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Author Topic: Elliott Properties Leasing, Property Management and Real Estate Sales  (Read 2225 times)

Offline jpelliott79

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Elliott Properties Leasing, Property Management and Real Estate Sales
« on: August 05, 2009, 01:03:01 PM »
Elliott Properties is an individually owned and operated real estate and property management company. We specialize in residential home leasing and management. We currently manage over 60 homes in Anna, Melissa, Allen, McKinney, Princeton, Howe and Van Alstyne.
Our fees for leasing out your home are 70% of one month's rent. That fee includes listing your home in MLS, placing a sign and keybox on home, doing background checks on potential tenants and writing leases. Our fee for managing your home is 10% of the gross monthly rents collected. That fee includes all of the above plus dealing directly with your tenants for the entire lease and collecting the rent. It also includes facilitating all repairs with our trusted maintenance team, overseeing and carrying out our owners wishes regarding the policies concerning their homes and, if necessary, we will enforce evictions and along with the county constables we will remove tenants from the property and perform cleanup services to re-lease the home. We also keep a Quickbooks accounting of your property, mail you quarterly statements for your property and will directly deposit rent funds into your bank account.
Elliott Properties is also a fully licensed Texas real estate sales agency. We are the only office located in Anna and we can provide you with all of your buying and selling needs for homes, commercial properties and land deals.
Please call me for more information. 972-924-2828.
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Elliott Properties Real Estate & Property Management

Offline drax0r

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #1 on: August 05, 2009, 01:15:21 PM »
Welcome, Paul.
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Peaches

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #2 on: August 05, 2009, 02:20:53 PM »
WELCOME, PAUL.....

IS THAT 70% EACH MONTH OR JUST THE FIRST MONTH OF THE NEW TENENT?
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Offline jpelliott79

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #3 on: August 05, 2009, 02:45:53 PM »
We get 70% of the first full month's rent once the lease is executed. If another agent brings us a tenant they get half of that.
After that, if you choose to have us manage the property it's 10% a month.
Thanks
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Elliott Properties Real Estate & Property Management

Offline BvAnna

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #4 on: August 05, 2009, 02:59:21 PM »
With each new renter...do we have to pay the 70% again...or is a one time deal only?
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Offline jpelliott79

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #5 on: August 05, 2009, 03:12:41 PM »
If a renter fulfills their 12 month lease and moves out and we have to get another tenant, then yes you have to pay another 70% fee to get a new tenant. If a renter renews a lease after a 12 month term there is only a 10% fee for drawing up an extension.
Now if a tenant enters a lease and then fails to fulfill the lease and moves out early or has to be evicted then I usually try to help the owner out by reducing the leasing fee. We still have to offer other agents the 35% fee to bring their clients to see the house but if I am actually managing the property I will sometimes just charge a $75 fee on my end to get it leased again. I don't believe most property managers offer that reduction because owners are ultimately responsible for approving the tenant's credit application but, like I said, I really try to help my owners out when a tenant bails on them.
FYI, if we only sign up a tenant for a six month lease the fee is 35%.
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Elliott Properties Real Estate & Property Management

Offline BvAnna

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #6 on: August 05, 2009, 03:23:31 PM »
Just curious...what percentage of your renters bail and not fullfill their end of the contract?
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Offline MRSJOHNSON

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #7 on: August 05, 2009, 03:57:14 PM »
that sort of thing happens to often, and not at the fault of the management team, I personally know how that can occur, I used to be the property manager for Century 21. Some people just get behind or for whatever reason have to have their lease broken. It happens! ::)
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Offline BvAnna

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #8 on: August 05, 2009, 04:16:41 PM »
Yeah...Good renters are hard to find.  That's why we are steering away from it.  We talked to a realtor over the weekend and she highly recommended we don't sell yet.  So trying to hold off for a few years if we can.  Gosh..i sure wish we knew when we bought in 2007 that houses would be so much more cheaper now.  I envy buyers now :)
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Offline jpelliott79

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #9 on: August 05, 2009, 04:23:24 PM »
So far this year I have only had to do 3 evictions on 60 homes which is pretty good. Now there have been some tenants that got behind on rent and left their lease early but usually the security deposit will take care of most of that cost if they leave the home in decent condition.
It can really depend on how desperate an owner is to get the house leased. In the past, even if someone has bad credit and history but the market is slow, the owner just wants to get someone in there to get some income. That does not always turn out so well. However, I have accepted plenty of people who are coming out of foreclosures because of an ARM loan or some other reason and they have been great tenants. I have also accepted people with decent credit and history and then they get divorced or lose a job and things just fall apart. Sometimes you just can't tell but this year has definitely been an improvement over last year.
FYI, the average cost of cleaning a home after a tenant has bailed out is around $600 for cleaning, carpet cleaning, yard maintenance and minor repairs. Security deposits will cover that but you have probably lost a month's rent by the time the home is vacated. It's definitely risky business but if you have to move out of your home and you can't afford to sell because of the current market value it's sometimes the best option.
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Elliott Properties Real Estate & Property Management

Offline drax0r

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #10 on: August 05, 2009, 05:02:24 PM »

BTW, for those of you who don't know Paul already, he's awesome.  Over the course of the last couple of years I've sent his contact info to a number of people who have come to this forum looking for rentals or other real estate stuff.

I'm glad to have him join our little community and encourage you all to be nice to him... or else. :)
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Offline Trinity

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #11 on: August 05, 2009, 07:28:17 PM »
I can vouch for Paul, he is great and have worked with him. Great guy
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Offline jpelliott79

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #12 on: August 05, 2009, 10:00:27 PM »
Thanks for the praise guys. I wish I had known about this forum sooner. It's already better than any advertising I've ever paid for...
If anyone has anymore questions feel free to ask.
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Offline drax0r

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #13 on: August 05, 2009, 10:02:46 PM »
Quote from: jpelliott79 on August 05, 2009, 10:00:27 PM
Thanks for the praise guys. I wish I had known about this forum sooner. It's already better than any advertising I've ever paid for...
If anyone has anymore questions feel free to ask.

Next month will be our 2 year anniversary.

Glad you found us.
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Offline Trinity

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Re: Elliott Properties Leasing, Property Management and Real Estate Sales
« Reply #14 on: August 05, 2009, 10:54:45 PM »
Anytime Paul! ;D
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