FAQ’s About King Realty & Management Inc.
King Realty & Management Inc. understands that you must have the right property management company in place in order to assist in the success of your asset. We perform every area in the circle of property management. One of our main goals is to build relationships with tenants and our investors that establish and promote trust and understanding. We are professional people who have developed an efficient management system to uphold the mission that we are “Committed to Success.”
We manage residential townhomes, condos, single-family home(s) and multi-family properties
No long-term contracts , No set-up administrative fees – Our services can be terminated with a 30-day written notice from either party. Standard management fee is 8% of collected rents.
We advertise all units on the MLS, our website as well as other syndicates including but not limited to www.zillow.com, www.truilia.com, www.realtor.com, www.homes.com. We also place attractive yard signs at the vacant unit to assist in procuring a qualified tenant.
We utilize the MLS and complete a current rental analysis of the units that have leased in the area within the last 6-months to determine a starting point for the home. We also collaborate and communicate with the rental owner if pricing or other adjustments need to be made.
In our experience units that are in top-notch condition will rent faster. Click here to get the list of things that should be done to prepare the unit to show. See the additional resources below for tips on how to prepare a home.
Please click here to see King Realty & Managements rental criteria that all prospective tenants must sign acknowledging the requirements. We complete a thorough applicant screening with Credit, Employment, Criminal & Eviction checks and provide a summary for owner review/approval – There is no Charge to owner as this service is paid by the prospective tenants. The Credit/Crim/Eviction reports are pulled by a 3rd party service. The employment and rental screening are done in-house.
• (Houston properties) After tenant has been secured the commission is 50% -100% of the 1st months rent depending on number of agent involved in transaction. If the tenant is procured by King Realty then the fee is 50% of the 1st months rent BUT if another real estate agent procured the tenant then it will be 50% to KRM and 50% to the outside agent resulting in the commission being 100% of the 1st month’s rent. • (DFW properties) After tenant has been secured the commission is 50% of the 1st months rent and if another real estate agent procured the tenant then it will be 25% to KRM and 25% to the outside agent resulting in the commission being 50% of the 1st months rent.
• Property Inventory – We prepare a full inventory information sheet to itemize a list of appliances that are included in the home as well as the utility services that the tenant is responsible for. We take digital pictures of the property as well as a move-in and move-out video showing the condition of the home for record keeping and this is provide this to the owner. • Rent Collection – Interactive online payment options available for tenants to quickly and safely pay rent online through a savings or checking account. • Evictions – Our objective regarding evictions is to keep the tenant when possible but evict when necessary. We will handle the eviction process through the appropriate Justice of the Peace. We prepare 3-day notices if funds aren’t received by the grace period date. If funds aren’t received by the requested date on the 3-day then we will file the eviction through the assigned Court house. If an arrangement cannot be made in court and the tenant’s still occupy the property after the date ordered by the Judge then we will proceed to file the Writ of Possession to obtain the property back by means of the Constable’s assistance. All Court fees remain the property owner’s responsibility and range from $116 - $500 (depending on number of evicted occupants) but will be charged back to the tenant’s ledger and assigned to their final accounting charges. • Collections - We will submit all unpaid accounts through a 3rd party collection agency who will begin to aggressive notify the tenants of their unpaid balances. If they are successful and are able to collect on the account they will then deduct their service fee and issue a check to King Realty & Management for the remaining amount. This recouped amount will be listed on the Monthly owner Statement. • Facilitate Lease Renewals – When it comes time for lease renewals we will run a current rental analysis to determine if an increase in rent is substantiated and will prepare the lease renewal accordingly. – No commission charge on lease renewals. • Maintenance Requests – We have an Interactive online portal which allows owners to view maintenance request as well as tenants to submit maintenance requests online. We have an in-house maintenance company which offers priority service as well as discounted hourly maintenance rates of $45 an hour in addition to a list of of qualified outside vendors to utilize for the various maintenance issues that take place regarding a rental unit. • Routine Property Inspections – We conduct periodic inspections of properties for compliance as well as Housing standards – however, any HVAC inspection will be at a fee of $179.
Tenant(s) in good standing (those who are in compliance with the lease) have the option to terminate this lease prior to the normal end of term or during any future renewal by providing the Landlord all of the following a) a minimum 30-day written notice, b) providing the last date of occupancy and c) submitting certified funds (Cashier's Check, money orders or wire transfer) as an "Early Termination Fee" in the amount of 180% of one month's rent at the time notice is provided. Rent will be prorated on a daily basis through the revised end of term. Tenant is required to conform to all other terms of the lease or the Early Termination Option will be forfeit and the tenant will be responsible for the full amount of rent as allowed by the lease.
On or about the 10th of each month our owner’s will receive an itemized statement for all activity on the property via e-mail. Fund are disbursed on the 10th through an ACH deposit to the designated owner’s account and it will take approximately 1-2 days to see the deposit in your bank account. If the 10th falls on the weekend then the funds are disbursed on the next available business day. We also operate of a web-based management system which allows our owners the ability to log into their account and view any owner report, invoices or any maintenance requests that the tenants have submitted.
It is required per the management agreement that the Owner must maintain in effect a public liability policy that names Broker as co-insured or as additional insured and covers losses related to the Property in an amount of not less than $100,000 (minimum).