Property Management - Frequently Asked Questions
Do I have to come to Houston to start the process?
What is the process to establish representation?
- Tax ID or Social Security Numbers and signed W9 to report portfolio income.
- Copy of voided check of your operating account or savings account for electronic Owner payments.
- Sign and execute a Leasing and Property Management Agreement. The agreement will have been completed according to the specific terms and conditions we have mutually agreed upon, and we will most likely e-mail that agreement to you.
- Complete form called the Owner’s Notice Concerning Condition of Property which is the landlord’s disclosure of the property condition.
- If the property was built prior to 1978, you will also be provided with a Lead Based Paint Addendum. We will provide the new tenant with PDF booklet about protecting their family from Lead-Based paint via email.
- Access to the property and complete Property Managers Inventory and Condition Report. If the property is vacant, we will take digital images of the property to establish property condition. If any repairs must be done we will advise you before putting property on market for lease. If everything looks good we will take pictures for marketing flyer and internet advertising. Copies of the pictures are emailed to you for your records and review.
- Place the lease signs and GE electronic supra key or lockbox on the property. Showing instructions are provided through our showing service to real estate agents who wish to show the property.
- Schedule property showings through Centralized Showing Service between 8am to 8pm and provide feedback showing reports and agent comments via email.
- Setup up and provide Owner access to our online Owner Portal.
- Open account for property for reserves (if applicable) and accounting.
How much is the property management fee?
Leasing Services - Co-Broker Agreements
Leasing Services Only (No property management requested)
- View / show vacant unit(s)
- Place electronic supra key
- Schedule showings through Centralized Showing Service
- Email you weekly showing reports and agent comments
- Execute lease agreement
- Recommend required maintenance
- Collect first month's rent, security deposit and pet deposit up-front
- Creative advertising / marketing
- Provide tenant with Property Inventory Form
- Tenant Screening Process - application verification, credit and background check
- Turn over original document and funds to you
- We then turn the day-to-day management back over to you.
- Our fee for this service is 100% of one full month's rental fee.
How do you advertise my property?
- Point2Homes.com featured listing – Free
- EdinsonManagement.com featured listing - Free
- EdinsonProperties.com featured listing - Free
- HoustonHeritage.com featured listing – Free
- Realtor.com featired listing - Free
- Yard sign installation - Free
- Multiple Listing Service - Free
- Email blast to area Realtors® - Free
- Virtual Slide Show – Free
- Online Listing Syndication - Free
PAID BY LANDLORD (OPTIONAL SERVICES):
- Houston Press (1 weekly post) - $85 picture ad or $50 for 3 line classified ad
- Houston Chronicle This Week - $125 picture ad or $50 for 3 line classified ad
- New York Times Online 14 day posting - $150
Managing Your Investment Property
- Insured Vendors: All of the vendors we use to complete maintenance of your property are properly insured. Vendors are required to maintain a minimum of $1,000,000 coverage and provide us with a copy of their insurance certificate. A vendor will be created on our online portal and have access to upload estimates for your approval. We require vendors to provide line-itemized estimates for your approval and no work is done until landlord approves. We highly recommend buying a Home Warranty policy to offset many potential issues. Emergency issues related to electrical, HVAC, water heater, water penetration will be relayed to landlord and landlord must use reasonable efforts to approve work. The service fee is charged and noted on online invoice.
- Scheduled Property Evaluations: The tenant is informed that the property management company will visit the property according to Landlord's requested schedule to evaluate the condition of a property. Many companies only do drive by inspections and although the exterior sometimes reflects the interior condition, it isn’t always the case. Tenants are notified within 48-72 hours of our visit before we perform a property inspection as a courtesy to them. Costs for Property Evaluations are $100 per visit.
- 24/7 Online Property Information: One of the best services we offer is the ability to see everything through our online portal. You can log-on to our website www.EdinsonManagement.com anytime and check on your property status. You will be given a username and password to your owner page that will link any property we manage for you. The owner page will provide you with current property information, including repairs requests and copies of your monthly property statements.
- Prompt Disbursement of Monthly Proceeds: Your monthly rental proceeds are posted through our online system the same time every month. We make every effort to insure your funds will be received no later than the 15th of the current month. All payments are sent to your operating account via EFT payment. Please check with your bank regarding posting times for EFT payments. The management fee is deducted from the collected rent and the net rental proceed is wired to your account.
- No Hassle…No Surprises: We acknowledge your property is your investment and treat it as such. We will not provide “surprise” invoice items like other property management companies. We advise you on necessary repairs, re-key and make-ready preparations for new tenants. You have a say in the repairs that are being addressed in your property. The last thing you need is a call from a property manager saying “we’re sending you a bill for repairs” without you having approved the estimate from our vendor.
