Why use DFWCityhomes.com Property Management Services?
As you know, managing a 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.
DFWCityhomes.com offers a full residential Property Management Service and has been managing residential and multi-family income property in Texas for many years. DFWCityhomes.com is a member in good standing of the Texas Apartment Association (TAA). This allows DFWCityhomes.com to use the TAA applications, leases and other forms which have been tested by time and designed to protect property owners. All of DFWCityhomes.com 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.
Charging too little for rent? Enter your rental info below and find out!
What leasing programs are offered by DFWCityhomes.com?
Investors with an ongoing cash flow objective contract with DFWCityhomes.com to manage their income property under our Standard Property Management Service. 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, background and credit checks, etc. DFWCityhomes.com does not collect any fees when leases are renewed or repairs are made.
Example Standard Service Program Income and Expense Schedule (One year lease)
Month
Rent $
Rent Deposit $
* Mgmt Monthly Fee $
Pass Through Maintenance Fee $
Owner Income $
1
1,000
1,500
680
0
320
2
1,000
0
80
0
920
3
1,000
0
80
0
920
4
1,000
0
80
0
920
5
1,000
0
80
0
920
6
1,000
0
80
0
920
7
1,000
0
80
45
875
8
1,000
0
80
0
920
9
1,000
0
80
0
920
10
1,000
0
80
0
920
11
1,000
0
80
0
920
12
1,000
0
80
0
920
Total
$12,000
$1,500
$1,560
$45
$10,395
* 60% of first month, 8% monthly thereafter
What Types of Properties Does DFWCityhomes.com Manage?
The types of properties we manage are: Single Home (<$300k) Single Home or Condo ($300-$500k) Single Home or Condo ($500-$1M) Single Home or Condo (>$1M) Multi-Family (2-8 Units)
How Does DFWCityhomes.com Market Your Property?
As members of the Metrotex Association of Realtors we list your property in the MLS (Multiple Listing Service) database. This makes your property available to over 24,000 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 website is kept current, has a detailed description of the property, allows the viewer to see pictures of the property, the floor plan, print a map to the property and get information about 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, Realtor.com and Homes.com. If the property warrants the use of classified or other advertising, DFWCityhomes.com will place the ad, respond to calls and pass through the advertising expense to the owner.
DFWCityhomes.com will assist you to price your property correctly with a rental analysis (CRA)— A rental analysis compares your property against similar rental properties in the area to find the best market value. We will advise you on any practical changes and improvements that will help you attain your maximum rental value and attract a quality tenant.
How Does DFWCityhomes.com Screen Prospective Residents?
When prospective residents call us off our 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 $25 non-refundable application fee and a separate check or money order for the amount of the rent 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. DFWCityhomes.com is affiliated with Allied Credit Systems and runs credit, criminal and sex offender background checks from their office. After this is done, the applicant is either approved or rejected. If the person is approved, they are contacted 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?
DFWCityhomes.com maintains a separate operating banking account for receipts from its properties and a separate banking account for rent deposits. When the monthly rent check is received, it is deposited into the operating account. After the rent has been collected, DFWCityhomes.com collects a management fee and if there is a mortgage to be paid, DFWCityhomes.com issues a check to the mortgage company. If there is no mortgage, DFWCityhomes.com 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. DFWCityhomes.com 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. DFWCityhomes.com perform preventive maintenance every time a property turns over to remedy small problems before they become large ones. We only spend an owner's money for repairs when necessary. If any repairs exceed $500, DFWCityhomes.com obtains permission from the property owner before the repairs are made.
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 accounts and represent a year-to-date history of all income and expenses associated with the property. After the end of the calendar year, in addition 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 Soon Can DFWCityhomes.com 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. To begin click on the link at the bottom of this page.
If I fill out the online Property Management form, am I obligated in any way?
You have no obligation at all regarding DFWCityhomes.com if you submit an information request form, or receive an proposal to lease your home. You are under no obligation whatsoever. All we ask is the opportunity to tell you about our Property Management Service. You decide if you want us to work for you. All information is held strictly confidential.
Single Home (<$300k)
Investor Education and Awareness Guide