Q: How do you advertise properties for rent? How long will it take to rent my property?
A: We use a combination of paid and free sites including:
RentPath, Lovely, Rent.com, Realtor.com, Hotpads, Trulia and many others.
It normally takes less than 30 days to lease a property. We require tenants
to provide a notice to vacate the property 45 days prior to the expiration
of their lease. Once we have received the tenants notice, the property is
placed on the rental market within 48 hours. It is our objective to reduce
vacancy time by securing a qualified tenant prior to the existing tenant
vacating the property.
Properties are entered into the North Texas Multiple Listing Service advertising
to thousands of participating realtors. Both interior and exterior photos along
with a complete property description and any community amenities are advertised
on all listings.
Market conditions vary, and we cannot make any guarantees, but we will communicate
market conditions on a regular basis.
Q: How do you screen tenants?
A: Every applicant over the age of 18 will be screened. Our screening criteria
is applied consistently by a third-party screening company to all applicants and
is based on a combination of credit history, criminal background, income
verification and past landlord references.
Q: Why do you hold the Security Deposit?
A: Recently the penalties for any delays in returning a tenant’s security deposit
has increased substantially. In order to protect our owners’ interest, all tenant
security deposits are placed in a trust fund as required by the Texas Property Code.
This fund is subject to audit by the State of Texas. DeGuire Property Management
strictly adheres to trust fund compliance regulations as it is not only the law,
but it is simply a good business practice.
Q: How much do you charge to lease and manage a property?
A: We charge 50% of one month’s rent to place a qualified tenant for a one-year
lease term. This fee is called a “Leasing Fee” or a “Procurement Fee”. We offer
discounts for owners that have multiple properties. These discounts are quoted on a
case by case basis and generally when an investor has more than three properties. We
have a $250 tenant renewal fee.
Our management fee structure varies depending on the following factors:
- Age and condition of building (expected maintenance issues)
- Distance (from office and other properties we manage)
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Q: What areas do you manage?
A: We currently manage residential and commercial properties in the
entirety of the North Texas market.
Q: What services are included when you lease and/or manage a property?
A: Our fee structure is typically broken down into three fees: A leasing fee, a management
fee and a renewal fee.
Our leasing fee includes:
- Assessing market rent amount
- Coordinating the advertising of the property for rent
- Showing property to potential tenants
- Procuring the lease
- Collecting the security deposit
- Performing the move-in inspection
- Coordinating routine maintenance while the property is vacant
Our management fee includes:
- Collecting rent
- Notifying tenants with a pay or quit notice when they are late
- Assessing and collecting late fees
- Coordinating evictions
- Receiving maintenance requests from tenants and dispatching professional, reliable and fairly priced subcontractors
- Performing move-in and move-out inspections
- Reconciling security deposits
- Monthly and year-end financial reporting to make your year-end tax filing as simple as possible
Our renewal fee includes:
- Reassessing market rent for potential rent increases
- Contacting tenant to determine if they want to renew
- Procuring a signed lease renewal
Q: What types of properties do you manage?
A: We manage single family homes, multi-family properties,
retail space and office space.
Q: Do you handle evictions?
A: Yes. If needed, evictions are handled on a case by case basis.
Q: Can I say that I do not want pets or smokers in my property?
A: Since almost 75% of households have a pet, it is advisable to consider your
options carefully. We can advertise your property as “pets allowed”, “pets negotiable”
or specify certain allowable pets such as “dogs under 20 lbs. allowed” or “no pets”.
If you do not allow any pets you are significantly reducing the pool of potential tenants.
We do not allow smoking in any of our properties and is stated in the Lease Agreement
that smoking is not allowed.
Q: What happens if the tenant does not pay rent on time?
A: Rent is due on the first of each month. We extend a four-day grace period on
late fees. While most of our tenants pay their rent by the fifth of the month, there
is occasionally a late paying tenant. After the fifth of the month late charges begin
to accrue daily until rent is paid in full.
If the rent is not forthcoming, we begin the eviction/collection process usually by
serving a 3-day pay or vacate notice. If still not in compliance, the next step is to
file a summons and complaint at the county courthouse to pursue the eviction. Full evictions
are very rare and can usually be avoided or eliminated through proper communication
with the tenant.
Q: How and when do I get my money each month?
A: We pay owners fast! Rents are due in our office on the first day of each month and are
considered late at the close of business on the fifth. Owner proceeds are distributed via
ACH directly to your account generally by the 15th of each month. At the time of proceeds
distribution, your monthly statement will be emailed directly to you. We do not charge any
additional fees for ACH distribution.
Q: How am I protected if the tenant damages the property?
A: The security deposit collected at move-in is intended to cover tenant damage.
If the tenants leave the property owing more than what is covered by the security
deposit they will be billed for the difference. If they do not pay, they can be turned
over to a collection agency.
Q: Will I get maintenance related calls at all hours of the day/night?
A: No. All emergency and non-emergency calls are handled by our 24/7 fully staffed call center.
Q: Will you inspect my property?
A: Inspections are an important and necessary part of property management. It is always
important to balance the need to survey the condition of the property with the tenant’s
right to peaceful enjoyment of their home. Our office will conduct a thorough property survey
prior to a tenant taking possession of the property. The purpose of this survey is to document
the condition of the property. The final move-out survey will be conducted at the time the
tenant vacates the property and will be used as a comparison with the original move in survey
for final disposition of the tenant’s security deposit.