Owner FAQs

Rents for the tenants are due on the first and after the third considered delinquent. As long as the tenant pays on time, which the vast majority do, you will receive your funds via ACH on the 9th of the month. If the 9th falls on a weekend or a holiday, you will see the funds arrive the following business day. Your first ACH payment will take a couple of extra days to show in your account as the Treasury Service wants to ensure this is a good transfer.

We are allowing time for all rents to come in and through the 3rd we are still receiving rents. We need 5 days for funds to be verified in our Trust Accounts and ensure they will not be reversed due to the tenant having Insufficient Funds or using a fraudulent payment method. At the same time we are reconciling statements to deduct out for management fees but also for any repairs, HOA expenses, etc that will be deducted from the incoming rent and reflected on your statement.

Yes, you can update your bank account information on file at any time. You would visit your online Owner Portal and be able to modify your deposit account information. Like the first ACH you received from Wright Property Group, since this is a new account, it may take a couple of extra days to show in your account since the Treasury Service wants to ensure this is a good transfer.

After the 3rd of the month, the rent is considered late and late fees begin to accrue. We begin following up with delinquent tenants on the 4th of the month to find out when they will be paying and the reason for the delinquency. If the fourth is on a weekend or holiday, we will begin following up with delinquent tenants on the next business day. Our goal is to have a status update to you on the 5th of each month if the rent is going to be late or delayed so you can plan accordingly.

We generally need 5 business days for funds to be verified in our Trust Accounts and ensure they will not be reversed due to the tenant having Insufficient Funds or using a fraudulent payment method. Once we have those funds we can initiate payments. Most times that will occur on the 14th of the month. For any other later payments, we will initiate those as needed. 

Yes. We try to work with tenants to ensure that rent is paid including consistent communication. We will initiate the legal eviction process with sending out a Notice to Vacate. If your property has a federally backed mortgage, that needs to be a 30 Day Notice to Vacate due to the CARES Act. If you do not have a federally backed mortgage, that would be a 3 Day Notice to Vacate. 

Evictions are timely and ideally we are going to try and get the tenant to pay the rent or vacate the property quickly.

Those are retained by Wright Property Group. Those are used to offset the costs of delivering required notices to the tenant to vacate but also retain an attorney as needed to oversee the eviction process.

No. We charge a refundable $250 deposit per pet. Our experience has shown that when people pay pet rent or a non-refundable pet deposit, residents consider that a forgone expense to cover damages. They in turn may not be as diligent in their care of the home. With the deposit fully refundable, they have more incentive to keep the home in better shape.

No. It is completely your decision as to whether or not pets are allowed. You can specify whether dogs and cats are allowed and size. We already have a restricted breed list and also do not recommend more than two pets per household. If an applicant has a Service Animal or Emotional Support Animal with the appropriate documentation and credentials, those would have to be allowed under HUD Fair Housing Guidelines.

No. We do not charge a fee for managing the property when it is vacant. You will have charges for water, power and lawn maintenance that are accruing while the home is vacant but those are not reimbursable to Wright Property Group until we place a qualified tenant

Yes. We are very experienced in taking on the management of a property with a current tenant in place. We often take over management in situations where a tenant may be delinquent in rent or the owners are having difficulty managing a current tenant. When this happens, we perform a full lease audit and work with the tenant to ensure that they either conform to the terms of the lease and bring their rent current, or when necessary, vacate the property.

No. We only manage long term leases that generally are 12 months in length or longer.

We charge 8% of the gross monthly rent we collect and there is a fee for finding a new tenant equal to 50% of one month’s rent. We have no other fees. To learn more visit our website, Wright Property Group fees.

Every market is different and what we have found in San Antonio is that a fridge, washer and dryer are not necessary to rent a home. These three are expensive to repair and pose additional liability. We generally cannot attain more rent for including these items but they do potentially help rent it faster. We do insert a clause in our leases for the residents that the owner reserves the right to not fix these items should they break and will simply remove them.

Yes. Home Warranties have been promoted as another way to safeguard against costly repairs but that is not always the case. Please see attached our Home Warranty Addendum so you can see how we work with Home Warranties.

Wright Property Group is ultimately responsible for the accounting of the Security Deposit to the tenant so we hold that in our Escrow account during the time of their occupancy.

No. We do not require any maintenance or escrow reserve for repairs.

We can debit the incoming rent for the cost of the repair or you can make a contribution through your online portal to cover the cost. The other option for larger repairs is a payment plan. Wright Property Group can split up the expense over time depending on the amount as no additional cost or interest charge.

Residents submit their work orders online through their portal. This allows our system to notify multiple employees of the work order and begin to take action. Our work order submissions are monitored 24/7. Once a work order is received, we will work to get the appropriate vendor assigned to the job to rectify the situation and/ or prepare us a bid depending on the scope of work. We will also notify you of the work order received and the status of the work.

While a property is vacant, you are welcome to do whatever make-ready work you would like to do on your property. When a tenant is living in the property, we do need to screen who is accessing the property for the protection of the tenant-residents. Therefore we will use our pre-screened and pre-approved vendors. If you have a favorite vendor please give us their contact information – we are always looking to add new high quality vendors to our group!

Yes. We partner with Surevestor to provide eviction protection. They are a third party that covers loss of rent, eviction costs and damages. That additional coverage generally costs about $30 per month. To learn more about Surevestor, you can visit their website, Surevestor.

Yes. If a tenant breaks their lease through vacating the premises without paying the reletting fee within the first 9 months of their lease, we will replace them at no cost including the rekeying of the property to be Property Code 92 compliant. This also includes military relocations with PCS orders.

90 days in advance of the lease ending, we will start looking at the market for the home to see what properties are Active, Pending or have Rented in the last 6 months. Based on our analysis, we will make a rental renewal recommendation to you based on the current market and the tenant’s payment history, lease compliance, etc. Once we have the approval to present a lease renewal at a certain monthly rate, we will then present that to the tenant. Our goal is to have the lease renewed no later than 60 days prior to the lease expiration date.