Our management fee is payable when the rent is received. It is paid automatically from your account at the time the rent is posted as paid. However, since part of our job is to keep your property occupied, we do not take a management fee unless the property is rented.
Vacancies are expensive for both owner and manager. We take every effort to keep vacancies to a minimum including listing all properties with Multiple Listing Service (MLS) and maintaining membership in the San Antonio Board of Realtors (SABOR). We maintain a database of the features that make your property special enabling us to provide key information to prospective tenants and leasing agents. Our constant awareness of current market conditions allows us to rent your property at its highest value. We monitor lease expirations carefully to avoid allowing leases to lapse into automatic month to month extensions. This also gives us the opportunity to renegotiate rent on a renewal lease if necessary. We send a lease renewal notice to tenants approximately 30 to 45 days before the expiration of the lease agreement. This notice explains the lease renewal procedures and any necessary rent increase. If the new lease is declined, the tenant is required to give a 30 day written notice. This helps to prevent needless loss of revenue. The process for showing your vacant home will be explained in detail by the Residential Management Contract and your licensed agent.
We want good tenants as much as you do. As part of our management services, we provide you with protection through the use of proper lease agreements, deposit forms, late notices, and other legal documents. All applicants are required to complete an “Application for Occupancy” and provide all necessary and pertinent information to be checked with Renters Reference. A security deposit is taken at the time the rental application is accepted. Once an applicant is approved, an electronic version of a lease agreement is issued. A copy of this agreement, as well as all subsequent renewals, will be sent to you.
A thorough credit & reference check is performed before a lease is signed. This includes verifying credit history, employment history, rental history & criminal background
We take time with each prospective tenant to explain the benefits & responsibilities of leasing a home from us
We secure fair, appropriate security & pet deposits
Along with the security deposit, applicants with pets are required to pay an additional pet deposit. All security and pet deposits are kept in an account until either refunded to the tenant following a successful move-out inspection or forfeited to cover damages caused by lease violations.
Our main job is to protect your investment property. We do this by making frequent driving tours by your property and by scheduling random interior inspections with tenants.
All rents are due and payable on the first day of the month. Rent is considered late if received or postmarked after the second day of the month. Late notices are sent and removal proceedings are initiated if the tenant does not make immediate arrangements for payment.
Repair and Maintenance Services
Since we deal with repairs on a daily basis, we are aware of what repairs should cost and how long they should take to complete. All of our repair and maintenance services are performed by qualified vendors and contractors. Each has been selected on the basis of his/her ability to provide you with the best possible service. Our maintenance responsibilities are defined in detail in the Residential Management Contract.
We typically require a minimum balance of $200.00 to be kept in each property account to cover minimal repairs. However, true emergency repairs will never be delayed due to lack of funds. As it is used, this balance will be maintained with rent collections, and reflected on your monthly statement.
We do all the bookkeeping chores for you. Every transaction affecting your account balance is recorded and explained in detail. Accounting is done on a single entry cash basis with a separate income and expense ledger maintained for each property, as if each had its own bank account. If we manage more than one property for you, separate accounting records are always maintained for each property.
Our computer system enables us to provide you with a concise, accurate and distinct statement of account. Statements are typically sent by the tenth day of each month. Occasionally, a statement may be held due to delinquent rent payment. This delay allows our full monthly proceeds to be sent to you. Your statement will reflect every transaction posted to your account since the beginning of the month. Each transaction is described in detail. Copies of invoices and receipts are sent with your statement and kept on file in our office. In addition to monthly statements, we also provide a complete summary of your account(s) at the end of the year. We prepare and submit a 1099 MISC showing the total gross rent income that we collected on your behalf during the year, as required by Internal Revenue Service regulations.
In addition to your normal homeowner’s Fire & Extended Coverage insurance policy, we require you to maintain an “Owner, Landlord and Tenant” (OL&T) liability policy, as well. This coverage protects you, the tenant, and us against a wide range of losses due to unintentional hazards or unsafe conditions on your property. New tenants are advised to obtain Renter’s Insurance to cover their personal property.
We are members of the San Antonio Board of Realtors, National Association of Realtors, Texas Association of Realtors, and the National Association of Residential Property Managers. In addition, we would be happy to furnish you with letters of recommendation from our clients.