Direct Deposit into your checking account is available at your request. Just provide us with a deposit slip or the name on the account, the bank routing number, and your bank account.
THE LEASING FEE WITH MONTHLY MANAGEMENT
50% of one months rent. We would pay any other fees that might be payable to a Realtor that might bring us a prospect or any rental locator service. The total leasing fee to the property owner is the of one months rent. This fee is to be paid once a lease has been signed. The security deposit collected, and the Tenant has moved into the property.
85% of one months rent. We would still pay any other Realtor fees that might be payable to a Realtor that brings us an acceptable prospect or any rental locator service fees. This fee is to be paid once a lease has been signed, the security deposit collected, and the Tenant has moved into the property.
10% of the monthly rent. This fee is normally deducted from the rents collected each month. The monthly accounting statement will reflect the 10% management fee as an expense. This expense is fully tax deductible to the property owner.
MULTIPLE PROPERTY DISCOUNTED MANAGEMENT FEES.
8.5% of the monthly rent. The management fees are deducted from the rents collected each month. The monthly accounting statement would reflect the 8.5% management fee as an expense. In order to receive the discounted management fee, there must be at least 4 properties we manage by one owner. An additional discount could be allowed for six or more properties.
FREE MANAGEMENT SERVICE??
We are a Full Service Real Estate Office! If you decide to buy a property and utilize us as your Realtor Representative, as long as we realize at least a three percent commission from the sale(which would not cost you anything), we will lease and manage your property for you for one year at no cost to you.
If it is necessary, we will evict a Tenant with the property owners direction and approval by delivering the required written 3 days notice to vacate the property, filing for the court eviction, and appearing in the court for the property possession and past due rents. We do not charge for our time in these instances but we do require the property owner to reimburse the court filing fee to us. That is normally $67.00
We have found that a thorough screening of Tenant Prospects will normally not allow for eviction problems. However, it is still possible a Tenant could lose their job and have other situations that might cause them not to pay the rent. The eviction is the last resort.
If there's any other information you might want to know that has not been provided, please let us know. We would love to earn your business.
© 2017 . All rights reserved. The data relating to real estate for sale on this web site is provided from and copyrighted by the North Texas Real Estate Information Systems, Inc. NTREIS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. The advertisements herein are merely indications to bid and are not offers to sell which may be accepted. All properties are subject to prior sale or withdrawal. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-09-20.