Park One Properties

Description

How are tenant rent payments handled? Rent is due on the 1st, late 11:59 pm on the 3rd at which time we charge a $50 late fee for the 4th day and a $25 late fee for every day thereafter until the month ends and the process starts over. Late fees are split 50/50 with the Landlord. We collect the rent, process our fee and either mail or direct deposit the balance to you. What are the terms and procedures employed for collecting tenant payments? First, having good tenants who pays the rent on time and takes care of your property is paramount. Our qualifying procedures are very thorough as described below. If we have not received the rent by 5:00 pm on the 6th we discuss the situation with you and post a notice to the tenant that the eviction process is underway. Usually, the tenant then pays. If not, we then continue the eviction process according to Texas law. We work hard at staying on friendly terms with the tenants, but we demand that they pay the rent on time and take care of your property. How are payments to the owners processed? We collect rents the 1st through the 3rd and process payments to the Landlord on the 4th through the 6th business day. We either direct deposit to you or mail whichever you prefer. Our contract says your payment will be to you by the 10th or before. We always beat the 10th as long as payment from the tenant is made timely. How is information about monthly receipts and expenses provided to the owner? We send you a monthly report before the 10th of the month. What steps are taken for late tenant payments? We educate the tenant of the importance of paying his or her rent on time and in full. We report late pays to the credit bureaus and charge and collect the penalties above. Being late on rent is serious business and we let the tenant know that we do follow through with the consequences. We are also effective at going to court on the Landlord’s behalf. What is the fee rate for property management service? Normally, we charge 10% of the monthly rent. We charge less for monthly rents above $2000. For multiple properties we can give a discount. We would have to see the property(ies) and discuss more with you before giving any final quote. How are new tenants found, and what are the associated fees for the service? We aggressively market your property and have a high presence on the Internet. We are on many different web sites i.e. Realtor.com, DallasNews.com, Google.com, CraigsList.com and 1,000s of Realtors' web sites. And of course we are on the Multiple Listing Service and other sites that the MLS system feeds. We charge up to 1st month’s rent which is paid by the Tenant, of which up to 50% is paid to the broker securing the Tenant. How are property repairs and damage handled? What is the expense maximum that does not require owner approval? Our contract reads that we do not need owner approval on repairs up to $350. If we cannot get hold of you in an emergency situation, we would make a repair without your approval. This is very rare. We will talk to or email you or both about any repairs needed. We have service people that have been with us a long time and they treat us right.

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