Homemax has managed single-family homes, townhouses, condos and multi-family units since 1997 for investors and landlords, within the greater Houston area. At Homemax, we believe that a systematic, procedure-driven approach to property management provides the best results and maximizes return-of-investment for our clients. Uniform application processes, clear tenant qualification criteria, and a transparent working relationship with tenants are all critical factors of our success through the years.
Scope of Services:
- Make-ready, conditioning and listing of rental properties
- Tenant screening and selection
- Verification of employment, rental history, credit and criminal background checks
- Rent collection and lease contract enforcement
- Ongoing tenant relationship management
- Repair and maintenance services
- Regular property inspection inside and out
- Monthly statements and money transfers to landlords
- Emergency response and eviction procedures
- End-of-year financial reporting to landlords for income tax purposes
- Listing Fee: to list the property for lease the property owner incurs a cost equivalent to one-month rent (half month is charged by us, and the other half is typically charged by the broker representing the tenant).
- Property Management Fee: 10% of all rents collected, with a minimum of $150 per month.
- Re-Listing Fee: one-month rent as the original Listing Fee. Charged only if two years or more have passed since the previous listing of the property in question.
- Lease renewals: no fees assessed for lease renewals to the same tenant.
- Vacancy: the usual property management fees are due during tenant transitions and re-listings of the property, for a maximum of 2 months of vacancy.
Standards and Practices:
- We schedule a face-to-face meeting with the future landlord client prior to agreeing to manage the property, to set clear expectations, to discuss the rentability potential of the property, and to go over procedures and explain the pertinent contract terms.
- We inspect the property to assess its readiness to be leased. We check for the good functioning of all the major systems of the property, for cleanliness and presentability. We issue a list of suggestions to the owner regarding repairs or needed actions in order to get the property in move-in condition.
- We hate vacancies! We list properties according to existing market conditions, no matter what the property was listed for before. Rental values tend to increase in the long term, but are also cyclical in nature just like other aspects of the Real Estate market.
- We follow a strict and systematic application process for prospective tenants. We verify every aspect of the information provided in the Application, including present employment, present living arrangement, identity and credit score for each applicant on the lease. We require verifiable income of at least 3 times the monthly lease amount.
- We do not accept Section 8 housing, or tenants with prior bankruptcies, foreclosures, criminal records, DWI convictions, or who have breached leases elsewhere.
- We list all properties on the MLS system, and use current, representative pictures for our marketing. We do not show properties that are not in move-in condition.
- We work with relocation companies on behalf of their clients, and can structure flexible agreements for short-term leases, diplomatic clauses, and fully furnished units when needed.
- Tenants pay their lease by the first of the month, by direct bank deposit. We enforce penalties for late payments and other lease irregularities in a consistent way.
- We follow a strict eviction procedure per the Texas Property Code. We issue the 3-Day Vacate Notice promptly, and follow it with filing forcible detainers, etc. as contemplated by Law.
- We maintain a database-driven maintenance schedule and protocol, and track expense amounts, vendor performance, warranty information, and types and models of all replacement items. We have established relationships with a handful of trusted vendors that provide quick, reliable and cost-effective services.
- We maintain a designated trust account for property management purposes, separate from the Homemax corporate or operating bank accounts.
- We maintain a strict confidentiality standard for landlords and tenants. None of their personal information is ever revealed to third parties.