Katy and West Houston Property Management
At Home in Katy offers full service Property Management and homes for lease in the Katy and West Houston areas. We specialize in providing Houston area real estate owners and investors with reliable, high quality property management services. You can rest assured that your home is being well maintained and cared for while it is being leased, and that we're using all available avenues to market your home when it's not. Tenants get the comfort of having a responsive and attentive property manager that follows up on support calls promptly and appropriately. We serve both you and your future clients - all at very reasonable prices.
Our system of property management is mature, time tested, and stable. We make prudent decisions on your behalf, so you're free to live your life the way you choose. Your properties always receive the best care and maintenance, and your tenants are always treated in a professional, businesslike manner. When problems arise, we tackle those with the utmost care and strive to resolve them as quickly as possible. We always act in your best interest while insuring that your tenants receive fair and honest treatment.
If you are looking to recapture your time, let the At Home in Katy Property Management team take care of your rental properties. Feel free to take a look around our website and we're sure you'll see why we are the best. We've addressed some of the most commonly asked questions but if there's something we've missed, feel free to ask. And when you're ready to get those properties under control, give us a call - we're ready to manage them for you!
Frequently Asked Questions about Property Management
What type of rentals do you manage?
We specialize in single family homes in and around the Katy and West Houston areas. This includes Fulshear, Brookshire, Sealy, Sugarland, Richmond / Rosenberg and the Addicks area. We currently are not excepting any new management properties that are condos, 4plexes, or apartments - although we can get you in touch with other management companies that will. We will consider select, quality duplexes in some areas.
What areas do you handle?
Our primary management area is roughly a square area bounded by Dairy Ashford on the East, Sealy on the West, Highway 59 on the South, and Clay Rd. on the North. This is a rather large area but should encapsulate the farthest reaches on properties that we can currently take on. Optimally, our management areas would encapsulate only those homes in Katy area zip codes - 77449, 77493, 77494, 77450.
What experience do you have?
At Home in Katy offers you years of management experience and particular expertise in handling single family properties. Most property management companies consist of a single Realtor trying to make ends meet between closings. To learn more about our company, please take a look at our About Us webpage elsewhere on this website.
How big is your staff?
Our team consists of two licensed Realtors, administrative staff and a core group of highly qualified vendors. Our property management clients appreciate the small office atmosphere and personal service we deliver. We have none of the employee and personnel hassles that can plague larger property management companies. Your property manager is available to you.
Why should I hire you?
You should hire us only if you think we are the best match for your property management needs. Quite honestly, we are not a perfect fit for every property owner and it would behoove you to investigate all your options. We may very well be the perfect fit for you, but you'll never know that until you know what else is available. We like to lay it out on the table, try to earn your business - but not cram it down your throat. You'll make the best decision for your properties.
Turning over your rental property to the care of an unknown property manager can be an emotional and frightening experience. Talk to at least three property managers before hiring one, and ask questions. You want to be able to trust your property manager so that you won't be worrying about your home. The more research and information you gather, the better you will feel about your final decision. Of course, we'd love the chance to earn your trust and manage your property, so please read on.
How much will my home rent for?
This is perhaps the single most asked question we get about rental properties. The rental rate for your house is ultimately determined by the market - as is all real estate. There are many factors that can influence the rate you could realistically get for your house, but in general you can expect somewhere around 0.6% to 1% of the home's current market sales value. The more expensive the house, the lower that ratio typically goes. As an example, a $120,000 home may rent for anywhere from $800 - $1200 per month in the Katy area depending largely on the neighborhood, condition, and competition. Meanwhile, a $240,000 may only rent for $1400 to $1700. These are of course estimates - but the ranges are usually pretty standard.
Sales values raced past rent values in the mid to late 90's in Katy. Many owners who have purchased in the past 6 years, and made a small down payment, cannot lease the home for an amount that will cover the carrying costs - especially in newer neighborhoods that are not yet built out. You also might not have enough equity to sell without bringing money to the closing table. If you are in this situation, you are not alone. Some of our new clients are "involuntary landlords", forced into leasing their home by market conditions. The good news is, if you can ride out the market, you are likely to be much better off in a few years than if you sell your home now at a deeply discounted price. This in fact is why many out of state investors have been buying investment homes in Texas for the past three years, expecting the long term gain to offset the short term cash flow loss.
