Proper Rental Property Maintenance Saves Money

Everyone probably warned you about the maintenance your rental property was going to need but it’s hard to imagine what it will really entail until you’re actively managing a property. The truth is, proper maintenance requires a lot of careful planning and the right networking. You have to both constantly think ahead and think on your feet at times. At Specialized Property Management, we know all the ins and outs of rental property maintenance and have long standing relationships with high quality vendors with fair pricing. We’ll help you maintain your property in a way that saves you time, money, and most importantly-stress. 

Prepare for Rental Property Maintenance 

Proper rental property maintenance keeps your tenants safe, healthy, and happy while keeping your property running smoothly and looking great. Maintenance is something you’ll have to pay for, but you can be cost-effective if you plan ahead. You should also get to know your property. For example, if your property is an older home, you may have to spend a little extra money on repairs. Make a list of potential problems your property may have and start setting aside money so when things do happen, you’ll be ready.

It’s also a good idea to have your tenant take pictures of the property when they move in to document how the property looked before wear and tear. Fit Small Business explains, “While it’s not required by every state, it’s a good practice to have tenants inspect their rental unit within the first two weeks of moving in and sign an apartment condition agreement or statement. This document allows you and the tenant to acknowledge in writing any pre-existing conditions in the apartment that you may have missed beyond what is considered reasonable and normal wear and tear.”

Plan on Things Breaking

Your rental property may be 20 years old, or brand new, but either way-stuff will break. Normal wear and tear from everyday living can cause problems and water heaters, heating and air conditioning units, and other appliances don’t last forever. Keep in mind that they may just need a routine repair, or if things are really bad-a complete replacement. It’s your job, or your Specialized Fort Worth property manager’s job, to make sure you are ready for either and have those expenses factored into your budget. 

Expect Tenant Turnover

Even when you’re doing everything you can to keep tenants happy, tenants moving in and out of your property is inevitable. Changes in life occur that may cause even a wonderful, long-term tenant to have to leave and every new change can cost you time and money, especially when it comes to rental property maintenance. You’ll have to prepare the property for the next tenant which could include cleaning costs, repairs, new paint, carpet, and bringing certain items up to code. 

Plan Ahead

Routine maintenance as well as vacancies can be overwhelming and expensive. Specialized Property Management understands all that is involved after over 30 years of experience. That’s why we teach our clients to be prepared for the unexpected and plan ahead financially by setting aside approximately 2 months’ rent per year for maintenance costs. That way, when something unexpected happens, you’ll be less stressed. As your trusted Fort Worth property manager, we also provide our clients with access to our network of reliable contractors who may provide discounts on appliances, cleaning and repair services along with high quality service. 

Create a Preventative Maintenance Protocol

A great way to plan ahead is to assign certain maintenance responsibilities now and make sure everyone is aware of their job. For example, is changing out the air filters your job or the tenants’ responsibility? How often will you schedule property inspections? Are you going to take care of landscaping or hire it out? Try to think of everything you can and make a list so you know what is going to happen in any given situation. Make sure you include all tenant and landlord responsibilities clearly in the lease agreement and have tenants read them and agree before they sign. This is another service that your Fort Worth property manager can provide. Check the following lists from FitSmallBusiness for ideas of what you may need to keep a close, consistent eye on. 

Schedule Regular Inspections

According to SmartMove, there are 4 types of inspections to consider performing on a regular basis to make sure your rental property’s maintenance is up to code and working well. 

  1. Move-in Inspection: This walk-through inspection is typically done with the tenant. This provides an opportunity for the tenant to identify any concerns and for the landlord to document the condition of the property when it was turned over.
  2. Routine Inspection: Landlords should schedule regular inspections of the property with the tenant, ideally on a quarterly basis. A landlord should provide prior notification before entering the property; often the terms of the lease will specify the particulars regarding these visits, or local law will. This is an opportunity for the landlord to identify maintenance issues or for the tenant to discuss any problems such as that leaky faucet.
  3. Drive-by Inspection: Routinely stopping by the unit to observe its outside condition can help spot issues such as the unauthorized presence of a pet.
  4. Move-out Inspection: As the name implies, this inspection comes when the tenant moves out. This inspection is not only the time to identify any damage a tenant may have caused but for the landlord to note what normal wear-and-tear repairs or maintenance issues may need to be addressed before the unit is rented out again.”

