Some real estate investors believe they can self-manage their rental property to save costs. While this may save money short-term, it may lead to higher costs long-term.
That’s because there’s a lot that goes into property management that many people don’t think about. This includes setting up an in-depth tenant screening process that covers all the lease agreement essentials, maintaining the property on an ongoing basis, and understanding compliance and legal issues such as the eviction process in Texas.
At 1836 Property Management, our robust process includes multiple touchpoints for every client. In fact, in a typical 25-month period, our role as property managers involves numerous steps for each owner — 376 steps at least.
To show the benefits of having an experienced Austin property management team, we outline the property management process for our valued clients, along with some helpful tips.
Property Listing (19 Steps)
During the listing process, we follow 19 different steps to list your property on the market. This starts the moment your property has been brought to the 1836 Make Ready Standards.
Listing isn’t just about entering information into the MLS and hoping for interest. We make sure your rental property shines and is competitive in the marketplace.
This includes tasks like:
- Running comps to ensure a competitive starting price
- Ensuring lockboxes and a sign are on site
- Preparing the listing on the MLS and our property management software
- Adding professional photos to the listings once complete
- Connecting the associated lockboxes to the listing
- Adding documents to the listing for our application criteria, showing instructions, etc.
- Conducting a thorough review of everything before listing the unit on the MLS and PM software
- Changing internal statuses to “Listed”
- Notifying the owner that the property is listed on the market
Tuesday Updates During Leasing (1-4 Steps)
Every Tuesday, we provide active listing updates to our investors. This includes reviewing comps, showing activity on the property as well as any feedback we’ve gotten, and application statuses. Essentially, we give you the low-down on how your leasing process is going.
From this, we’ll inform you of recommendations for the following week, in case there are any action steps we need your help with for this portion of the property management process.
Move-In (86 Steps)
The move-in process involves many steps, covering everything from lease signing to the new residents settling in.
Some of the steps in this stage include…
- Setting up the new lease in our property management software
- Closing out the listing
- Scheduling a pre-move-in cleaning and move-in report
- Handling payment of the resident’s real estate agent (if applicable)
- Ensuring that all move-in fees and documents are received
- Coordinating the essentials for move-in day and re-keying the property
Late Rent/Eviction (25-51 Steps)
If tenants fall behind on rent, we may need to assist you in following the official eviction process in Texas.
If the tenant doesn’t pay for a certain amount of time and we need to file for eviction, this takes about 25 steps. That includes following-up with the resident, creating and posting a Notice to Vacate, and registering and filing for an eviction.
If we need to carry through on the full eviction process, it takes 51 steps in total. This includes preparing for an eviction hearing in court, checking the property prior to the hearing, filing for a writ of possession if the eviction judgment is granted, coordinating with all parties for this, and then completing the writ.
Lease Renewal (63 Steps)
The ideal scenario will see your tenants renewing their lease every year, a crucial part of the professional property management steps we follow to ensure long-term success. We begin this process 120 days prior to the lease ending, to ensure everything is in line.
Some of the steps at this stage include…
- Checking with the investor regarding their plans for the property
- Reviewing comps and resident history to determine a renewal rate
- Sending a lease renewal offer to the residents and negotiating with them
- Creating final lease renewal documents
- Updating our property management software with the new lease terms after it’s been executed
Resident Move-Out (20 Steps)
Should your tenants not renew, a Move-Out process will ensue. We’ll need to schedule a move-out report, notify the investor, schedule the start of utilities and yard maintenance, send upcoming move-out reminders to the resident, track/log the resident’s forwarding address and perform required cleaning duties.
Security Deposit Itemization (85 Steps)
Texas property management law requires a resident’s security deposit to be itemized and must be returned within 30 days of the lease termination.
Some steps in this process include…
- Reviewing the move-out report and comparing that to the move-in condition to determine if any resident damage needs to be deducted from the security deposit
- Coordinate with vendors to complete any work that needs to be done and delineating which party needs to be charged for it
- Tracking the estimate dates
- Receiving approval from the investor should work exceed the maintenance limit
- Process and pay vendor invoices and processing invoices
Semi-Annual Walkthrough (24 Steps, Twice a Year)
Twice a year, we conduct a walkthrough of your property during the resident’s lease term.
For this walkthrough, we verify if and when it’s needed, coordinate the process, order additional services such as an HVAC or water heater check, review the walkthrough report and send it to the investor, notify the resident of any violations, and see through any work completion.
The point of performing semi-annual walkthroughs of your rental properties is to ensure residents are taking care of the property and to spot any potential maintenance issues that need to be addressed promptly. This allows us to ensure the longevity of the investment and keep your residents happy.
Maintenance Requests (55 Steps)
When a resident sends a maintenance request, the coordinator follows many steps.
This includes reviewing historical tasks and troubleshooting, verifying maintenance limits/warranties and dispatching a vendor, updating the investor and confirming the scheduled service date, following up after the service was completed to ensure it was addressed properly and much more.
There are additional steps required if the property was built before 1978, as set by the U.S. Environmental Protection Agency.
Partner with 1836 Property Management
Self-managing your rental property may seem like a breeze, but it can be quite complex.
At 1836 Property Management, we have a very detailed property management process that we provide to all of our clients. This process, including our unique approach to property management in the Austin real estate market, is why so many of our clients have found long-term success in real estate investing.
For more information, contact us today.
