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Property Management

BUYING A HOME –

 

How much money do I need to buy a home?

I hear this question more than any other. And the answer is, “it depends”. There are 3 types of costs involved in buying a home:

  • down payment
  • closing cost
  • inspections/appraisal
Down payment: The down payment varies from 3% to 20% depending on the type of loan you are getting.
Closing costs: These will vary depending on your purchase price as there are fixed cost items as well as variable items. It’s not always a total percentage of the purchase price, so be sure to ask your mortgage loan officer exactly what they anticipate them being.
Inspections/appraisal: Home inspections will run about $295 to $325, with a pool costing extra, maybe $75. Termite inspections run around $55 to $70. An appraisal will run about $450. These are all out-of-pocket expenses.

 

If I see a house for sale, do I have to contact that realtor to see it?

No, any licensed realtor can show you that house. It is actually better to have a realtor that represents you as a buyer’s agent.

 

What is a Buyer’s Agent?

An agent you have contacted and signed an agreement with that can then work with you and advise you in order to get you the best deal in your home purchase.

 

Can you help me get a mortgage loan?

We are not a mortgage lender but we do have relationships with some of the best in the business. Just ask and we’ll connect you to one of them.

 

What about my credit score?

Industry standard in the market today is a minimum of a 620 FICA score. Your lender of choice should advise you of your score and how you might improve that.

 

I want a home that has good schools in the area. How do I find them?

As a real estate professional I cannot steer people towards or away from an area, but we can be the source to the source. We can guide you towards information that could assist you in your own decision.

SELLING MY HOME –

 

How do I choose an agent?

When selecting an agent, the best source may be your family and friends. Many may have sold a property in the past and can refer you to an agent they found to be capable. Selling a home is a complex transaction, so experience should be a consideration. Visit with more than one agent. You should feel like that person cares and wants to help you make the best decision for you.

 

How are buyers attracted to my property?

You will work with your listing agent to develop a marketing plan and attract as many potential buyers as possible. Methods include: Yard Sign, Internet, Multiple Listing Service (MLS), as well as, Open House.

 

What factors can influence the price of my home?

You want your home to sell for the highest price possible, but also in a timely fashion. Here are some factors that influence the price of your home.

  • Current real estate market conditions
  • The expertise and market knowledge of your real estate representative
  • Hard facts such as lot size, square footage and condition of your home
  • Desirability factors, including location, special amenities and property attributes
  • Selling and listing price of comparable homes in the area
  • Your level of motivation
  • The profit you wish to make from the sale
  • The amount of money spent on improvements
  • The original price you paid for your home

 

What is my role in the selling process?

 

No one has a more important role in the home selling process than you. Here are some ways your participation can contribute to a successful sale:

 

  • Maintain the property
  • Ensure the property is easily accessible for showings
  • Communicate – let your agent know how to contact you
  • Remove or lock up valuables
  • Secure pets
  • Limit conversation with buyers/agents about price

RENTING A HOME –

How do I find out which properties are available?

Please visit our “Renting” tab, found on the Home page. If you don’t find what you are looking for, please check our “Coming Soon” box for homes that will be coming available in the near future. Or, call our office at 806-795-0611, or e-mail us at: info@garrettrealtors.com

How do I view a property?

Visit our website for an on line tour. Then, call our office at 806-795-0611, or come by our office at 3833 34th Street to make arrangements to see the property. We are open Monday through Thursday 8 a.m. to 6 p.m. and Friday 8 a.m. to 5 p.m.

How do I apply for a property?

Online: Fill out our Rental Application and submit it using the Contact Us box on the Home page. In addition, please submit the non-refundable application fee of $25, plus the applicable security deposit (deposits vary by property). Also, please sign and submit the Rental Policy.
In-Person: You can bring your completed Rental Application, or fill one out at our office, with the application fee, security deposit, and Rental Policy. Our address is: 3833 34th Street, Lubbock, TX.
Fax: You may fill out the on line Rental Application then print it out and fax it along with the Rental Policy to us at 806-795-0614. You can submit your application fee and security deposit by mail or bring it by in person to our office.
Mail: Our address is: 3833 34th Street, Lubbock, TX 79410 – Submit the completed Rental Application, Rental Policy, application fee and security deposit.
Once we receive the necessary documents, we will process your application. The process normally takes no more than three days. We will contact you with any additional requirements and/or the status of your application.

How much is the application fee?

All individuals completing an application must pay a $30 non-refundable fee with the application.

What does the application fee cover?

We use Tenant Tracker to help process the application. The fee covers the cost of processing credit, employment, residential, and criminal history.

What if my application is denied?

The security deposit will be returned to you in full. The application fee is spent when we process your application, and is non-refundable.

What will I owe at move-in?

All prorated rent plus any pet fees are due at move-in.

Are there any pet fees?

Some homes allow certain pets and breeds. If the breed of animal is approved (ask our staff) then the pet fee is a non-refundable $250 per animal, plus a deposit of $250 (refundable if no pet damage) per animal.

PROPERTY MANAGEMENT –

Can Pat Garrett, Realtors manage my property and save me money?

Yes. In most cases we have found that our fees are more than offset by our ability to obtain higher rents, less delinquency, and faster turnaround of vacating units. We also maintain a pool of qualified repair people who offer us the best price available due to the volume of business we can offer them.

Do I lose control of my property once you start to manage it?

No. We work for you and our written management agreement sets the parameters not defined by law.

Do you advertise vacancies?

