Why use Eanes Properties management services?

Managing your residential income property is a lot of work: from finding and qualifying tenants, to signing the lease, to collecting rent, to making mortgage payments, to responding to emergencies, to finding competent and reliable repair persons, to dealing with tenant complaints and even to evicting tenants. Eanes Properties offers a full residential property management service and has been managing residential income property in Austin for over 20 years. Eanes Properties is a member in good standing of the Texas Apartment Association (TAA). This allows Eanes Properties to use the TAA Applications, Leases and other forms which have been tested by time and designed to protect property owners. All of Eanes Properties property management personnel are licensed real estate professionals who stay informed about current market conditions and changes in the property management business. We know what it takes to successfully manage a property and are committed to providing first rate service to our owners and tenants.

How does Eanes Properties screen prospective residents?

When prospective residents call off a sign, an ad or from an MLS search, we make sure the unit under consideration is suitable for the caller. They are asked when they need the unit, how many people will be living in the unit, if there have been any credit problems and why they are leaving their current residence. If everything checks out, an appointment is set up with the prospective residents at the unit. After the prospective tenant walks through the unit, the prospective resident is given a TAA Application to complete. They are told when they submit their completed application along with a $35 non-refundable application fee and a seperate check or money order for the amount of the application deposit their application will be processed. The requirement for two checks or money orders is another indicator of how serious the prospective resident is and of their financial viability.

After reviewing the application for completeness, a credit check is run. Eanes Properties is affiliated with experian (formally TRW) and runs the credit checks in real time from their office. After the credit check is run, a criminal background check is made over the internet with the Texas Department of Public Safety. Then the application and reports are turned over to another person for evaluation. This person, who has not met the applicant, reviews everything and verifies the applicants rent and work history. After all of this is done, the applicant is either approved or rejected. What ever the outcome, both people who have been processing the application must agree. If the person is approved, they are called and their application deposit is deposited and becomes a security deposit. If the person is not approved, they are called and a letter, as required by the Federal Fair Credit Reporting Act, is sent to them along with the return of their application deposit check.

What happens next?

After the prospective resident has been approved we ask to set up a time to sign the TAA lease for the property in question. If a prospective resident has a pet (no puppies or Pit Bull's) a TAA Animal Addendum and Pet Deposit is required. When the time comes for the tenant to move-in, a full months rent must be paid regardless of when occupancy starts. A copy of the lease (if it has not already been given), a TAA Move-In Inventory form and the keys are given to the tenant and they are instructed to transfer the utilities into their name.

Where does the rent go?

Eanes Properties maintaines a seperate checking account for each individual property. When the monthly rent check is received, it is deposited into this account. After the rent has been collected, Eanes Properties collects a management fee and if there is a mortgage to be paid, Eanes Properties issues a check to the mortgage company. If there is no mortgage, Eanes Properties issues a check directly to the Owner. A small cash balance (usually a few hundred dollars) is kept in the account to cover any unexpected repairs or tenant turnovers. Eanes Properties responds to emergency calls 24 hours a day and seven days a week. A repair person is contacted and scheduled as soon as a problem is reported. Eanes Properties perform preventive maintenance everytime a property turns over to remedy small problems before they become large ones. We only spend an owner's money for repairs when necessary.

How often do Owners get reports?

Owners are provided reports as frequently as they want them; either monthly, quarterly or annually. These reports show all monies into and out of the account and represent a year-to-date history of all income and expenses associated with the property. After the end of the calendar year, in additon to this detailed income and expense report, a Proforma P&L is provided to the owner so that he may prepare his tax return. Files are kept with all receipts and cancelled checks in case they are ever needed at a later date.

How is Eanes Properties compensated?

Property owners who contract with Eanes Properties to manage their income property sign a management agreement. This gives Eanes Properties the authority to act on the owner's behalf. Our Management fee is 8 percent of the monthly rent plus any late fees or bad check fees paid by the resident. The Leasing Commission is 60 percent of the first month's rent for new tenants. All classified advertising costs are passed through to owners, and we absorb all other costs of leasing the property including MLS fees, internet marketing, signs, lockboxes, etc. Eanes Properties does not collect any fees when leases are renewed or repairs are made. Eanes Properties has not increased their rates since the company started over 20 years ago.

How does Eanes Properties Market your property?

As members of the Austin Board of Realtors we list your property in the MLS (Multiple Listing Service) database. This makes your property available to over 6,000 other Realtors. We place our 'For Lease' sign at the property with our office phone number, agent cell number and web address so potential customers can get information and schedule a showing right away. We are very accessible to showing your property. We will make appointments to show property after normal working hours and on Saturday and Sunday to accommodate potential tenants' schedules. Our company internet website includes a section on 'Property for Lease'. Our site is kept current, has a detailed description of the property, allows the viewer to see pictures of the property, print a map to the property and get information on the different schools in the area. We include digital pictures of your property on our company website as well as in the MLS. These pictures of your property will also appear on the highly searched sites Austinhomesearch.com, Realtor.com, SmartLocating.com and Homes.com.

What if I just want help leasing but not management?

We can assist you in just the leasing aspect of your home. Our fee to lease a property for you we are not managing is 80% of first months rent. We do market it in the same ways listed above under how do we market your property.

How soon can Eanes Properties start managing my property?

We can start the process right away. We will start by obtaining some information about you and your property and helping you decide if we are a good fit for your needs. Call Jim Soletti at 512-263-7333 or send us an email.