Thursday, December 11, 2025
Tuesday, May 01, 2012
Leasing Agent versus Property Manager Texas
As a property manager I run across angry owners (landlords) that do not really understand the difference between these two services. It will vary among agents so I recommend you have a discussion about what your expectations are as you are interviewing agents. Below are actual state licensing requirements:
Property Management requirements in Texas
Must Texas property management companies have a real estate broker's license?
Yes, if a property manager is going to lease or list real estate, or negotiate or attempt to negotiate to perform any of those acts, or if he or she holds herself out as engaging in any of those activities, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.
Must Texas community association managers have a real estate broker's license?
NO. A broker's license is not required to manage community associations in Texas.
When you hire a leasing agent: You are basically hiring someone to "list" your rental unit and "find" tenants for you. They typically will find out your requirements of lease amount, pet deposit or pets if any allowed and other information found on the TREC promulgated forms. An application will be included in those forms however running credit checks, criminal background histories, sex offender registries etc will be up to the landlord (owner) unless otherwise stipulated. Owners will be responsible for collecting forms, documenting property condition as well as any ongoing maintenance or tenant issues. Basically once the lease is agreed upon, all deposits received and agents paid the rest is up to you as the owner/landlord. If you need to evict, collect additional moneys due to damages, etc that has nothing to do with the leasing agent(s) involved.
When you hire a property manager: You will fill out a property management agreement that is a TREC promulgated form that the agent will provide for you, you will also agree to follow all fair housing guidelines as the agent is required by TREC to do so, You will need to decide with that manager who will be keeping the security deposit, collecting rents, taking care of maintenance etc. You will also stipulate your tenant requirements. The requirements will have to be on file so that the agent can comply with TREC if there is a reason to check and make sure that you are equally applying said requirements. If you set up with the agent to do credit reports, background check etc you will need to do for ALL tenants that apply universally. The property manager will typically take a leasing commission (all of these may vary) I personally make it equal to 1 full monthly rent per annum so if 6 month lease it is half for example. I also take a monthly percentage of rent and a minimum if the home is not leased for any period of time. I handle meeting repairman as well as getting estimates etc. I am the number that people call, fax or email for maintenance items and I have an amount I am authorized to spend for immediate repairs without owner consent. I have a vested interest in keeping the home rented and making sure I don't place troublesome renters in the property. It does matter to me if the property is left in good condition after each tenant leaves. I manage the security deposits and their return and if there is an eviction I do take care of it with all additional fees being paid by owner.
Just make sure you find out EXACTLY what your property manager will be responsible for and fees that are related and the same for a prospective leasing agent. It will save you a lot of grief later.
Friday, February 15, 2008
For homebuyers the market is looking up and investors are happy also. Sellers may not be happy but as long as they are moving up in the market it's about the same for them because they should also be buying at a lower rate. The ones hurt most significantly in the market are those who are selling but not buying.
The foreclosure debate is heating up and really it's difficult to say what the best way is to "fix" the problem. Making it easier for people to walk away by waiving tax income tax implications seems to me a negative step. In some cases I believe that this is great but unfortunately I have come across people who are walking away that really could make it work but don't really care about their credit. I met with one couple that actually said "we already have an apartment and we'll let you try to sell it but really don't care". I did get an offer from an investor but needed their final signatures to submit for a short pay to the mortgage company and it was too much trouble for them to make the effort to sign & fax back the contract so they just let it go. Why should they then not have to face tax penalties on their future income? Those people who have not yet foreclosed really are the ones who need the help.
I propose that the mortgage companies have an incentive to help those people who have just lost their job or have viable, documentable hardships instead of those who just walk away getting that financial break. How about the highrise, midrise developers who hide behind bankruptcy laws and leave behind 50% vacant buildings and construction defects with no money to fix them? They just open up under another name but the people who bought those condos etc are stuck there in the vacant building with mold or no HOA.
How about that hardworking retired veteran who lost his home to the VA because the local area taxes and HOA fees caused him to exceed his fixed income?
The market is again shrinking for the middle class. High end homes are still selling and rentals are going up (lower income families) which makes for more money for investors but what of our middle class who have few tax breaks and really only have ever earned equity on home ownership? Let's help them out for a change.
Why do we continue to offer aid & help for those who have not contributed to our system and alienate those that have? There has got to be a better way!
Ok so enough of that tirade, actually my listings have started selling faster and Houston market reports have said that although inventory is rising Sellers are still making more per home that previously..... Builders are starting to decrease their inventory by about 30% so that should balance out the inventory as sales heat up for March. You still have to say goodbye to selling your home for a huge profit in 3 years however at least you should not be looking to lose unless you overbought for the area.
