FAQs for Owners and Investors

Have questions about our Property Management services? Take a look at the below questions and answers or contact us for more help.

Do you charge a startup fee?

No

What property management services do you provide?
  • Leasing
  • Tenant screening
  • Online portals (tenant and owner)
  • Rent collection
  • Management of maintenance and emergency repair (24/7)
  • Tenant retention program
  • Eviction service
  • Professional marketing and property review
  • Monthly owner payments and accounting statements
  • Property make ready per Texas Property Code
  • Trust accounting for all deposits and monies collected
  • Electronic payments
  • Year-end statements for all property revenue and expenses for tax purposes
Do you manage the eviction process when necessary?

Yes. Our goal is to place the best possible tenant in the property. When the circumstances require quick and legal action to remove a tenant, we manage the entire process.

How do you reduce damages to my property?

We educate tenants on home maintenance and rental responsibility. We offer tenant retention options and we put eyes on the property during the lease period to verify condition. During the leasing process, your property is only shown by licensed realtors, not the general public.

What happens if a tenant breaks a lease?

We follow the terms of the lease and we expect our tenants to do so as well. We let them know they owe the entire amount owed based on the lease agreement. We immediately walk the property to review condition and determine the best course of action to get the property ready for a new tenant.

Should I buy a home warranty?

It depends. Most home warranty service companies offer investment property service, but the service providers will be chosen by the home warranty company and may not be available in a timely manner. In most cases their goal is to repair and the repair may not be a long term fix.

As an owner, do I need to purchase special insurance for my lease property?

Yes. You will want to contact your insurance provider for a general liability policy. You are giving permission for others to occupy the property, which always includes risks.

Why is KSP listed on the owner’s insurance policy?

We are listed on the policy so that we can enter the property as your agent and can address issues for which the insurance policy may apply.

How are funds that relate to my investment properties held in trust?

We are regulated as your landlord to hold all funds in a separate and designated trust account. We account for all funds collected and distributed, as well as report on them.

How does KSP determine monthly rental fees?

Each property is unique in location, condition, functionality, and availability. We use market information to help us determine what the current rent rate range should be.

How often does KSP review property condition?

We do an on-site visit prior to accepting new properties to manage. In addition, if the property hosts a pet, we will do a pet review during the lease. We do a mid-year walk through and a walk through at the end of the lease, prior to surrender by the tenant.

How does KSP market my investment property for lease?

We take professional photos; list the property on our local MLS, our company website, syndicated websites, such as Zillow.com, Realtor.com, and other rental sites. We post the availability date, screening process information and rental criteria. Showings on your rental property are made through our professional showing service.

Does KSP have policies and procedures regarding pets, smoking on premises, lawn maintenance, and deposits?

Yes. We maintain a high standard and offer landlord rules and regulations to each tenant that they sign off on.

How does the Fair Housing Act affect the way tenants are screened?
The Fair Housing Act is a federal law that prohibits discrimination in home sales, financing, and rentals. Under the law, Texans have the right to enjoy their housing without facing discrimination based on seven protected classes. They include:

  • Race: Landlords cannot consider the race of a tenant or prospective tenant when making decisions about their housing.
  • Color: The color of a prospective tenant or buyer cannot play any role in a person's ability to have access to housing.
  • Religion: The religion you practice or do not practice, cannot give you preferential treatment or cause you to not be considered for a property.
  • National Origin: Where your family is from should not play into a landlord or sellers decision to rent or sell their property to you.
  • Sex: Landlords cannot consider the sex of a tenant or prospective tenant when making decisions about their housing.
  • Disability: Under the law, a disability is a physical or mental impairment that can substantially limit one or more major life activities. This can include things such as chronic illness, mental illness, HIV or AIDS, alcoholism or a physical handicap, among others.
  • Familial Status: This class covers children under 18 living with parents or others with legal custody, or with a designee of the parent with written permission, a person who is pregnant or a person who is seeking custody of a person under 18. Not only can landlords not refuse to sell or rent to families with children, but they may not deem a property "adults only." In addition, if you are charged a per person rental fee, this may be considered discrimination on the basis of familial status.

While some states offer protections for additional classes, such as sexual orientation, gender identity or marital status, Texas does not.

Who holds the security deposit?

KSP Property Management holds all security and pet deposits for tenancy in the trust account. Security deposits belong to the tenant who has posted the deposit. They will either be dispersed at the end of the lease or breaking of the lease and according to the terms of the lease agreement.

When are owner distribution funds sent?

Once a tenant has posted their rent payment, it takes six to nine days to process on the banking side. With rent due on the first, owner distributions are posted between the tenth and fifteenth of each month.

How are maintenance and emergency issues handled?

Tenants use an online work order system to posted normal maintenance concerns. Priority or emergency issues are address within the same business day or immediately as the case may be. All requests must be in writing.

What is the most common lease agreement time frame?

Twelve months. We offer tenant incentives to re-let annually versus month to month leasing.

Does KSP require that renters hold rental insurance?

No. Unless an owner specifically asks us to require renter’s insurances, we do not require it as your landlord.

What happens to the security deposit once a lease is up?

KSP must account for all deposits per the lease agreement. We walk the property and compare the condition upon move out to the move in condition on file. If there is more damage to the property than normal wear and tear, then an accounting statement showing all reductions and the remaining balance is sent to the tenant. Any money retained for damages is held in the trust account and used to prepare the property for the next tenant.