FAQs

How much are management fees?

Base management fees start at 8% or $115 per unit. However, rates can differ based upon the characteristics of the property and services landlords want performed.

How long does it take to rent a vacant property?

If the property is lease ready, we can begin marketing within a week. We strive to get a lease in place within 30 days of marketing the property. Our objective is to always reduce vacancy times by pricing the property correctly and properly screening tenants. We don’t get paid unless we have the property rented, so it is our top priority to be as efficient as possible in this phase.

How much rent can I expect from my investment property?

When taking on a newly vacant property or preparing for a lease renewal, we will perform an analysis to find the balance between top rents, finding quality tenants, and the least amount of time on market possible. If you would like to have your property analyzed, click HERE!

Who does the repairs on the properties you manage? May I use my own contractors?

We currently work with several outside vendors that handle different tasks that they each specialize in. We have cultivated our relationships with these vendors based on the level of service they provide and the competitive rates they offer. We provide all of our owners with the exact invoice these vendors bill us, we do not upcharge for supervision of normal repairs.

If you have contractors that you would like us to use, we are more than happy to discuss different options and scenarios where that might be needed.

Who handles emergencies in the middle of the night?

You can sleep soundly. We are the first responders to daily and nightly emergencies. Tenants are given numbers for basic emergency services and are also able to contact the Tower staff 24/7.

Do you manage short term rental properties (<12 months)?

Not at this time.

What do I need to do to my property to make it ready to rent?

This depends on the property. Ideally the property needs to be vacant, clean and attractive for renters. Upon initial review, your Tower Manager will assess the property and make recommendations for repairs and improvements.

When do I receive rent money each month?

We conduct our owner payouts on the 5th-7th of every month depending on when the weekend falls. Since everything is handled through our online portal and ACH payment methods, please allow 2-4 business days for the funds to clear in your specific account.

What happens when tenants do not pay rent on time?

Tenant rent is always due by the 3rd of every month. We enforce hefty late penalty fees of $100 on the 4th and $10 every day after that until the rent is paid. Our goal is to never have to charge those fees, however if late rent payments occur, your owner draw will be delayed until rent is received.

What happens if tenants leave before the end of the lease?

Tenants are required to pay rent for the full term of the lease. Security deposits DO NOT count as the last month’s rent. If a tenant abandons the property, landlords are able to seize the security deposit and also seek remedy through the judicial system.

How much do you charge to lease my property?

To list a property for lease, we charge 100% of one months rent. If you are utilizing our management services, we do offer a discount. Contact us for more information.

Who holds the security deposits?

We hold the security deposits. Security deposits must be returned to tenants (minus damages) within 30 days of move out, by law. In order to have a streamlined process for moving out old tenants, accounting for damages & repairs, and re-leasing, we need these funds on hand.

Will you help me buy or sell an investment property?

If you were referred to us by an agent, we think its wise to consult with that agent first for your next property. Your Tower Manager will be happy to consult and strategize with you and your representative. If you do not have an agent, we’ll be happy to connect you with an agent/broker with the Ascension Realty Group–our leasing/sales affiliate.

How do I pay management fees?

Management fees are deducted from the monthly rent collection.

How do you screen tenants? What’s involved?

We use a 5 phase process to screen tenants that covers verifying their income/employment, credit, criminal history, prior rental history, pet records and more!

Is it alright to say NO PETS at my investment property?

A landlord always has the choice of whether or not they will allow pets at their property. However, it’s important to keep in mind that when marketing the property for lease it is a good idea to appeal to as wide of a range of tenants as possible. Please keep in mind that you cannot deny an application because of a service or emotional support animal.

Is it alright to say NO SMOKING at my investment property?

Yes, we recommend not allowing smoking at properties because of damage caused to the property and its systems as well as the health concerns for all future residents.

How do tenants make maintenance requests?

All maintenance requests need to be submitted online through the tenant’s personal portal. In the event of a maintenance emergency, tenants can contact us directly at 512-650-2667.

How much notice do tenants need to give before vacating a property?

We require that tenants give a 60 day notice to vacate the property unless otherwise stated on the lease.

Will you pay my mortgage, HOA dues, and utilities?

Landlords must pay their mortgage, insurance and taxes. We are happy to manage payments for HOA dues and utilities, please contact us for further details.

Do you manage properties with pre-existing tenants?

Yes, we are happy to takeover and manage any properties with pre-existing tenants.

Do you manage properties with pools?

Yes. Pool maintenance can take extra man hours and extensive work to upkeep. For this, we charge an extra 1% of monthly mgmt fees to facilitate.

Will you inspect my property?

Property inspections are conducted when a tenant moves in or out and when a lease is up for renewal. Contact us to discuss additional inspection packages.

Why should I hire a property manager?

Hiring a property manager to oversee your investment will remove the day to day stress that comes along with home ownership and being a landlord. There are an endless number of possible scenarios that can and will come up when managing a rental. We have the experience and tools in place to handle each and every scenario with efficiency and ease so that you don’t have to.

How do I get started?

Send us an email at info@towerprops.com and we will get you started on our Landlord Questionnaire.

Do you charge Management Fees while it’s vacant?

We do not charge management fees while we are locating a  tenant for your property.

Do you have any startup fees? If so, how much?

While we don’t have any fees to get started, we do require a minimum balance of $500 to be on hand for each property. These funds are kept as reserves for any maintenance issues that may arise. They will be refunded to you when we turn the property back over. 

Who is responsible for lawn care and landscaping at my property?

Our policy requires tenants to maintain the lawn. Each property (and landlord) are different though, so we are happy to discuss scheduled lawn maintenance options.

How do I stay up to date with my property?

All tenants and owners will have access to their own personal online portal. Through the portal, tenants can submit work orders, pay rent, and contact management. Owners are able to view financials and all related documents.