Heritage Realty understands that looking for the right property manager can be a very daunting challenge!  If you are looking for a property management company in the Bryan, College Station area, then this FAQ section is designed to help you decide if our property management company is right for you. At the end of the day, you need a property manager who takes good care of your interests and makes your property perform to it's potential. We believe that there should be a good fit between you and your property management company.

1. Why should I use a professional to manage my home?
2. What Property Management experience and credentials do you offer?
3. Do you provide me with a report of activity on my property?
4. What type of rental properties do you manage?
5. How much will my property rent for?
6. Why should I hire you as my Property Management company?
7. Can I choose to disallow pets, smokers, large families, etc.?
8. What will you do to rent my house?
9. How do you do to qualify a tenant after they have applied to rent my property?
10. How do you make sure the tenant is taking good care of my property while renting?
11. What do you do if they are not taking care of my property as they should, or you discover unauthorized pets?
12. What happens if the tenant does not pay their rent?
13. How informed will I be about what happens with my property?
14. How do you handle maintenance requests?
15. Do you use the cheapest maintenance people you can find?
16. Do you hold some of my money for repairs? How much?
17. How do I know your property manager won't spend my money on large repairs without my approval?
18. What is a trust account?
19. Where is the tenant's security deposit? I don't see it on my statement!
20. How much security deposit do you charge the tenant?
21. Are you a licensed Property Manager?
22. Can you sell my property while you manage it?

1. Why should I use a professional to manage my home?
   
   While the reasons our clients choose professional management vary, here are some of the key reasons many people elect professional management over self-management:

   1. You don't have to fix toilets!  We handle maintenance and emergency repairs, allowing you to sleep at night.

   2. We enforce collection of rents, serve the proper notices upon failure to pay and evict and/or send to our national collection service when necessary.

   3. We stay abreast of and enforce the applicable federal, state, and local laws, keeping you and your investment legal.

   4. We know the local market, we understand Bryan / College Station's rent cycles and can quickly develop a strategy that optimizes your property's earning potential.

   5. We employ a competent, general maintenance technician that can quickly and cost effectively make repairs that do not require a trade license.  However, when a licensed repair technician is needed, we utilize our company's size to procure a discounted rate without compromising quality.

   6. After adding the increased rent we can often command, the discounts you'll receive on advertising, and the discount rates we get on in-house and contracted repairs, you'll often make more money than if you managed the property yourself!

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2. What Property Management experience and credentials do you offer?
   
   Heritage Realty's Property Management offers you the high level of experience and expertise you should seek from any property management company you hire. See the Property Management and Associates pages, if you haven't already, for a complete introduction and profile of our experience and credentials.

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3. Do you provide me with a report of activity on my property?
   
   Yes, we will provide you a monthly report of rent received, and maintenance, repairs, and other expenses incurred. This will be provided once per month. If you have questions regarding your statement, please do not hesitate to contact us.

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4. What type of rental properties do you manage?
   
   We manage single family and multifamily residential properties that includes:

• Houses

• Townhomes

• Condos

• Duplexes

• Tri & Fourplexes

• Apartment Complexes

 We also manage Commercial Properties that include:

• Office Space

• Retail

• Warehouse
  

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5. How much will my property rent for? 

   This is, understandably, the most common question asked by owners. Your property's price point depends on several factors; However, most single family homes in Bryan / College Station are currently renting for about $300 to $400 per bedroom.
   This is a starting point and a very generalized range; However, depending on the level of your properties appointments, features, condition, neighborhood and competition, your property can significantly break out of the range.
   The most important thing to understand is that the rental market is indifferent to the amount of your mortgage payment. The rental market is disconnected from the fact that you might have a negative cash flow, and will punish owners with extended vacancy when  overpriced. Heritage Realty as your property manager, will analyze the current rental market in your particular area, survey the competing homes, and make sure your home is priced so that it will be viewed favorably against the competition.  Then we will develop a plan with you to maximize your property's earning potential.

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6. Why should I hire you as my Property Management company?

   At Heritage Realty, we not only have years of experience managing our client's properties, we also have years of experience managing our own properties.  Therefore we can meld our experience as property owners and managers to give you the best possible product which, in turn, maximizes your properties earning potential. 

   We specialize in personalized service and you can always reach us to discuss your property needs.
   That is why this FAQ page exists so that you can learn about us and the guiding principles we employ in the management of your property.

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7. Can I choose to disallow pets, smokers, large families, etc.?
   
   We comply fully with the Fair Housing Act. This means that you can not choose to disallow anyone that is a member of a protected class under the act. You can choose to disallow pets and not permit smoking in your home, but you cannot deny a service animal. Remember, the vast majority of today's tenants own pets, so to disallow them will shrink the pool of qualified tenants considerably.  However, we use specific addendums and additional deposits to help protect your properties from any adverse situation that may arise from pets.  If you have additional questions on the specifics of the Fair Housing Act, please contact us or visit the fair housing laws web site.

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8. What will you do to rent my house? 

   We will coach you and advise you on how best to present your property to the market. Then, we give it maximum exposure while it is for rent.

