Owner Frequently Asked Questions
Do you charge the tenant a security deposit? What about a pet fee?
Yes. Our policy is that the security deposit is typically at or near one month's rent for well qualified applicants. Pets are not allowed without your permission. Pets are not allowed without your permission (except for service animals legimate empotional support animals). Any damage above and beyond the pet deposit remains the tenant’s responsibility. The pet deposit is used to offset the costs of a mandatory professional cleaning that is done on your carpet after the Residents vacate.
Do you screen applicants for my property?
Yes, we screen all applicants/occupants over the age of 18. A prospective tenant may apply using our website. They consent to PPI running credit and background checks, including past rental verification and references. We approve or deny applicants based on our published Rental Qualifying Criteria
. We may not share credit scores or other information with an owner that could lead to Fair Housing Discrimination claims. We do this to protect you, the owner.
How do I know what’s going on with my property?
Although we will make our best efforts to communicate significant events regarding your property (events that may affect cash flow), being a property manager is what we are hired for. If an owner wants to be involved in the management and operation of their property, it’s our belief that you in fact would be the best property manager, and not PPI.
How do you find a tenant for my house?
We market extensively throughout the area using a variety of sources. As the internet has evolved, much of the traffic we see originates from various websites, including our own. We use two local MLS syndication systems, Central Texas and SABOR MLS. We also feed a variety of other sources including Realtor.com, Trulia, and many more.
How do you know the tenant is taking care of my property?
The first step in ensuring someone takes care of your property is by diligently screening applicants up front. Thereafter, we will perform a periodic drive by with photos to identify a lack of exterior maintenance (which could indicate a need to view the interior). We also perform renewal walkthroughs to note the condition of your property before renewing a tenant’s lease. Our vendors are also under instruction to notify us of anything amiss should they be at a property performing any services.
How is maintenance handled?
We use professionally licensed 3rd party vendors (with the exception of general handyman maintenance who do carry insurance) to perform maintenance for your property. We have built many good relationships over the years which allows us to identify and solve problems in what we feel the best way possible. When a maintenance issue is reported, we have authority to dispatch and repair anything under $300 for general repairs, and $500 for HVAC issues. For amounts over those limits, we will contact you first for approval. Our vendors know to report tenant caused damage to us so that we may charge for any repairs which may be their responsibility.
What are your fees?
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 PPI and the owner’s best interest that we secure a solid, consistent tenant for this reason. We also charge a percentage of one month’s full rent + administrative fees for leasing, and a flat administrative fee for lease renewals. We are happy to go over fees with you at your request.
What do you do if it is discovered the tenant is not taking care of the property?
If it is discovered 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 Property Code.
What if I have a Home Warranty (Service Contract)?
What most people refer to as a “home warranty” is actually a service contract that is purchased annually, usually anywhere from $350-$600. These service contracts have many undesired effects. They are numerous provisions and loopholes which may not cover a specific problem you have at your property. You are also still responsible for a “service call fee” which usually ranges from $50 - $75.
After years of working with “home warranty” programs, we feel they do not provide value to owners overall. In fact, as the management company, we discourage them because it places our ability to repair homes in a timely fashion at risk. The vendors are often unknown and level of service varies. You may want to exercise the habit of setting aside a reserve fund for anticipated and unanticipated repairs, as this is what most long term investors do. While we will try to honor your service contract if applicable, we simply cannot guarantee they will be the first responder, especially during the summer when an A/C goes out.
What if I want to use my own vendor?
While we are happy to place new vendors on our list of providers, we cannot guarantee they will be used. As mentioned, we have relationships lasting many years with some of our vendors and a level of trust that allows us confidence repairs will be handled properly on your behalf.
What if the tenant does not pay rent?
If a tenant does not pay rent on time, then we initiate the “pay or vacate” process. The tenant is notified they are late on rent and must pay within 3 days or vacate/turnover the property. Although this usually prompts payment of rent, sometimes a tenant may not be able to perform their lease, even after working out ways to catch up. At such a point, PPI will file eviction proceedings with communication and approval from owner. When filing eviction for non-payment of rent, an owner can expect a 4-8 week process.
What type of properties do you manage?
We specialize in managing single family homes and duplexes.
When do I receive my rent proceeds?
All current leases are structured for payment no later than the 3rd of each month. After that time, accounting pays vendor invoices, and collects on any fees due to Property Professionals. If your tenant has paid on time, the first owner batch is processed on the 6th of each month or first business day thereafter. Payments are received the following day in your account based on information you provide us.