Owner FAQs

Answers to your frequently asked questions

• What type of properties do you manage?

  Single family homes in good+ condition, duplex/triplex and fourplexes.

• When do owners typically get paid?

  Typically on the 10th of each month, give or take weekends / holidays. If there is a Bank Holiday between the 1st & 10th, this will delay payment as the funds need a certain number of business days to clear prior to being disbursed to owners.

• Am I required to make my property available to Section 8?

  No. There are currently no local ordinances that require this. In some states though, localities have declared ‘source of income’ as a protected status. This means that owners cannot discriminate against where the rent comes from, as long as the total meets their acceptance criteria. San Antonio is in the process of creating a ‘Renters Commission’, and this is where those types of ordinances originate.

• Are you licensed?

  Yes. The business is licensed as a Broker in The State of Texas with the Texas Real Estate Commission, and each property manager is required to hold an individual real estate license in the State of Texas. There is not a Property Management Specific License in Texas.

• Can I reach you after hours?

  Our phones, text messages and emails are typically answered and returned during normal business hours. Tenants have a dedicated after hours number for reaching Emergency Maintenance should the need arise.

• Can you put the money directly into my account?

  Yes. We send owner payments via ACH Processing. This acts similar to an electronic check in that once it is sent, it may take 1 to several business days for your bank to make the funds available to you. Each bank may vary slightly in their processing times.

• Do I get to see the lease or sign it?

  Yes.

• Do you sell real estate too?

  Yes. We sell real estate. In the event that you came to us based on the referral from a Realtor, we ask that you contact that agent regarding sales and future purchases.

• How is rent collection handled?

  Rent is due on the 1st, and late on the 4th. This is in accordance with Texas Statutes.

• How long of a lease do you sign?

  We typically sign 12+ month leases. We like for them to end in the spring time to keep us ‘in season’ with vacant properties, so should a longer lease be required, we will attempt to get the tenant to sign a slightly longer lease to get us back around to the spring time cycle.

• How do you handle security deposits?

  • We require an amount equal to 1 months rent at a minimum, depending on the tenants qualifications.
  • We use a Security Deposit Insurance Program in place of a traditional deposit. The tenant purchases the policy from SayRhino.com, and they guarantee the deposit to us in the event there is a need. This allows the tenant to keep more of their own funds, and helps us attract more tenants!
  • With the exception of self managed properties, the property owner cannot hold the security deposit.
  • In the event we take over management with a tenant in the property, we will need to receive the security deposit described in the lease.

• How soon can you start managing my property?

  It takes us a day or two to get agreements signed and into our system. So it doesn't take too long at all.

• What type of reports do I get and how often?

  • You get a variety of Owner Reports
  • They are available 24/7 in the Owner’s Portal.
  • IRS Form 1099 is prepared and mailed to your address of record each year.
  • We will prepare and email an annual statement to you at the end of each year

• Will you work with my Home Warranty

  Yes. We require a username/login in order to submit work orders online, and to be able to followup on them. You also will have to have a credit card on file with them to pay the service call fee.

• How often do you visit my property?

  We send a technician out in the middle of each lease term. They will perform a visual Property Condition Report and include photos in your report.

  A copy will be uploaded to your portal and shared with you.

  *This is not the same as a “Home Inspection” with a licensed inspector.

• Do you require a ‘Maintenance Fund’ from each owner?

  Yes. We maintain $500 for each property to cover minor repairs and incidental expenses.

• How do I pay for repairs on my home?

  If the invoice is less than 1 months rent, we will simply deduct the repair from the rent. If it is over that amount, we ask that you login to your Owner's Portal and make a deposit for the remaining amount.
  
  In the case of large projects, we will need funds on hand before authorizing any work.
  
  On the portal, you can:

  1. Pay be e-check with your account & routing number for no charge.
  2. Pay by credit card, with the processing fee added on by the card processing company.