Managing a property in Stafford or anywhere in the State of Texasis time consuming and often too difficult for most individuals to handle without licensed agents in the industry. As the owner of apartments, commercial buildings, vacation homes, or any other type of rentals, it’s in your best interest to hire a reliable management company to keep everything organized. Caring for all aspects of a rental is too much for anyone to handle and it could easily lose its potential to turn a high profit or revenue.
All licensed property management agencies offer different packages and options but most of them will offer a full range of services to appeal to owners that prefer to have less responsibility or involvement with the rentals. For example, an evaluation and proper rental rate might be determined first. Then based on the results, your management team will come up with an all-inclusive plan to effectively market the property and its units.
Property Evaluation Checklist
- Offer professional suggestions such as maintenance and cosmetic improvements needed to turn more profit
- Create a detailed profile that includes information and photographs of the interior and exterior of the property
- Chart the competition in the Stafford area and perform rent research
- A one on one consultation about the pros and cons of rental ownership and a personal discussion on the best ways to market your property; amenities to offer, etc.
- Installation of an onsite deposit box and any recommended security services
Effective Marketing Strategies for Commercial and Residential Rentals
It’s important to have an effective marketing strategy in place before you introduce the property for rent to the public. This will eliminate the potential for failure and the time it takes to find the right tenants.
- Prep the rental. Make sure it’s cleaned, repaired as necessary, and manicured to appeal to the area it’s in.
- Spread word of the property and any units up for rent. Run ads in local publications and online, places signs up in the area, hand out fliers, and give out business cards or the property’s profile specs to other realtors.
- Have someone prepared to quickly answer phone calls and handle all emails from any interested individuals with questions about the rental property.
- Have open houses or scheduled showings setup throughout each week.
- Create rental applications that have been reviewed by a legal attorney to assure it meets the requirements of the fair housing laws and guidelines for the landlord/tenant policy for Texas.
- Design a payroll system that successfully controls and manages all accounts, fees and other financial matters.
How Professional Property Management Agencies Handle Tenant Selection, Move-Ins, Rental Collections, and End of Lease Agreements
Perhaps the most difficult part of property management is staying on top of tenants; who is moving in or out, who has paid rent and who owes yet. Your management team at Katy Property Management will keep all this organized by using a variety of methods noted for their high success rate. Continue reading below or give us a call at 281.398.9844.
- All potential tenants will undergo a screening that includes a background check and identity verification. Their credit and rental history will also be acknowledged.
- Tenants must meet the requirements defined in the property’s rental policy.
- Lease agreements are drawn up and a review of its guidelines are given to each perspective occupant.
- Inspections and condition reports are addressed with each move-in.
- Rent and security deposits are collected immediately after all signatures are gathered.
- When a client moves out, inspections and reports are completed right away for the unit vacancies. If damages are evident, the tenants are given an estimate otherwise their security deposit is returned.
- All recently emptied units are cleaned and prepared for new occupants. The locks are changed out and the property is advertised.
Caring for Evictions, FinancialRecords and Other Important Legal Matters
The financial and legal aspects of owning a rental property can easily become messy if handled by an inexperienced person. A certified property manager will care for all of these facets so that you don’t have to. You’ll also receive guidance from advisors and licensed agents with a reputation for their expertise in the industry.
What to Expect…
- The enforcement of late fees, the collection of rent, and the sending out of all notices in regard to payments
- Filing and serving all paperwork for evictions
- Representation for the landlord in court hearings and coordinating with law enforcement when necessary
- Advice in legal matters such as attorney referrals and litigation assistance
- Management understands all local, state and federal laws in regard to owning rental properties.
- They’ll perform all inspections and property condition reports.
- Tax information and guidance is provided along with annual tax reports and monthly expense statements.
Performing Maintenance, Repairs and Renovations the Right Way
You can expect property management to oversee all maintenance issues. They’ll have an insured and licensed maintenance team ready to take care of any emergencies on the property. Any and all preventative measures will be taken to identify potential code violations or accidents.
Handyman repair all issues on the site and will be contracted according to budget. Landscapers are also available if budget allows. Of course, all property maintenance and renovation projects will be given to the most inexpensive yet reputable contractors.
Contact Katy Property Management
Contact Katy Property Management at 281.398.9844 if you want high quality services. Our full service property management will provide you with their expertise and tools to quickly keep tenancy at an all-time high.