Management

We manage with a focus on driving net operating income, increasing asset value and providing extraordinary customer service. We are a full-service firm that understands the role effective property management plays in an investment strategy. We are dedicated to management services as we do not engage in the purchase or sale of real estate assets on behalf of our clients. We share our valuable experience and insights and we strongly recommend contacting our firm as part of due diligence with prospective acquisitions. We use a Web-based solution to manage our portfolio, which enables our clients access to all relevant information, including financial matters, in real time from anywhere in the world. We provide residents with their own individual Web portal to assist in communication, maintenance, and retention.

The Property Society, LLC, specializes in the management, leasing, and maintenance of single-family homes, condominiums, two- to four-unit multifamily complexes, apartments and homeowner associations. We serve the greater Austin area, north to Round Rock, east to Manor, south to San Marcos, and west to Lakeway. Please contact us if you have any questions about whether or not your property is located inside our territory.

The term of the management agreement is month to month. Thirty days’ notice is required to terminate. Upon receipt of notice of termination, all leasing and maintenance activity will be transitioned to the owner or his appointed representative. Your operating account will be closed out, and all money will be forwarded to you within 30 days of termination.

Timely collection of rent is one of the keys to effective property management. The company takes prompt and decisive action against residents who do not pay their rent, and we typically begin eviction proceedings by the 10th of the month.

We attempt to make repeated contact with the delinquent resident prior to filing an eviction action. In cases where a resident simply does not have the money, we pursue eviction and possession unless we are told to do otherwise by the owner. All late fees and insufficient fund fees are retained by The Property Society, LLC, for collection efforts on the owner’s behalf.

Our fee is charged as a percentage of the monthly gross rent collected. The fee for your property will be quoted competitively depending upon neighborhood, condition, number of units, and rent rate. Management fees on apartment communities are also quoted on a property by property basis.

Request Management Fee Quote

Since resident retention is critical to the financial performance of the asset, our efforts are geared toward resident satisfaction by performing warranted repairs as promptly as possible. We strive to minimize repair costs while attempting to maintain maximum resident satisfaction and retention.

Resident retention is important because of the extremely high cost of vacancy. Tangible costs of a vacancy are lost rent, advertising expenses, make-ready costs, the maintenance and operation of the property during a vacancy period, and leasing fees.

Statements are available to view online 24×7 from anywhere in the world. The information is posted in real time and includes all income, expenses, disbursements, and a current cash balance. Copies of all invoices are available to view online, except for the management fee, which is simply a computerized deduction based on the percentage of rents collected. Direct deposits for the ending cash balance, net of a reserve for operating expenses (usually $300 per unit), are delivered no later than the 28th of the month.

• 1st to 10th of month
  Rent received and processed. Move out departing residents.

• 10th to 15th of month
  Late notices sent and evictions filed, if necessary.

• 1st to 20th of month
  Invoices received from period are paid.

• 20th to 25th of month
  General ledger of accounts is audited.

• 25th to 28th of month
  Disbursements are delivered and statements are available for viewing.

• 28th to end of month
  Process new residents moving into properties.

As a management company, we spend a good portion of our time in the field looking at and inspecting properties. It is normal for the property manager to not be sitting behind a desk. Consequently, it may not be possible to get an immediate return phone call.

The best way to communicate with the company is by email. This gives us a written record of your concerns that is time and date stamped. Often, before we can completely address your concern, we need to research information. We would like to be fully prepared to address your questions, and sending us an email is the best way to accomplish this objective. However, we always have a staff member available to assist you and answer your questions. All phone calls are returned at our first opportunity.

Additionally, many of your questions can be answered by logging into your account and reviewing the details of each asset under management.

Maintenance of proper and adequate hazard and liability insurance is the sole responsibility of the owner. The company does not indemnify the owner against any loss of any nature arising out of improper or inadequate insurance coverage.

The following minimum coverage is suggested: Fire, extended coverage, replacement cost coverage, residential glass breakage, and premises medical. After 91 consecutive days of vacancy an extended vacancy endorsement is needed. Other coverage to be considered is theft, vandalism and malicious mischief, rent loss, and special extended coverage for water damage. Please name The Property Society, LLC, as additional insured on the liability portion of your policy.

If you are leasing your residence, please understand that the property condition will deteriorate during its occupancy by a resident. In most cases, you will not receive your property back in the same condition as you left it. Many people lease out their primary residence thinking that a resident will maintain the property and perform housekeeping to the standards and quality expected by the owner. Despite our efforts to lease your property only to qualified residents, some physical damage and wear and tear will occur to your property.

