5 Star Property Management

5 Star Property Management is a full-service real estate company located at 715 N Williams St, El Paso, TX 79902, that has been operating since 2010. They manage single-family residences, multifamily residences, condos, townhomes, apartments, and office complexes. The business serves over 300 homeowners and investors across El Paso, Texas, and is an active member of the NARPM.

The company's onboarding process begins with a comprehensive home inspection once the management agreement is completed. After this step, they add the property to their system and start with inspections and setting up marketing. They aim to immediately begin managing the property after the agreement is finalized.

Leases are standardized for every tenant and are a minimum of 12 months with a maximum of 24 months unless special instructions are given from the owner. The company signs all leases on behalf of the owners only after they have approved the tenant's application, though owners can choose to sign the lease themselves if they prefer.

Security deposits are typically a minimum of one month's rent, though this amount can be higher depending on the application and the owner's specific requirements. The company holds these deposits in a non-interest-bearing checking account for the duration of the lease as per Texas Property Code.

Rent is due on the 1st of the month with a grace period until 11:59pm on the 4th day. Rents are processed on the 25th of the month and disbursed to the owner on that same day via an email notification of a scheduled fund transfer.

Owners can reach the property manager or the person on duty via cell phone after hours to ensure they can be contacted at any time. This direct communication line is available for homeowner clients who need immediate assistance outside of standard business hours.

The company provides 26 different reports that can be pulled from an online portal accessible 24/7. These reports include a Balance Sheet, General Ledger, Property Statement, and Rental Owner Statement, among others, to keep owners informed.

5 Star Property Management also offers full-service real estate solutions, working with both buyers and sellers. Because they manage the home, it is considered advantageous to sell while the property is occupied due to their established relationship with the tenant.

The business states that they are intentional about their form of communication to bring clarity and understanding to conversations with clients, partners, and team members. They aim to be thoughtful and concise by listening actively and speaking with purpose to reduce misunderstandings and strengthen connections.

Owners can access their rental ledger, current financials, and all documents through an online portal that is available 24/7. This system allows them to view 26 different reports and stay updated on their property's status at any time.

The company uses EFT (Electronic Fund Transfer) to deposit rent directly into the owner's bank account of choice once the rent is collected. This process takes 24-48 hours depending on the bank, weekends, or holidays.

The business is licensed in Texas, as required by the State of Texas and TREC (Texas Real Estate Commission) to act as a property manager and show homes for sale or lease when not the owner. This licensing ensures compliance with local regulations for their operations.

Tenants are required to pay rent on the 1st of the month, with a grace period extending until 11:59pm on the 4th day. This structure provides a clear timeframe for payment while allowing a short buffer for processing.

The official website of 5 Star Property Management is 5starpropertymanage.com.

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