Important Owner Information
Morris Team Realty, LLC can maximize your income, reduce your risk and protect your investment. Managing rental properties requires day-to-day attention and a wide range of expertise. We have the experience and resources to achieve your rental property goals. Listed below are just a few of the advantages of working with the professionals at Morris Team Realty, LLC:
- Industry expertise: We understand the industry and know how to stay ahead of the game. Our properties lease for the best market rates.
- Extensive marketing power and referral network: We attract the broadest and most qualified pool of prospective residents.
- Skill in negotiations with residents: Potential residents must pass our rigorous screening process. We have the experience to locate the qualified resident and timely complete the best rental transaction.
- Comprehensive understanding of the laws: We are familiar with the Louisiana Landlord Tenant Act, State and Federal Housing Codes and Fair Housing Regulations.
- Accurate accounting reports: We provide real time online access, monthly-itemized statements and year-end tax summaries. Rent proceeds are directly deposited to your account.
- Periodic property inspections: Inspections during the lease period as well as thorough move-in and move-out inspections.
- Enforcement of contractual compliance: We know the appropriate action for handling any problems that may arise, including non-payment or other violations of the rental agreement.
- Proficiency in home maintenance: We can ensure that your property is well cared for and that appropriate and timely repairs are undertaken at a reasonable cost.
- Peace of mind: Our industry experts are on your team. Let us take the stress and worry out of owning rental property.
We assist our clients with selling or purchasing investment homes or commercial property.
Frequently Asked Questions
What needs to be done to prepare a property for rent?
The property should be in the best possible condition to attract a quality resident. Paint should be in good shape with marred or dirty areas touched up. Neutral colors for walls and floors are best. Blinds or shades are ideal window coverings. The home should be “detailed” clean and the yard in excellent shape.
How do I determine the rental amount?
The competition determines the rental amount. As experts in the field, we know the market and the competitive rental ranges for your home. If the home is marketed too high the home will be vacant much longer. If it is marketed too low, it may be one or two years before the price becomes competitive again.
How do you market the property?
The property is immediately added to our website, rental availability list, and many online real estate websites. A sign is placed on the property and marketing photos will be taken.
How long will it take to rent?
Vacancy periods are market driven. There is also some luck involved in the right person looking at the right time. On average in today’s Greater Fort Polk area market it takes between four to eight weeks to rent a home. Homes rent more slowly between Thanksgiving and New Years. Location and price effect vacancy.
What are the policies regarding Pets?
Statistics indicate that 75% of renters own pets. Restricting pets reduces the number of available qualified residents. Pets should be screened and pet references checked out. In general, a well-behaved cat or dog causes less wear and tear on a home and yard than a young child.
What about smokers?
It is common to restrict smoking inside the property. This does not significantly reduce the marketability of the property.
Is it possible to refuse to rent to families with children?
In federal, state, and local Fair Housing regulations children come under the protective class of “familiar status”. It is unlawful to discriminate against children in any way.
Is a security deposit collected up front?
It is our practice to collect a security deposit up front. A security deposit can be used for any owner costs and damages after a resident vacates your property. The security deposit is held in a resident trust account as required by state real estate regulations.
What happens if the rent is late?
The rent is due on the first of each month. We contact delinquent residents on the sixth of the month and delinquent letters are mailed. Most delinquencies and subsequent evictions are the result of loss of employment. We manage over 80 properties. Our eviction rate is less than 1% of properties under management.
When are monthly funds distributed?
State Real Estate Regulations require that rental checks must have cleared the bank and the accounts reconciled to the penny before disbursing funds. The payments to owners along with statements are processed by the 10th of the month. Depending on the owner’s preference, disbursements are made by ACH direct deposit into the owners’ accounts or by mailing checks.
Who handles emergencies?
A property manager is always on call for emergencies. We have an extensive network of maintenance personnel and sub-contractors to handle any emergency on your property. We are on call 24 hours a day 365 days a year.
What is the average length of tenancy?
Our rental agreements are for one year. Near the end of the lease term we will send renewal notices to the residents. The owner can decide to renew the lease (if the resident wishes to remain), vacate the resident, or allow the resident to remain month-to-month.
How are repairs handled?
Residents are encouraged to submit all repair requests in writing. Most owner will set a limit on what amount of repairs can be done without notifying them, it is our policy to notify owners of most maintenance requests. If funds are available the expense will be deducted on the accounting statement. If funds are not available the property manager will contact the owner for payment arrangements. Sometimes a request falls into the category of a maintenance emergency. Emergencies are scheduled immediately and the owner notified at the first possible opportunity.
What happens if the resident leaves before the end of the lease?
The resident is responsible for the rent for the term of the lease. If residents leave before the termination date they will forfeit their security deposit and will be charged for balance of the rent due.
How is the owner protected if the resident damages the property?
A refundable security deposit taken at move-in is usually sufficient to handle the minor damage caused by residents. Residents with excellent credit and references seldom cause significant damage. If the resident leaves the property owing money for rent and/or damages they will be billed.
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Morris Team Realty
400 South 6th St., Leesville, LA