Welcome to Gene Molloy Properties, Realtors! We are a full-service real estate brokerage and property management firm. Our mission is to provide you with everything you need to find your perfect home, sell your current home, or at lease your property! Let us take the stress out of selling, buying, or leasing your home. We’ve been in business for 30 years and know the market well. Call Gene Molloy Properties, Realtors today and speak to a full-service realtor!
Professional Property Management Services
We evaluate your property to determine the highest possible rental value.
Aggressive marketing of your property to provide maximum exposure to prospects and other Realtors
1. Active exposure of your property to realtors in the Multiple Listing Service. All Realtors will have information on your property and may show after making an appointment to view.
2. Multimedia advertising of your property in the 8 relocation companies here in the Dallas-Fort Worth Metroplex. Photos of your property will be sent via multimedia email to the relocation companies twice-weekly. If a transferee likes the looks of your property, we will make arrangements to pick up the transfer and show them to your property.
3. Internet promotion of the property on the following websites www.molloyteam.com www.molloyteam.net, www.craigslist.com, www.realtor.com, www.NTREIS.com, www.zillow.com, www.trulia.com and others.
4. Yard sign placement in the yard of your property. We will also Place directional signs driving traffic by the property where city codes will allow this.
5. Yellow Page and direct mail advertising. We promote our Management Services regularly and received several phone calls daily from prospects looking for rental property.
6. We promote your property to several of the rental locator services on the area. They send us properties and we pay them a fee if we approve of prospect they have sent us once the prospect signs the lease.
After we have shown a prospect a property and that prospect indicates that they want to lease the property, we require that the tenant prospect fills out a lease application form and signs it.
If the tenant Prospect is approved by you, the owner, and us they must then make an appointment to come into our office and pay the security deposit and sign the lease. We will allow you to hold the security deposit if you wish.
Screening Tenant Prospects
Once we have the rental application from the tenant prospect we will verify the information to determine if the tenant prospect is a good candidate for lease.
Credit. We verify the tenant prospects credit history. We run all three major credit bureaus so we have a history no matter where the prospect is moving from. Experian, Transunion, and Equifax are the credit bureaus we use. Credit does not need to be perfect, but it does help us to determine if the tenant Prospect is responsible with their payments.
Employment. We require that a tenant prospect be employed for at least one year or longer with the same company or in the same job field. We have found that prospects that are always changing their type of work do not have regular pay days and that impacts their rental payments.
Criminal Background Check. We do check on any criminal background that an applicant might have. We run a separate check for convicted sex offenders so we have that information as well.
Income Debt Ratios. We verify income and debt information on all applicants we need to know that they earn enough money and do not have too much debt to be able to afford the monthly rent.
Rental History. We do verify rental history on all applicants. We also try to verify the condition of the property they had rented at the time of their move from the property. If they have moved from another state area, we can still verify this information online.
Once the Tenant has been Approved by You and Me
Once the property owner and the management company have determined an approval of the tenant prospect, the prospect must come into the office to initial and sign the lease and pay the security deposit. We do not take a property off the market until the lease has been signed and the deposit paid.
We will prepare a Texas Association of Realtors lease with appropriate addendums to be signed by the tenants. This lease will be thoroughly explained to the tenants before they sign.
Monthly rent or prorated rent must be paid by the tenants prior to their move into the property.
We will video the property inside and out before the tenant moves into the property. We will also complete a thorough walk-through inspection of the property with the tenant before they move into the property. A form “Inventory and Condition Report” will be filled out with the tenant whereby they have the opportunity to point out any defects or conditions as a property that they would want noted so they would not be held responsible for those conditions at the end of the lease. Any defect or condition that they point out will have a digital photo taken for our records.
We will video the property again at the end of the lease once the tenant has completely moved from the property. We will also complete another walk-through of the property and fill out another “Inventory and Condition Report” form. We can then compare the initial report in the final report and make recommendations as to any refund of deposit that might be due to a tenant.
Rents are due from tenants on the 1st of each month. They are past due after the 5th. Any rents coming into our office after the 5th of the month are subject to a 5% of one month’s rent late fee plus one 30th of one month’s rent for any additional days. Those fees will be payable to the property owners once we collect them we do not keep any fees for our company for late fees.