   INTERNET LISTINGS - Most people begin their search for a home online!  Our available homes for rent in Bryan and College Station are posted online at this web site and many others premium sites.  We use current photos and updated the listings regularly with, maps and complete details for the convenience of those searching for a new home.
   
   MLS - Your rental property data is entered in the BCS Multiple Listing Service giving access to many other Realtors and Renters. 
   
   LEASING LOCATORS - We make our listings available to Lease Locator companies. These companies specialize in helping tenants find apartments, duplexes and homes for rent. 
   
   WORD OF MOUTH / REFERRALS - Current and past tenants, friends of our tenants, referrals from other agents that we network with.  We've been selling and leasing property in Bryan, College Station for many years.  Therefore our network is extensive.
   
   CORRECT PRICING - Just like in sales, even the best and nicest homes will not lease if overpriced. This is now more important than ever as prospective tenants are more savvy "consumers" today thanks to available information through the Internet and increased competition. We make sure your rental home is priced according to current market conditions.

   THOROUGH PREPARATION - Even the best located and well priced rental homes will not lease quickly in our current market if the property is not in top showing condition. Homes for lease in Bryan, College Station  absolutely must show well and have excellent "curb appeal" or they will sit empty. Part of our job as property manager is to make sure your rental home is presented in a clean and attractive condition so that it will attract a good tenant and be an asset to you and the neighborhood.

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9. How do you do to qualify a tenant after they have applied to rent my property?

   This is the one of the most important aspect of the successful management of rental property.  In general, we scrutinize an applicant's past behavior to make an educated assumption of their future behavior. An applicant must demonstrate a history of being a good, responsible tenant or homeowner as well as meeting industry specific financial criteria. 
   

   LANDLORD REFERENCES - We personally talk to past landlords and, within the law, ask detailed, open ended questions about the applicant's past performance.
   

   CREDIT REPORT -  Our property manager and leasing agents have a direct connection with the National Tenant Network credit and criminal history reporting service. We obtain both reports which tell us the applicant's current and past performance toward meeting their financial obligations. It also tells us their monthly debt, credit score, and shows their previous addresses (which we compare to addresses listed on the application). An applicant must meet established credit and criminal history standards.
   
   EMPLOYMENT/INCOME - We contact the employer to verify length of employment, status, and income. An applicant needs to earn at least 3 to 4 times the monthly rent in gross income to qualify for rental and we will want to see a copy of their pay stub.
   

   PETS - We don't permit animals/pets into managed properties unless you allow us to do so, or unless not doing so is resulting in an unacceptable length of vacancy. We do advise our clients that the vast majority of today's tenants have pets of some kind, and declining to accept pets will shrink the pool of potential tenants significantly.  We encourage additional security deposit to help ensure the tenant cares for their pets properly while renting your property.
   OTHER FACTORS - Many of our managed properties are subject to Home Owner Association restrictions such as no RV's, boats or trailers, and limits the type and number of vehicles. An otherwise qualified applicant may be unable to lease a property if, for instance, they own a boat and want to park it in the driveway. We make sure issues like that are covered up front to avoid surprises after move-in.

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10. How do you make sure the tenant is taking good care of my property while renting?
    
    There are several ways your property manager assures your property's condition. Above all, careful tenant selection from the outset protects your property from being rented to irresponsible people. During the lease term, we may have occasion to enter the property for repair or maintenance reasons and will use that opportunity to have a look. If we are fortunate enough not to have any repairs or maintenance at your property over an extended period of time, your property manager will schedule a preventative maintenance walk-through to make sure there are no unreported problems at the property.

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11. What do you do if they are not taking care of my property as they should, or you discover unauthorized pets?
    
    Your property manager gives the tenant an opportunity to correct the situation and usually they will. If a problem persists, together, we will make a decision based on that specific situation. There are certain "penalties" that can be assessed and exercised as provided for in the lease aggreement. 

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12. What happens if the tenant does not pay their rent? 

    The lease provides for a grace period through midnight on the third of each month. On the 4th of each month, we post the required notice which allows the tenant to pay rent within the specified time (usually 72 hours) or risk eviction. Whether or not we eventually have to proceed with a formal eviction depends on the specific circumstances. It is always financially better for all involved if a solution reached. If the tenant has experienced a one-time event which is causing them a financial hardship, and we have had no previous problems with them, it is better for you and the tenant if we give them a chance to catch up - if there is reason to believe they can do so. If the tenant has demonstrated an ongoing pattern of late payments, broken promises and missed deadlines about payments and/or evasiveness, we know from experience that eviction is the best course of action.
    Each case is unique and you and the property manager will make a decision based what is best for you and your property in the long run. That said, we always proceed with the legal notices required for eviction regardless of any other factors. We will simply postpone the actual court filing if the tenant is showing favorable effort toward resolution. Eviction for non-payment of rent in Texas is relatively simple given all procedures set by the individual Justice of the Peace are followed. Full evictions, when necessary, can often be completed by the first of the next month, depending on individual court back log and typically do not require an attorney.
    

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13. How informed will I be about what happens with my property? 

