Owner Frequenty Asked Questions
- Credit Report
- Minimum 600 credit report.
- Bankruptcy and foreclosures must be at least two years old.
- Any payments due to a property management company and/or Landlord.
- Criminal History
- Full criminal background check.
- Any person required to register as a sex offender will not be approved.
- Rental History
- Rental History will be verified through credit report and also through current landlord
- Broken leases or eviction will not be accepted
- Income Verification
- All applicants must make a combined income of three (3) times the rent.
- Verify self-employment by requesting two (2) years of tax returns, financial statement prepared by a CPA and current bank statement.
How do I receive my payment?
All of payments are made through direct deposit. We will need voided check and/or direct deposit information. You will also be able to login to your owner portal to view your monthly statement.
How do you make sure the tenant is taking good care of my property?
We make sure to carefully select responsible tenants when processing the application. During the lease term, we may have occasions to enter the property for repairs or maintenance issues and will use this opportunity to examine the property.
We will also schedule a renewal assessment of the property prior to renewing a lease contract. This will let us know exactly how they are maintaining your property as well as protect both you and your property.
How do you qualify someone that is applying for my property?
We are looking for responsible tenants by using and processing a detailed tenant application. We review credit report, criminal history, employment verification and rental history.
How long is the lease that my tenants sign?
The normal length of the lease contract will be for 12 months. We may suggest a longer or shorter lease contract in certain situations
How much security deposit do you collect from the tenant?
We usually collect a security deposit that amounts to one month's rent.
How often do you contact me with what is happing with my property?
We will contact our owners when a repair is going to be over your owner reserve of $500. We will also contact you if your tenant has not paid rent and we have to take further action. Owner will also be notified when the tenants lease is going to expire or if a 30 day notice is submitted. We want to make sure that the owner is aware of any turnover so they are aware of relate expenses and be prepared for it.
How soon can you start managing my property?
We can start immediately. Please contact us so we can get some more information about you and your property and to see if we would be a good match for your wants and expectations. Feel free to contact us if you have any other questions or if you would like to discuss managing your property in more detail.
How will maintenance requests be handled?
Tenant must submit a work order through their tenant portal. Once the work order is submitted our 24 hour maintenance service will contact the tenant to help determine the problem before sending out a contractor. We want to make sure that it is not something the tenant can fix themselves (ex: tripped breaker, reset button on the disposal, etc.) before there is a charge for a service call. After determining that it is an issue that needs to be handled by a contractor then we will send out the appropriate contractor. We tell our tenants that in most cases repairs will be handled within 1-3 business days. We continue to follow up with the tenant and the contractor to insure the repairs have been taken care of.
If a tenant has an after hour emergency call they are instructed to contact our 24 hour maintenance hotline to report their problem.
Is the management agreement a standard contract?
Yes, our property management agreement, residential lease agreement and rental application are promulgated forms provide by the Texas Association of Realtors®.
Under your system of property management, how informed will I be about what’s going on with my property?
We will contact our owners when a repair is going to exceed their owner reserve of $500 and/or a tenant vacates with or without notice. Anytime there is going to be a financial impact on your monthly statement or there is going to be a turnover on the property, we will contact our owners to prepare them for what is coming up. Our goal is for our owner to have peace of mind and if an owner desires to be updated on every minor detail we will most likely not be a good fit.
What are your monthly management fees?
Our management fees are 10% of the monthly rent. If a property is vacant the management fee will not apply.
What bills do you pay that are related to my property?
We will pay bills or invoices that are generated as a result of repairs, lawn service, utilities or other services to your property. We are not able to pay your mortgage, insurance, or HOA fees. We strongly suggest that the owner keep up with these payments to avoid liability, fines, fees, or other legal issues that could arise.
What can I see in my owner portal?
Our owner portal is designed so that owners can see what is going on with their property. Owners will be able to view their owner statements, tenant lease contracts and documents, repair invoices and submit request to management.
What do you do to get my property rented?
We place your property on the Multiple Listing Service as well as multiple websites such as Realtor.com, Zillow, Trulia, and many more. We show the property to potential renter and take professional pictures of the property.
What happens if the tenant does not pay their rent?
If payment has not been made by the 5th - 6th day of the month, we send an eviction notice. Whether or not we eventually have to proceed with a formal eviction depends on the specific circumstances. It is usually financially better, for all involved, if a solution can be worked out. If the tenant has experienced a one-time event which caused them a financial hardship, and we have had no previous problems with them, we will normally give them a chance to catch up, if there is reason to believe they can do so. If the tenant has demonstrated an ongoing pattern of late payments, broken promises and/or evasiveness, eviction is usually the best course of action.
Each case is unique, and we make our decisions based on what is best for you and the property in the long run. We always proceed with the legal notices required for eviction regardless of any other factors. We will simply postpone the actual filing of the eviction if the tenant is showing favorable effort toward resolution. Evictions in Texas are a simple legal matter as there is no way a tenant can prevail in court if they have not paid rent, and the landlord has properly executed the notices and filing. Full evictions, when necessary, can usually be completed in five to eight weeks.
