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Owner's Frequently Asked Questions
How much are the fees?
- Leasing Fee: Our company charges a leasing fee equal to 80%
of one month's rent. This pays for advertising, tenant screening, lease
preparation, etc.
- Management Fee: Our Company charges 8% of the monthly rent
for management fees. This covers rent collection and distribution, coordination
of maintenance, tenant relations, etc.
- Renewal Fee: Our Company charges a $75 flat fee for lease preparation
and property inspection.
Do you have a discount for multiple properties?
- YES! We offer multi-property discounts. Our management fees for owners
with 4 or more properties is 7%.
How do you do background checks?
- All potential tenants are thoroughly screened through Background Info
USA, which retrieves credit history and worthiness, criminal background
INCLUDING the sexual predator database, national eviction reports, tenant
performance reports, public records, small claim judgments and collection
referrals.
What needs to be done to prepare a property for rent?
- The property should be in the best possible condition to attract a
quality resident. Paint should be in good shape with marred or dirty
areas touched up. Neutral colors for walls and floors are best. Blinds
or shades are ideal window coverings. The home should be "detailed"
clean and the yard in mowed & edged.
How do I determine the rental amount?
- The competition determines the rental amount. As your management company
we will run a market report to see with the market and the competitive
rental ranges are for your home. If the home is marketed too high the
home will be vacant much longer. If it is marketed too low, it may be
one or two years before the price becomes competitive again.
How do you market the property?
- A sign and lockbox are placed at the property within 24 to 48 hours.
We advertise your home in the Austin Multiple Listing Service (MLS).
Once the MLS listing is active it feeds to other public sites such as
Austinhomesearch.com, Trulia.com, Hotpads.com and Craigslist.
How long will it take to rent?
- Vacancy periods depend on the market, economy, location & condition
of the property as well as the rental price. Homes rent more slowly
between Thanksgiving and New Years. Location and price effect vacancy.
GDAA will begin marketing your home the moment it becomes rent ready,
or as soon as the current residents give us their notice of their intent
to move out we will begin marketing 45 days prior to the tenants vacating.
At present time, average rental time is about 45 days.
What are the policies regarding Pets?
- Our company has seen that between 75-80% of renters own pets. Restricting
pets reduces the number of available qualified residents. Our company
has a very strict pet policy. We require applicants and tenants to provide
photos of the pets prior to approval. We charge a pet deposit and also
require the tenants to have all flooring professionally cleaned and
pet treated and provide our office with receipts.
What about smokers?
- Smoking is prohibited inside the property. This does not significantly
reduce the marketability of the property.
What lease do you use?
- We use the Texas Association of Realtors Residential Lease, approved
by the Texas Real Estate Commission (TREC) and the National Association
of Property Managers (NARPM).
When do I have to pay you leasing fees and monthly
management fees?
- Leasing fee is due upon lease signing. Monthly management fees are
due when rent is due and our company deducts this amount from the tenant's
rent check.
What happens if the rent is late?
We do not tolerate the late payment of rent. We are careful to explain
this policy to new residents in order to avoid any misunderstanding that
might arise later. You can expect that we will make every effort to collect
rents when de on the 1st of the month. Our collection policies are as
follows:
- All rents are due on the first of each month.
- Any remaining residents who have not remitted their rent by the 4th
of the month will be served a Notice to Vacate, which is required prior
to commencing with the eviction process. All Owners are contacted prior
to us filing eviction. While it is doubtful than an eviction will be
necessary with our qualifying criteria financial hardships do arise
requiring prompt collections attention.
- All paperwork, (including, but not limited to) copies of the lease,
and the Notice to vacate are filed with the appropriate Justice of the
Peace.
- We will appear in court as your managing agent for the eviction hearing.
- In our local counties, delinquent tenants can usually be evicted in
about 3 week's time. At GDAA we take a firm position in our belief of
"No pay, no stay".
When are monthly funds distributed?
- We provide income and expense statements on the property by the first
business day after the 5th of each month.
- GDAA provides direct deposit to all of our owners. This eliminates
any delay with the postal service and will be deposited into your designated
account within 48 hours of the transaction.
- If you prefer to have a check mailed to you instead of taking advantage
of direct deposit GDAA will mail you a check for an additional $5.00
monthly fee. Please be advised that GDAA is not responsible for checks
that get lost in the mail so if you report that you did not receive
the check we will put a Stop Payment on the check, which includes a
48 hour waiting period, after which we will reissue another check
Who handles maintenance requests for both emergencies
and non-emergencies?
- We take care of all the repairs that are necessary on your property,
both large and small.
- If the cost for the repair is over our $250 cost limit we will contact
you for approval prior to having the work completed.
- GDAA will either send you the invoice for payment or take the cost
of the repair out of your rental proceeds if over the $250 cost limit.
- Our office has a designated phone number for all emergency calls.
When a tenant calls in and leaves a voicemail a member of our staff
is paged. We will call the tenant back and may times handle the situation
right then on the phone to solve problems which reduces "the emergency"
and thus saving the Owner's an additional expense.
What is the average length of tenancy?
- A majority of our rental agreements are for 12-months. Other agreements
range from 18 to 24 months. At the end of the lease term the owner can
decide to renew to the resident (if the resident wishes to remain),
vacate the resident, or allow the resident to remain month-to-month.
If the market has changed the owner can raise the rent at lease end.
What happens if the resident leaves before the end
of the lease?
- The resident is responsible for the rent for the term of the lease.
If residents leave before the termination date they will be charged
for rent until the home is re-let as well as a re-letting fee equal
to one month's rent. We, on behalf of the owner, will do everything
possible to re-let the home and minimize the residents' cost.
If I have a concern, who do I call?
- Any member of our staff will be glad to assist you with any concern
you might have.
If I decide to sell my property, can GDAA help?
- Definitely!! We will be glad to assist you with the decision process
as well as help you achieve the best selling price possible. We will
work closely with you to make sure you get the quality of service you
deserve. If you came to us through another Agent we will ask that you
consider using that agent as a professional courtesy. If you choose
not to use that Agent we will notify the Agent that we have been hired
by you also as a professional courtesy.
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