The Cromwell Company was founded in 1969 by F. Rhea Cromwell, Jr., who was an active real estate broker and appraiser when he began “fee asset management” of eight small north Waco rent houses. Those eight rental properties have now grown to our current management portfolio of residential, multi-family, commercial, office-warehouse and retail properties.
Ours is a market driven, service business. If we don’t deliver the service, we don’t retain the business. We become partners in your investment as our fees are based on your asset’s generated income. We share a common goal to maximize the potential of your product and make your investment as profitable as possible for you.
Here are some of the things a full service management program can do for you:
- Property Exposure
- Prospect Qualification and Leasing
- Property Maintenance and Protection
- Detailed Monthly Accounting Statements
Property Exposure
- Your property will be inspected to not only determine the highest rate of rent that the market will support, but also to note any liability exposure that may pose a risk to you as a landlord.
- Present your property to the largest market available by use of tools that might include newspaper ads, brochures, flyers, internet listings, and direct contact via cold calling corporate HR departments.
Prospect Qualification and Leasing
- All of our applicants complete a thorough rental application from which we check previous rental or home ownership history. Current and past employment is verified as well on a credit report from a credit bureau service that accesses all 3 bureaus.
- A determination of credit worthiness is based much like a loan application using ratios of debt to income, inclusive of car/boat/loan payments.
- We use copy written forms from the Texas Apartment Association that provide you protection by proper use of applications, disclosures, leases, pet agreements, lead-based paint addendum’s, late notices, eviction notices, move-in condition inventories and a myriad of other legal documents.
- We take security deposits of varying amounts depending on your property. However, the average deposit required is approximately 75% of the rental amount.
Our Fees
Our fees are based on a percentage of gross rents collected. The fees are deducted from your monthly proceeds and may be deducted as a normal expense item. Fees are quoted on a per project basis in correlation to the difficulty of the job, the number of properties managed, age, location and condition of the property. In most cases, there is no fee when the property is vacant.
Property Maintenance and Protection
- We hire and oversee qualified personnel that are experienced in the income property maintenance field.
- We demand quality work and the best pricing due to the volume and amount of repeat business from subcontractors.
- We maintain a current inventory of personal items that are a part of your property.
- We strive to implement preventative maintenance programs and maintain your asset at the current level of neighborhood standards unless otherwise directed by you.
- We provide spot checks as well as routine property inspections. We make frequent drive-by inspections because we have found that a well maintained exterior is usually indicative of a well maintained interior. When warranted, we retain lease authority to perform an interior inspection “at all reasonable times”.
Reporting
- We provide you monthly operating and income statements along with other reports customized to your needs.
- We do all the bookkeeping for you including complete accurate accounting of income and expenses. Monthly reports also include year-to-date figures for annual comparisons and totals for year end reporting.
- All entries are listed and explained on a single entry cash basis.
- Copies of your reporting are kept on file in our offices as a backup to your records.
Property Insurance
- We will assist you in negotiating your policy changes.
- We require that you carry a general liability policy on your property and in some cases will share a policy with you to maximize the coverage.
- Our repair personnel and property inspectors are always on the look out for risk exposure when on-site at your property. Potential liability exposure issues are dealt with immediately.
Texas Real Estate Commission Information About Brokerage Services
