Lone Star Realty and Property Management

What Lone Star Realty and Property Management does

Lone Star Realty and Property Management, Inc. is a family-run, private residential property management and real estate brokerage founded in 1969 and headquartered in Killeen, Texas. The company is co-owned and actively managed day-to-day by Tim Doerbaum (Property Manager/Owner, Certified Apartment Manager) and Karen Doerbaum (Broker/Owner). It manages a stated portfolio of 1,750+ residential units — single-family homes, apartments, townhouses, and duplexes — across seven Central Texas communities (Killeen, Copperas Cove, Harker Heights, Nolanville, Temple, Kempner, Belton) anchored to the Fort Cavazos (formerly Fort Hood) military installation, and has begun offering commercial leasing in Killeen. Core service lines are residential property management, rental listings, and home buy/sell brokerage, supplemented by tenant screening (with tiered credit thresholds from 550 to 675 depending on rent level), renters insurance ($15/month for $100K property / $10K contents coverage), and standardized move-out and inspection procedures.

Underlying technology is third-party SaaS rather than proprietary platforms: AppFolio and PropertyWare power the tenant and owner portals for rent collection, work orders, and statements; DocuSign-style e-signature enables remote lease execution; Matterport provides 360-degree virtual tours that allow sight-unseen leasing — critical for deployed military families and PCS moves. Listings are distributed across Zillow, Rentals.com, and 18+ additional rental marketplaces.

The business model combines a recurring 10% management fee on collected rent (paused during vacancies), per-lease fees ($95 new lease execution, no renewal or maintenance/technology/advertising upcharges), per-applicant fees ($50), pet deposits ($300 refundable per pet, max two), pet rent, and traditional real estate sales commissions on home buy/sell transactions. The company markets aggressively to military families with relocation guides, BAH-aware listings, and virtual leasing; it also operates dual referral funnels — a $50 resident referral gift card and realtor referral programs paying 10% of first month's management fee for owners and tenants. Customer segments are military families/personnel (primary), individual and investor property owners (primary), residential tenants (secondary), and a small commercial tenant segment (incidental).

Name

Lone Star Realty and Property Management

Legal name

Lone Star Realty & Property Management Inc.

Website

https://lonestarrealty.net

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

11–50 employees

Short description

Lone Star Realty and Property Management is a family-run, Killeen, Texas-based residential property manager and real estate brokerage founded in 1969, managing 1,750+ units across seven Central Texas communities with a primary focus on military families at Fort Cavazos.

Ownership category

akta.pro rank

Product category

Residential Property Management

NAICS

Residential Property Managers (531311), Real Estate Property Managers (53131)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Single-Family Rental (SFR) Property Management (BPAJAFAB)

akta.pro secondary industries

Multifamily Apartment Property Management (BPAJAFAA), Residential Real Estate Brokerage (Buy/Sell) (FSAEAJAA)

Keywords

• Residential property management
• Real estate brokerage
• Rental property services
• Tenant placement services
• Home sales

Headquarters

HQ city

Killeen

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain, Others

Revenue model

1. Property Management Fees: 10% management fee charged on all collected rent. No fee is charged when property is vacant. Fee is deducted monthly from rent with balance disbursed to property owners via direct deposit.
2. Leasing Fees: $95 leasing fee for new lease execution. No renewal fees, maintenance upcharge, service fees, advertising fees, or technology fees.
3. Application Fees: $50 non-refundable application fee per applicant for rental property applications.
4. Real Estate Sales Commissions: Traditional real estate sales commission structure for buying and selling homes in Central Texas market.
5. Pet Deposits: $300 refundable pet deposit per pet, maximum two pets allowed.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Lone Star Realty and Property Management provides full-service residential property management for over 1,750 single-family homes, apartments, townhouses, and duplexes across seven Central Texas communities, charging owners a 10% management fee on collected rent. The firm also operates a residential real estate brokerage for home buying and selling, a rental listings platform with 360-degree virtual tours, and a small commercial leasing portfolio, all delivered through AppFolio/PropertyWare tenant and owner portals with e-leasing capability.

Product overview

Lone Star Realty & Property Management Inc. is a family-run property management and real estate sales company operating in Central Texas since 1969. The company offers three integrated core services: (1) Property Management Services for over 1,750 residential properties (single-family homes, apartments, townhouses, duplexes) plus commercial spaces, (2) Residential Sales through broker Karen Doerbaum covering home buying and selling in Killeen, Fort Hood, and surrounding communities, and (3) Home & Apartment Rentals with an online rental listings platform. These core offerings are supported by tenant and owner-facing technology platforms (AppFolio/PropertyWare portals), e-leasing capabilities, 360-degree virtual tours, tenant screening services, referral programs, and renters insurance integration. The company specializes in serving military families connected to Fort Cavazos (formerly Fort Hood), offering specialized military clauses, virtual tours for deployed personnel, and aggressive marketing across Zillow, Rentals.com, and 18+ additional listing platforms. Property management operations are centralized through AppFolio and PropertyWare software platforms that enable online rent collection, work order management, owner direct deposit disbursements, and online statements.

