For Owners

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Property Manager Questions

What is your name and position?
Lisa Kosub-Young, Leasing & Property Manager
What is your company name, address and phone number?
Merit Properties
P. O. Box 26053
Austin, TX, 78755

512-345-6067

My main contact person at your office and their position
Lisa Kosub-Young – Owner & Property Manager
Melanie Hillin – Leasing Agent & Asst. Property Manager
How long have you been in business?
22 years. I’ve been doing this since I was 20
Approx. how many properties do you currently manage?
170 properties
What is your management fee?
8%
What is your leasing fee?
80% of first months rent
Any other fees required?
$100 renewal fee if tenant renews lease after the original lease term
If the rental amount is $ 1,000/mo, what would you charge for the Security Deposit?
In today’s market, security deposits are determined based on location and competition, but normally we stay somewhere between 80% of the rent to one months rent.
What is your normal pet policy?
Austin is very pet friendly City. We like to make pets negotiable on all properties unless deed restrictions specify no pets. If we make our pet policy negotiable then it will discourage prospects to view our properties, but it still give us the right to not accept certain pets. We require a minimum $300 deposit per pet. We do not allow the category of “dangerous breeds” for insurance purposes.
Do you have a minimal balance required for my management account?
We require each owner to carry a $350 reserve.
What are the limits for repairs (before you’ll call me for approval first?)
Our repair limit is $250 without owner approval. We do have an understanding with our owners that if we need to make a judgment call and make a quick decision based on the protection of the property, we are allowed to do so with the owners best interest in mind.
When do you send out reports and checks each month?
Our statements generally go out on the 15th of the month. If the 15th falls on a weekend, the statements will either go out the Friday before if they are ready or they will go out the following business day after the holiday.
What should be my biggest concern – since I’m an out-of-state owner?
Choosing a property manager that fits your style and personality should be your biggest concern. Once you have chosen that proper fit, I think that you should not have any concerns.
Do you personally own investment properties? How many?
3
Do you specialize in a certain area in Austin?
I like to pride myself on being knowledgeable about the entire City within reason, but normally I focus on Austin, Pflugerville, Cedar Park, Round Rock, Hutto and Kyle.
What sets your company apart from most others?
I genuinely love my career. I’ve been in the business since I was 20 years old and I have always felt that I give a personal touch to the business. Property Management is a challenging job because you deal with so many personalities. I try to make people feel as comfortable as possible and that usually opens the door to good relationships with owners and tenants. Plus, if you love your job, it doesn’t feel like work. You’ll find my staff is happy and helpful and always wanting to do the right thing.
Other comments:
I am a licensed Broker and my brokers license is affiliated with Keller Williams Realty. When you hire Merit Properties to manage your home, every time your property comes available for lease, we broker the lease listing in the Multiple Listing Service through Keller Williams Realty. You may ask, “so what does that mean? Keller Williams is open 7 days week. When a prospect inquires about your property, they reach a live real estate agent that can give detailed information about your home. The prospect will not get a voicemail. This gives you a huge advantage in the marketing of your home. Keller Williams is the largest company in Austin as well as the 5th largest company in North America.