Typical Property Management Services on the Texas Coast
Market the property for vacation rentals or long-term tenants
- Prepare home for each rental
- Check-in and check-out procedures
- Clean home and optimize interior appeal
- Manicure landscaping to increase curb appeal
- Create ads tailored to the property and advertising medium
- Advertising mediums include:
Work with other agents to find renters and tenants
- Provide a 24-hour hot-line for prospective tenants about the property
- Handle calls from prospects for questions and viewings
- Provide prospective tenants with applications that are legally compliant with fair housing laws
- Collection applications, tenant screening and selection
- Perform a background check to verify identity, income, credit history, rental history, etc.
- Grade prospective tenants according to pre-defined criteria
Financial and Legal
- Provide accounting property management services
- Make payments on behalf of the owner for mortgage, insurance, HOA dues, etc.
- Detailed documentation of expenses via invoices and receipts
- Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
- Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form, and advise owner on relevant tax deductions related to their rental property
- Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses
- Advise in the event of a legal dispute or litigation, and refer owner to a qualified attorney when necessary
- Understand and abide by the latest local and state laws that apply to renting and maintaining rental properties
- Perform periodic inspections on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
- Send owner periodic reports on the condition of the property
Maintenance, Repairs, and Remodeling
- Provide and oversee an in-house maintenance crew
- Establish a preventative maintenance policy to identify and deal with repair needs
- Provide a network of licensed, bonded and fully insured contractors vetted for price and work that is up to code
- Assign jobs to different parties (employees, handyman and contractors) based on value.
- Maintain outdoor areas
- Removing trash and debris
- Maintain and monitor a 24-hour emergency repair hot-line
- Larger renovation or rehab projects
- Provide recommendations on how the project can maximize rental income.
- Prepare preliminary cost estimates
- Get multiple independent bids for the work
- Act as general contractor overseeing the work
For long term rentals
Tenant Move In
- Draw up leasing agreement, and confirm move in date with tenant
- Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
- Ensure all agreements have been properly executed
- Perform detailed move in inspection with tenant and verify condition of property prior to move-in.
- Collect first month’s rent and security deposit
- Rent collection, receiving rent, getting overdue payments
- Sending out pay or quit notices, enforcing late fees, and evictions
Tenant Move Out
- Inspect unit and fill out a report on the property’s condition when the client moves out
- Provide tenant with a copy as well as estimated damages
- Return the balance of the security deposit to the tenant
- Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.
- Clean unit and perform and needed repairs or upgrades, and Re-key the locks
- Put the property back on the market for rent
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