Owner Questions Answered
Get clear answers about property management.
Q: Are You Licensed?
A: Yes, our staff is fully licensed.
Q: Can I Reach You After Hours?
A: Our office hours are 9am-5pm Monday through Friday. Tenants have access to an 24/7 emergency line for after hours maintenance emergencies. Phone calls and emails received after-hours will be answered the following business day.
Q: Can You Put the Money Directly Into My Account?
A: Yes, we start our monthly closeout around the 25th of the month. Income distributions are made between the 26th and last day of the month. Funds are directly deposited into our client's accounts through an electronic ACH transfer.
Q: Do I Get to See the Lease or Sign It?
A: No, to keep our systems running efficiently, our licensed staff reviews and signs the lease on your behalf. Pricing will be communicated with you prior to signing. We are happy to provide a copy of a lease template upon request.
Q: Do You Sell Real Estate Too?
A: Yes! If you are interested in buying or selling, we are happy to help you.
Q: How and When Do I Get My Checks?
A: Income distribution happens every month. We start our monthly close out around the 25th of the month. Income distributions are made between the 26th and last day of the month. Funds are directly deposited into your account through an electronic ACH transfer.
Q: How Is Rent Collection Handled?
A: Tenants may submit payment via their online portal, personal check, cashier’s check, or money order. Most tenants pay online.
Q: How Long of A Lease Do You Sign?
A: The length of our leases can vary. We use a standard lease promulgated by the Texas Association of Realtors. It is approximately 17 pages long. However, most leases require additional addenda as well.
Q: How Much Security Deposit Do You Charge the Tenant?
A: Typically, we charge one month’s rent for a security deposit. However, it can vary.
Q: How Soon Can You Start Managing My Property?
A: Immediately! We have systems ready and waiting to start managing your property today!
Q: What Type of Properties Do You Manage?
A: Most of our properties are residential single or multi-family homes. We do have commercial properties in our portfolio as well.
Q: What Type of Reports Do I Get and How Often?
A: At the end of every month, you will receive an Owner Statement, which includes all the financial data you need for each property. We also provide a 1099 and EOY on an annual basis. You can access this information anytime through your Owner Portal.
Q: Who Holds the Tenant Security Deposit?
A: NRPM holds the security deposit and accounts for it on your owner statement. Upon move out, we deduct all costs that are considered "beyond normal wear and tear" from the security deposit. The tenant's security deposit, less any deductions, is refunded to the tenant. Any funds deducted from the deposit are then retained by you as income and sent in your next income disbursement.
Q: Is There a Minimum Management Fee?
A: Yes. There is a minimum monthly management fee for vacant properties. During periods of vacancy, we inspect your property weekly, actively market your property, and screen potential tenants. We also continue to take care of all maintenance and repairs as needed.
Q: Will You Pay My Bills for Me?
A: Yes, we can pay your monthly bills, including mortgages, utilities, and HOA dues. We will require minimum account balances in excess of monthly payments in order to take advantage of this service. We will also require an invoice to accompany each statement.
Q: Must I Maintain a Minimum Balance in My Account?
A: Yes, to keep the management of your property running smoothly, we require a minimum $200 balance per unit to be maintained in your Reserve Account. We also require a $500 minimum maintenance allowance per occurrence.
Q: How Do You Screen Tenants?
A: We perform a credit check, criminal background check, employment verification, and rental/ mortgage verification on every prospective adult resident. NRPM is compliant with all Fair Housing regulations. We do not discriminate on the basis of race, religion, color, sex, familial status, disability, gender identity, age, sexual orientation, disability or student status.
Q: What if My Tenant Does Not Pay Rent?
A: If rent is not received on or before the 5th of the month, we mail a three day letter to vacate notifying the tenant that payment must be made promptly. If no response is received within approximately three days, we can file an eviction. At the eviction filing, the county clerk will set a court date, usually within 15 to 21 days. For an uncontested eviction, the process from beginning to end will usually take about 30 days. The court costs are paid initially by the owner and charged back to the tenant. NRPM does not charge any fees for their eviction services unless it proceeds past the normal Justice of the Peace Court. You pay only court costs and attorney fees if required.
Q: What Happens when A Tenant Moves Out?
A: We perform a move out inspection of the property. During the inspection, we identify items that should be charged to the tenant and document the condition of your property with digital pictures. We then provide bids for the necessary repairs to get the property ready to lease. Once the property is ready for marketing, we allow prospective residents to view your property.
Q: What if I Want to Cancel Management?
A: You can cancel management at any time for any reason. You must give us 30 days written notice that you would like to cancel. Upon receiving written notice, we will put a hold on all available funds and ensure there are sufficient funds to pay any outstanding bills. Approximately 45-day after the termination date, we will process your final distribution.
Q: Do You Manage Short-Term Rentals?
A: No, the shortest lease we offer is 12 months.