Why use Eanes Property management services? Managing your residential income property is a lot of work: from finding and qualifying tenants, to signing the lease, collecting rent, responding to emergencies, finding competent and reliable repair persons, marketing the property for lease, dealing with tenant complaints, handling the make readies, deposit returns and even evicting tenants. Eanes Properties offers a full residential property management service and has been managing residential income property in Austin since 1982 so going on 35 years. Our property managers have a wealth of knowledge and are a family operation who really care about one of your family’s biggest investments. Jim and Ricki Soletti have been managing residential real estate and have been active investors themselves since 1982. They have come across just about every situation in that amount of time and their experience and know how is invaluable. That’s a combined 68 years of property management knowledge. They are both licensed real estate brokers. Samantha Soletti Adler, their daughter, joined the business in 2000 after obtaining her BBA in Marketing from the University of Texas at San Antonio. She has grown up in Austin since she was 3 years old so she is very knowledgeable in the area and being a second generation Realtor she has learned the ins and outs of this business from her parents. She also has 16 years of experience in the real estate industry. She too is an avid real estate investor owning several rental properties. We think it’s important that we also invest in the market we manage and sell properties in as it helps us understand the needs of an investor and how to deliver that service to you. Samantha is also a licensed Broker. Arden Adler, Ricki and Jim’s son-in-law and Samantha’s husband, joined the family business in 2015 and serves as the Office Manager. He has a Bachelor of Science degree in Management. His background in Customer Service and Retention serves our business well. He handles scheduling repairs, book keeping, follow up, and many important office activities. Our newest addition is Teresa Carpenter who is a licensed Realtor and joined our team in 2016. She is a long time family friend and past investor client who decided it was time to put her investment and leasing skills to use serving others. Teresa is a native Texan and has lived in the Austin area since high school. Teresa holds Bachelor of Science degrees from The University of Texas in Geophysics and Mathematics. She is an amazing Agent with a great work ethic. You won’t find a harder worker to help you find the right property for you or to place qualified tenants into the properties we manage for you. We stay on top of the 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.
How does Eanes Properties screen prospective residents?
When prospective residents call off a sign, an ad or from an MLS search, we make sure the unit under consideration is suitable for the callers time frame, pet situation and wants. If everything checks out, an appointment is set up with the prospective residents to see the property. After the prospective tenant walks through the property if they would like to lease it they can fill out a convenient on-line application or a TAR lease application. They are told when they submit their completed application along with a $40 non-refundable Application Fee per person and a separate cashier’s check or money order for the amount of the Application Deposit their application will be processed. Our tenant qualifying criteria is available on our website and is attached in our MLS listings for agents/tenants to review prior to submitting their application. The requirement for cashier’s check or money orders for the deposit 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. Eanes Properties is affiliated with Experian (formally TRW) and runs the credit checks in real time from their office. After the credit check is run, a criminal background check is made. We also verify their previous rental history through their previous 2 landlords. After all of this is done, the applicant is either approved or rejected. If the person is approved, they are called 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.
What happens next?
After the prospective resident has been approved we ask to set up a time to sign the TAR (Texas Association of Realtors) Residential Lease for the property. If a prospective resident has a pet (no puppies or aggressive breed dogs) a TAR 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 TAR 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?
Eanes Properties maintains a Trust Checking Account for Investors. Tenants are able to pay their rent on-line or by check. When the monthly rent is received, it is goes into the Investor’s Trust Checking Account. Once the rent deposit has cleared, Eanes Properties will pay the mortgage or issue a check or electronic ACH transfer directly to the Investor. A small cash balance (usually around four hundred dollars) is kept in the account to cover any unexpected repairs or tenant turnovers. Eanes Properties has an after hour number 24/7 to respond to emergency calls. Eanes Properties performs preventive maintenance every time a property turns over during the make ready process to find and remedy any small problems before they become large ones. An Investor’s money is only spent for repairs when necessary.
How often do Owners get reports?
Investors have access to reports as frequently as they want them through their on-line portal. These reports show all monies into and out of their Trust Checking Account 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. Per IRS guidelines all property files are kept for seven years with all receipts and paperwork in case they are needed at a later date.
How is Eanes Properties compensated?
Property owners who contract with Eanes Properties to manage their income property sign a TAR (Texas Association of Realtors) Property Management Agreement which gives Eanes Properties the authority to act on the Owner’s behalf. We charge a Management Fee of 8 percent of the rent collected. During any vacancies between tenants we do not collect any fees. We only get paid when your property is rented and we take the percentage from the collected rent. When a property is vacated and we have a tenant turnover, the Leasing Commission to find another qualified resident and release the property is 70 percent of the first month’s rent. $150 flat fee is charged when an existing tenant renews their lease. If you use us to lease but not manage your property the cost is 90% of the first month’s rent. We pay the marketing fees to get your property re-leased as quickly as possible (i.e. MLS fees, multiple professional property photos, internet marketing, signs and lock boxes). We do not add any fees to vendor invoices when repairs are made.
How does Eanes Properties Market your property?
As members of the Austin Board of Realtors (ABOR) we list your property in the MLS (Multiple Listing Service) database. This makes your property available to over 6,000 other Realtors. This listing of your property will also appear on other highly searched sites on the internet like Austinhomesearch.com, Realtor.com, Zillow.com, Craigslist, Trulia.com and Homes.com. We also allow syndication on all our lease properties through the MLS so they appear on other participating Agents websites. We place one of our ‘For Lease’ signs at the property with our office phone number, agent cell number and web address so potential residents can get information and schedule a showing. We make appointments after normal working hours and on Saturday or Sunday to accommodate potential tenants’ schedules. Our company’s internet website includes a section with our properties available for lease. Our site is kept current, has a detailed description of each property for lease, allows the viewer to see digital pictures of the property, print a map to the property and/or get information on the different schools in the area. We have very few vacant properties at any one time. The rental market in Central Texas and our tenant retention is very strong.
What if I just want help leasing but not management?
We can assist you in just getting your property leased. Our fee to lease a property we are not managing is 90% of first months rent. We do market it in the same ways listed above under “How Does Eanes Properties Market your property?”.
How soon can Eanes Properties start managing my property?
We can start the process right away. We will start by obtaining some information about you and your property and try to help you decide if we are a good fit for your needs. Call Jim Soletti or Samantha Soletti Adler at the office 512-263-7333 or send an email with any questions to [email protected] We try to take the danger our of property management.