What are your management fees?
Houston 4 Lease typically charges a percentage of the collected rents for managing residential properties. This percentage is dependent on what services our client requests. Once we determine what services are required by the client, Houston 4 Lease will negotiate a fair management fee to be agreed by both parties.
What do you charge to find a new tenant for a residential property?
Houston 4 Lease charges a fee for a new qualified tenant equal to 50% to 100% of the new monthly rent. This fee will be determined on how much work is involved by Houston 4 Lease to enter a new lease agreement.
Are there any additional fees associated with RENEWAL of a lease ? Do you include an updated market survey when renewing a lease ?
Houston 4 Lease never charges a renewal fee. We update comps each yr, prior to lease renewal.
Where do you advertise to find qualified tenants?
Houston 4 Lease markets all of its vacancies through Re/Max Inner Loop employs several strategies to find a qualified tenant for your property. First, Re/Max installs a For Lease sign in front of the property so that prospective tenants, including neighbors and other brokerages will be aware of your property. Nowadays, about 88% of prospective tenants begin their search by looking on the internet. Re/Max advertises your property on nearly 25 different real estate websites so that prospects can review our lease listings. In addition, we place our listings on the residential and commercial Multiple Listing Service (MLS), so that other real estate brokerages can show your property to their lease prospects.
How do you screen prospective tenants?
We use several different methods to screen and qualify prospective tenants. We use one of the most extensive tenants screening in the industry. First, we run a full credit report on all prospective tenants. Next, we run background checks, including criminal records, civil suits, IRS liens, eviction and broken leases, rental history and job history on all applicants where it is applicable. Plus a personal interview the prospective tenant. You as the property owner will get final approval on all prospective tenants.
Do you have references?
Since we have been providing property management services for many years, we have quite a few clients that we will be more than happy to share their contact information. That way you can find out more about the excellent Houston 4 Lease.
I already have a tenant in my property. What then?
If you already have a tenant in your property, Houston 4 Lease will contact your tenant and let them know that we are the new management company. We will explain to your tenant how they can pay their rent online, by mail or in person as well as how they can contact us with any concerns or problems that might arise.
Do you require cash reserves at the beginning of our management agreement?
In most cases, we do not require a cash reserve at the beginning of our management agreement. If you request us to handle any repairs or maintenance or any collections on existing tenants before we collect any rents, then we will require you to send us funds so that we can take care of those issues as soon as possible.
How do you handle repairs and maintenance on my properties?
Houston 4 Lease uses qualified independent general contractors to handle any repairs or maintenance needed on your property. In some cases, these contractors have been working with Houston 4 Lease for over a decade. You, as an owner, will be able to approve all repairs before the work has started. The tenant can contact us via phone, email or text message to let us know when a repair is necessary. Once you have approved the repair, Houston 4 Lease will supervise the repair and make sure that the job has completed professionally. Our contractors, as well as Houston 4 Lease, will warrant and guarantee all work.
When can I expect my monthly rents?
Your rents are deposited into your bank account when received from the tenant. All monies are electronically transferred to your account the 7th work day.
How do you handle tenants that are late with the rents?
We are very strict with our tenants that are late with their rent. Most of our leases show that the rent is due on the 1st of the month and late if not received by the 5th of the month. On the 7th day of the month, Houston 4 Lease delivers 3 Day Notices to our tenants. During the next 3 days, we will call our tenants to remind them to pay their rent. After the 11th of the month, if the rent has still not been received, we file a Forcible Detainer to the Justice of the Peace Court to begin the eviction process. Our goal is to collect the rents, not evict the tenant; however, in our experience a strict policy is necessary to collect the rents as quickly as possible. A court date is set through the court and a Houston 4 Lease representative will go to court on your behalf. Normally that will encourage late tenants to bring their rents current. If the rent is still delinquent, then a Writ of Possession is filed and we work with the Sheriff or the Constable to take possession of the property.
How do you determine the rental rates that will be charged for your property?
We use the rental comparables for your subdivision to determine the rental rates. Typically, the local Multiple Listing Service (MLS) has information on what similar properties have leased within the last 6 months. We take that information and factor into the condition of the property, square footage and how quickly similar properties have leased. That should give us a good idea as to how much we should be able to determine the lease amount. You make the final decision as to how much we should list your property.
If I decide to purchase more rental property, can you help?
Houston 4 Lease through Re/Max has an experienced team of brokers and agents to assist you find investment properties that are priced below the market value. We will have a discussion with you to determine which type of properties fit your investment portfolio. Once we have done that, we will begin to show you properties that fit your parameters.
If I decide to sell my investment property, can you help?
Houston 4 Lease through Re/Max is a full service real estate brokerage firm. Those services include selling and marketing your investment properties to other investors, as well as owner occupant buyers.