When an owner sends a management referral to us we consider it to be one of the greatest compliments we can receive.
One of the greatest compliments that we can receive is for one of our Owners to refer a friend or family member. Due to Texas state laws regarding compensation provided to people who aren't licensed real estate agents, the maximum gift we can give for a referral is a $50 gift card and the satisfaction of knowing that Liberty Management will take good care of your friend or family member.
The good news is that if a New Owner is referred to us, we are pleased to offer the New Owner one free month of management fees. Please be sure that you or the person you refer informs us of the referral.
Unless we receive specific written instructions from you at least 45 days prior to a lease expiration date, rent increases (if any) and lease renewals will be solely at our discretion.
When making the decision on whether or not to increase rents, we consider market conditions, neighborhood conditions, resident payment history, length of occupancy, property condition, time of year and anticipated expiration date of any renewal.
There are times after the tenants initial lease agreement, where the tenants needs to stay on a month-to-month lease agreement or renew their lease agreement for a shorter period of time because of pending job transfers, purchasing a property, financial reasons, ect. Unless the owner is moving back into the property or putting the property on the market for sale we will allow shorter periods. Once a lease is signed, it cannot be changed, so it is very important for you to notify us well in advance of your desire to make any changes.
Prior to placing a property on the rental market or renewing a lease, we do a comparative market analysis and determine the most economical and profitable rental rate that can be charged.
After a property has been exposed to the market for two weeks without renting, we look into the possibility that the asking rent is too high. We will consider lowering the rent so that the property will not sit vacant.
We may, if necessary, offer a prospective tenant some "free" rent as an incentive to rent the property. We have found this to be very beneficial in obtaining tenants in a "slow" rental market.
A lease normally contains only one provision by which a tenant can terminate his or her lease without penalty.
A Military Clause permits military personnel to terminate the lease when they present proof of a transfer outside the San Antonio metropolitan area. They are required to provide thirty days written notice prior to vacating the house. If orders are not available, a letter signed by their Commanding Officer will suffice.
Occasionally, a tenant's civilian employer requires them to transfer to another city. In this case, the resident may terminate their lease by following the EARLY TERMINATION procedures in their lease agreement.
The tenant will bear all expenses normally experienced with reletting, and pays the rent until the property is re-rented, tenants may be released from their obligations upon successful completion of the early termination and paying all associated fees involved in the reletting of the property.
Although the decorator paint colors you used in your bedroom, bath or living room is enjoyable and pleasing to you that is not necessarily true for the prospective tenants.
We consistently find that having even one wall that is maroon or green or one bedroom that is blue or pink can greatly increase the time it takes to rent the property each time it comes available. We strongly recommend that all walls and ceilings be painted an off white. We use Dover White semi-gloss paint on the walls, so that it is easy to do a touch-up when necessary.
Liberty Management, Inc. is committed to the Equal Housing Opportunity Laws, and we do not discriminate against anyone on the basis of Race, Color, Religion, Sex, Handicap, Familial Status, National Origin or Age.
Eviction procedures are initiated against the tenants if they have not paid their rent by the fourth (4th) & the sixth (6th) day of the month. The provisions of an eviction notice can vary. Some give the resident three days to move, while others allow the tenant to remain in the house if they pay the full amount due, including any late fees.
This first step is called a Notice to Quit or Vacate (NTQ). If, after approximately ten days, the tenant does not respond to previous notices, we ask the court to proceed with the second step of the eviction process, a Forcible Entry and Detainer Notice (FE&D). The FE&D demands that the resident appear in court on a certain day. At that time one of our staff members appears in court to represent your interests and will make a claim for all monies due. The third and most sensitive step of eviction is what is known as asking the court for a Writ of Possession or simply a Writ. A Writ is required when a resident fails to comply with the FE&D ordered by the court. The Writ process requires us to hire a crew to set a tenant's belongings at street side or, during inclement weather, in storage. When you have monetary damages as a result of this process, a judgment is issued by the court. We file the judgment in the applicable county records and with the Credit Bureau. On the average it takes about forty-five days to evict a tenant, and hopefully this will not happen with your property. We do very few evictions thanks to our strict tenant screening.
We are not licensed inspectors and our surveyors are not licensed inspectors. We only perform visual surveys of the properties to assess the general condition of the property. A licensed inspector does a very detailed inspection, including checking the function of the plumbing systems, heating and cooling systems and more. Generally a licensed inspection is done when a buyer purchases a property and cost between $350 - $450.
Our surveyors charge $55 - $65 to conduct a survey. We normally perform an initial 6 month survey to see how the tenants are maintaining the property. Also we do a renewal survey when the tenants are renewing their lease agreement. This helps to ensure the property is being maintained by the tenants. We send notice to the resident asking them to cure any noted deficiencies that are their responsibility. On more serious violations, we will inform you of the problem and recommend what corrective action should be taken. Also when our maintenance personnel do repairs, they are instructed to report anything that is out of the ordinary.
Anytime you desire us to perform an additional property survey, the fee is $65.00.
You must advise your insurance company that the property will be a rental unit, and Texas insurance regulations require that any existing Homeowner policy be canceled. You will need to take out 'Fire and Extended Coverage' and also notify your agent the property will be a Rental Property. In order to protect your investment the amount of insurance should equal the replacement cost of the property.
Also, be certain that you have adequate Property and Liability Insurance coverage.
The Residential Property Leasing and Management Agreement requires the owner to carry insurance adequate to protect all parties.
IF YOUR RENTAL PROPERTY IS VACANT BEYOND 60 DAYS, REQUEST THAT YOUR INSURANCE AGENT ADD A VACANCY CLAUSE TO YOUR POLICY. WITHOUT THIS CLAUSE YOUR INSURANCE IS INVALID.
Have your agent name Liberty Management, Inc. as an additional insured, or property manager in your liability policy. We need this proof of insurance in our files. We must be provided copies proving coverage no later than thirty (30) days after signing the Residential Property Leasing and Management Agreement.
Often, I am asked what is 'additional insured' and why the owner should name the management company as additional insured.
The First and best line of protection an owner has in the event of a lawsuit brought on by a tenant being injured on the property by faulty wiring or a faulty appliance or anything else is to carry adequate insurance. Additional insured is a person or organization not automatically included as an insured under an insurance policy, but for whom insured status is arranged, usually by endorsement.
A property owner's reason for providing additional insured status to others may be a desire to protect the other party because of a close relationship with that party (e.g., employees ) or to comply with a contractual agreement requiring the named insured to do so (e.g., Property Management Agreement or others working in behalf of the owner).
The Property Management Agreements requires the owners to name the property management company as additional insured because the management company does not hold title to the rental property that they are managing and cannot acquire general liability insurance on property that they don't own to cover the management company. Ordinarily there is no extra premium charge to the property owner to add the management company as additional insured.
We maintain strict control of all keys. The keys for each property are locked in a steel wall cabinet and are assigned a control number (i.e., they are not labeled with an address). All keys issued to tenants, repairmen or agents are documented. We need at least four sets of keys to each property;
We need at least four sets of keys to each property; two sets are provided the tenant and two sets are kept in our office.