The most important thing to know is that the rental market is indifferent to your mortgage payment amount. The rental market does not care that you might have a negative cash flow, and will punish with extended vacancy owners who overprice their rental homes. When you hire us as your property manager, we will look at the rental market in your particular area, survey the competing homes, and make sure your home is priced so that it will be viewed favorably against the competition.
What will you do to rent my house?
We give your home the same treatment it would get if we were listing it for sale. Our marketing plan is a bit outside the scope of this F.A.Q. however. To read more, specifically about how we go about marketing your properties, take a look at Why You'll Want to Hire Us to Lease Your Home.
How do you qualify tenants?
Screening your tenants is the single most important factor in successful rental property management. The application process is usually handled in-house with a tri-fold credit report being pulled by partner mortgage companies. An applicant's history typically tells the story of future performance. All applicants must demonstrate a history of financial responsibility and tenancy. Nobody screens their applicants like At Home in Katy. Just a handful of items we review - landlord references, credit report, drivers license verification, employment verification, tax search, pet requirements, as well as applicants needs analysis.
How do you care for my house?
First - careful tenant selection from the outset protects your property from being rented to irresponsible people. During the lease term, we may have occasion to enter the property for repair or maintenance reasons and will use that opportunity to have a look. If we are fortunate enough not to have any repairs or maintenance at your property over an extended period of time, your property manager will schedule a preventative maintenance walk-through to make sure the air filter is being changed, that the smoke alarms have batteries and that there are no unreported problems at the property. In the event your tenant is not caring for your home as agreed, we give the tenant an opportunity to correct the situation and usually they will. If a problem persists, we will make a decision based on that specific situation.
What happens with non-paying tenants?
On the 5th of each month, we send late notices to all tenants with unpaid rent. On the 12th day of the month, if payment has not been received, and eviction notice is posted at the property. Whether or not we eventually have to proceed with a formal eviction depends on the specific circumstances. It is always financially better for all involved if a solution can be worked out. If the tenant has experienced a one-time event which is causing them a financial hardship, and we have had no previous problems with them, it is better for you and the tenant if we give them a chance to catch up - if there is reason to believe they can do so. If the tenant has demonstrated an ongoing pattern of late payments, broken promises about payments and/or evasiveness, we know from experience that eviction is the best course of action. Regardless of whether formal proceedings occur, we always proceed with the legal notices required for formal eviction. Full evictions, when necessary, can often be completed by the third or fourth week of the month.
How do you keep me informed?
Under normal circumstances, our communication with you is on a monthly basis through your statements. You can always feel free to call us or email us with any questions you may have. Typically, if anything may cause a potential interruption in your ordinary cash flow (loss of tenant or non-emergency repair in excess of $300), you'll be notified immediately. Non emergency items will be communicated along with your monthly statements. If you are a micro-manager type of property owner who needs constant communication about each and every detail, we're probably not going to be a good match for you. The property owners who appreciate us the most are those who truly want everything handled for them turn-key and don't want to be bothered unless something important is happening. That is the type of property management service we offer.
How are maintenance requests handled?
Depending on the type of management agreement in place for your properties, we either will or won't handle repair requests. In the event we are managing repair requests for your properties, tenants have the option of submitting their requests by fax or online at our website. Once a repair request is received, we may contact the tenant and ask them questions which will help us determine the exact nature of the problem before sending a service technician. We also make sure it is not something the tenant can fix themselves (ex: reset button on the disposal, tripped breaker) before your money is spent on a service call. After determining that it is a legitimate problem, we will send the appropriate service vendor to make the repair. It is for this reason that we highly suggest keeping an annual home warranty on each and every property. Most repairs can be handled within 1 to 3 days, with safety and comfort items receiving higher priority, usually resolved the same or next business day.
Do you hold reserves? How much?
For each unit that we manage for you, we hold back $300 in an account set up specifically for that property. Having these funds readily available allows us to pay our vendors quickly and maintain our relationships - thus saving you money. In the event that money is used for repairs, funds from the following months rents are used to return that account to $300.
What about handling large repairs?
The term 'large repairs' to rental property owners is like the words 'foundation problems' to homebuyers. It causes fear - and it's a legitimate one at that. For ordinary repair items, less than $300, we take care of it with notification. Those repairs are reported on your monthly statements. If a repair comes in that exceeds $300, we will contact you for authorization. Approval for large repairs must be agreed to in writing (usually by fax or email) prior to repairs being performed.
