Your Investor Journey
Steps to Success
welcome to your real estate investing journey
West Houston Property Management
Proven Processes
We aim to make your real estate investing journey in Houston, Texas, as easy and successful as possible. As an investor, you understand the numerous moving pieces that require constant oversight to ensure maximum investment performance is successful. Below are our specific steps to success.
Creating the Roadmap
Alignment: Services and Goals
STEP 1
Discovery Call
Jump on a quick call with one of our property management specialists to discuss your needs and goals for your Houston real estate investment. Your situation and goals are the focus of this call. We will discuss the how, when and why that’s driving this investment. If we don’t have a roadmap, we can’t get there and we’re here to get you to your destination.
STEP 2
Analysis
Our team will get to work building a strategy for the lifetime of our partnership with you and your rental property. Using our industry knowledge, we will align your goals with a specially-crafted “Go-to-Market” plan – including a rental estimate, make-ready recommendations, and a property marketing plan.
STEP 3
Agreement & Paperwork Sent...Then Signed
Every great partnership should have rules of the road. We’re here for your best interests and being on the same page allows us to deliver the best outcome possible.
STEP 4
Introduction to Onboarding
During this first phase of the agreement, it’s all about ensuring that we have a clear understanding of what your real estate investing goals are, and that you have a clear understanding of what our partnership and services will provide. From the discovery call, to paperwork agreement, to an introduction of our backend processes and procedures, we’ll guide you every step of the way.
Starting The Journey
Preparation: Paperwork, Funding, and Property
STEP 1
Property Reserve, Deposits & Utilities
Your team of property managers and onboarding specialists will step in to get the appropriate reserve funds, utilities, and deposits situated for your rental.
STEP 2
Evaluation
Your property management team will run a rental property and market evaluation to ensure that you’re ready for market and at the right rental rate for the location and specifications, all so that you get the best resident in place quickly.
STEP 3
Approval & Funding
Should any repairs or legally required modifications be necessary, we’ll gather estimates, seek your approval if they are above our agreed dollar authorization and gather any necessary funds to approve and proceed.
STEP 4
Make Ready!
Based on our initial evaluation, this will be the time to get your property looking its best and functioning properly. Make it ready for move-in so your resident can truly call it home.
STEP 5
Security Deposit
If you already have residents in place, we’ll collect the security deposit from your prior property manager and hold it in our trust account per state law. We also offer an optional service which provides you and your previous resident with a list for the security deposit itemization.
STEP 6
Photograph, List, & Market Property
This phase is all about getting your property prepared for online marketing and starting to bring in rental applications. Professional marketing photos and video (if applicable) will be prepared to make your rental property competitive while it is professionally marketed on the Houston MLS, over 50 top rental websites around the world, as well as to the clients that our partner brokerages represent.
Your team of property management professionals will help guide you toward ensuring your property is priced correctly and is in proper condition to go to market. Doing your due diligence in the beginning will give your rental property its best chance to succeed by getting the best resident under contract and keeping them in place for the long haul.
On The Road
Acquiring: Residents
STEP 1
Listing Updates
Your property management team will deliver a weekly update with the status of incoming applications, showings and market performance. Based on this information we’ll make pricing and condition adjustments to meet the market demand.
STEP 2
Application Processing
Application criteria, processing, background checks and employment verifications are all handled by your property management team and our state-of-the-art software.
STEP 3
Sign & Collect
Once a resident has been approved, your property management team will create the legally required leasing documents, disclosures, etc. and transmit them for electronic signatures. Once signed, we’ll verify all applicable paperwork and collect the security deposits to prepare your new residents for move-in.
STEP 4
Verify Property Is Ready
We’ll send our maintenance professionals to your rental property one more time before your residents move in to ensure everything is as it should be and to document the condition for a future security deposit itemization.
STEP 5
Collect Rent & Move-In Residents
Your property management team will collect rent on your behalf and assist your residents with any questions or needs during their move-in process.
STEP 6
Start Ongoing Rent Collection
Your property management team will manage rent collection throughout the lifetime of the resident’s contract and will disperse payment directly into your desired bank account. You’ll be able to monitor all of this in real time via your investor portal.
Enjoying The View
Ongoing: Monthly Management
Rent Collection
Monthly collection of rent via resident portal or via physical check.
Pay Bills & Disperse Funds
Your property management team will pay any necessary bills associated with your rental (i.e. maintenance repairs, lawn service, etc.) and disburse remaining rent allocation to your designated bank account. You can even see all income and expenses in real-time (24/7), as well as, copies of invoices through your investor portal.
Lease Enforcement
Your property managment team will ensure that your residents are consistently complying with the terms of their contract. If any violations were to occur, your team will take the necessary measures to address and remedy the situation.
Maintenance
Our professional maintenance team will handle incoming maintenance requests, issue troubleshooting, scheduling for repair and monthly maintenance reporting.
Resident Requests
Your property management team will handle all incoming resident calls and emails on your behalf; including maintenance issues, rent payment, general account questions, etc.
Property Walkthroughs
Semi-annual property walkthroughs are performed by our professional maintenance team and trusted handyman vendors to ensure your property is always in optimal condition.
PMA Renewals
This is the best time to review the numbers. You senior property manager is available to review the performance of your investment, provide updates should there be any, and initiate your property management agreement renewal. Don’t hesitate to ask for one of our free returns on equity evaluations.
Lease Expires & Renews
When your resident’s lease expiration is within the next 90 days, your property management team will step in to evaluate rental rates and initiate the lease renewal process and agreements.
So What If My Current Resident Decides Not To Renew?
If your current resident decides not to renew, then we restart the process, beginning with Deposits & Utilities. Your team of 3 property managers will step in to get the appropriate utilities and deposits situated for your rental.
Service Completion
We never like to see a partnership with one of our investors end, however, we understand that life calls for change at times. At this point, we will provide your with a wrap-up report detailing your income and expenses, much like a profit and loss statement, while being managed with West Houston Property Management.