Answers to your common questions
Am I required to make my property available to Section 8?
No, and frankly we don't recommend it. While I am a strong believer in giving people a hand up that need assistance, Section 8 is not a great deal for homeowners. During the rental process of qualifying a Section 8 tenant, the home must be inspected before it the lease can commence. It can take up to two weeks to get a property inspected. Subsequently if there are ANY repair items, the property must be re-inspected, taking another 3-7 days. It is very easy to lose nearly a month’s worth of rent before you start collecting your check from the section 8 program. Then, every year, the property is required to be re-inspected by Section 8, and they can require you as the homeowner
to fix things the tenant broke or risk losing the funding. While I believe all owners want to keep their homes maintained, Section 8 makes it much harder to keep the tenants responsible for any damages they cause.
Are you licensed?
Yes, we are licensed by the State of Texas to practice real estate.
We also hold the Texas Residential Property Manager Certification (TRPM) and the Texas Residential Leasing Specialist Certification (TRLS).
Can I reach you after hours?
We have an emergency repair line that is monitored 24hrs a day. While we may make accommodations to do business after hours, we do not answer the business line after hours.
Can you put the money directly into my account?
Yes, we can and do. Every month when statements are completed, the proceeds are directly deposited into your bank account.
Do I get to see the lease or sign it?
You are always allowed to have a copy of your lease. In fact, you can download a copy of your lease through your owner portal. Your owner portal will have other valuable documents such as repair receipts and your property management agreement.
Do you sell real estate too?
Yes, unless you or your property was referred to us by another real estate agent. If you were referred to us by an outside agent, we want to honor that relationship, so we will refer you back to them.
How and when do I get my checks?
Rent is due on or before the 3rd of the month. Red Wagon generally processes your Owner Statement the day rent is received - this makes us the fastest in the industry! When your Owner Statement is generated the associated payment is also generated by E-check to be directly deposited into your bank account.
How is rent collection handled?
Rent is due to our office on the 1st of every month and is considered late by the 3rd at midnight. The methods for payment available are automatic draft or manual electronic payment through the web portal. We do accept checks at our office, however there is a $10.00 handling fee for all paper payments received.
How long of a lease do you sign?
We sign leases in any number of months between 12 and 36 months depending on when it would be most advantageous for the property to come back on the market. All lease terms are negotiable except to extend beyond 36 months.
How much security deposit do you charge the tenant?
Typically we charge an amount equivalent to one month’s rent. Additionally, we charge a non-refundable cleaning fee that is not considered to be a part of the deposit.
How soon can you start managing my property?
As soon as we get a signed Property Management Agreement, W-9, and instructions of how to get access to the home.
What type of properties do you manage?
Typically we manage Single Family Residential homes. We do manage some Multi-family duplexes and fourplexes, but due to the vast variety of management requirements on these types of buildings, a more in depth discussion should be had.
What type of reports do I get and how often?
You will receive statements from our office monthly.
Inspection reports are completed and sent to you every six months.
At the end of the year you can get an end of year report for tax purposes.
If your portfolio includes multiple properties, we can also run comparison reports to determine which assets are performing better than others.
Who holds the tenant security deposit?
We hold the security deposit in a Tenant Trust account as required by the State of Texas.