Prime Property Management

If I have my property managed by Prime Property Management Company, will you save me money?

Yes. In most cases we have found that our fees are more than offset by our ability to obtain higher rents, less delinquency, and faster turn around of vacating tenants. We also maintain a pool of qualified repair people who offer us the best price available due to the large volume of business we can offer them.

Do I lose control of my property once you start to manage it?

No. We work for you and you set the parameters not defined by law.

Do you manage only residential property?

No. We are specialists in the management of residential properties. Our portfolio contains single family, duplex, tri and 4-plex and small multifamily properties not requiring a resident manager. We can also manage HOA’s, commercial office properties and warehouse space.

Do you charge the tenant a security deposit? What about a pet fee?

Yes. Our policy is that the security deposit is approximately 50-100% of one month's rent. Pets are not allowed without your permission. When pets are allowed, an additional pet fee of $300 is required for each cat, dog or other animal.

What happens to the tenant's security deposit? Do you send it to me?

No. In compliance with Texas Law, the tenant's security deposit is kept in a trust account. The move out survey documents the condition of your property. Any damage expenses beyond normal wear are deducted from the security deposit along with any other money owned by the tenant. The balance is returned to the tenant within 30-60 days of move out.

The new legislation is confusing. Do you keep up with all the changing rules and regulations?

Yes. Prime Property Management is a member of the National Association of Residential Property Managers (NARPM), the Institute of Real Estate Management (IREM), the National Association of Realtors (NAR) and the San Marcos Board of Realtors (SMBOR). These organizations are constantly monitoring industry changes and legislation.

Do you insure my property when you manage it?

No. You maintain your own insurance coverage. However, we will gladly recommend insurance companies interested in writing insurance on your property.

Will I know what is going on with my property?

Yes. We will communicate with you throughout our contract. We will contact you at reasonable times to discuss repairs and notify you of any tenant requests to vacate. Plus, throughout the contract, we will keep you aware of other issues that may arise.

Will you help me find a qualified tenant without having me sign a full management contract?

Yes. Many Owners have the time and ability to manage the day-to-day operation of their rental property but lack the resources to attract and screen qualified tenants. We will assess and market the property, screen the tenant, sign the lease, document the move in, collect security deposit and the first month's rent, and then return the property to you for daily management. Our fee for this is one month's rent. If the owner pays the advertising costs, our fee is 75% month's rent.

Do you qualify all applicants that want to rent my property?

Yes. Our application is designed to generate complete information from each prospective tenant. We process all applications and verify information on each application. In general, an applicant must have good rental history (not from friends or relatives), have three (3) times the rent rate in verifiable household income, and possess an acceptable credit history.

Do you advertise vacancies?

Yes. We start marketing the vacancy as soon as we receive notice from the tenant of their intention to move. We will place a sign on the property. We then advertise in the local community and University newspapers and the internet. We also receive referrals from current and former tenants and owners and from other agents with whom we network.

Do you handle problems late at night?

Yes. Tenants are given our number when they move in and in the case of an emergency they are directed to call us. We will talk with the tenant to determine how best to proceed. Many times we can solve the problem over the phone.

Can I still use my favorite plumber, AC Company or handyman?

Yes. We will gladly contact the companies or individual(s) you specify as long as they are actually licensed, insured and in the business of performing the required work.

Do you pay the bills for me?

Yes. We will gladly pay expenses and repairs for you. There must, of course, be sufficient cash flow from the property to cover such expenses and we may require you to set up a reserve fund for this purpose or send a check to cover the expense.

Do you mail my monthly statement and check as soon as the tenant pays the rent?

No. Even though rents are due on the 1st, many times tenants pay late. To allow all tenants' rent payments to clear the bank, owners' monthly statements and checks are mailed out on or around the 15th of each month.

Are your management fees competitive?

Yes. The old saying, "You get what you pay for," is always true. There are other companies that charge less than we do. There are other companies that charge more. We are somewhere in the middle. Our Full Service Management fees for residential properties are 6% to 12% of the gross collected rent each month. All repair and advertising costs are passed on to the owners. We feel we offer a very comprehensive service package and our rates are very competitive.

Does your management agreement give you exclusive right to sell my property?

No. We can sell your property if you would like us to, but it is not a requirement of our management contract.

Are you licensed?

Yes. We are licensed by the Texas Real Estate Commission.

Can you start managing my properties today?

Yes. We can start the process immediately. Contact us today to set up a no obligation consultation to discuss your property in detail.