University Park Property Management
Let us manage your University Park rental property
Deciding to rent your home out to a tenant is not easy. Most landlords are either a member of the military who is facing deployment, a homeowner who cannot sell a house and is thinking about renting it out, or a real estate investor with lots of experience and an entire portfolio of properties. Whatever type of landlord you are, you need expertise to do it right.
Being a landlord is a full-time job. You have to be prepared to approach it that way. Here are some of the things required of you:
- Pricing your home at a rent consistent with the market value and avoids long term vacancy
- Marketing your property in the right places.
- Compliance with all federal, state and housing laws in your advertising
- Screening applicants who are serious about renting your home
- Showing your property at times that are convenient for potential renters
- Stay in contact with prospective tenants after they have viewed the property
- Doing extensive background checks on applicants
- Writing a lease that is legally enforceable
- Collect and handle security deposits, placing them in escrow accounts
- Inspect and document the condition of the property before move in
- Understand and follow all landlord and tenant laws
- Respond to tenant repair requests and maintenance issues 24/7
- Schedule vendors for repair work
- Making payments to vendors for completed work
- Collecting monthly rent payments and chasing down late rent
- Keeping an accounting system of rent, expenses and income
- Handle problem tenants who cause damage or violate the lease or HOA requirements
- Execute evictions when necessary
- Regular inspections to ensure the tenant is taking care of your property and following the lease
- Collecting back rent from former tenants
- Completing a move out inspection
- Return the security deposit to tenants within required number of days
- Get your home ready during the vacancy for the next tenant
- Start from the beginning with a new tenant
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You have to ask yourself if being a landlord is worth your time and other resources. You probably have a full time job already, and a family that you enjoy spending time with. Do you really want to invest the time and energy it takes to manage property correctly?
Benefits of using Flat Fee Landlord
- No hassle management
- Monthly owner statements
- Online Owner Portal Access
- Industry leading marketing tools
- 24/7 maintenance request handling
- Prompt Response to Tenant Requests
- Low vacancy rate
- Low time on market
- Industry specific local knowledge
What we do as your University Park property manager:
- Fill vacancies
- Advertise your rental
- Handle tenant inquiries
- Background and credit investigations
- Application processing
- Lease signing
- Full service repair
- Rent collection
- Coordinate Evictions
Flat Fee Landlord provides landlords with one of the most comprehensive property evaluations in the industry. Where most companies just “say” they did an inspection, we actually provide our landlords with a full inspection report complete with tons of photographs. Our goal is to provide our landlords with a report so comprehensive that it is as if the landlord actually visited the property themselves. Our Evaluations are completed at the beginning and end of each lease. Additional evaluations are completed approximately every 6 months and further evaluations may be requested by the landlord for an additional expense.
We market your home so that we can rent it at the highest market value within the shortest amount of time. We try to limit the amount of vacancy to your home while providing you the highest amount of income the market dictates. To do so, we take several marketing pictures of your property and blast it on some of the most popular home rental sites on the internet. These sites include but are not limited to:
In addition to the top independent real estate websites, your home will be eligible to show up on other national franchised brokerage firm’s websites.
Marketing your home is the first step to finding a well qualified tenant rent your home. We put a lot of time, effort, and money towards marketing your property. The marketing of your home is included in our tenant placement fee.
In our opinion, tenant screening is the most important part of the rental process. Anyone can place a tenant into a property; however, what sets us apart is that we have very strict and high standards for placing only the best tenants in our managed properties. This is why our company has an industry leading less than 1% eviction rate ALL-TIME! In addition to having such a low eviction rate, we also have one of the best security deposit return rates in the industry. This means not only do your tenants pay rent on time, but they also do very minimal/if any damage at all to your home while they rent it.
To ensure we have the best tenant possible rent your home; we utilize our proven “Perfect10ant” verification system. The “Perfect10ant” includes:
- Credit score
- Income Verification
- Debt to Income ratio
- ID verification
- Past Evictions
- Address verification
- Interview previous Landlords
- Rental History
- Criminal History
- Employment History
We collect, account for, and hold tenant security deposits in escrow while they are renting your property. We will do an initial evaluation of the property prior to the tenant moving in and then another evaluation of the property after they have moved out. If there is damage above what is legally considered “wear and tear” caused by the tenant upon the check out evaluation we will utilize their security deposit to pay for the repair. Tenants we place are required to provide the full security deposit to us in certified funds prior to gaining access to the property.
We have one of the most tight locked leases in the industry. Both the tenant and landlord’s responsibilities and expectations are written out so there is no room for discrepancy or interpretation. This lease was drawn up by our attorneys to account for common issues that arise in the tenant and landlord relationship, specific to our clientele. Landlords get access to our lease when they utilize our tenant placement and property management services. Upon selecting a prospective tenant to rent your home, we will provide and prepare the lease on your behalf!
University Park Area Information
University Park is a city in Dallas County, Texas, United States, an inner northern suburb of Dallas. The population was 23,068 at the 2010 census. The city is home to Southern Methodist University.
University Park is bordered on the north, east and west by Dallas and on the south by the town of Highland Park. University Park and Highland Park together comprise the Park Cities, an enclave of Dallas. University Park is one of the most affluent places in Texas based on per capita income; it is ranked #12. In 2018, data from the American Community Survey revealed that University Park was the 2nd wealthiest city in the United States - with a median household income of $198,438 and a poverty rate of 4.2%. Source from Wikipedia
Areas We Serve