Collections- What You Need to Know

Collections- What You Need to Know

When you own rental property, your Fort Worth rental property management goal comes down to the rent. It would be nice if you were always paid the rent on time and the check cleared without problems. But even with careful tenant screening, your tenants can run into unexpected financial situations and your payments are no longer coming in on time or regularly. Your rent collecting process should help your cash flow be as regular as possible.

 

Set the Rent Expectations Early

Fort Worth real estate management has successful rent collecting when the process starts with the careful screening of your potential tenants.  When you have a vacancy, it is a temptation to rent your home quickly as possible and not be as careful as you should be with your tenant choices. Be patient and make sure your potential tenant has a high enough credit score and be able to prove an income sufficient enough to be able to pay the rent regularly. An applicant should earn at least three times the amount of the rent for your unit. Then at the time lease signing, tenants know your Fort Worth real estate management expectations and policies in regards to rent collection. Good communication from the start makes your strict but fair policies understood from the beginning of their residency.

 

Technology Payment Process

A rent collecting process that is technology based is a secure and convenient way your tenants can pay their rent. Rental property management in Fort Worth TX that has an online collection option lessen the rent collection delays. When the rent is collected, this automated system also works for the property owner giving a direct deposit from the collected rent to the owner. Keeping the rent collection process professional and not personal, with understood expectations gives you the tools for a more successful rent experience.

 

Automated Collections Process

An aspect of rental property management in Fort Worth TX that is never pleasant is the business of collections when a tenant doesn’t pay the rent. Even the best screened tenants can have a difficult time in their personal lives that affects their ability to pay rent on time. With an automatic collection process the moment a rent is not collected in a timely manner, automated notices can be sent to the tenant. Notices can be respect and scheduled. As soon as the law permits, an eviction process can be started with a non paying tenant so your days without rent can be as few as possible.
Clear rent policies along with a secure technology platform will help your Fort Worth property management rent collecting run smoothly.

Happy Tenants = Tenant Retention Policy

Happy Tenants = Tenant Retention Policy

Keeping clients happy is key to the success of any business. Think of your renters as an unofficial business partner; their continued happiness means consistent income for you. There are various reasons a renter might leave your unit; however, Fort Worth rental management does everything within its power to eliminate any reason a tenant may vacate your unit that is in their control. Keeping the points below in mind when developing your customer service will help you maintain positive client relations and a happy renter base–and ultimately keep your units full.

 

Quick Response Time

A tenant’s patience only lasts so long before he or she becomes frustrated with your lack of response to a request. Rental property management in Fort Worth ensures speed when responding to any need by a client. For issues that cannot be resolved quickly, Fort Worth real estate management will at minimum make contact with the tenants and let them know when you will be available to address the concern. And then certainly follow through on that commitment once made.

 

Respect Privacy

Although you retain ownership of the unit, renters have a legal right to privacy. Beyond the legal requirements, there are additional ways to respect the privacy of your renters that they will very much appreciate. Rental property management in Fort Worth offers tenants plenty of advanced warning any time you need access to their unit. Giving specific dates and limited time frames of when you will visit the unit allows them to plan. Try limiting your overall access to the unit if possible.

 

Fair Prices

While the temptation to hike rental prices may be high from time to time, do not believe that consistent hikes will always help your bottom line. Vacancies are far more expensive than maintaining a fair and even slightly lower than market rental price. Everyone likes to be treated fairly, and consistent, and reasonable prices will be a great asset to Fort Worth rental management retention efforts.  When you have a tenant that consistently pays the rent on time, try to keep that tenant as long as you can.
Fort Worth real estate management will prioritize client relations for the benefit of your business. Not only are happy tenants long-term customers, but they are also great advertisements as they tell their friends of your great service and post positive feedback online, which is some of the greatest advertising. Ultimately, keeping the customer happy will ensure long-term tenant retention, which in turn makes your bottom line happy.

ARLINGTON, TX REAL ESTATE MARKET SHOWING STEADY GROWTH

ARLINGTON, TX REAL ESTATE MARKET SHOWING STEADY GROWTH

All regions of the city, except one, showing regular growth in home prices

 

ARLINGTON, TX – Boasting one of the safest areas in the state, Arlington is showing steady growth in home prices over the last several months. Additionally, as prices are starting to rise, there is solid inventory growth within the Arlington market showing that even though prices are going up slightly, demand is still high and steadily growing. As the Dallas market continues to thrive, Arlington and the surrounding areas are enjoying the benefits of that market growth and will continue to see benefit as the influence from the Dallas market expands.

 

“Arlington is one of those places that offers a tremendous quality of life, good schools and reasonable home prices,” says Jennifer Shearer, President of Specialized Property Management. “What that means is that for those on a more modest budget, or even just want to find a property to rent out, Arlington provides a great solution. Even better, Arlington gets much of the benefit of Dallas without all of the big city hassle.”

