100% First Month’s Rent • 10% Monthly Rent Plus Fees Paid by the Resident
Why use DFWCityhomes Property Management and Leasing Services?
As you know, managing a residential income property is a lot of work: from finding and qualifying tenants, to signing the lease, to collecting rent, to making mortgage payments, to responding to emergencies, to finding competent and reliable repair persons, to dealing with tenant complaints and even to evicting tenants. DFWCityhomes offers a full residential Property Management Service and has been managing residential and multi-family income property in Texas for many years. We know what it takes to successfully manage a property and are committed to providing first rate service to our owners and tenants.
What property management and leasing services are offered by DFWCityhomes?
- Homeowners contract with DFWCityhomes to manage their income property under our DFWCityhomes Property Management and Leasing Service. Our Management fee is 10 percent of the monthly rent plus any application fees, late fees or bad check fees paid by the resident.
What does it cost to have DFWCityhomes lease my property?
- The Leasing Commission is 100 percent of the first month’s rent for new tenants. 50 percent of the first month’s rent is offered to buyer agents, we absorb all costs of leasing the property including MLS fees, internet marketing, signs, lockboxes, background and credit checks, etc. DFWCityhomes does not collect any fees when leases are renewed or repairs are made.
What Types of Properties Does DFWCityhomes Manage?
- Any Single Home, Condo, Multi-Family with a unit rent base of $1,500 per month or more.
How Does DFWCityhomes Market Your Property?
- As members of the Metrotex Association of Realtors we list your property in the MLS (Multiple Listing Service) database. This makes your property available to over 24,000 other Realtors. We place our “For Lease” sign at the property with our agent cell number and web address so potential customers can get information and schedule a showing right away. We are very accessible to showing your property. We will make appointments to show property after normal working hours and on Saturday and Sunday to accommodate potential tenants’ schedules. Pictures of your property will also appear on the highly searched sites, Realtor.com’ Homes.com and all of our other syndicated web sites that carry for lease listings.
How Do I Decide What Rent Rate To Charge?
- DFWCityhomes will assist you to price your property correctly with a rental analysis (CRA)— A rental analysis compares your property against similar rental properties in the area to find the best market value. We will advise you on any practical changes and improvements that will help you attain your maximum rental value and attract a quality tenant.
How Does DFWCityhomes Screen Prospective Residents?
- When prospective residents call us off our sign or from an MLS search, we make sure the unit under consideration is suitable for the caller. They are asked when they need the unit, how many people will be living in the unit, if there have been any credit problems and why they are leaving their current residence. If everything checks out, an appointment is set up with the prospective residents at the unit. After the prospective tenant walks through the unit, the prospective resident is given an application to complete. They are told when they submit their completed application along with a $30 non-refundable application fee and a separate check or money order for the amount of the rent deposit their application will be processed. The requirement for two checks or money orders is another indicator of how serious the prospective resident is and of their financial viability.
- After reviewing the application for completeness, a credit check is run. DFWCityhomes is affiliated with Allied Credit Systems and runs credit, criminal and sex offender background checks from their office. After this is done, the applicant is either approved or rejected. If the person is approved, they are contacted and their application deposit is deposited and becomes a security deposit. If the person is not approved, they are called and a letter, as required by the Federal Fair Credit Reporting Act, is sent to them along with the return of their deposit check.
What happens next?
- After the prospective resident has been approved we ask to set up a time to sign the lease for the property in question. If a prospective resident has a pet (no puppies or Pit Bull’s) an Animal Addendum and Pet Deposit is required. When the time comes for the tenant to move-in, a full months rent must be paid regardless of when occupancy starts. A copy of the lease (if it has not already been given), a Move-In Inventory form and the keys are given to the tenant and they are instructed to transfer the utilities into their name.
Where does the rent go?
- DFWCityhomes maintains a banking account for rent receipts and tenant deposits. When the monthly rent check is received, it is deposited into the operating account.
- DFWCityhomes collects a management fee and issues a check directly to the Owner.
- DFWCityhomes responds to emergency calls 24 hours a day and seven days a week. A repair person is contacted and scheduled as soon as a problem is reported.
- DFWCityhomes performs preventive maintenance every time a property turns over to remedy small problems before they become large ones.
- We only spend an owner’s money for repairs when necessary.
- If any repairs exceed $100, DFWCityhomes attempts to obtain permission from the property owner before the repairs are made.
How often do Owners get reports?
- Owners are provided reports as frequently as they want them; either monthly, quarterly or annually. These reports show all monies into and out of the accounts and represent a year-to-date history of all income and expenses associated with the property.
- After the end of the calendar year, in addition to this detailed income and expense report, a Proforma P&L is provided to the owner so that he may prepare his tax return. Files are kept with all receipts and canceled checks in case they are ever needed at a later date.
How Soon Can DFWCityhomes Start Managing My Property?
- We can start the process right away. We will start by obtaining some information about you and your property and helping you decide if we are a good fit for your needs.