Yes. We will place a sign on the property and list the vacancy on the Pat Garrett Realtors website at www.garrettrealtors.com so prospective tenants can view and receive all the details of the property. The property listing is also available on a variety of websites including Zillow, Hot Pads, Trulia, and Craigslist.org. We also receive referrals from current and past tenants and from other agents with whom we network.

Can you start managing my properties today?

Yes. We can start the process immediately. Contact us at 806-795-0611 or fill out our Contact Us form online at www.garrettrealtors.com so we can get the necessary information.

Will you help me find qualified tenants without me signing a full management contract?

Yes. We can provide just a leasing service for your property but understand that after the property is leased, you will be responsible for maintaining the property including but not limited to deposit escrow, maintenance, make readies, evictions and any other obligations under the tenant rental agreement.

Do I know what is going on with my property?

Yes. We will communicate with you throughout our contract. We try to handle small events without disturbing you. We will contact you when repairs are beyond the dollar amount that is pre-arranged by you. We will notify you of the tenant’s vacate request.

Do you mail my monthly statement and check as soon as the tenant pays the rent?

No. Pat Garrett, Realtors deposits rents on a daily basis through our automated check deposit system. Rent is disbursed to owners or investors by the 10th of the month following in which it is received less any expenses and management fees.

Are you licensed?

Yes. Pat Garrett, Realtors is under our broker, Karleen Garrett Boyd, who is licensed by the Texas Real Estate Commission (TREC). We are also members of the National Apartment Association, National Association of Realtors, are an accredited member of the Better Business Bureau, and a member of the Lubbock Chamber of Commerce.

Does your management agreement give you exclusive right to sell my property?

No. We can help you sell your property if you would like us to, but it is not a requirement of our management contract.

Are there administrative fees or other service charges?

No. We don’t charge for copies, long distance calls, mileage, other incidentals, and we don’t mark up maintenance or repair costs.

TENANT RESOURCES –

When is my rent due and where can I pay my rent?

Rent is due on the 1st of each month and is considered late on the 4th. Late fees are applied to all payments that are received in our office after the start of business on the 4th. Rent can be paid online at www.garrettrealtors.com/paynow, or it can be paid by mail or in person. Pat Garrett Realtors office hours are: Monday through Thursday 8:00 a.m. to 6:00 p.m., and Thursday 8 a.m. to 5 p.m. If the office is closed, please use the drop box to leave rent or other correspondence. When paying rent, please be sure the envelope is properly labeled. Please specify your rental address in the memo field of your check.

What is your late payment policy?

All rent is due on the 1st of the month with a grace period to the 3rd. Rent paid on the 4th of the month or later is additionally charged a late fee of $25 on the 4th, with $5 everyday thereafter.

What are acceptable forms of rent payment?

Acceptable forms of rent payment are on line credit card or ACH payments, personal checks (from a tenant), Cashier’s Checks or Money Orders.

What are my responsibilities as a tenant?

Tenants must comply with the provisions of the law and are responsible for violations caused by willful acts, gross negligence, and abuse. These, as well as, unreasonable refusal to allow access to the property by the owner or his or her agent or employee for the purpose of making repairs or improvements required. Your lease clearly states your rights and responsibilities as they relate to each property.

What are the responsibilities of my landlord?

Responsibilities of the owner and/or property manager are clearly stated in each lease.

Do I need renter’s insurance?

As tenants/renters you are not homeowners, but you still have exposure to many of the same types of losses. That is why there is a special type of homeowner’s insurance called tenant’s or renter’s insurance. The landlord’s or owner’s insurance policy does not cover the tenant for personal loss or liability. Tenants are responsible for obtaining insurance for their personal property if they want to be covered in the event of fire, theft, or other type of loss.
What am I responsible for maintaining in my home?

You are responsible for maintaining heating and A/C filters, and fresh smoke detector batteries at all times. This may mean changing them at least twice each year or more frequently as needed. It is recommended that heating and A/C filters be replaced every 30 days. Light bulbs are to be maintained by the residents. In most situations, yard maintenance may be required. Please refer to your individual residential lease.

How do I make a request for a maintenance problem?

All maintenance requests must be made by phone or through an on line or written maintenance request.

You can submit a Maintenance Request Form on line. You can print the Maintenance Request Form fill it out and deliver it in person to Pat Garrett Realtors or email it to info@patgarrettrealtors.com You can visit our offices and fill out a Maintenance Request Form

How long should I plan to wait to hear back from someone regarding a maintenance problem?

In a non-emergency situation, please allow three business days. If you have not heard from our office in five days, please Contact Us, or call our office at 806-795-0611.

What is classified as an emergency?

An emergency is uncontrolled running water, sewer backing up, gas leaking, break-in, or fire.

Who should I call?

As is the case with any serious emergency, the proper authorities – 911, fire department, police department, etc. – should be notified. Then call our office: 806-795-0611. All other issues: 806-795-0611. Emergency Maintenance Hotline: 806-795-0611

Give them your full name, phone number, address and maintenance issue. Your message will be forwarded to one of our management professionals.

Pat Garrett Advantages

  • Professional Resident screening
  • Risk Management Services
  • Preventive Maintenance
  • Maintenance staff on call 24 hours / 365 days
  • Periodic Inspections
  • Easy to comprehend monthly billing statements
  • Detailed Documentation
  • Aggressive collection department
  • Convenient office location
  • Online payment options for residents
  • Online Application Process
  • Complete Marketing Service (On and Off line)
  • Bulk advertising rates
  • Local one on one service
  • Rental Policy

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PAT GARRETT, REALTORS, Real Estate, Lubbock, TX