Answers to your Common Questions
Am I required to make my property available to Section 8?
No. However, if we do take over management of a property that has Section 8 tenants, we will work with housing for those tenants. Should those tenants vacate, we will re-lease the unit on the open market.
Are you licensed?
Yes, our company is licensed by the State of Texas, and all our account managers are licensed Texas real estate agents or brokers.
Can I reach you after hours?
We try to get our work done during normal business hours, but should your schedule require after hours communication, we can make arrangements.
Can you put the money directly into my account?
Yes, we do direct deposits to your bank account up to two times monthly.
Do I get to see the lease or sign it?
The lease is signed by our broker. A copy of the signed lease agreement is posted to your exclusive account for you to download or print.
Do you sell real estate too?
Yes, we work with investment and homeowner purchases and can market your property for sale.
How and when do I get my checks?
Income is directly deposited to your account by the 15th of the month for that months’ income. Late rent payments are deposited around the 23rd. (Any rents received after that date are held till the following month).
How is rent collection handled?
Tenants can pay by check delivered to our office, or tenants can set up an account to pay online. Rents are due on the 1st and late after the 3rd; 3-day notices are sent on the 5th.
How long of a lease do you sign?
Lease terms are for a minimum of one year. Leases longer than one year require owner approval.
How much security deposit do you charge the tenant?
For a typical tenant, we charge a security deposit equal to one months’ rent. Any pet(s) require a pet deposit of $500 - see additional pet guidelines under tenant screening.
How soon can you start managing my property?
If you are not currently under contract with another manager, we can start managing your property immediately. If you are under contract, you must give that manager the notice required in your agreement with them.
What type of properties do you manage?
We manage single-family homes, townhouses, duplexes, four-plexes, apartments and condominiums.
What type of reports do I get and how often?
We provide monthly reports from approximately the 10th of one month to the 10th of the next. Activity updates are posted online weekly.
Who approves repairs?
Repairs in excess of $175 are approved by the owner unless you agree to other arrangements.
Who holds the tenant security deposit?
All tenant security and pet deposits are held in Terra Realty’s trust account. Within 30 days of a tenants’ vacating, an accounting of the deposit is sent out and any charges to the tenant for unpaid items or damages are reflected on the owners’ monthly statement. A copy of the security deposit reconciliation is inserted in the owners’ monthly invoices and posted online around the 12th of the month.
Who keeps late fees collected from the tenants?
The late fees go to the owner, less the management fee percentage.
Will I see copies of repair invoices?
Yes, copies of all invoices are posted online monthly around the 12th of the month.