What if I have home warranty?
We prefer that owners do not use a Home Warranty Company to make repairs at their rental property. We have found that home warranty companies deny the service either on grounds of lack of maintenance or abnormal wear and tear.
What if I know someone that can take care of the repairs on my property?
Unfortunately, we only use our qualified and approved vendors. We are not able for liability reasons to use your friends or relatives to perform work on you home unless they are in fact licensed vendors.
What if I receive a call from the tenant?
We ask that you avoid direct communication with the tenant and refer them to our office. It is best for management handle any request the tenant may have.
What if I want to be contact more with what is happing with my property?
For some property owners, our system is not a good match, and we understand that. We are very up front about the fact that we do not want you to hire us if you expect to be involved in minor details or decisions related to the management and leasing of you property. We have designed our systems and procedures to provide our owners peace of mind and not to accommodate a high level of involvement by owners.
What if I want to use my own plumber, A/C Company, etc.?
We will be happy to invite them to join our vendor list if they are qualified and insured, but we cannot promise that a specific contractor will be dispatched to your home for certain repairs. If a company you prefer wants to be added to our contractors list, they can contact us and we will interview them and let them know what documentation and references we will need. However, we cannot guarantee that your favorite company will be sent on all service calls to you property. Our concern is always to resolve repairs problems in the timeliest way possible with the available contractor at the time. We cannot keep track of a pre-established roster of which vendors are assigned to certain properties – it would be very cumbersome and inefficient and would not achieve the best service to you, the tenant or your property.
Our professional reputation, with both tenants and owners, is largely, if not entirely, determined by how well we handle maintenance. Therefore, we follow a practice that is most likely to insure the best possible response and resolution to problems.
What if I want to view my property?
Not a problem. We suggest an owner visit their property every one or two years. We recommend that owners give management at least a week notice of when the will be arriving so we can make arrangements with the tenants.
What if the tenant is not taking care of my property?
We will give the tenant the opportunity to correct the situation. If the property continues we will make a decision based on the situation and discuss with the owner.
What is the leasing fee?
Our leasing fee is 50% of the first month’s rent. This fee is only charged when we place a new tenant into the property.
We market the property as follows:
• Multiple Listing Services.
• Multiple websites such as Realtor.com, trulia.com, and many more.
• Professionally take pictures.
• Showing the property.
What kind of experience do you offer?
Each member of our staff has over 5 years experience in property management.
What type of properties do you manage?
We specialize in Single-Family homes, Townhomes, Duplexes and Condos. We have preferred business partners that handle commercial and all other types of properties.
What will I receive with my monthly statement?
Your monthly statement will be uploaded to your owner portal along with invoices for repairs that have been completed.
When do I receive my owner statement and payment?
Owners should expect their statement and payment between the 8th and 10th of each month. There could be a delay if these dates land on a weekend or a holiday. If this should be the case then payment will be process the following business day. Once we have submitted payment, owners will receive an email letting them know to expect a direct deposit and when the funds should be in their bank.
Who holds the tenant’s security deposit?
Any deposit that is collected by a tenant will be held in a security deposit account and will not be released until the tenant gives up position of the property. If you have collected a tenant’s security deposit, you send it to us at the time we take over management of the property.
Are there any properties you don’t manage?
We do not manage commercial properties nor do we manage homes in conditions that could affect the health or safety of an ordinary tenant.
Are there other service charges I should know about?
There is a 25% renewal fee that is charged if a tenant decides to renew their lease contract.
Do you hold my money for repairs?
We keep a $500 owner reserve per property in your account to insure there are always funds to pay the contractors.
Do you use the cheapest maintenance contractors you can find?
We do not use the cheapest contractors! Our contractors are competitive in price, competency, and reliability. We save our owners money by using these contractors for the majority of multi-trade and make ready tasks. An additional benefit to using these contractors is the opportunity for checking out the general condition of the property.
How do I know you won’t spend my money on large repairs without my approval?
This is a fear of most owners. Our management agreements let you know exactly how much we keep in your account at all times. Maintenance and repairs that are less than $500 are paid out of your account and will reflect on your monthly statement. If a repair is going to exceed $500 we will contact you. If for any reason we are unable to contact you we will approve repair work even if it is higher than $500. The following issues would get approval from management if we cannot get an approval from an owner.• An issue that affects the health or safety of a tenant
• If the property will incur damage if immediate action is not taken
• No A/C when the temperature exceeds 90+ degree
• No hot water
• Leaking Roof
Our contractors have been informed to contact us for any repairs that are going to exceed $500.
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Peace of Mind Property Management
1102 E. Sonterra Blvd.
San Antonio, TX 78258
Phone: (888) 211-6743
We offer a wide range of property management services to fit your needs as a landlord or home owner.
As a perspective tenant, we can help you through the process of finding and applying for the home of your dreams.