Keep Tenants Happy 

Another key way to lessen maintenance costs is to make sure that your high quality tenants are happy. You want them to stay if they are paying rent on time and taking good care of your property and the longer they stay, the less you’ll have to worry about costly rental property maintenance expenses or vacancies that delay cash flow. Keep your tenants happy by being proactive in preventative maintenance, responding quickly to things that need your attention, and communicating effectively with your tenants. You can be proactive by scheduling regular property inspections, performing seasonal maintenance, and making sure the home complies with code requirements. Specialized Fort Worth Property Managers takes care of all of these things for you, including communicating with your tenant and responding quickly to maintenance requests through a 24/7 live hotline. We make every effort to keep your tenants happy and save you money. 

Choose Specialized Property Management

Join the thousands of satisfied property management owners who trust the experts at Specialized Property Management in Fort Worth. While it is possible to maintain your properties all on your own, it is much easier and cost effective to let the experts handle it for you. Our team of Fort Worth property managers is already completely prepared for any and all maintenance related issues and they know how to make rental properties look and perform their best. When you own rental properties and try to do it all on your own, you are risking your business’s financial security. 

A great property management company on which you can rely is easily the best thing you can have when you invest in real estate. As you begin your research, you’ll see that there are many options out there. Depend on Specialized Property Management, who offer all of the rental property maintenance services described above and have a 98% customer satisfaction rate. We can help you with any rental property ownership task. We’re confident that we can help you decrease the stress in your life, save time and money, and increase your passive income. We offer a free market assessment when you choose to work with Specialized Property Management. Put our experienced team of experts and process to the test today! Contact Specialized Property Management today and learn how to get started. 

Real Estate Agents Benefit From Fort Worth Property Managers

Real estate agents help their clients buy and sell homes which means rental properties aren’t usually on their radar. They also know about property trends and home values in various markets and when a certain area’s market is going up or down. For some homeowners, a market that is turning down means renting out their home for a period of time instead of selling right away, which puts real estate agents in a tough position. Sometimes real estate agents will even be asked to manage the property for a period of time. This could mean increased income for real estate agents, but it also means added responsibility in property management-an area that many real estate agents aren’t familiar with. 

When real estate agents partner with property managers in Fort Worth, everyone benefits. Property managers can take over the management and maintenance of the rental property while helping real estate agents earn that extra income. Discover how working with Specialized Fort Worth Property Management can increase your bottom line and decrease your management workload. 

Work With Property Management

Homeowners who weren’t initially planning on renting out their property can easily feel overwhelmed by the idea of maintaining a property, communicating with tenants, complying with regulations, and everything else that property managers in Fort Worth take care of on a daily basis. They may turn to you, their real estate agent, for help-but property management’s not really part of your job description. That’s why Specialized Fort Worth Property Management is so important. 

Our team of experienced professionals make the renting process stress-free. We can take care of everything for you and report on a regular basis whether your client is planning on living close by or moving out-of-state. As trusted property managers in Fort Worth, our team  ensures that every property is secure and well taken care of. All you have to do is tell your client about us. By registering for our realtor referral program, you can earn extra income without the daily workload and liability that comes with managing a property. 

Save Money

Another benefit of relying on Specialized Fort Worth Property Management is that we can help you cut costs. Rental properties often require costs such as advertising, proper tenant screening, getting the home rent-ready, making sure the property complies with codes and regulations, and more. Rather than let that overwhelm you, trust experienced property managers in Fort Worth to make sure you save as much money as possible. We use trusted maintenance vendors, proven advertising techniques and screening processes, and we stay on top of federal and local rental regulations. You can rest assured that trusting us is saving you and your client from a variety of unnecessary expenses.  