Sometimes expenses such as a replacing a bad water heater, a roof leak that needs patching or repair, or emergency A/C and furnace repairs are unavoidable. In those cases where 1) the health or safety of a tenant is an issue, or 2) in instances where there is only one option to consider or 3) the property will incur damage if immediate action is not taken, the property manager will initiate the repair work, even if it is higher than the $300 limit, and then let you know of the situation and what we are doing about it. Mainly, we don't think important repairs should be delayed while we try to contact you for permission to do the obvious.
What if I want you to use my vendor?
We actively maintain a database of very qualified and reasonably priced vendors that have performed work for us in the past. If you are adamant about using your own contractors to perform work on your properties, that will need to be accounted for in your property management agreement. Our professional reputation as property managers, both with tenants and owners, is largely, if not almost entirely, determined by the effectiveness with which we handle maintenance. We follow a practice that is most likely to insure the best possible response and resolution to maintenance and repair problems for your property.
Do you require home warranties?
We always highly recommend having an annually renewing home warranty on each property you hold. These warranties cover a large majority of the problems your property is likely to encounter and run approximately $325 per property per year. Some offer discounts for multi-year warranties. The service call deductible is usually around $50 and is typically passed on to the tenant. We do not REQUIRE that you maintain a home warranty on your properties, but DO highly recommend them.
What if my house has a pool or spa?
Plain and simple, we do not manage properties that have pools and spas of any kind. They represent a HUGE liability risk and quite frankly, it's not something we want to deal with.
When are checks mailed?
Typically they aren't. A large majority of our clients prefer to open an account and add us as signers on the account. This allows us to deposit rents directly into the accounts, and enables owners to withdraw, transfer, and manage the accounts at their leisure. Checks are typically deposited within 24 hours and funds are available per the terms of deposit at the holding Bank. In the event, checks are desired, owners checks and statements are mailed out on or after the 5th of each month but no later than the 10th for that month's activity. Most months, you will have your check and statement in hand by the 15th.
What is included with my statement?
The monthly statement showing all income and expenses for the accounting period and the original receipts for any repairs. We don't mark up repair invoices and we send you the original copy so you'll see what was done.
What is your management fee?
Our property management fee is 8 percent of the monthly rent, with a $75 per month minimum. If your home rents for less than $937 per month, or is vacant for a period of time, you will be charged a flat $75 per month. This fee is PER PROPERTY.
What is your leasing fee?
The leasing commission is 75 percent of the first full month's rent for new tenants, with an $800 minimum. A renewal fee of 10% of the new monthly rent is charged for retaining current residents and executing a lease renewal. All classified advertising costs are passed through to owners, and we absorb all other costs of leasing the property including MLS fees, internet marketing, for rent signs, lockboxes, etc.
Are there any other fees?
There are no administrative fees or start-up costs. We don't charge for copies, long distance calls, mileage, or other incidentals. The only other expenses you would incur would be for services which fall outside the normal scope of our property management agreement such as assisting with large scale renovations, managing the sale of your property, or time and materials fees for formal evictions. These types of expenses are rare.
What if I decide to sell?
Should you decide to sell your property, you are not required to use us to sell your property. We certainly hope you would give us the business, but you are free to list your home with whomever you choose. There are provisions in your management agreement that address the possible sale of the property - typically a discounted rate for current clients. We will be happy to answer any questions you may have about selling your house.
How is the agreement structured?
We use the Texas Association of Realtors Property Management Agreement for all clients. This formal agreement addresses the major concerns of all interested parties. Please contact us if you would like to review a copy of this contract prior to signing an agreement with At Home in Katy.
Who holds the security deposits?
All security deposits must be held in our deposit trust account.
What do you charge for deposits?
Typically, security deposits are equal to 100% of the monthly rent. As an example, if the rent on your property was $1000 / month - Total move-in expenses for prospective tenants would thus equal $35 Application Fee, $1000 Security Deposit, $1000 First Months Rent.
How should I handle pets in my rentals?
Whether or not you choose to allow pets in your rental properties is entirely up to you. We typically don't recommend it since there are all kinds of other turnover expenses that you could incur. These include but are not limited to damage, pest control, and stains. In general, if you do allow pets, you'll typically charge a pet deposit anywhere from $300 - $500 to help offset these costs. This deposit as well is held in your trust account.
How soon can you start?
We can start the process immediately. We will start by obtaining some information about you and your properties and helping you decide if we are a good fit for your needs. Contact us online or call Brian Varvel at 281-220-2100 Office, or 281-787-0930 Mobile during business hours.
