Property Management/Leasing Services

At Foster Loria Realtors, our goal is to provide the most personal, professional, and comprehensive real estate service possible. One of the services we offer is Property Management and Leasing…an area of the real estate industry in much demand the past several years.

We offer the same level of service in the management/leasing area that our clients receive when they buy or sell a home. We manage properties for some clients who purchased real estate for investment purposes. Other clients are interested in taking advantage of certain tax benefits and have chosen to lease their properties until placing them on the market for sales at a later date. Some of our clients are out of the state or country; others live in the area but don’t want to be burdened with the details of managing the property themselves. That’s where we come in!

The first part of our service is to look at your property honestly and objectively and to offer advice on what to do to bring the maximum rent. Once the property is in good condition, we can advise you on an appropriate lease amount.

We receive a sum up front to be used for advertising fees and any incidental costs relevant to leasing the property. At the time the property is leased, we will return any unused portion of this money.

Foster Loria Realtors advertises your property for lease in the newspaper. We also offer it for lease through the Multiple Listing Service (MLS) system and the Internet. That way your property is presented to individuals looking for a rental property and also to Realtors with customers who are looking for a home. We show your property to prospective tenants and make it available for other Realtors to show.

When someone is interested in leasing the property, we have them fill out an application, and we collect money for a credit check. At that time, we ask the prospective tenant about any credit problems in the past. If the credit check is satisfactory and the applicant leases the property, the cost of the credit check is then credited off the security/damage deposit and the owner absorbs the cost.

The tenant comes in and signs a lease and gives us approximately one month’s rent security/damage deposit. We then collect the first month’s rent when the tenant moves in.

We use the standard Texas Association of Realtors Residential Lease Agreement form. We require a pet deposit for pets, if approved. We require that the tenant does regular yard work, including mowing, edging, fertilizing, and watering. The tenant also agrees to water the foundation of the house, and to not make any cosmetic changes to the property without written consent of Foster Loria Realtors.

With the security/damage deposit, we set up an account for your property, which is used for any repair or maintenance costs to the property. We require that the tenants go through us for any repairs needed, unless in the case of a dire emergency. We have reputable people whom we use in all areas of home repair. Some properties require more repairs than others. We ask that you maintain this fund in an amount equal to at least one month’s rent. To do so may mean periodic contributions during the year.

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At the end of the lease, when the tenants move out, we check your property for any damage caused by the tenants and charge this out of their deposit accordingly. If we determine that the tenants have carried out the terms of the lease and have not caused damage, you may then refund their security/damage deposit to them remembering that the operating repair fund must be reimbursed as necessary.

Each month we collect the rent and send a check on to you, less the management fee. The rent is due on the 1st of each month. We should normally have your check mailed by the 8th or 9th day of the month.

We strive to put good tenants into your property, encourage them to keep the property in good condition, and offer professional and fair management, which will encourage then to lease beyond the original one-year lease that they signed. In many cases, our efforts pay off and tenants do stay for several years…and they often take pride in their home!

Our fees for property management are competitive! We charge an annual fee, plus a monthly fee on a 12-month basis. From the annual fee, we pay a fee to another broker if he or she brings us a tenant for your property. It doesn’t cost you any more, but it often means your property is leased sooner!

If, during the term of the lease, the tenant leaves and therefore breaks the conditions of the lease, we work hard to get the property leased again as quickly as possible. In this situation, it is highly probably that the security/damage deposit will not be returned to the tenant, and that another fee will be charged to the owner, in addition to the annual fee.

In short, we put a lot of time and interest in the properties we manage. We try to keep the properties in good repair so that when the time comes to sell them, they will already be in good condition and will not require a major amount of work. We try to treat others as we would like to be treated, and we work hard to provide fairness and consistency. Isn’t that what good service is all about?

Give us a try. We think you will be pleased.

Sincerely,

Steve Laesch

Broker / Owner www.fosterloria.com

972-699-1944 office Email: steve@fosterloria.com