Fort Worth Rental Management Companies Share Leasing Tips

Vacancy days can kill your cash flow. As a landlord, it can be tempting to cut corners to reduce your costs during a vacancy, but that often leads to your home being on the market longer. Below we share information on how Fort Worth rental management companies can help you reduce vacancy days.

What are Vacancy Days?

Vacancy days are the number of days in between a tenant moving out and a new one moving in. During this time you are not earning rental income but your costs have not decreased. In fact, costs tend to increase during vacancy days as you pay for things like re-keying, touching up for a new tenant, and marketing your home. Many landlords also take the time between tenants to address larger, planned construction projects like switching out carpets for vinyl flooring. Even with sufficient planning, a long vacancy will affect your cash flow negatively and jeopardize your investment. Fort Worth rental management companies can help you avoid extended vacancies, but first, you have to understand what leads to these vacancy days.

What Leads to Long Vacancy Periods?

Vacancy days are a fact of life even for the best property management companies in Fort Worth. But understanding factors that lead to long vacancy days can help you minimize their impact.

  • Showing Too Early. Your potential tenant will want to imagine their life in the home, which can be hard if there is another tenant still occupying the home. The sights, sounds, and smells of someone else living in the home can turn off a potential tenant making their first impression a bad one. Likewise, construction projects, however minor, should be complete before you show the home.
  • Keeping Utilities Off. Turning the utilities off between tenants may seem like an easy way to cut costs, but they can lead to a longer vacancy. Just like showing your home too early, showing it when the utilities are off will cause potential tenants to have a hard time imagining themselves in the home.
  • Incorrect Pricing. When your rental is priced incorrectly it can lead to more days on the market. Rentals priced too high will have a hard time finding a tenant in a market flooded with similar homes at a lower rate. Rentals priced too low signal to tenants that there is something wrong with the property and they may avoid even taking the time to view it.
  • Little or No Marketing. Marketing, especially in the digital age, is an important part of property management. Most tenants start their search online and only view properties they have already seen photos of on their favorite website. A sign in the front yard will not be enough to bring in quality tenants.

How to Lease Your Property Faster

To lease your property faster, you need to address the factors that lead to leasing delays.

  • Getting Your Property “Rent-Ready”: re-key, touch up paint, and fix broken fixtures. When done efficiently this process can take as little as a few days. Fort Worth rental management companies can help you with this process. Zillow has a handy checklist of 12 steps to get your home rent ready.
  • Curb-Appeal: even if your property is looking great and working well on the inside, some tenants will be turned off by the curb-appeal and opt for a “prettier” home. Take a look at your home from the street level and try to find ways to spruce it up. HGTV has a list of 8 Budget Curb Appeal Projects you can do to boost their home’s appeal.
  • Use the Internet: post your home on as many rental websites as possible for maximum exposure. Use photos that show off the best side of your home. A video walkthrough is also recommended so potential tenants can get a better idea of how the property is laid out. To see examples of a video walkthrough see our YouTube page. HGTV also has an article about how to take great photos of your home.

Don’t Skip Steps

Property management is often a delicate balance between spending money and saving money. When dealing with a vacancy, some landlords will try to minimize costs by focusing on the wrong areas. Doing this will often end up with a longer vacancy and more money lost. Think of it this way: your property typically rents out for $1,440 per month (the average according to Zillow). If you spend $500 to spruce up your property, market it, and keep the utilities on for one month, you will be more likely to rent the property within that month. Your total turnover loss will be one month of rent plus $500, a total of $1,940. If you decide to do the bare minimum (rekeying, minimal cleaning), turn the utilities off, and only put a sign in the front yard, you could spend closer to $50. But after three months of vacancy, your turnover loss will be $4,370. Experienced Fort Worth rental management companies can confirm that not skipping important steps, even if there is an upfront cost, will turn around and make you more money in the long run.

How Fort Worth Rental Management Companies Can Help

An experienced property management company can help you determine what factors could lead to a long vacancy at your home. Property managers who work with tenants regularly are more in tune with what these tenants are looking for in a rental home. Our property managers know what amenities tenants want, how to price your rental appropriately, and what websites to market on.

At Specialized Property Management Fort Worth we have a proven track record of short vacancy days. In fact, most of our properties are leased in under 29 days. Short vacancies mean money in your pocket. An experienced property manager will inspect your home and make recommendations that will shorten vacancy days and cut costs where it makes sense. As one of the best property management companies in Fort Worth, we use our knowledge and expertise for your benefit. Give us a call today to hear about all our services and schedule a free rental consultation.

