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We are a turnkey company. We help determine the price, get the house ready, market the house, show the house, lease it, execute the lease, interface with the resident, handle any maintenance items, etc. Our niche market residents are people who qualify to own a home, but do not choose to purchase at this time because of various personal reasons. We run a nationwide Credit and Criminal report and they don’t move into anything I manage unless I can tell that they have a long history of honoring their obligations. In addition I use a strong lease that has excellent provisions, including good liability protection for the owner. We don’t use the free TAR lease, nor anything from an office supply store.
Property Management is my core skill set, as you will see as you read through my information. I do not “dabble” in it, it’s not a part time affair. I keep up to date on the newest trends in risk management, and respond immediately to the changes in the law that occur with each new legislative session. This is important, and is one of the primary differences between McCourt and a part-timer.
We use a Property Management software program which allows us to accept online payments from our residents, and makes us able to send your owner draw electronically each month. That gives a whole new dimension to the term “mailbox money”, because now you don’t even have to go to your mailbox, or take the check to the bank to deposit it. You have access to your client portal 24/7, so that you can see income and expenses. You receive an email that advises you that “You Have Money”, and that money is deposited electronically to your account. Of course, if you don’t desire this, I can still mail you money. We cut checks between the 5th and the 10th of each month.
Our management fee is 10% of the income of the property. Some managers will give you 90% of your rent, but you get Zero Percent of any other income. That is not our way. Our residents very seldom ever pay late, but if they do, there is a late fee, and 90% of that money is yours. If a resident is transferred before the lease expires there would be various charges and fees assessed to them. Ninety percent of that money is yours, too.
When we lease your home to a resident, we charge a leasing fee of 50% of one month rent. That amount is split with another broker, if another broker brings us the winning applicant. We list the home on the Multiple Listing Service with a blanket offer of 25% leasing fee so that all the agents in the entire city will assist in showing your home. We also put it on our website, which generates several requests for rentals each day of the year every year. We use virtual tours so that people from everywhere can “see” the home. Here is a link to a virtual tour of a property we manage, http://view.paradym.com/2517124 . It’s been leased to the same resident for over two years. They now pay $3000 per month.
If we do the maintenance we charge a 15% fee on the work because of the difficulty and expense of wrangling contractors. However we get substantial discounts on paint, carpet, appliances, HVAC units, etc., so that we can save you a great deal of money, even after the 15% maintenance fee. We have been in business quite some time, and we have always dealt honestly and fairly with vendors. As a result, and due to our excellent credit rating the prices we are charged are usually much less than what you would pay. Most property management companies will invoice you for work done, and you will never know what the work actually cost. You will pay a markup to anyone who takes care of your maintenance, but we make our process very transparent. If you want to know more about this, let me know.
That’s it. It’s fairly straightforward from your end. Tell your insurance company you are hiring a CPM (Certified Property Manager). They like that because we are good at risk management and that reduces their potential for claims. I can let you read a sample management agreement, and you can see what statements look like when you dial onto your owner portal. And no, most of my owners don’t care anything about being able to see their account 24/7, but they do get a kick out of the automated money. <grin>
I look forward to speaking with you soon. If you are not in the immediate area we can certainly set up a video conference on Skype or Facetime at your convenience. I will send you a list of rentals on the market in just a few minutes. We can meet or talk soon.
Thanks again for the visit. Let us know when you want more information!
McCourt Real Estate Services
Midland, TX 79707