Differentiator

Problem solved

Functional benefit

Products and services

• Residential Property Management Services Full-service management of single-family homes, apartments, townhouses, and duplexes covering marketing, tenant screening, leasing, maintenance coordination, accounting, semi-annual inspections, and owner direct deposit disbursements. Currently covers a 1,750+ property portfolio across Killeen, Copperas Cove, Harker Heights, Nolanville, Temple, Belton, and Kempner for individual and investor property owners.
• Commercial Property Leasing Commercial real estate leasing and management for retail, office, and small-business tenants, including Matterport 360-degree virtual tours, traffic count data, and tenant build-out guidance. Active example offering: a 1,100 SF multi-purpose space at 1705 S Fort Hood St, Suite 106, Killeen, on a triple-net (NNN) lease at $1,588 per month.
• Residential Real Estate Sales (Home Buying and Selling) Brokerage representation for buyers and sellers of residential real estate in Central Texas, including comparative market analysis, pricing strategy, marketing, negotiation, and closing coordination. Lead broker Karen Doerbaum. Reported metrics (June 2022): average 13 days on market, $132.13/sq.ft average price, $211,233 average sale price.
• Home and Apartment Rentals Rental housing representation service connecting prospective tenants with homes and apartments in the Lone Star managed portfolio. Listings are marketed with photos, 360-degree virtual tours, and detailed descriptions across the company's website, Zillow, Rentals.com, and 18+ additional rental websites, with a portfolio exceeding 1,750 diverse properties across seven Central Texas communities.
• Resident Referral Program Word-of-mouth referral incentive for current tenants who refer friends to Lone Star Realty. The referrer receives a $50 gift card (Amazon, H.E.B., or Walmart) for each new referred tenant who signs a six-month or one-year lease. There is no limit to the number of referrals a resident may make, and the referred tenant must be new to the firm.
• Realtor Tenant Referral Program Channel partner program for licensed real estate agents who refer new tenants to Lone Star Realty. Referring agents receive their first month's management fee (10% of collected rent) as the referral reward, contingent on client registration before lease signing, new-to-Lone-Star tenant status, and a signed one-year lease.
• Realtor Owner Referral Program Channel partner program for licensed real estate agents who refer new property owners to Lone Star Realty's management services. Referring agents receive their first month's management fee (10% of collected rent), contingent on client registration before management agreement signing, new-to-Lone-Star client status, signed management agreement, and the property being rented for one year.
• Renters Insurance Program Opt-in renters insurance product administered through Lone Star Realty at $15 per month, providing $100,000 of property coverage and $10,000 of personal property protection for tenants. Required by the landlord for applicable lease types.

Quantifiable outcome

• Semi-annual inspections identify problems early and help reduce overall extent of damages compared to competitors who only inspect at move-out
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Fort Hood Area Association of Realtors (FHAAR)coreOthersKaren Doerbaum served as President of FHAAR and held various other leadership positions. The company maintains active involvement in this professional association for real estate professionals in the Fort Hood area.
• Apartment Association of Central Texas (AACT)coreOthersTim Doerbaum twice served as President of AACT. Company maintains active involvement in this regional apartment and property management association.
• Texas Apartment Association (TAA)coreOthersTim Doerbaum served as Vice President at Large for TAA at the state level. Company uses TAA's professional industry-standard lease agreements for all tenants.
• Lions ClubsminorOthersTim and Karen Doerbaum are active members of Lions Clubs, participating in community service through this organization.
• Heritage HouseminorOthersTim and Karen Doerbaum are active in Heritage House, an organization that helps others in need in the community.
• Epic Carpet CleaningminorOthersRecommended vendor for professional carpet cleaning services required at move-out. Contact: (254) 317-3860.
• Ameritech Pest ControlminorOthersRecommended vendor for pest control services. Contact: (254) 526-6631.
• Killeen Pest ControlminorOthersRecommended vendor for pest control services. Contact: (254) 634-2646.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Century 21: Global residential real estate franchise network offering both sales and property management — overlaps with Lone Star's brokerage and residential management offerings.
• Greystar Real Estate Partners: Largest U.S. multifamily/residential property manager and rental operator. Represents the broad incumbent end of the residential property management space against which Lone Star's local services are benchmarked.
• FirstService Residential: Large multi-family and single-family property management firm with extensive U.S. footprint; competes for outsourced owner mandates and uses similar fee-based revenue structures.
• Lincoln Property Company: Diversified residential and commercial property management firm with deep Texas operating presence — overlaps with Lone Star's residential management and brokerage offerings.
• Coldwell Banker: National residential real estate brokerage with affiliated property management arms — directly comparable to Lone Star's sales and management dual-services model.
• Berkshire Hathaway HomeServices: National residential brokerage with affiliated property management services, comparable in combining buy/sell representation with rental management under one brand.

Others

• Zillow: Major rental-listing marketplace where Lone Star advertises properties — not a direct competitor, but a critical distribution channel that shapes tenant acquisition economics across the industry.
• AppFolio: Property management SaaS provider whose platform Lone Star runs on — adjacent ecosystem participant rather than a direct competitor, but enables competing local managers to replicate the same digital workflow.

Direct peers

• Property Management Inc. (PMI): Franchise-based residential property management network serving local markets with the same fee-based owner-services model — a natural competitor for SFR management contracts in Central Texas.
• Real Property Management Affiliates: National franchise system of residential property managers with a localized owner-operator model comparable to Lone Star — competes for the same SFR and small-multifamily management mandates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lone Star Realty and Property Management