Once you have invested in a rental property in Georgetown TX, the responsibility of maintaining and running the property can quickly become overwhelming. For many owners, the logical solution is to hire a Residential Property Management company to oversee their rental property. Continue reading this article to discover the top 10 reasons why you should hire GDAA Property Management and how the benefits far outweigh the costs.
In this video, Greg Doering, owner/broker of GDAA Property Management, gives five tips about listing agents selling property with an existing tenant--how to make the transition a little smoother and how to close the sale easily.
The first thing is to call the tenant and remind them that the lease is still enforced for the duration of the terms. You also need to assure them that even though the owner is selling the property, they don't have to move out or that the terms of the lease are going to change. Reminding them of this makes it emotionally smoother for both the tenant and the buyer.
Your next step would be the transfer of the security deposit. First, make sure you have an accurate accounting of the security deposit, so that it smoothly and easily transfers to the new buyer of the property. This is to avoid any problems when the time comes for the current tenants to move out. Nobody has to scramble trying to find out where the security deposit is or how much it is. You will need to disclose as well, the amount you are transferring.
The third step, is the pro-ration of rent. The way it works is you take whatever is the applicable amount depending on what the closing day is: for example, you have a $1,000 rent, you divide that by 30, but if it's the 15th of the month, you only take half. So basically, the owner gets part of the rent up to the day of closing, and the new buyer receives the remainder of the rent for the month. You just need to make sure you know that amount ahead of time.
Relaying the new owner contact information to the tenant is the next step. They need to know who they need to pay rent to, who's holding the security deposit, and of course, who to call when there's a maintenance issue. This helps in facilitating the timely collection of rent and the resolution of maintenance issues.
The fifth and final step is all about documentation. This includes a copy of the lease, since everyone should know the full terms and conditions. This is to avoid any confusion with the buyer, who is the new landlord and the existing tenant. The application as well, should be transferred to the new owner for legal reasons, and also to have it handy in case the new buyer needs it down the road. There should also be a full record of accounting for the tenant's protection and again, we emphasize the importance of transferring the security deposit.
We hope these tips help you a lot. If you are in need of excellent property management services, sage property management advice or want to check out our available #RoundRockHomesforRent, please give us a call or visit our website. Thank you for watching!
AUSTIN, Texas, May 26, 2015 /PRNewswire/ -- The Texas Legislature officially adopted a resolution declaring May 26, the birthday of the enduring American icon John Wayne, as "John Wayne Day" in the State of Texas. Texas Governor Greg Abbott issued a proclamation declaring the iconic star an honorary Texan.
In this video, Greg Doering, owner/broker of GDAA Property Management, talks about how to make the process of referrals easier on the agents. Agents are our valued clients as much as our owners and tenants, so we constantly find ways to make the referral process easy on them, knowing how hard they work.
We value our agents' time and know how tough it is to show multiple properties to lease clients and also how challenging it can be to comply with different property management companies' varying requirements. Hence, we also want to be of value to you and your clients, and here's how we make it easy for you:
First, we always post our leasing criteria online. This way, you and your clients will know ahead of time if they are qualified to apply for a property. We also post any specific terms or conditions from the landlord who owns that property. We want to be upfront about it prior to you showing the tenant that property.
We also have an online application and online portal so that the tenant can easily fill out the application from the comfort of their home, a Starbucks or their office. When they submit a payment online, the application starts processing immediately. This means you won't be running around, trying to wait for your tenants to come up with a cashier's check or money order. They can just apply online, plus it is also less expensive to process the application when they apply online.
Another advantage of applying online is the convenience of not receiving annoying phone calls stating that additional information is required or that the applicant's information couldn't be read because they were illegible.
We believe that we have established a system that is easy and convenient on you, our realtor friends who bring us tenants.
If you are in need of excellent property management services, sage property management advice or want to check out our available #HuttoHomesforRent, please don't hesitate to give us a call or visit our website. Thanks for watching!
Our CashPay solution lets residents in Round Rock, TX and other locations electronically pay rent with cash from one of 25,000 CheckFreePay® locations nationwide. This is a great convenience to our leasing clients!
In this video, Greg Doering, owner/broker of GDAA Property Management, talks about the important information owners need to know when placing tenants in their rental properties. By following these few simple tips, you not only get happy tenants but possibly save time, as well as money on court costs at the end of the lease.
The first thing you need to do is complete a thorough background check. This includes the prospective tenant's credit, criminal and rental history. Stick with your standards regardless, as it is better to decline an applicant rather than accept one that is less than your standards.
Next, make sure you always have a firm written lease. We use Texas Association of Realtors leases that have specific dates, times and terms and conditions that protect you, the landlord and your tenant.
Always provide an inventory condition report to the tenant upon move-in. With our company, we require that it be returned within two days from the move-in date. Under Texas law, the property is assumed to be in pristine condition, unless the tenants make specific notes in the inventory condition report that they turn in. It's very important to give that to the tenant and receive that back since you're going to use that when they vacate the property.
You also need to take photo documentation prior to the tenant moving in. You can ideally take about 100-150 photos of both the interior and exterior of the property because you want to be able to state in court exactly what's going on. This also prevents any problems down the road, and this is also for the tenant's protection.
Lastly, take photo documentation again after the tenant moves out. Before-and-after photos are clear documentation. Remember as well that you have 30 days from the time the tenant vacates to give a full accounting of the security deposit.
We hope these tips are helpful. Thanks for watching and if you need excellent property management services, sage property management advice or want to check out our available #HousesforRentinGeorgetownTexas, please don't hesitate to give us a call or visit our website.
In this video, Greg Doering, owner/broker of GDAA Property Management, addresses owners and investors specifically about what tenants really want.
Tenants are no different from any one of us when dealing with transactions. Based on our experience, there are only three things that are very, very important to a tenant and they are as follows:
First is, they want to move into a property that's clean, well-maintained and where everything is working well. Second, they want a timely response to maintenance issues. Tenants understand that hot water systems leak, that toilets jiggle and run, but what they get frustrated about is the problem running for days or weeks without anyone responding to their calls for help. And last, but not the least, they want consistent communication with the property management company or the landlord. Whenever they send emails or call in a request, they would like to have it all responded to in a timely manner. Most tenants are very reasonable, they understand that getting their requests answered or issues resolved may take time, but consistent communication takes care of that.
So basically, that's all there is to it: a clean, well-maintained property, timely responses to maintenance issues and consistent communication--these are the things that will make your tenant very happy. In our company, we believe that we are the voice for the owner and the advocate for the tenant.
If you are in need of excellent property management services, sage property management advice or want to check out our available #CedarParkHomesforRent, please don't hesitate to call us or visit our website. Thanks for watching!
Through experience we've identified small details that give predictability on a tenants likelihood to stay current with rent and/or respect an owners asset. This attention to detail helps us to make informed decisions and protect your investment.
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