Answers to your common questions
Do I have to sign a long-term contract with you to be a client?
No, the owners of our company don’t like to sign long-term contracts other than marriage certificates. You are not married to us therefore we offer month-to-month contracts to all of our landlords. This being said Stone Oak Property Management has never lost a client to a competitor. If there is a problem on our end, you can speak directly to a managing partner and we will fix it.
Can I speak to a current client of yours?
Yes, just ask. Stone Oak values the relationships we build with our landlords/owners. We think you'll find they are very happy with the service we provide given we've never lost a client to another Austin property management company. We won’t post your info up here when you come on as a client either. We promise!
Am I required to make my property available to Section 8?
No, none of the areas we currently service require your property to be section 8 qualified.
Are you licensed?
Can I call you for Fantasy Football advice, and if so how is this relevant to property management?
Yes, Our Broker, Jason Huval, has 3 championship titles in his league over the last 8 years. He will tell you what you are doing wrong or right with conviction in his voice and get you prepared for the 2019 season. It is not relevant, but very important.
Can I reach you after hours?
Yes, we are closed most major Holidays, but there is always someone on call. In addition, we have a 24-hour emergency number that is answered by a live person.
Can you put the money directly into my account?
Yes, 100% of our landlords have their funds deposited directly into their bank accounts. As a tech-savvy property manager, Stone Oak utilizes the latest technology allowing tenants to pay their rents and submit maintenance online, direct deposit for you and much more! Learn more about how we manage your Austin rental property!
How and when do I get my funds?
Your checks are deposited directly into your bank account. We begin distributing to our landlords on the 8th of each month unless it falls on a holiday or weekend. Sometimes there may be an outstanding invoice we are waiting on, but most owners will see their funds by mid-month. We believe this sets us apart from the competition as many companies don’t pay out until the end of the month.
Do I get to see the lease or sign it?
We discuss the parameters of your lease when setting up your account (pet preferences, etc). Once we have established these criteria we market the property and sign the lease on your behalf and write it in accordance with Texas law and our policies.
Do you have in-house maintenance?
Yes, Stone Oak handles minor maintenance in-house to save our owners money. For anything our team can't handle we contract all repairs and maintenance through third parties. We have negotiated rates to save our clients a bundle.
Do you offer financing for major repairs?
We are not a bank. This is highly discouraged, but yes we can finance your repairs and will mark up the bill. If you are financially running month-to-month on your property and barely making ends meet, consider selling your home. Every landlord should prepare for maintenance with a reserve in their own account. Appliances break, your roof will leak… eventually.
Do you sell real estate too?
Yes, we assist our landlords in selling their properties or acquiring new ones. We get many referrals from local Realtors. When a client is referred by a Realtor, we will always refer the sale back to the agent who brought you to us and will assist if necessary. Many Realtors consult with us before acquiring a property for a client.
How is rent collection handled?
We collect over 90% of our rents online. Each of our tenants have a login and can make rent payments at any time. Additionally, we offer incentives to tenants who pay their rent on or before the 1st of the month using our online system.
How long of a lease do you sign?
Our typical minimum lease is for 12 months. We may extend this for a few months or shorten for a month depending on the time of year we are leasing the property. It is our goal to have all leases expire May through July. These months offer the largest tenant pool for us to draw from.
How much security deposit do you charge the tenant?
Our minimum security deposit is one month’s rent. This amount may increase depending on the results of the potential tenant’s application.
How soon can you start managing my property?
Right now… This actually depends on a few factors including; if your property is currently leased, under management with another company, sitting vacant, you have it under contract but need to put management in place before closing, outstanding or deferred maintenance or you have a dead beat tenant that you need evicted asap. The on-boarding process involves a phone interview with you, a visit to the property and an exchange of keys, documents and the like. It can be as quick as the same day!
What type of properties do you manage?
We specialize in residential, apartment & commercial property management. We do not manage vacation or short-term rental properties. Stone Oak is fully prepared to manage your single-family home, condo or multi-family unit. We work with owners and investors alike to find a solution for the type of property they have. Stone Oak is your choice for Austin property management!
What type of reports do I get and how often?
We publish reports on or about the 18th of each month to your online portal to provide a comprehensive financial picture, which generates and email notice when they are ready. The three reports you'll get are an income/expense summary for the previous calendar month, a balance sheet, and an owner statement that details every transaction in your account on a rolling basis from the 16th of the previous month to the 15th of the current month. In addition you'll receive an income/expense statement for the previous calendar year when we publish tax forms in January.
Who holds the tenant security deposit?
We hold all security deposits. The state does not allow us to keep funds in an investment account, so rest assured all deposits are kept in a trust account as required by Texas law.
Do you turn on utilities at my property?
We do not to keep your expenses down unless make ready work is needed. If there is a vacancy during winter months and potential freezing weather we may turn on services temporarily to protect the pipes.
Can you pay my HOA dues and/or Mortgage payments?
We want to protect your investment and don't want to ever put it in jeopardy financially. If a tenant were to not pay their rent on time or there is a vacancy these items still need to be paid. These two items carry a lot of weight and liability if a payment is missed or late, so we do not handle these items.
How should I plan for large expenses?
We strongly recommend our clients keep a contingency fund on hand equal to 6 months of rent or mortgage payments to cover large, unexpected expenses. In addition, you should always keep your property insured appropriately.