Frequently Asked Questions About Real Property Management Legend - Trophy Club
Why do you offer both standard and premium property management services?
We understand that everyone’s situation is different. Some clients only need assistance with leasing their rental property and processing rent payments each month while others prefer to have all aspects of the property management process taken care of for them. That’s why we give property owners options and let them decide which property management level is right for them and their rental property.
How do you advertise your properties?
Getting properties rented efficiently is pivotal to our success, thus we must generate as many qualified leads as possible to have happy clients/owners. We achieve this by syndicating marketing efforts to the top rental websites (over 15+).
Any call into our office is also answered live between 9:00am-5:00pm, Monday through Friday, this is crucial to get homes rented fast because if they do not speak to someone, they go elsewhere. We also share available listings with realtors who have clients looking to rent in specific communities and neighborhoods.
When do you pay the rental property owners?
We disperse funds via a convenient ACH transfer on the 10th of every month. We also post your monthly owner statement at this time.
What happens if my tenant stops paying rent or causes trouble?
Our rigorous tenant screening process usually prevents these types of issues; however, if a problem should arise, our premium service clients can rest assured that we always respond promptly and aggressively. Rent is due on the 1st and is accepted late up to the 3rd. If rent has not been paid at this time, the eviction process begins promptly on the 4th of the month in question. The eviction process is started with a 3-day notice to pay or move out. Nuisance issues are handled in a similar way with one warning given before notice is posted.
We also keep a lawyer on retainer to address eviction and collection issues as well as to dispense legal advice when necessary.
What is your tenant screening process?
All prospective tenants must participate in an extensive 6-step screening process. First, nationwide background checks and eviction database screenings are completed to look at criminal backgrounds and the sex offender registry. Next, we ensure they qualify financially by reviewing their credit report, verify employment, and review pay stubs and/or tax returns. Finally, we review their rental history by contacting their previous two landlords for references.
How do you handle repairs?
For tenant-occupied homes, tenants submit a maintenance request via their online tenant portal. Our portal allows tenants to submit a work order request by providing a description of the issue as well as upload photos of the issue, when appropriate. Owners receive the same notification of the request that we do once it is submitted. Our goal here is full transparency of everything going on with your property. Tenants can also track the status of their request online.
When a request comes in, we assess it to see if it needs immediate dispatch or if we can proactively troubleshoot the issue with the tenant. There are many common repair requests our team is trained on how to troubleshoot. If the issue needs to be fixed, we assign the work order to one of our preferred vendors. We have in-house maintenance capabilities and utilize third-party vendors for electrical, HVAC and plumbing repairs. The technology enables the vendor to contact the tenant to set-up a time to make the repair. Our vendors will complete the repair if under $300, take photos of before and after work and submit an invoice to our company for approval.
We make sure the cost of the repair is fair and that the work was completed satisfactorily. The management agreement allows us to approve any repair under $300, without having to bother our clients. Larger repairs over $300 require owner approval, so we will contact the client in those cases. Exceptions to the $300 approval rule include emergency maintenance and habitability issues. If we have to act quickly to protect persons or property we will do so, to protect our owners best interest. Once a repair is completed and invoiced, we contact the tenant, asking them to confirm the repair was completed satisfactorily, if the vendor was professional, and to provide feedback about their overall experience with the vendor and our team.
Can I do repairs myself?
Yes and No. If the property is vacant, owners can handle the repairs needed to make the property “rent ready,” if they choose. However, either the client does all the work or we do all the work. It gets messy when there are too many chefs in the kitchen. Once the property is leased, we require that you use our preferred vendors. This ensures deadlines are met, as we work with these vendors regularly; they are insured, licensed, reliable, trusted and we know what to expect.
Should I accept pets?
Statistics show over half of all renters have pets. Being open to pets, you will increase demand through the entire prospective rental pool, thus increasing the rental price as we charge an additional $25 per pet, per month. If maximizing rent is important to you, maybe you should consider pets. If you would rather play it safe, it is OK to say no pets. If you are open to a pet, we always say, “pets considered on a case by case basis”. That means we may approve the right pet, not all pets.
How much will my property rent for each month?
Much like the real estate market determines sales prices, the local rental market determines rental rates. There are three factors that contribute to how much your rental property will receive in rent each month.
Availability and rental rates of comparable properties
The features and benefits of your property
The marketing exposure for your vacancy
After we receive the details of your specific rental property, we will complete a market analysis and set a starting price. We then evaluate all vacancies under our management on weekly basis, making adjustments in the price or within our marketing strategy to get it rented as quickly as possible.
What property management service levels do you offer?
We offer both standard and premium property management services, allowing clients to choose the level of assistance that fits their needs, from leasing and rent processing to full property management.
How do you market properties to find tenants?
We advertise properties by syndicating listings to over 15+ top rental websites, answering calls live from 9:00am to 5:00pm on weekdays, and sharing listings with realtors who have clients looking to rent in specific areas.
When and how are rental payments distributed to property owners?
Owners receive rental payments via ACH transfer on the 10th of every month, along with their monthly owner statements.
What happens if a tenant stops paying rent or causes issues?
We initiate eviction promptly after rent is late beyond the 3rd day of the month, beginning with a 3-day notice. Our premium clients receive prompt and aggressive responses, and we have legal support for eviction and collections.
What is the tenant screening process?
Tenants undergo a 6-step screening including background and eviction checks, credit and employment verification, and rental history review with previous landlords.
How are repair requests handled?
Tenants submit maintenance requests through an online portal which is transparent to owners. Repairs under $300 are approved and coordinated directly, while larger repairs require owner approval except for emergencies.
Can property owners handle repairs themselves?
Owners can do repairs if the property is vacant, but once leased, repairs must be done through our preferred, insured vendors to ensure timely and reliable service.
Do you allow pets in rental properties?
Pets are considered case by case. Allowing pets can increase rental demand and income, with an additional $25 per pet per month fee. You may also opt for no pets if preferred.
Which cities do you serve?
We provide property management services in cities including Allen, Plano, Dallas, Frisco, Irving, Garland, McKinney, Arlington, Carrollton, Richardson, and Farmers Branch in Texas.
What are some notable nearby places to your Trophy Club office?
Nearby places include legal services like Law Offices of Cory J Nikolaus, real estate agents such as Alicia Harrison | Hilliard Realtors and Trophy Realtors, as well as dining options like Anamia’s Tex Mex and Rosati’s Pizza, which clients might visit before or after appointments.