fbpx

Owner Expectations

welcome to your real estate investing journey with 1836 property management

As an investor you understand the numerous moving pieces which require constant oversight to ensure that your investment is successful. When you hire a professional property management company to manage your investments, you can rest easier knowing that your comprehensive long term best interest is the collective goal. Below you will find highlights of what you can expect as a client-partner of 1836 Property Management. Our goal is to make your real estate investing journey in Austin, Texas, as easy and successful as possible. 

Monday - Friday | 9 am - 4:30 pm

  • Excluding major holidays
  • Pre-scheduled phone and video calls are available during normal business. 

24/7 answering service

Available for all 1836PM clients and residents

24/7 emergency maintenance call center

Available for all 1836PM residents

Email communication

Most business is handled by email for efficiency, documentation & research time

Account Setup

Once the property management agreement has been signed and all addenda and details are received, it will take 1 business day to input all the details and fully set up you r account across our systems

Owner Portal Login Information

Once you’re set up in our systems, you’ll receive an email with your login information for your 24/7 owner portal. 

Accounting information available through the owners portal:

All financial information may be found here in real-time. 

Paid invoices may be found by visiting the Accounting/Bills page and then selecting the paperclip icon on any bills you find/need access to. 

Unpaid bills can also be found here by visiting the Accounting page, then the Bills section and selecting Unpaid Only. (We pay all outstanding bills by the 10th or next business day. Until then it will appear as Due)

Visit the Reports page when you need a breakdown of income and expenses. (We suggest downloading the Income Statement Detailed and Property Statement)

STEP 1

Obtain keys, codes, cards and remotes to the property.

STEP 2

Maintenance reserve is funded.

STEP 3

Ensure all appropriate utilities are on.

STEP 4

Schedule then execute the initial property walkthrough and place lock boxes.

  • If repairs are needed, we’ll either complete them using your property maintenance reserve funds or send you a formal estimate for these items depending on the number and severity of the condition. Funds for the estimated items will need to be received to order work from the vendor(s).
  • We cannot put the property on the market until all repairs have been completed and it is vacant and ready. Please refer to the Make Ready Standards attached to your management agreement for a list of items we’ll be looking for. 
STEP 5

Estimated date of completion for the make-ready is received and confirmed.

STEP 1

After the home is completely vacant and "hotel room ready" we will schedule the professional photos and other marketing materials to be completed.

STEP 2

List the property on the MLS, syndication and leasing software.

STEP 3

Update provided every Tuesday by email including:

  • Number of showings
  • Feedback
  • Number of applications received to date
  • Recommended actions such as a price or condition adjustment. 
STEP 1

Application is received and reviewed for any missing details or attachments.

STEP 2

Application is processed and background check performed.

  • Processing takes 1 – 3 days
  • Applicants personal information is not shared in order to reduce identity theft and to ensure compliance with federal fair housing laws regarding discrimination. 
STEP 3

Based on results:

  • Applicants may be declined and will receive legally required Notice of Adverse Action.
  • Applicants may receive a counteroffer based on risk factors requiring Notice of Adverse Action. 
  • Applicants may be approved. 
STEP 1

Once the lease is fully executed, you will receive an email with the good news!

STEP 2

Partial and first month's rent is obtained.

STEP 3

We will process the leasing fees and pay any outside agent's commissions.

STEP 4

Utilities must be kept on until the lease start date.

STEP 5

A move-in report documenting the property condition will be completed just before the tenants take possession and move in. A final interior wipedown and lawn maintenance will also be performed, if necessary.

STEP 6

We will coordinate receiving funds and disbursing keys directly with the tenant.

STEP 7

After move-in, we will have the property rekeyed (as required by state law) and brought up to current Texas Property Code (keyless deadbolts, peep holes, pin locks, etc.).

STEP 8

All funds in excess of the reserve and pre-approved repair bills are disbursed monthly on the 10th or next business day.

  • Expect these funds to arrive in your account between the 15th – 18th every month. 
  • Most owners will not see a deposit on the first month because of the leasing fees and property code modifications. 

No news is good news!

If repairs are requested from the tenant(s), we prescreen and troublshoot before dispatching licensed and insured vendors.

Vendors are limited in scope per your management agreement for normal repairs and required to report tenant negligence

  • If the repair is under your maintenance limit, the vendor will proceed. 
  • If greater than your maintenance limit and not deemed an emergency, a written estimate will be sent to you for approval. 
  • Our approved vendors deliver honest, reliability, accountability, value and foresight. 
  • We strongly suggest putting 10% – 20% of your rental income aside, based on the age and complexity of your property, so you’re prepared for repairs as they come up. 
  • If you have questions, schedule a time to connect with our maintenance supervisor, your property manager or the vendor. 

Property Management Agreement

  • 120 day prior to the lease expiration date, we will reach out to your regarding the renewal of your management agreement. 
  • If we are to change course for the future, you must notify us at this time. 
  • If you would like to proceed, please let us know by simply signing the new management agreement. 

Tenant Lease Agreement

- 90 days before the lease expiration date, we will offer renewal options to your tenants.

The options we give them will be base on the rental analysis for your property at that time. 

- If the tentant decides to renew, we will confirm the new lease terms with you.

There is a renewal fee each time your tenant(s) renew, which is detailed in your management agreement. 

STEP 1

If your tentant(s) decide not to renew, we will email you with turnover expectations.

STEP 2

Two weeks before your tenant's lease ends, we will schedule our maintenance team to place lock boxes on your property and we will pre-check the property for any make-ready items that might be needed.

STEP 3

The property will be put on the market either when we have contractual permission or when most appropriate based on the property and condition.

It’s been statistically proven that vacant, clean and ready homes spend less time vacant and lease at higher rental rates. There are also significant security concerns and delivery issues that arise from showing occupied properties. Because of these reasons, we list property once vacant and ready. 

STEP 4

After the tenant moves out, we will perform a move-out report and schedule repairs to be completed.

In Austin, the turnover process can take 2 weeks or more depending on the property condition and availability of vendors and materials. 

STEP 5

Within 30 days of the lease ending we'll itemize the tenant related repairs, withhold funds as appropriate, and return any remaining deposit ot the previous residents as required by Texas Propery Code.

Download Owner Expectations PDF

Have questions?
Ready to partner with 1836PM?

JOIN OUR NEWSLETTER

Get monthly real estate investor education, strategies, and market updates.

More from 1836 Property Management

  •   The aesthetic appeal of your rental property’s interior matters just as much as the exterior’s curb appeal. If prospective tenants are greeted with a gorgeous interior highlighted by updated hardwood flooring, matching light fixtures, and other niceties, they will be that much more inclined......

  •   When renters move into their new home, they usually have a lot on their minds, the last of which might be, “is the garage door functional?” However, it is essential to ensure that the garage door is fully functional at all times. Nothing is......

  •   Purchasing an investment property is a major financial commitment.  Plan accordingly and you’ll be able to move forward with the purchase of your new rental property in full confidence.  Alternatively, if you were to rush into the acquisition, you would run the risk of......