Top 10 FAQs Answered by Fort Worth Property Management Company

As an experienced Fort Worth property management company we are asked a lot of questions. We love answering any question you can throw at us; it is what we’re here for! But to simplify things we’ve put together a list of FAQs for you. Read our answers below to the top 10 questions we see most often in Fort Worth residential property management.

1. What is the quickest way to get my property rented?

Many things factor into shortening vacancy days, but we see the most success when we do these simple things:

  • Ensure your property is up to code and needed maintenance is completed before showing the home.
  • Spruce up around the property to increase curb appeal.
  • Market aggressively, especially online on multiple websites.

See our post on renting out your property faster.

2. How can I keep my tenants longer?

Tenant retention can be a struggle for some landlords. If you’re running into this issue, try to take a step back and place yourself in your tenant’s shoes. Are you responding to emergencies promptly? Are there maintenance issues that need to be resolved? How is your tenant-landlord relationship? An experienced Fort Worth property management company like Specialized Property Management Fort Worth has proven processes for tenant retention so you won’t have to deal with a costly turnover as often. Read our page on high tenant turnover for more tips.

3. What strategies can I use to make rent collection less of a headache?

The number one way you can make rent collection less of a headache is offering online rent payment. According to a Citigroup study, simply forgetting that a payment is due is one of the top reasons Americans pay bills late. Setting up online rent payment, with an automatic draft option, is beneficial to everyone involved. For more on this topic, read this Transunion article about the five great reasons landlords should provide online payment options.

Also, you can read more about our rent collection process.

4. Legally speaking, how can I protect myself as a landlord?

Take a good look at your Fort Worth property management company. Are they held to a high ethical code? When you are hiring someone to run your property, you need to know they are doing everything by the book. At Specialized Property Management Fort Worth, that is true of all our property managers. They know the laws and regulations for Fort Worth, Texas, and the United States, and take them all seriously. Also, we have in-house legal counsel at your disposal should you need them. Learn more about avoiding legal mistakes here.

5. What’s the best way to keep maintenance costs down?

The number one way to reduce maintenance costs is by being proactive in both inspections and regular maintenance. Your home is a machine and needs to be checked and oiled periodically. When you neglect inspections or only inspect when tenants move out, you are in for major maintenance costs down the line. Often a small problem, like a leaky pipe, will go unnoticed until it becomes a major (and majorly expensive) issue. Regular maintenance needs, such as changing air filters, are equally important, so your home’s systems last as long as possible. At Specialized Property Management Fort Worth we inspect the home at moving time and mid-lease to ensure everything looks and works great. Read more about lowering costs on this post about cost-effective maintenance.

6. Doesn’t managing my property myself save money?

This is the great myth of property management. Inexperienced landlords often imagine their property management experience as this: put up a for rent sign, pick up rent checks, and answer a few maintenance calls. If that was all property management entailed, then of course, you could save money by self-managing! However, a Fort Worth property management company does much more than those simple day-to-day tasks. At Specialized Property management Fort Worth we can save you money over self-managing because we help you avoid the following costly mistakes:

  • Regulatory fines resulting from inexperience
  • Negative tenant interaction leading to turnover
  • Improper maintenance and upkeep of the home
  • Pricing your home too high or too low

To learn more about self-managing vs. hiring professional management see our post here.

7. Will paying professional management fees negatively affect my cash flow?

Your professional management fees will come back to you in the form of faster leasing, less turnover, and fewer costly mistakes. Also, management fees often serve as a tax write-off. Our clients can end up with higher cash flow because our expert knowledge and service lead to cutting costs without cutting corners. Learn more about solving cash flow issues here.

8. How do I know what is going on at the property if I am using a property management service?

Many landlords, especially if they are renting out their previous personal residence, are concerned with what is happening at their property. At Specialized Property Management Fort Worth we never want you to feel like you’re in the dark. Our Fort Worth residential property management team keeps meticulous records of every interaction with your property and your tenants. Our online owner portal lets you see and review these reports at any time. And if you ever have questions or concerns, you can call us 24/7.

