The most successful and proficient way to manage a rental property of any kind is through a reliable and well-known property management team. It takes a lot of time and experience to properly manage and safeguard rentals in West University Place. By hiring professionals through a property management agency to oversee your commercial or residential rentals, you can focus on other business ventures or simply enjoy your free time.
Let’s face it; it’s much too hard for anyone to handle all aspects of a multi-unit rental property on their own especially without the appropriate experience. Your property management experts will cover all facets of renting to occupants, property maintenance, financial aspects and investments, and legal or litigation matters. Meanwhile, they’ll provide you with financial advisors, licensed and insured contractors, and guidance or advice using their resources whenever it is needed. All of these services are determined by budget and the services preferred by the rental owner.
The Initial Steps Taken by the Property Management Agency
After calling Katy Property Management at 281.398.9811 and hiring the right property management team through the agency, they’ll start their duties by conducting an evaluation of the property. They’ll come up with a list of repairs, modifications and maintenance issues to have addressed. Then, they’ll compare the specs of the property to all those in and surrounding West University Place. This is how an accurate rental rate is determined.
Before the commercial, residential or vacation property can be released to the public as up for rent, it must undergo some preparation such as:
- A discussion on the ins and outs of allowing occupants to smoke or have pets, as well as different state policies.
- A deposit box and effective mail system must be installed.
- The property will be cleaned and cared for. This includes all interior and exterior responsibilities. This is helps appeal to a larger audience.
- Well planned and verified methods are put together to create one comprehensive marketing plan. Fliers, online and print advertisements, and signs are often used to attract potential tenants.
Occupant Screenings, Selections and Move-Ins
Dealing with the screening process and legalities of moving tenants into a unit is a lot of paperwork and research. There’s so much that a management team can do for you in these areas.
- Every potential and interested occupant will undergo identity and income verification, and a rental and credit history screening as part of the background check.
- Lease agreements are carefully written and drawn up with any necessary adjustments.
- Confirmation and record of all move-in and move out dates.
- Discussion prior to move-ins about the guidelines stipulated in the lease agreement and policies of the rental property. A move-in inspection finalized with a report signed by the future tenant will also be a part of this meeting.
- Collection and deposit of first month’s rent and security deposit.
Caring for Evictions, Legalities and Financial Matters…
As the owner of the rentals, you can expect all legal and financial matters are cared for and recorded by property management.
Details They Will Care For:
- Rent collection and enforcement of late fees
- Disbursement and filing of eviction documents and detainer actions
- Representation for the owner during all legal actions and court hearings as well as correspondence with law enforcement
- Providing guidance, references and advice in all legal situations and litigations
- Helping rental property owners understand the current local, state and federal laws
- Handling all accounts and expenses while providing monthly and annual statements
- Managing tax deductions and filing taxes
They’ll Even Take Care of Inspections, Maintenance, Repairs and Restoration
As part of your services, all inspections, maintenance issues, repairs and restorations are supervised by your property management team after your approval. They’ll even find licensed and insured contractors and provide tenants with estimates if it isn’t at the responsibility of the property owner. Of course, preventative measures are taken to avoid any mishaps that might decrease the amount of profit coming in.
When it comes to maintaining the rental property, contractors will be hired according to experience, reputation and budget. All parties will be assigned different jobs. For example, a handyman will care for all repairs 24/7 while landscapers will care for the lawn and curb appeal during business hours. Larger renovations are left for general contractors with the best independent bid.
What Happens When a Tenant Moves Out
When a tenant moves out, the unit is scheduled for an immediate inspection. A report of its condition is created and filed during this inspection. A copy of this signed report is also given to the tenant. If there were any damages, the tenant is provided with an estimate to cover the repairs. Otherwise, they will receive their security deposit back according to policy.
Once the tenant is lawfully moved out and all documentation is signed and put away for safe keeping, the unit is cleaned and prepped for new occupants. At this time, the unit will receive any upgrades approved by the owner. The unit will also have its locks replaced so that any keys not returned cannot be used in the future to reenter the West University Place property.
To take advantage of rental management services through licensed agents with an expertise in the industry, contact Katy Property Management at 281.398.9844. Our customer service representatives will give you an overview of our high quality landlord and property management services.