What Property Types do you Manage?
What are your Service Areas?
- West University Place
- Bunker Hill Village
- Hedwig Village
- Piney Point Village
- Spring Valley
- Southside Place
- Sugar Land
- Missouri City
- Hunters Creek Village
- League City
- Cleark Laks
- South Houston
Application Processing Guidelines
- Completed TAR Residential Lease Application
- Completed TAR Agreement for Application Deposit forms.
- A cashiers check for application fees $45 per applicant over the age of 18 years and $85 for married couple.
- Applicant(s) combined income is greater than or equal to 3 times monthly rental rate to establish verification.
- Minimum of two years employment is desired.
- Proof of income with copies of last two pay stubs.
- Proof of funds or copy of bank statement is required.
- Review credit payment history, bankruptcy or judgments.
- Cross reference county tax record to verify formal landlord address.
- Cross reference tenant’s former addresses via MLS search for faulty information.
- Minimum of verifiable two years previous rental history.
- Criminal background checks (findings considered on a case-by-case basis).
What quality standards should my property comply with during management agreement?
- Structure – Make sure property is structurally sound. Provide any previous repairs that are material to property.
- Roofs & Eaves – Repair any roof leaks and clean gutters if any.
- Windows – Repair any broken glass or windows and make sure windows and window locks are operational. Older historic homes may not have functional windows, please notify us on condition report.
- Exterior Doors - Exterior doors should be in working condition with proper weather strip. Exterior door locks should be re-keyed between occupancies (according to Texas Law). A service charge of $120 will be charge for re-keying property for up to 2 exterior doors.
- Exterior/Interior Paint – Exterior paint (siding, trim, soffits) should not be peeling. Any indication of paint peeling on homes built prior to 1978 should be addressed for the possibility of Lead Based Paint immediately. We recommend interior paint to be neutral colors (bright white flat on ceiling and neutral beige semi-gloss on walls) to provide a more aesthetic appeal to new tenants.
- Lighting – Replace burned out bulbs and non-working fixtures. Provide adequate exterior lighting on perimeter areas where hazards may exist.
- Landscaping – First impressions are lasting ones. Please have landscaping properly maintained to provide a clean appearance. Make sure large tree limbs are removed if they extend over house because of potential future roof damage. All debris is to be removed for heavy trash date for your neighborhood.
- HVAC System - Properties must be equipped with working HVAC systems and be in good repair at all times. Defects are to be repaired immediately at landlord’s expense. We highly recommend having a Home Warranty Company in place that has a pre-existing conditions clause. Yearly HVAC maintenance is recommended to insure the life of the unit, coils and compressor.
- Electrical - All electrical is to remain in good working condition and meet local building codes. Any exposed wiring or defective outlets, switches, or fixtures should be immediately repaired.
- Plumbing - Plumbing fixtures are to remain free of leaks and be operational. Water heaters should be set to meet local building codes and be equipped with a pressure relief valve. If replacing a water heater, ask Home Warranty Company if they replace with tankless water heater.
- Appliances - All appliances in property should be in good working condition. Defective appliances are to be repaired/replaced in a timely manner.
- Smoke Detectors - Properties must be equipped with working smoke detectors in each sleeping area of the property and one operational smoke detector in a central location of the property.
- Flooring - All flooring should be clean and maintained in good condition, normal wear expected. Carpet, laminate, vinyl and wood should remain free of severe scratches and tears. Any tripping hazard must be repairs in a timely manner.
- Trash – Property should be clean and free of debris at all times. Please inform us about trash days and heavy trash pickup.
- Home Warranty Company – We encourage you to purchase a Home Warranty Service Plan in the event any covered items are in need of repair. Please make sure service plan includes a pre-existing conditions clause.
- Tenant submits request via online tenant portal
- Screen requests for accuracy and request further information as needed.
- If repairs exceed repair limits, contact owner for approval.
- Schedule with an appropriate Vendor to provide itemized estimate.
- Vendor must contact tenant within 48 hours if non-emergency.
- Vendor will inspect the problem and provide a quote for approval.
- Provide copy of estimate, advise owner and receive approval.
- Contact provider if Home Warranty Company involved, charge service fee.
- Work should be completed within a reasonable period of time.
- Emergency Maintenance - 24 hours
- Routine Maintenance - 72 hours
- Make Ready Service – 3-5 days
- Schedule inspection of work performed prior to the invoice for payment.
- Post status to owner online portal for reference.
Broker Associate, Property Manager
Edinson Property Management
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