9. How do I choose a Fort Worth property manager?

Decide what you want from a Fort Worth property management company before you do your research. Come up with a checklist of questions to ask potential management teams. Find out if there are any hidden costs you should be aware of. A full-service property management team will often save you the most money, time, and stress. At Specialized Property Management Fort Worth we pride ourselves on our expertise in property management, our dedication to transparency, and our customer service. To learn more, read our page about choosing a property manager.

10. With so many Fort Worth property managers out there why should I choose you?

To put it simply: we are the best! Our team specializes in providing an excellent experience for owners and tenants. With years in the business focusing on single-family rental properties, you won’t find anyone else out there with the extensive knowledge, proven processes, and friendly team that will turn your investment into a cash flow property.

To learn more about what we do visit our website or give us a call today to set up a free rental consultation.

How Fort Worth Residential Property Management Companies Work with Realtors

Realtors and property managers may seem at odds in the real estate game. A realtor’s goal is to help their client buy and sell a property while a property manager wants the property to be rented out as long as possible. After years in the rental property business we’re here to tell you that when Fort Worth residential property management companies and realtors join forces, everyone wins.

What Realtors Do

As a realtor, your goal is to help your clients buy and sell real estate. Whether your client is looking for a personal residence or an investment property, your commission is based on a purchase. A client who is looking to sell, but ultimately decides to rent out their house instead, will not make you much money. And while we’re sure you want the best for every client, earning an income is also important. It is in your best interest to convince your client to sell their property. Or is it? That’s where Specialized Property Management Fort Worth comes in.

What Property Managers Do

Not every property management company is full-service, some focus only on a few areas. However, at Specialized Property Management Fort Worth, our team handles all the day to day tasks of running a rental property like rent collection and maintenance, as well as the once-in-a-while tasks like reporting and evictions. It is more complicated than it looks and we pride ourselves on the expertise we have gained from years of experience. We always want the best for our clients no matter what, but we understand that our job ends if our client decides to sell their property. With no property to manage we have no income, so it is in our best interest to convince them not to sell. Or is it? That’s where our Real Estate Partners come in.

How We Can Work Together

No matter what, we will always have clients who decide to sell, and you will have clients who decide to rent. There are choices when it comes to Fort Worth residential property management companies, so who should you refer your client to when they choose to rent out their home? With our real estate agent partnership program, we will pay you a referral fee for every client you refer who decides to sign a contract, and we place no caps on the number of clients you can refer. But the perks don’t end there. You will be placed on our realtor referral list, so when our client decides to sell, we will refer them back to you. That means when you refer a client to us you are not only gaining a referral fee, you are gaining future clients as well.

Maintaining Good Working Relationships

We understand that when you refer a client to us, your reputation is on the line. It works the same way for us when we refer clients to you. That’s why we are focused on maintaining good working relationships with our realtors, our clients, and our tenants. We strive to be the best in Fort Worth real estate management, and we enjoy partnering with top realtors so our clients can continue receiving great service after they leave us. You can trust that your client is in good hands when you refer them to our management team.

Benefits From Fort Worth Residential Property Management Companies

How do you know your client will receive excellent care from Specialized Property Management Fort Worth? We are a full-service leasing company with years of experience, local experts, and proven processes that will turn your client’s investment into a success. We provide our clients with peace of mind by being experts in the following areas:

  • Comprehensive marketing and advertising to get maximum exposure
  • Thorough tenant screening and selection to reduce turnover and evictions
  • Full-service leasing including preparing documents and educating tenants
  • Routine property inspections so the home is maintained well
  • Online reporting available 24/7 through our online portal
  • Cost-effective, reliable maintenance to ensure tenants are happy and well cared for
  • Timely rent collection with an online payment option
  • Strict and compliant evictions to save money during the process

If the client ever has an emergency or a problem we are around 24/7 to take their call. No other Fort Worth real estate management company does more to ensure their clients are well taken care of. To learn more about what we do for landlords visit our landlord help page.

Why Wait? Call Us Today

We specialize in managing properties; you specialize in selling them. There are over 800 single-family homes for rent in the DFW area according to Zillow, don’t miss out on the business you could gain when those owners decide to sell. When we work together, we both win. Call us today to learn more about:

  • What we do for landlords
  • Earning a referral fee
  • Gaining new clients

Even if you don’t have a client who is looking to rent instead of sell, give us a call today to learn more about how you can partner with one of the top Fort Worth residential property management companies. We thank you, and so will your clients!