For those of us that make our living in real estate, people will always need to buy & sell real estate so those who educate themselves on the market will still be working. Those who got into the market strictly for the lure of fast money will be back doing whatever they did before. I think the market conditions will actually improve services provided by real estate professionals. Sellers can no longer just list with Aunt Suzy on MLS and wait for other agents to sell, they will want to hire marketing professionals with experience & knowledge in top technologies. The Buyers will see the value in hiring a consummate professional who provides a comparative market analysis designed with buyers in mind so that they will not overbuy and an advocate that can give them realtime market data on what homes should be selling for in a particular area.
The foreclosure debate is heating up and really it's difficult to say what the best way is to "fix" the problem. Making it easier for people to walk away by waiving tax income tax implications seems to me a negative step. In some cases I believe that this is great but unfortunately I have come across people who are walking away that really could make it work but don't really care about their credit. I met with one couple that actually said "we already have an apartment and we'll let you try to sell it but really don't care". I did get an offer from an investor but needed their final signatures to submit for a short pay to the mortgage company and it was too much trouble for them to make the effort to sign & fax back the contract so they just let it go. Why should they then not have to face tax penalties on their future income? Those people who have not yet foreclosed really are the ones who need the help.
I propose that the mortgage companies have an incentive to help those people who have just lost their job or have viable, documentable hardships instead of those who just walk away getting that financial break. How about the highrise, midrise developers who hide behind bankruptcy laws and leave behind 50% vacant buildings and construction defects with no money to fix them? They just open up under another name but the people who bought those condos etc are stuck there in the vacant building with mold or no HOA.
How about that hardworking retired veteran who lost his home to the VA because the local area taxes and HOA fees caused him to exceed his fixed income?
The market is again shrinking for the middle class. High end homes are still selling and rentals are going up (lower income families) which makes for more money for investors but what of our middle class who have few tax breaks and really only have ever earned equity on home ownership? Let's help them out for a change.
Why do we continue to offer aid & help for those who have not contributed to our system and alienate those that have? There has got to be a better way!
Ok so enough of that tirade, actually my listings have started selling faster and Houston market reports have said that although inventory is rising Sellers are still making more per home that previously..... Builders are starting to decrease their inventory by about 30% so that should balance out the inventory as sales heat up for March. You still have to say goodbye to selling your home for a huge profit in 3 years however at least you should not be looking to lose unless you overbought for the area.
For those of us that make our living in real estate, people will always need to buy & sell real estate so those who educate themselves on the market will still be working. Those who got into the market strictly for the lure of fast money will be back doing whatever they did before. I think the market conditions will actually improve services provided by real estate professionals. Sellers can no longer just list with Aunt Suzy on MLS and wait for other agents to sell, they will want to hire marketing professionals with experience & knowledge in top technologies. The Buyers will see the value in hiring a consummate professional who provides a comparative market analysis designed with buyers in mind so that they will not overbuy and an advocate that can give them realtime market data on what homes should be selling for in a particular area.
Thursday, August 23, 2007
On a personal note: my cockatoo Punkin is under control but the picking of her feathers still is occurring. My scarlet Macaw Merlin is now growing his feathers back & hopefully although they are itchy will now leave them alone. Who knew parrots responded so strongly to grief over other animals in the household!
You may have heard all the headlines about the mortgage companies going out of business, the housing market stalling & foreclosures on the rise but have you heard from your broker that now you should BUY BUY BUY? Well if not let me be the first. The #1 mistake buyers make is NOT buying in a buyer's market. Most people buy when prices are going up & scarcity of property is bringing property prices up.
BE SMART, BUY LOW how do you think most investors do it?
WHY? Real estate for the most part is not a short term investment. It is a long term investment that all charts, graphs etc that the beancounters use will show you that Property outperforms almost all markets in the long term & is one of the few tangible investments that rarely results in a total loss. There are different tax benefits that can be applied such as accelerated depreciation, 1031 exchanges & more that you can discuss with your CPA.
This is not the time to SELL UNLESS you are relocating, moving up or laterally, or just plain have to as you cannot afford your escalating interest rate. As fewer people can qualify for mortgages rentals will be more in demand. You can even own property in let's say a high employment market like Houston from California IF you have a reputable property management company that handles the details of rentals, maintenance, leasing & repairs for you.
I know that our real estate office is gearing up for the transition in the marketplace by creating & organizing for more investors and the services they will need in the future.
You may have heard all the headlines about the mortgage companies going out of business, the housing market stalling & foreclosures on the rise but have you heard from your broker that now you should BUY BUY BUY? Well if not let me be the first. The #1 mistake buyers make is NOT buying in a buyer's market. Most people buy when prices are going up & scarcity of property is bringing property prices up.
BE SMART, BUY LOW how do you think most investors do it?
WHY? Real estate for the most part is not a short term investment. It is a long term investment that all charts, graphs etc that the beancounters use will show you that Property outperforms almost all markets in the long term & is one of the few tangible investments that rarely results in a total loss. There are different tax benefits that can be applied such as accelerated depreciation, 1031 exchanges & more that you can discuss with your CPA.
