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Price:
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Real Estate Management

Rent Collection

Timely rent collection is the highest priority of McGinnis & Coker. Rent is due on the first day of each month, however, residents are allowed a grace period until the third day of the month. In the unusual event that standard collection procedures are not effective, eviction proceedings may begin as early as the fourth day of the month, depending upon the resident's history with this organization.

HANDLE MAINTENANCE REQUESTS

All maintenance requests are directed to our office. The resident is quizzed briefly regarding the nature of their request and to determine whether the problem can be solved without professional assistance. If professional assistance is required, the proper service person/company/homeowner's association representative is sent to the property. Our property managers select general maintenance personnel or specialists according to the severity of the problem and their judgment as to what will be most cost-effective for the property owner.

HOMEOWNER'S ASSOCIATION

When applicable, residents will be provided with the condominium or neighborhood association rules for their property. We maintain working relationships with Homeowners' Associations to facilitate repairs, maintenance, and communication of policy changes and leasing information.

AUDIT AND PAY BILLS

Invoices for service are audited upon receipt for correct service address, correct billing rate, correct work completed, etc. Once corrected, the bill is approved and paid from rents collected. Invoices for services are paid at the amount billed - we do not "up charge" an additional percentage or fee on these items.

OWNER STATEMENT

Owner statements are prepared on the tenth day of the month for the previous month's activity. These statements show all receipts, disbursements, and the ending balance. (Invoices are attached when appropriate) At year's end, owner profit and loss statements (Form 1099 - Misc.) are prepared for tax purposes.

NEGOTIATION WITH RESIDENTS

Lease questions and disputes are negotiated with residents and, when expedient, compromised or settled. Occasionally, concessions to residents may be deemed necessary for the best interest of the owner and the property. When major changes or concessions are at issue, we will consult with the owner before proceeding.

OWNER CONSULTATION

For major repairs of over $250.00, the owner is consulted for approval. Minor repairs and emergencies that could result in major property damage or liability are addressed according to the best judgment of the broker and property manager. If desired, we are happy to provide the owner with an assessment of the relative market competitiveness of their property, and advice on how a property might be made more profitable.

LEASING FEE

  • 25% of one month's rent for a renewal of a current tenant,
  • 60% of one month's rent for a three (3) to eight (8) month lease,
  • 70% of one month's rent for a nine (9) to twelve (12) month lease.

Most often, residents are attained through the use of "locators". In addition to our in-house leasing agents, McGinnis & Coker LLC cooperates with other leasing companies to most efficiently lease your property.

MANAGEMENT FEE

The management fee is negotiated between you and McGinnis & Coker LLC. Our most common rate is 6% of the monthly rent. We do not collect management fees when your property is vacant or during the first month of a new lease.

RESIDENT QUALIFICATIONS

We take several steps to ensure that your property is occupied by a qualified resident(s); these include the use of the following:

  • TAA/TAR Applications
  • TAA/TAR Contracts
  • TRW Credit reports
  • Rental Background check
  • Criminal background check (when necessary)
  • Parental guarantee (when necessary)

MARKETING

One of the most important jobs we do as your Property Managers is to market your property. We use signs, the MLS (including ABOR and Central Texas MLS), flyers, newspaper ads, internet ads, website creation and many more methods to ensure that your property stays rented.

EQUAL HOUSING OPPORTUNITY

McGinnis & Coker LLC adheres strictly to the US Department of Housing and Urban Development's Federal Fair Housing Code and the National Association of Realtor's Code for Equal Opportunity.