Pyramis Company considers screening tenants to be one of the most important aspects of good property management. Our proprietary scoring system for screening applicants has helped us to keep our tenant default rate extremely low by looking at more than just their credit score. We score every applicant on 16 different key indicators and make a determination from that as to how good of a tenant they will likely be. As much as we think we have it figured out, applicants are still teaching us things every day, too. We will take multiple applications on your property and have the ability to screen all of them, selecting the best one to approve. After all, you’re counting on us to put the best possible tenant in there.
We pull credit, employment history, mortgage/rental history, foreclosure, bankruptcy, eviction reports, sex offender reports and more. There is no perfect system to qualify applicants, but ours is about as close as it gets; we take advantage of all the information we can get our hands on to make a neutral and fair approval decision.
Application Contingencies and Owner Approval
If an applicant has special requests, offers less than asking rent, has multiple pets, or presents any issues outside of the norm, you will be contacted for final approval. We work hard to seek owner feedback when it comes to unusual requests or circumstances.
Negotiating the Lease
Our lease agreement is a very reasonable, pro-landlord document drafted by the Texas Apartment Association. We use the version specifically created for single-family properties, but the content is largely the same as their flagship apartment lease documents used by nearly every apartment community in Texas. Owners will be involved in negotiating special stipulations for things such as finishing a fence, putting in a refrigerator, having an 18-month lease, or allowing multiple pets. Some issues need your input, but most of the time – lease terms will be handled on our end.
Good credit is required to secure the renter’s promises in a lease, but it doesn’t have to be the occupant’s credit. We see a lot of applicants who have their parents, employers, caregivers and counselors guarantee the lease and we’ve had great success enforcing cosigner agreements. The cosigner completes an application and is processed to the same standards/criteria of any other applicant. Cosigners are added into the lease agreement as being an additionally responsible party.
Our policy is to hold the security deposit on all properties. There is no law in Texas that states the property manager must hold the security deposit, only account for it. It is our policy to hold them in a dedicated trust account, since we are the ones tasked with performing the move-out inspection, performing repairs, and accounting for the deposit after such repairs have been made. As provided in the Residential Leasing and Property Management Contract, we will surrender the security deposit to the owner only at specified times and upon certain conditions.
Length of Leases
Longer leases can save you tons of money by preventing expensive vacancies. You’ll be happy if we can keep a tenant in your home for 10 years. We often get requests from applicants to be allowed to execute two- to three-year lease agreements. Some owners plan to move back into their properties, so we won’t allow extended leases (anything over 14 months) without your permission. Why 14 months? If someone moves into your property during the slow season (February, for example), you’d likely prefer to have them moving out when the market is better and the opportunity for a shorter marketing period is best.
Pyramis Company will prepare all of the lease documentation for the Tenants. They will sign our entire leasing package before they take possession of your property.
Pyramis Company is the only non-apartment management organization in the San Antonio area using the TAA documents for leasing. Others simply use the forms available to every Texas REALTOR®. We go the extra mile, to include an additional substantial cost, for better legal documents in order to better service our clients. The TAA documents we utilize are sought after across the country by other associations due to how thorough and up-to-date they are.