This is not the time to SELL UNLESS you are relocating, moving up or laterally, or just plain have to as you cannot afford your escalating interest rate. As fewer people can qualify for mortgages rentals will be more in demand. You can even own property in let's say a high employment market like Houston from California IF you have a reputable property management company that handles the details of rentals, maintenance, leasing & repairs for you.
I know that our real estate office is gearing up for the transition in the marketplace by creating & organizing for more investors and the services they will need in the future.
Friday, May 04, 2007
Been a while since my last post, 2 of my parrots died within a week so panic struck! Fortunately the deaths were unrelated. One (Angel the quaker) was 14 years old & we're still not sure what happened to her. The other (Allie the sun conure)has always had heart issues so it was just her time. The prairie dog "buddy" decided to take the opportunity to play dead on the kitchen floor hours after the 2nd parrot died so it was a rough day!
Last Friday at a Realtor breakfast for Chesmar Homes in the new community of Sterling Lakes I was interviewed for HOTONHomes.com again. The show will first air on KPRC Channel 2 at 10:00am. It is always a little unnerving doing these little spots but I'm learning to deal with it. HotOn provided some great relocation videos for me to give to clients and Canyongate properties did also. Michael Garfield the High Tech Texan(r) was there to announce the high-tech capabilities of the Canyon Gate Community developed by Land Tejas. I am a bit of a technology nerd myself so it is always great getting to talk to the King of the techies! This community will be the first time that a a Canyon Gate Community will be located in the Southern 288 corridor area. See http://www.canyongate.com or call me (I know the marketing rep) for more information on these communities. Anyway, Chesmar Homes is now being run by Don Klein formerly of Lennar Homes. I used to work for him & think that he runs one of the tightest most efficient building companies in the Houston area. In my opinion Chesmar is a definite up & comer in the New Home Market. Don believes in running an efficient company with little fluff so that he can pass the savings on to the customer in form of homes with great features for the price, You gotta love that!
On May 11, 2007 I'll be heading over to Sterling Lakes again for the Wall Homes Breakfast for area realtors. I'll let you know if I'm on HOTON again!
Last Friday at a Realtor breakfast for Chesmar Homes in the new community of Sterling Lakes I was interviewed for HOTONHomes.com again. The show will first air on KPRC Channel 2 at 10:00am. It is always a little unnerving doing these little spots but I'm learning to deal with it. HotOn provided some great relocation videos for me to give to clients and Canyongate properties did also. Michael Garfield the High Tech Texan(r) was there to announce the high-tech capabilities of the Canyon Gate Community developed by Land Tejas. I am a bit of a technology nerd myself so it is always great getting to talk to the King of the techies! This community will be the first time that a a Canyon Gate Community will be located in the Southern 288 corridor area. See http://www.canyongate.com or call me (I know the marketing rep) for more information on these communities. Anyway, Chesmar Homes is now being run by Don Klein formerly of Lennar Homes. I used to work for him & think that he runs one of the tightest most efficient building companies in the Houston area. In my opinion Chesmar is a definite up & comer in the New Home Market. Don believes in running an efficient company with little fluff so that he can pass the savings on to the customer in form of homes with great features for the price, You gotta love that!
On May 11, 2007 I'll be heading over to Sterling Lakes again for the Wall Homes Breakfast for area realtors. I'll let you know if I'm on HOTON again!
Friday, September 15, 2006
Hot on Houston Taping
Yesterday morning at 9:00am I did my first taping for http://www.HotonHouston.com. I do not like viewing my picture or hearing my self on tape but it was actually fun. Shannon the hostess was very easy to talk to and made me forget I was on tape! It will air Saturday 10:00am Central Time on Channel 2. It is a brief segment about a community in Pearland called Cambridge Lake. The salesperson is a personal friend of mine and is one of the best people in the new home industry. I like the community because it is difficult to find a new home in this price range in Pearland that actually has Pearland schools. The builder is DR Horton "America's Builder".
Thursday, September 07, 2006
I've never blogged before but if it's just like talking with people WATCH OUT lol... I thought it might be nice to have a real estate blog where people could ask questions about real estate or even parrots (I have 11) on the web.
I know that alot of people do not understand the importance of realtors and what they do or have come in contact with those that have not been helpful to them or have even cause them to lose money or time. Real estate is complicated enough to actually require state exams with VERY HIGH failure rates and lots of law suits.
Well that's all I can write for now, have to go paint a rent house of mine for a while.
Best wishes,
Kerrie
I know that alot of people do not understand the importance of realtors and what they do or have come in contact with those that have not been helpful to them or have even cause them to lose money or time. Real estate is complicated enough to actually require state exams with VERY HIGH failure rates and lots of law suits.
Well that's all I can write for now, have to go paint a rent house of mine for a while.
Best wishes,
Kerrie
Subscribe to:
Posts (Atom)
