Frequently Asked Questions

  • Q: Are you licensed?

    A: All Property Managers are Licensed Texas Real Estate Agents. Rick Ellis is the designated broker for all agents and ELLIS HomeSource
  • Q: How and when do I get my checks?

    A: Most owners are set up on direct deposit however should you need a paper check we can mail one to you via USPS. We send funds no later than the 10th of each month.
  • Q: Can you deposit my monthly rent you collect directly into my account?

    A: Yes all we need is your bank account number and routing number.
  • Q: How long of a lease do you sign?

    A: Your management agreement allows us to sign the lease on your behalf. Upon request we will send you a copy of the executed lease agreement.
  • Q: Do you sell real estate too?

    A: Our primary business (and passion) is Property Management. However, if you should decide to sell your home we are experts at marketing your home while it is occupied and coordinating a sale without losing rental income!
  • Q: How is rent collection handled?

    A: Our residents can pay rent online 24/7 or they have the option to pay rent in our office. We have over 70% of our residents set up with online payments!
  • Q: How long of a lease do you sign?

    A: Most leases are for a twelve month period. Yet, knowing your largest expense as an owner is turnover, we will offer 24 month leases to your residents with your approval. We find most residents initially will sign for 12 months but upon renewal will extend for a 24 month period.
  • Q: How much security deposit do you charge the tenant?

    A: Typically a security deposit is equal to one month’s rent.
  • Q: How soon can you start managing my property?

  • Q: What type of properties do you manage?

    A: ELLIS HomeSource specializes in managing single family homes, condominiums, townhomes and small apartments that do not require an on-site manager (less than 20 units). We are the Dallas/Fort Worth area experts at offsite property management.
  • Q: What type of reporting do I receive and how often?

    A: You will get a monthly statement no later than the 10th of each month indicating all income and expenses. At the end of the year you will get a 12 month cash flow report. At any time you may contact your Property Manager to request additional reports. Our reporting capabilities are tremendous!
  • Q: Who holds the tenant security deposit?

    A: Ellis HomeSource holds the security deposit in a separate trust account as required by state law. The security deposit belongs to the tenant and is used only if the tenant breaches the lease or leaves damage in your rental beyond normal wear and tear.