 

In addition to inventory and value increasing, real estate investors are seeing a healthy return on their investments when they buy property in Arlington. With low barrier to entry and the potential to ride a long wave of continued growth, Arlington is a perfect place for real estate investors to purchase property. Better still, for novice investors, it’s a great place to get started. Just don’t go it alone, says Shearer.

 

“One of the things we see with a lot of new investors is that they think they don’t need a property management company. The reality is that if you want to get the most out of your investment and ensure that managing the property doesn’t take over your life, you need a good property management company in Arlington to guide you through the pitfalls and help when needed.”

 

Shearer also states that especially with existing homes, property management is crucial to ensure your home is up to standard. “When you buy a home to rent out that someone has already lived in, you need to make sure that everything is in order. Without that knowledge of what to do and when to do it, a lot of investors get trapped and then their investment doesn’t live up to it’s potential.”
However, Arlington property managers agree that now is as good a time as any to invest. “It’s definitely time to invest if you want to do it. With the way the market is and how it’s been growing, I see the potential here for lots of return over a long period of time. After all, Arlington is a great city. Who wouldn’t want to live here?”

Conducting Background Checks

Conducting Background Checks

The key to finding responsible and reliable long-term tenants is selecting the right tenant to begin with. Adequate screening up front will help you eliminate potential short-term renters or long-term headaches. Fort Worth property management can guide you through a screening to find the best fit for your property while also keeping in mind discrimination laws that you must follow.

 

Rental Application Form

Create or use an application that covers all necessary information you may need to evaluate a future tenant. Include questions about financial, employment, and personal information. In addition to questions the tenant will respond to his or herself, absolutely include release forms that authorize Fort Worth rental property management.

to order background, criminal, and credit checks. Use this form to initially screen general financial and employment status. Look for potential patterns like consistent turnover of employment. Also, any areas left blank on the form could be a red flag for information the tenant may be trying to hide.

 

Contact References

Contact all references requested. The application should request references from previous landlords, employers, and character references. Fort Worth rental property management look for gaps in landlord history. Leaving out contact information for recent landlords can also be a bad sign. In addition to asking previous landlords if a tenant paid all rent, additional questions can offer insight into what renting to that tenant will really look like. Ask questions about timeliness of payments, damage to the unit, any conflict with neighbors, if the security deposit was collected, and if the landlord would ultimately rent to this tenant again. Property management in Fort Worth TX can use information from references to avoid risky renters.

 

Criminal Background Checks

While credit checks are vital to assessing a potential tenant’s ability to pay rent, credit checks do not tell you about a person’s criminal background. Not only are you seeking to run a profitable business, it is also your responsibility to ensure the safety of the community. It is difficult for law offenders to become home owners, so the likelihood of several of your applicants being repeat criminal offenders is fairly high. Criminal checks no longer take weeks for Fort Worth property management to process and are well worth their effort. Other registered lists such as terrorist activities and sex offender lists can also be checked.

 

Property management in Fort Worth TX can help you screen your prospective tenants to find a lasting tenant for your rental business.

FORT WORTH REAL ESTATE MARKET HOLDING STEADY

FORT WORTH REAL ESTATE MARKET HOLDING STEADY

After huge drop off in February, home values show steady growth

FT. WORTH, TX – Since March of this year, the real estate market in Fort Worth continues to see steady growth. Home values have continued to rise and September shows the highest levels of home values since January of this year. On the flip side, however, homes are listed longer in Fort Worth—almost 14% longer than they have been over previous months suggesting that while home values are growing, there is less demand in the market for real estate.

 

“There are a lot of factors that could contribute to that,” says Melissa Shearer, President of Specialized Property Management in Forth Worth. “We look at a lot of different factors that could signal a bit more stagnant demand and right now, we don’t see anything that says demand will outstrip inventory over the next six months. If anything, demand should increase as inventory gets smaller.”

 

In addition to the slow, but steady growth in home values, Fort Worth continues to be significantly cheaper, overall, than nearby Dallas and other communities. Even with the big city feel and the growing market, savvy home buyers and rental property owners are snatching up houses left and right to make the most out of this current market.

 

“For real estate investors especially, even if you’re new to the game, now is an excellent time to purchase a rental property,” said Shearer. “We strongly encourage those that are buying a rental to rent out have a property management company in Fort Worth handle the day-to-day. It saves time, money and best of all, headaches. Not to mention you’ll get the most out of your property in the long run.”
Real estate in Fort Worth continues to be a good investment for buyers and investors alike. There is inventory, it’s relatively inexpensive and the potential return is high and climbing.