Property Leasing in Dallas, TX and Fort Worth, TX
Most real estate agents donít like handling residential lease properties. They donít like working for the property owner or the prospective tenant because the commission paid out to them is so low. We, on the other hand, appreciate lease contracts. We believe that real estate leases are the stepping stone to building long-term relationships with our clients.
In leasing, the most important thing we can do for you is to find you the most qualified applicant for your real estate investment property.
Do you manage your own rental property but need assistance in locating new tenants and completing the proper lease paperwork? Our leasing service is for owners of rental property in the Greater Dallas, TX and Fort Worth, TX and Lake Ray Hubbard areas who appreciate assistance in locating qualified tenants. Out-of-town landlords especially value this service.
The property leasing services we provide for you include:
- Preview your home and make recommendations for any needed work prior to leasing
- Take multiple pictures of your home (inside and out) for marketing purposes
- Attract qualified tenants
- Screen prospective tenants before showing the property, weeding out those who donít meet basic criteria or pet restrictions
- Show the home and answer any questions the prospect may have about the process or the property
- Gather and process application paperwork and deposits
- Run various background checks
- Present the processed application information to you for a decision
- Execute the rental / lease agreement
- Collect first month's rent and security deposit up-front
- Conduct move-in inspection of the property
- Turn over documents and funds to you
Donít make the biggest mistake that most landlords make by putting tenants into your property without having them properly screened and checked out. It is much easier, and less expensive in the long run when you factor in your time and the added risk, to let us do the work for you.
How does Region Realty attract qualified tenants?
- Internet / Websites: Historically, newspaper advertising was the most effective means for marketing homes. Nowadays, newspaper advertising is probably the most expensive and least effective way we have to market your property for lease. Bringing us in to this day and age, the internet has proven itself to be extremely effective in marketing to tenants. Prospective tenants are incredibly savvy, and they can log on to multiple real estate websites and see several photos of the interior and exterior of your property. All of our listed properties get plenty of internet exposure on our company website at RegionRealty.net, Realtor.com and multiple other supporting websites. We will also list your property on Craigslist, which is a community-driven website.
- Multiple Listing Service (MLS): We will list your property in the Multiple Listing Service (MLS), where national statistics claim that over 90% of all properties leased are advertised.
- Yard Sign: All of the above-listed approaches are excellent means of marketing your property. But to tell you the truth, the most effective way we have of advertising your home for lease is the sign we will put in your front yard. Old habits are hard to break, and there is no better way for a potential tenant to find the home of their dreams, than by driving through the neighborhoods in which they want to live.
What sort of background checks do you perform on prospective tenants?
One of the most important aspects of a successful rental experience is selecting quality tenants. We accomplish this by including the following procedures in our screening process:
∑ Detailed credit history on all adult prospective tenants: The purpose of the credit check is to help determine the manner in which the applicant dealt with his/her debts and whether they pose the possibility of a future problem due to the over-extension of credit. Things to look for on a credit report include:
o Percentage of Credit Use: The closer to 100% of credit, the riskier. Unused credit provides for a cushion during hard times.
o Payment History: Current status is preferred. Be sure there are not a large number of 30, 60 or 90 day late pays. This is a Ďred flagí for a late paying tenant.
o Judgments: Any judgment for non-payment of rents is an automatic disqualification
∑ Employment and income verification: General guidelines for income qualifications are that the residentís combined income is greater than or equal to three times the monthly rental rate. This multiplier may be adjusted taking into the following considerations:
o Length of Employment: a minimum of two years is required
o Source of Income: Base salary versus commission
o Job Stability
o Years in Industry
∑ Criminal background check: Criminal background checks are obtained for each applicant over the age of 18 years. This background check is obtained from a national search company. Not all findings from the criminal background check will be cause for automatic disapproval. These findings will be considered on a case-by-case basis.
∑ Past Residency: This area during the evaluation is probably the most critical and informative. It is important not only to screen the applicantís current residence, but the previous as well (minimum of two years previous tenancy). The previous landlord(s) are often a better source of information if the applicant is creating a problem at their current or previous addresses. Items of importance include:
o Timely Payments
o Number of late payments
o Any three day notices served
o Was proper notice given to vacate
o Any complaints?
o Was deposit refunded in full?
o Would they be accepted to re-rent?
What if the potential tenant has bad credit?
Sometimes an applicant may qualify based on income and rental history, but have poor credit. In some instances, if we think the applicant is a Ďreasonable riskí, we will offer them approval with additional security deposit equal to at least one monthís rent.
How long will it take to lease my home?
While each market area and time is different, if the property is in good shape and it is priced right, it should lease within 30 to 45 days. The condition of the property and the price / value perception on the part of the prospective tenants will drive their decision.
What is the application process like for the potential tenant?
Once a prospective tenant has contacted us and made arrangements for a personal tour of the property, the terms and conditions of the lease will be discussed with them, and they will make their decision about applying for the home. They will be provided with a copy of our qualifying criteria so we can determine if they are a good fit for the property. If they pass that hurdle, the next step is to submit the Application and the Agreement for Application Deposit and Hold on Property. They will also be presented with the Information About Brokerage Services document, so they will understand that we as a company are working in the best interests of the Landlord.
All of these forms must be filled out by all prospective adult tenants for the property, and returned to us for processing. When the applications are returned, we expect the application deposit (which will become the security deposit once the application is approved) to accompany the applications, as well as the application fees we use to process the applications. If they do not provide us with certified funds for the application deposit, we may process the applications, but the property will not be removed from the active leasing market.
This is when we begin doing our due process on your behalf. The verification process takes anywhere from 24 to 72 hours to complete, based on many factors. The more complete the applications are, the easier the applications are to process and verify. Once we have done our due diligence, we will contact you to present the application for your approval. If we get to this point, it means that we have verified all the pertinent information, and we feel that the applicants would be suitable tenants for your property.
After you give us your approval of the applicant, we will contact either the applicants Realtor or the applicant themselves to inform them that the have been approved for the home. We will then make arrangements for them to meet us at the property (within 48 hours) and formally sign the lease.
The Residential Lease addresses most issues that will be of concern to both the tenant and the landlord. If the applicants have pets and the landlord has agreed to make the home available to tenants with pets, the new tenants will sign a Pet Agreement. Additionally, if they are moving into a property that was constructed before 1978, they too will be presented with the Lead-Based Paint Addendum, and they will also be provided with valuable information about protecting their family from Lead-Based paint hazards.
This is also the time that we will present the landlordís rules and regulations to them, as well as the Tenantís Inventory and Condition Form, Maintenance Request Forms and policies and procedures for emergency and regular maintenance.
What leasing fees do you charge?
The leasing fee is the amount that goes to the real estate broker(s) responsible for locating a qualified tenant for the home as compensation for the time invested in showing the home and aiding in the application and lease process. Our network with other real estate firms and referral systems also strengthens our ability to locate a qualified tenant.
The leasing commission is typically between 80% and 100% of one full month's rent.
The renewal fee is only a $125.00 flat charge each time a lease renewal is executed with an existing tenant.
Are you interested in having Region Realty provide a qualified tenant for your home? If so, please contact us via the form below, or by calling Dallas office at (972) 980-8811 or the Fort Worth Office at (817)439-0771 today!