Be aware that any lease in existence on your property will remain in effect through the expiration date and any automatic renewal period specified in the lease. If you wish to re-occupy the property prior to the ending date of a lease, you may negotiate a settlement directly with the resident. Residents are in no way obligated to move out before the ending date of their lease.

If targeting an owner occupant, the sale of the property should coincide with the lease expiration date. Showing occupied property, for sale or for lease, can present difficulties if the residents are uncooperative. In terms of handling the sale of your property, our company will refer you to the agent that you used to purchase the property.

In the event filing an eviction becomes necessary, the information below will provide a high-level timeline of and sequence of events. First and of foremost, evictions must be filed in the county and precinct where the property is located.

There are basically four steps in the eviction process:

1. The Notice to Vacate

If The Property Society, LLC, alleges a resident is not paying rent, our company is required by law to give the resident written notice to vacate the premises. This notice can be delivered to the resident personally with a witness, by certified mail (return receipt requested), or by any other method allowed by law.

2. Filing the Suit

The Property Society, LLC, must file an original petition with the court and pay the appropriate court costs. These court costs pay for filing of the suit, court hearing, and for the constable to serve the citation. The citation is the notice to the residents that we are attempting to evict them.

3. Going to Court

The Property Society, LLC, must go to court and prove our case by a preponderance of the evidence. Simply filing a suit does not necessarily mean The Property Society, LLC, will be awarded the judgment. Both parties should bring all documents and other evidence with them to court. At the hearing, both parties will have to present evidence to show who is entitled to possession of the premises.

4. Writ of Possession

If The Property Society, LLC, is awarded the default judgment, and the mandatory five-day appeal period has passed, and the other party is still in the premises, we can file a Writ of Possession in court. A Writ of Possession is a court order to the constable to place us in possession of the property.

How long does it take to evict someone in Texas?

From start to finish, it takes approximately three weeks:

• Three days from notice to vacate to filing of suit.
• Eight to ten days to serve the citation. The law requires the defendant to have six days’ notice before the hearing.
• Five days to appeal the suit following the hearing, required by law.
• Two days for the constable to post a 24-hour vacate notice on the Writ of Possession.

National Association of Residential Property Managers Code of Ethics

The National Association of Residential Property Managers (NARPM) promotes a high standard of business ethics, professionalism, and fair housing practices. NARPM’s members subscribe to the following code of ethics for Property Managers of single-family and other small residential properties.

Article 1. Duty to Protect the Public

It is the duty of the Company to protect the public against fraud, misrepresentation, and unethical practices in property management.

Article 2. Discrimination

The Company shall not discriminate in the rental, lease, or negotiation for real property based on race, color, religion, sex, national origin, familial status, or handicap and shall comply with all federal, state, and local laws concerning discrimination.

Article 3. Duty to the Client

The Company has a fiduciary responsibility to the client and shall at all times act in the best interests of the client.

Article 4. Duty to the Residents

The Company shall treat all residents professionally when applying for, living in, and vacating a managed residence. The Company shall hold in high regard the safety and health of those lawfully at a managed property.

Article 5. Property Condition

The Company shall manage all properties in accordance with safety and habitability requirements of the local jurisdiction.

Article 6. Protection of Funds

The Company shall hold all funds received on behalf of others in compliance with state law with full disclosure to the client and must never commingle the firm’s or personal funds with those of the client.

Article 7. Duty to Disclose Expertise

The Company must provide accurate information within his area of expertise, but refrain from the unauthorized practice of other professions including but not limited to the law, accounting, financial planning, construction, and contracting.

Article 8. Duty to Firm

The Property Manager shall act in the best interests of their employer.

Article 9. Relations with Competitors

The Company shall refrain from criticizing competitors or their business practices. In the event of a controversy between Companies with different firms, the Company shall submit the dispute to arbitration rather than litigate the matter.

Article 10. Price Fixing

The Company shall not engage in the improper acts of price fixing, anti-trust, or anti-competition with other Companies.

Article 11. Duty to Remain Educated

The Company shall strive to be informed about relevant matters affecting the property management field on a local, state, and national level.

Article 12. Improving the Profession

The Company shall strive to improve the property management profession by sharing with others their lessons or experience for the benefit of all