Question # 1.
How do you find a tenant?

With a Tenant locating device.

Actually, the Realtor MLS and our internet campaigns are the most effective tools. In addition to that we receive leads from our yard signs and networking. We also have a loyal following of tenants, and a good reputation. A few of our tenants have enjoyed leasing from us so much that they actually refuse to rent from another landlord!

Question # 2
How do you qualify a tenant?

This is single biggest factor in successfully leasing a property, and it’s also one of our greatest advantages. We qualify tenants on Net instead of Gross income. We think it just makes sense…a tenant can’t pay rent with money they didn’t receive (taxes, withholdings, etc), so why do some companies qualify tenants based on their gross income?

In addition to this advantage we perform multi-layered background checks which are practically impossible for non-professional landlords to perform. These include Credit, Criminal, Terrorist, Sex Offender, Phone Records, Tax Records, Landlord History, and Employment checks. And of course, we do this all within the guidelines of the Federal Fair Housing Act and Texas law.

Question # 3
How do you determine the rent price for my property?

While some landlords might hold a wet finger in the wind to value a property, we actually prefer a more advanced technique… we read tea leaves (just kidding).

We perform a detailed Realtor’s Competitive Market Analysis. We compare like properties and included amenities side by side with your home. Based on our knowledge and experience with communities in the Metroplex, we’re able to determine the right price to maximize income.

Question # 4
How long will it take to find a tenant for my property?

A typical home will rent in 14 to 30 days. Depending on the price, condition, and location, it can rent the same day we list it, or it may take longer. We tell you how quickly we expect your property to rent, from the data we pull in our free Competitive Market Analysis.

Question # 5
I’m having trouble selling my house! Is leasing a good decision?

The short answer is – it depends on your situation.  There are a lot of factors that go into this evaluation, and we can help.  Do you have plans for the sales proceeds?  Is the sale exempt from capital gains taxes, and how will it affect your overall tax burden?  What’s your investment return hurdle rate?  If the property isn’t selling, it may be priced too high or marketed poorly. Either way, we can help you evaluate.

Here are 5 main benefits to leasing your property:
1. Income.  Receive a nice rental check each month
2. Increase Net Worth/Equity.  The tenant pays your mortgage
3. Tax Savings.  Rentals provide a great tax shelter with depreciation & deductions
4. Effect of Inflation.  This is sometimes overlooked in real estate analysis. With the current economic uncertainty and potential inflation, this deserves a hard look. As inflation occurs, the relative cost of your mortgage decreases while rent rates rise. The result is more cash flow and stability.
5. Appreciation.  Yes, there are “corrections”, but the long term trend of real estate appreciation is UP.

Question # 6
How is maintenance handled?

Very diligently, 24 hrs a day, 7 days/week. We have solid relationships with quality contractors at great prices, and we have supervised everything from free repairs to $100,000 gut/remodels. Additionally, we can work with any vendor you prefer. Some owners even do work on the property themselves!

When a tenant has a maintenance request, we attempt to solve the issue over the phone for FREE. If that fails, we will follow the management agreement and the maintenance instructions you’ve provided, which includes checking for manufacturers warranties, home warranties, preferred vendors, etc. We also handle all billing and 1099’s.

Question # 7
What if I decide to sell my house

Consider it done. We’re a licensed brokerage, and experts in the field of residential real estate, with performance that beats some of the largest national brokerages. Check out our Realty company here!

However, if you decide to sell the home with another agent, that’s OK too!

Question # 8
How long are the Management Agreements? Lease Agreements?

Management agreements are month to month, cancel anytime. Lease agreements with tenants are typically 1-2 years.

Question # 9
What should I look for in a Management Company?

Your Management Company should bear this symbol:

Honesty. Experience. Knowledge.

We are charged with protecting a very valuable asset, accounting for a substantial amount of income, dealing with serious contractors and tenant problems, guarding owners from liability, staying up to date on city and state safety codes, and on and on. Prosperity Real Estate Advisors Management has been doing this for a long, long time. There are a literally hundred mistakes a less experienced manager can make that will cost you valuable time and money.

Question # 10
You guys do a lot! What does all of this cost?

Our fees are simple, inexpensive, and straightforward. Please contact us for an immediate quote!