    Absent any special considerations unique to you or your property, our rule of thumb is this: If something may cause a potential interruption in your ordinary cash flow (loss of tenant or non-emergency repair in excess of $250), we will let you know about it right away. Other than that, the saying "no news is good news" is most appropriate. Non emergency items will be communicated along with your monthly statements and, of course, we encourage you to contact the property manager anytime you have a question or wish to discuss something.
    The property owners who appreciate us the most are those who truly want everything handled for them turn-key and don't want to be bothered unless something important is happening.

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14. How do you handle maintenance requests?

    Tenants may call, fax, email or mail their requests to us. After we receive a repair request, we may contact the tenant and ask them questions which will help us determine the exact nature of the problem before sending a service technician. We also make sure it is not something the tenant can fix themselves (ex: reset button, tripped breaker, etc.) before your money is spent on a service call. After determining that it is a legitimate problem, we will send the appropriate service technician or vendor to make the repair.
    We tell our tenants that we are able to handle most repair requests within 1 to 3 working days, and in fact are usually able to do so. Important or major residential systems such as Air conditioning, water heater, furnace, or sewer problems receive highest priority and are usually attended to the same or next business day.
    Depending on the situation, some repairs may be deemed an "emergency" and to comply with the Texas Property Code, we would handle the repair immediately.  
    However, our goal is that no repair, large or small, is ever a surprise to you on your statement.

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15. Do you use the cheapest maintenance people you can find?

    No. Our vendors offer very competitive prices and more importantly are competent and reliable. They show up and do the job right, which helps ensure tenant satisfaction, and increases tenant retention, which is good for you. 
    With respect to the size of our portfolio and the length of time we have been in business, we believe we have developed a very sensible, value added and cost effective approach to handling maintenance and repairs in which you will realize long term cost savings that other property managers simply can't deliver.

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16. Do you hold some of my money for repairs? How much?

    Not unless we agree in advance.  Once we agree, we'll determine a dollar amount to withhold.

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17. How do I know your property manager won't spend my money on large repairs without my approval? 

    This is a legitimate fear. It is expressly written in our Management agreement not to do that. For ordinary maintenance and repairs of less than $250, we take care of it without notifying you. We make every attempt to inform you before your statement arrives.  If we think a repair might exceed $250, we will notify you and let you know what is happening, what we think should be done, and what the estimated cost might be.
    Sometimes expenses such as a replacing major appliances, a roof leak that needs patching or repair, or emergency A/C and furnace repairs are unavoidable. In those cases where 1. the health or safety of a tenant is an issue, or 2. in instances where there is only one option to consider or 3. the property will incur on-going damage if immediate action is not taken, the property manager will initiate the repair work, even if it is higher than the $250 limit, and then let you know of the situation and what we are doing about it. Mainly, we don't think important repairs should be delayed while we try to contact you for permission to do the obvious.

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18. What is a trust account? 

    A trust account is managed for our clients using an accounting QuickBooks.  The money in your account is used to pay bills on your behalf for expenses incurred against your property.  The actual money is kept in a bank account(s), currently at Brazos Valley Bank NA.  Your funds are in account(s) separate from the accounts used by Heritage Realty to run our business and pay operating expenses.  This process of separation of your trust account funds from our company funds is in accordance with the guidelines of  the Texas Real Estate Commissions (TREC) rules prohibiting "co-mingling" of funds.

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19. Where is the tenant's security deposit, I don't see it on my statement?

    In order to fulfill obligations to your tenant, the tenant's security deposit is maintained by Heritage Realty, also in a trust account(s).  You will not see this money reflected in your statement unless funds are transferred to you to satisfy a tenant obligation after the tenant has left your property.  We may need to pay bills which will be reimbursed from the tenant's security deposit, but you will not see reimbursement in your account until the final security deposit accounting is performed, usually thirty days after a tenant's departure.

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20. How much security deposit do you charge the tenant?
    
    As a general rule of thumb we usually get one month's rent for deposit. This is what will be asked for by most property owners and property managers in Dallas and Fort Worth.

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21. Are you a licensed Property Manager?
    
    We are agents and/or brokers licensed by the Texas Real Estate Commission and a member of the Association of Realtors. There is no "Property Management License" requirement in Texas, but professional property managers must have a Texas real estate license in order to manage properties for multiple owners and market property for sale or lease if they do not own the property.

    Heritage Realty currently employs staff that have attained the highest levels of achievements and certifications:

    • President of the Board of Directors of the Bryan College Station Apartment Association

    • Certified Apartment Manager (CAM)

    • Certified Apartment Portfolio Supervisor (CAPS)

    • National Apartment Association Faculty Member (AIT)

    • Bryan College Station Apartment Association Property Manager of the Year (2005-2006).

    • Real Estate Broker Licensed by the State of Texas

    • Member of the Association of Realtors

     

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22. Can you sell my property while you manage it?
    
    Absolutely!  It's actually much easier for us to sell your home while we manage it, than it would for another company to sell it while we are managing it.

Why?  Most importantly, we know your property inside and out!  We have easy access to the properties financial and repair history and a good working relationships with current tenants.

Combine this with our market presence, excellent marketing and sales solutions, and Heritage Realty is your top choice for selling your property. 

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