Answers to Frequently Asked Questions by many of our current Clients

 

How do you determine the rental rate?


Rent amounts are determined by finding the “fair market” rent value of comparable properties in the neighborhood. We do extensive research using the internet, other management companies, and our own expertise to provide the rental rate recommendation to you.


What needs to be done to prepare a property for rent?


The property should be in the best possible condition to attract a quality resident. Paint should be in good shape with marred or dirty areas touched up, carpets or flooring cleaned, needed repairs fixed, light bulbs replaced, carbon monoxide and smoke alarms installed and checked for operation. The home should be “detailed” clean and the yard should be maintained until occupied. Download the New Property Information Form.


What websites do you use to market the property?


In addition to our own highly visited website, we post properties to over 50 different websites including very popular sites like Zillow, Trulia, and Hotpads.


When do you show the property?


If Vacant, we typically have open showings of properties Monday thru Friday and by appointment only on Saturday and Sunday. If the property is occupied, we will schedule a time and date with the current resident.


How long will it take to rent the property?


Unfortunately, we cannot give you an exact time that the property will rent, some properties rent within days while others may take over a month. But we will work diligently to rent the property as quickly as possible while considering our most important objective is to have a quality resident


Should I allow Pets?


Statistics indicate that 75% of renters own pets. Restricting pets reduces the number of available qualified residents. We typically market homes as Owner’s Discretion on pets with a minimum $250.00 additional security deposit and monthly pet rent for each pet. Certain dog breeds are restricted due to liability and insurance concerns.


How do you screen prospective residents?


We understand the importance of finding responsible and reliable residents. We require a detailed application from each adult. We will process the application by completing current and previous resident verifications, income qualification, rental references, criminal and civil court histories, and credit check.


How long is the Lease?


Our minimum initial leases are for 1 year. At the end of the initial lease term, the contract may be renewed for a year, for 6 months at a higher rate, or month to month at a higher rate. We will typically contact you 30-60 days prior to the lease expiration to inquire about offering the residents another one- year lease or keeping them on a month to month agreement, we will also recommend any rent increases that we feel are justified.


Who maintains deposits received from residents?


Security deposits are received from residents and maintained by our company in a trust account until the resident vacates at which time we deduct any amounts owed by the resident and refund the balance in accordance with Texas State Law.


Can you pay my monthly bills?


We can pay monthly recurring bills associated with your rental property at no additional cost except for taxes and mortgage payments. These bills may include utility service, pool care, lawn care, association dues, insurance etc.


When can I expect my monthly funds?


We can direct deposit funds into a checking or savings account of your choice on the 10th of the following month when rent was collected. You are paid in arrears and this prevents you from having to set up a reserve account for the property.


Will I receive monthly statements?


You will receive a monthly owner statement with copies of any bills paid and they will be emailed to you monthly. In addition, you will be able to create a login to be able to visit your owner portal to view any current or past monthly owner statements, bills paid, resident leases, renewals, and property inspections at any time 24 hours a day/7 days a week.


Who do I contact if I have a Questions about my monthly statement?


You can email our Broker at Robin@centexpm.net at any time. She will review the question, pull the appropriate reports and get back with you within 1 business day.


When will I receive information for my taxes?


A 1099 and complete Year-End Statement for the previous year will be sent to you by the end of January each year.


Do you charge a markup on work orders for repairs while the resident lives in the home?

The handling of repair issues is included in the monthly management fee when the home is occupied and we do not charge any markup or additional fees for bills submitted by vendors.


Who handles the maintenance and repairs for the property?


We use reliable, qualified and cost-effective vendors to diagnose the issue and make the necessary repairs.


Who pays for maintenance and repairs for my property?


Our vendors are trained to identify problems caused by normal wear and tear which the property owner pays for versus damage caused by the resident’s abuse, misuse or neglect which the resident would be responsible to pay for.


Will you inspect the property?


Prior to any resident moving into the property, we perform a move-in inspection and then again when the resident vacates we perform a move-out inspection. For a small fee, we will perform a bi-annual interior inspection of the property which is provided to you through your Owner Portal. It includes photos of the interior and exterior of the home and any recommendations from us for maintenance to the property.


What happens if you have to evict my resident?


If the resident becomes delinquent in rent and we cannot negotiate a payment plan we may advise legal proceedings to begin eviction, although this is rare and our eviction rate is less than 1% of residents that we have placed into properties. The owner will be responsible for court costs if they cannot be collected from the resident being evicted. The court costs are normally from $125 to $350 per court case.


What happens if the resident leaves before the end of the lease?


We will begin marketing the property for a new resident and the current resident will be responsible for the rent until the next resident moves in. In addition, the current resident will be charged a cost of reletting which is 85% of one month’s rent. This helps cover your advertising, leasing fees and rekeying.


How quickly do you contact me when my property comes vacant?


In the case of a single family home, we typically send a letter or email and contact you by phone within 1 business day once we receive the 30 Day Notice to Vacate from the resident. We will recommend the new rental rate and begin marketing the property for a new resident. Once the property becomes vacant we will perform a move-out inspection and then call you to outline the property condition and any recommended repairs.


Who pays for repairs on my vacant property?


After the move-out inspection, we will determine if the past resident is responsible for the cost of any repairs, cleaning or damage above “normal wear and tear” and make those deductions from their security deposit. We want you to know that we consider this an important time in the management cycle, and we will protect your interest.


What if a resident contacts me?


Our job is to take the worry and stress of management away from the property owner. Although we are required to put your name on the lease agreement, we will never give a resident your address or telephone number, but occasionally residents contact owners using other means for this information. In such instances, it is imperative to direct residents to contact our office for any requests. This provides continuity for residents and allows you time to relax.


Can you help if I want to sell my property?


Yes, absolutely. We are happy to help you sell the property if you decide to do so.


Why should I hire Central Texas Property Management as my property management company?


We understand whether you own a single rental unit or an apartment community, it represents an expensive and important investment. We are committed to maximizing your cash flow, minimizing the vacancy period, protecting your investment and achieving long-term relationships with you and your residents. Our Broker has been in the property management business since 1986 in the Central Texas area and we have the experience to make your investment a success.


When can Central Texas Property Management begin managing my property?


Once you have determined Central Texas Property Management is the best fit for you and your property we can begin the process and start right away.


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