Q: Do you charge the tenant a security deposit?
A: Yes, we do charge a security deposit. The deposit typically equals one month’s rent but can vary depending on property and market condition. This deposit is held in a separate bank account from the landlord’s funds as it’s a landlord liability until it’s been accounted for at the end of their tenancy.
Q: Do you screen applicants for my property?
A: Yes, we screen all applicants/occupants 18 and older. A prospective tenant may apply using our link on the website or in person. As part of the screening process, we run their credit, background checks, past rental verification and proof of income. We approve or deny applicants based on rental qualifying criteria.
Q: How do you find a tenant for my house?
A: We market extensively throughout the area using a variety of sources. From our website, local MLS that feeds to various sites like Realtor.com, Homes.com Zillow and other. For showing we engage the whole local Realtors community to show and secure tenants.
Q: How do you know the tenant is taking care of my property?
A: Although its impossible to know for sure how someone will take care of a property once they are in a house, we look to the initial screening process to help mitigate some of those potential bad tenants. Thereafter, we will perform a periodic drive by with photos to identify a lack of exterior maintenance. Most of our properties will have an annual walkthrough frequently tied into their renewal.
Q: How is maintenance handled?
A: Most work requests are generated by the tenant in writing. Once a work request is submitted, we use professionally licensed 3rd party vendors as well as enlist the use of general handyman for more basic maintenance to take care of the issue. Over the years we have built many good relationships with our vendors and they understand the importance of professional service to the tenants as well as our landlords. We strive to have same day call back and work coordinated between the vendor and the tenant. Many times done same day.
Q: What are your fees?
A: We generally charge a management fee that is based on a percentage of rent collected. Therefore, if your property is vacant, or a tenant is late, we are not being paid for managing your property. It is in both WPS and the landlords best interest that we secure a good qualified tenant. We also charge a leasing fee that is a percentage of one month’s full rent + administrative fees for leasing. Upon renewals there is a small flat fee. We are happy to go over fees with you at your request.
Q: What do you do if it is discovered the tenant is not taking care of the property?
A: If it is discovered that there is a problem with the tenant not taking care of or damaging the property, we first will communicate that fact to them. Usually, any problems are rectified at this point. If issues continue, we will proceed to remedy any situation on a case by case basis as allowed by Texas Code.
Q: What if I want to use my own vendor?
A: While we are happy to place new vendors on our list of providers, we cannot guarantee they will be used. As mentioned, we have developed good working relationships lasting many years with some of our vendors and a level of trust that allows us the confidence that repairs will be handled properly on time and on budget on your behalf. We do require that landlords use properly licensed vendors when issues of electrical, air conditioning and plumbing come up.
Q: What if the tenant does not pay rent?
A: If a tenant does not pay rent on time, then we initiate our delinquency process by sending out the “3 day notice” pay or vacate. With this notice most tenants will contact us and make their rental payments or in some rare cases make payment arraignments. However, if a tenant is unable or unwilling to pay then we will file and take them to court for you. The time frame can run from two to four weeks to get a court date. From that court date the judge typically gives them an additional 6 days to vacate. So effectively from a landlord’s perspective it can be from three to six weeks before we get the property back for nonpayment of rent.
Q: What type of properties do you manage?
A: WPS manage mostly single family to four-plexs. And other smaller apartment complexes.
We also have some smaller commercial spaces that we manage and are looking to expand into shopping strips.
Q: When do I receive my rent proceeds?
A: All current leases are structured for payment are due on the 1st of every month. We do offer a short grace period to allow for weekend and holidays. After that time, we pay vendor invoices, and collects on any fees due to Property Professionals. We do a batch payout to our landlords on or about the 9-10 of the month depending on day of week. Landlords have option of receiving the funds via ACH or check.