972-699-1944

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 sale 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.

                                                                                                                                                                             Foster Loria Realtors advertises your property for lease through the Multiple Listing Service (MLS) system, our company website, and on numerous other leasing web sites on the Internet like Zillow, Trulia, Hotpads, and others. That way your property is presented directly to individuals looking for a rental property and also to Realtors that have clients that are looking for a home to rent.  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. We then pull their credit report. We also do a criminal history check and check with their previous landlords to verify their rental history.  

 

Once approved, we meet with the tenant and go over the lease with them and get signatures and initials. We collect the security and any pet deposits from the tenants.  

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.

                                                                        

We set up a repair reserve account with the landlord 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 evaluate the repair requests and determine the best course of handling the problem. We have reputable people whom we use in all areas of home repair.  Some properties require more repairs than others.  We maintain the repair reserve account in an amount equal to at least one month’s rent.  To do so may mean periodic contributions during the year of any large expenses.  Smaller expense amounts will be deducted from the monthly rent and reflected on the monthly statements.

 

 

Property Management/Leasing Services              Page 2             

 

At the end of the lease, when the tenants move out, we check your property for any damage caused by the tenants and deduct this out of their deposit monies accordingly.  If we determine that the tenants have carried  out the terms of the lease and have not caused damage, then we refund their security/damage deposit to them.                                                                                                                           

Each month we collect the rent and send a check on to you, less the management fee.  The rent is due on the 1^st of each month.  We should normally have your check mailed by the 8^th or 9^th 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 hopefully encourage them 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 lease up fee will be charged to the owner.

             

In short, we put a lot of time and interest into 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