Only people named in the lease May occupy the property on a permanent basis. We do normally allow 14 days per year for guests. We thought this would be appropriate because of holidays and family gatherings.
We inspect the interior of the property at least 4 times per year to make sure the AC heating unit filters are being changed on a regular basis. If the tenant is not installing new filters as needed, we will send a service to their property and have this done for them. There is a fee of $20 payable by the tenant for the service. Note this inspection also allows us to look at the interior condition of the property to make sure the tenant is taking care of the property as required in the lease.
Tenant is responsible for yard maintenance. During the time of the year when the grass is growing, we drive by our rental properties every two weeks to make sure the yard is being mowed, edged, trimmed and most especially that the yard is being watered. We need to know that the soil up next to the foundation is being kept moist so as to prevent any foundation movement. If the tenant is not maintaining the yard there is a provision in the lease whereby we will send a yard service to maintain the yard and the tenant must agree to pay for that service.
Tenants are required by the lease to obtain renters insurance.
Any repairs required at the property that might have been caused by the tenant will be repaired at the tenants expense. For instance too much toilet paper and the sewer line is clogged, a knife or fork stuck in the garbage disposal, a broken window caused by the tenant. We will certainly have these things repaired but the repairs would be at the tenants expense. Almost any other repair would be the property owners responsibility.
Monthly Accounting Services
We do not wait for the tenants check to clear the bank before we issue a company check to the property owner. However, our check to the owner is still subject to the tenants check clearing the bank.
We will send the property owner a monthly accounting statement itemizing all income in any expenses.
If any repairs to the property are required in the property owner request to send someone to take care of the repair, we do not have charged any cost at all over the amount of the actual repair invoice. If wanted, we will pay the repair vendor and deduct the cost of the repair from the next month’s rent all proceeds to the property owner. We also send the owner a copy of the repair invoice with the next accounting statement.
A year and income expense statement will be sent to the property owners along with a 1099 in January of every year.
Accounting statements may be emailed to Property Owners if desired. Direct deposit into your checking account is available at your request. Just provide us with the deposit slip or the name of the account, the bank routing number, and your bank account.
The Leasing Fee with Monthly Management
50% of 1 months rent. We would pay any other fees that might be payable to a realtor that might bring us a prospect or any rental locator service. The total leasing fee to the property owner is the percentage of one month’s rent this fee is to be paid Once the lease has been signed, security deposit collected and the tenant has moved into the property.
The leasing fee with no Management Service
75% of 1 months rent. We would still pay any other realtor fees that might be payable to a realtor that brings us an acceptable Prospect or any rental locator service fees. This fee to be paid once a lease has been signed, the security deposit collected, and the tenant has moved into the property.
Multiple property discounted management fees
8.5% of the monthly rent. The management fees are deducted from the rent collected each month. The monthly accounting statement would reflect the 8.5% management fee as an expense. In order to receive the discounted management fee, there must be at least four properties we managed by one owner. An additional discount could be allowed for 6 or more properties.
There is no charge for lease renewals.
Free Management Service?
We are a full-service real estate office! If you decide to buy a property and utilizes as your realtor representative, as long as we realized at least a 3% commission from the sale (which would not cost you anything), we will lease and manage your property for you for one year at no cost to you.
If it is necessary, we will evict a tenant with the property owner’s Direction and approval by delivering the required written three days notice to vacate the property, filing for the court eviction, and appearing in the court for the property possession and past due rent. We do not charge for our time in these instances but we do require the property owner to reimburse the court filing fee to us. That is normally $67.
We have found that through a thorough screening of tenant prospects we will normally not allow for eviction problems. However, it is still possible a tenant could lose their job and have other situations that might cause them not to pay the rent.
The eviction is the last resort. If there’s any other information you might want to know that has not been provided, please let us know. We would love to earn your business.
Molloy Properties, Realtors is a member of the following real estate organizations:
Arlington Board of Realtors
Texas Association of Realtors
National Association of Realtors
National Association of property managers
NTREIS Metroplex Multiple Listing Service
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