Owner's FAQs- Waco, TX

FAQ’S

Owner FAQs

Why choose a property management company?

Managing your rental property can be a full-time job. You’ll want to be sure to select quality tenants with good credit, have access to attorney- and TREC-approved leasing documents, be available to handle move-in and move-out inspections, be on-call for maintenance repairs, and be prepared to handle evictions, when necessary. Using a professional property manager takes all of this off your plate and lets you enjoy the benefits of owning rental property without the hassles.

Why should I choose Shamrock Property Management?

Property owners have trusted Shamrock Property Management to look after their investments for over two decades. Our staff has the expertise and experience to handle leasing, maintenance, and accounting issues for you. We currently manage more than 950 properties in the Waco area.

How do you decide what rent to charge when there are vacancies?

We make every effort to rent your property at market price. The factors that determine market rent of a specific property are condition, location, size, and current market condition.

How do you advertise your vacancies?

We advertise in a variety of ways. Our website is kept up-to-date with vacancies and our staff regularly encourages walk-ins and callers to review the listings online. We also use social media like Facebook and Twitter to advertise listings, and our vacancies are cross-posted to hundreds of other property listing sites, including Zillow. Of course, the best referrals come from word of mouth! We get many referrals from our existing tenants or from other real estate agents throughout Waco who are familiar with our excellent reputation.

How do you handle Security Deposits?

Security deposits are collected prior to a tenant’s move-in and are deposited in an escrow account and held separate from normal rent collections. They are maintained in that account until the tenant moves out. If the property is returned to us in a clean, undamaged position, the security deposit is returned to the tenant. If repairs are required beyond normal wear and tear, the repairs are charged to the property and a portion of the security deposit is retained to offset the expenses.

Who collects rent?

Tenants can bring their rent checks by our office or drop them in our lockbox after hours. We also encourage tenants to use our convenient tenant portal to make payments online by bank draft or credit/debit card. If rent isn’t paid by the fifth of the month, our staff will contact the tenant for payment.

Who handles evictions?

When a tenant fails to pay rent, our staff will send the required notices to the tenant and handle the eviction process, including filing of all paperwork and going to court on your behalf. Any court fees and eviction costs are charged to the property account, and the tenant’s security deposit is forfeited to help defray those costs. If a balance exceeds the tenant’s deposit, we will use any and all means to collect the remaining balance, including filing with collections agencies.

What happens if there is an emergency after business hours?

We have an emergency number that is manned by one of our staff after hours so that tenants can reach us in case of emergency. The phone number is clearly posted for tenants on our website and on their tenant portal.

Can I use my own vendors?

We have a full roster of vendors who routinely perform quality work for our clients, many of whom are available on short notice when we call. However, some of our owners do prefer to use their own vendors, and we make every effort to accommodate those wishes whenever possible. We do not accept home warranty policies.

I am concerned about incurring big maintenance expenses. How do you control expenses?

Our focus is always on controlling expenses while maintaining a safe and enjoyable living environment, and we prefer to “repair before replace.” We’ll do everything we can to control expenses by reviewing bids from vendors and contacting you for approval on major expenses.

When do I get my financial report and what does it include?

Your property cash flow statement is sent at the end of each month in which the rent is collected, normally on the 25th. If you own multiple properties, you will also receive a consolidated statement. We archive all reports in your Owner Portal so that you can view them when it is convenient for you. Most of our owners choose direct deposit for their net income payments. We also upload all copies of invoices paid on your behalf to your owner portal.

Why do I need liability insurance for my property?

Your property insurance covers you for damages that may be caused by fire, smoke, wind, hail, and other disasters. Landlord and/or liability insurance may also help you recover your lost income due to damage to a rental property or protect you in case someone is accused of accidentally causing injury or damage while on your property. You should contact your own insurance agent for a specific discussion of your needs. We do require all tenants to have renter's insurance which covers at least $100,000 in "liability to landlord" insurance in case they or their guests cause accidental damage to your property.

Are your prices competitive? Do you accept all properties for management?

We take pride in offering affordable property management services. We typically charge a monthly percentage of the rent collected plus a leasing fee each time the property is rented to a new tenant. We only accept properties in the greater Waco area and we do have some restrictions. We generally do not accept properties that do not have central heating and air conditioning, are under 1200 square feet, and were built before 1978. If you have specific questions about your property, please contact us at sales@shamrockmgt.com.