Legal Expertise

You don’t have to be a lawyer to know every single law that relates to rental property, but you do have to spend a lot of time studying, staying current, and making sure that you comply with the local and federal rental laws. One wrong move, even if it’s unintentional could cost your client a lot of money. Tenant-landlord laws are complicated and the ins and outs of a lease agreement can be overwhelming. Rather than risk making a mistake and paying for it, trust Specialized Property Managers in Fort Worth. It’s our job to know all of the laws, renter’s rights and guidelines, and codes to help you comply with them. 

Our Services

We’ve mentioned some of what we do at Specialized Property Management, but the list goes on. We understand that it can be difficult to find high quality property managers in Fort Worth, but we pride ourselves on our 98% customer satisfaction rate and our superior service is what sets us apart. When you trust us to help you manage your client’s property, we will provide the following services in an efficient, effective, and professional manner. 

  • INSPECTING: Our team ensures the rental unit is “rent-ready” with curb appeal, making recommendations where necessary.  We also conduct mid-lease inspections to ensure lease compliance and care of the property.
  • MARKETING: We aggressively advertise your client’s rental property across dozens of websites, post an eye-catching sign on the property, and post the vacancy to our high-traffic rentals listing and Youtube channels.
  • SHOWINGS: We prepare and post quality video tours of the property and take care of live showings.
  • SCREENING: We conduct rigorous background checks on all prospective tenants 18 years and older to place the most reliable tenants.
  • SIGNING: We prepare and execute all leasing documents in accordance with Leases & Addenda promulgated by the Texas Association of Realtors.  We secure rents and place deposit funds into escrow, and provide a formal new tenant training on how to care for the property.
  • COLLECTING: We enforce the rent collections cycle with a strict, yet respectful, process that helps avoid late payments.  We then quickly deposit rent funds to your account electronically.
  • MAINTAINING: We respond quickly to tenant needs and emergencies, handling repair requests with our cost-effective team of qualified, insured maintenance professionals.  We also conduct periodic proactive interior and exterior inspections and preventative maintenance.
  • RENEWING: We actively work to retain tenants longer with excellent service and perks like our Resident Club.  As we proactively renew leases, we help you avoid costly turnover.
  • MOVING: When the tenant does move on, we process notices, educate the tenant on the process for a smooth transition, conduct the walk through and manage deposit disbursements.
  • REPORTING: In addition to the 24/7 client portal with on-demand, detailed accounting, activity and maintenance reports, we provide detailed monthly reports and year-end tax statements. During the leasing process, owners receive weekly updates.

Realtor Referral Program

When real estate agents refer their clients to us, we’ll add them to our list of realtors that we refer our clients to as well. The best part is that with each referral, you have the opportunity to earn extra income. Property investors will rely on your advice and experience in finding the best property deals because you are an expert in market trends. As you help your clients, remember that they have a lot of demanding property management responsibilities ahead and take the time to tell them about Specialized Property Management and our list of services. 

Rather than try to do the management yourself and take away from your real estate business, let us do what we do best so that you can focus on what you do best. Each time you refer us to your client and they sign a management agreement, we pay you $350 cash. There is no limit on what you can earn and because we are so good at what we do, your name and reputation will be protected. As soon as the property owner is ready to sell and needs a real estate agent, we’ll refer them back to you. If you become one of our recognized partners, we will send other property owners your way when they are ready to sell, helping increase your future business.

The Advantages of Working With Property Managers in Fort Worth

When you team up with Specialized Property Management, you open up a world of opportunity and an entire new market of clients. According to Zillow, there are almost 700 single-family homes for rent in the DFW area. Don’t miss out on the income you could earn when those owners decide to sell. Call us today to learn more about:

  • Landlord services
  • Collecting your referral fee
  • Getting new clients

Specialized Fort Worth Property Management is considered one of the best property management companies in Fort Worth because we have over 30 years of knowledge and experience to help your client’s investment succeed, as well as the technological processes needed to thrive in today’s digital world. In order to avoid any and all mistakes when managing a property, let our team of property managers in Fort Worth be the ones to handle everything. We have proven systems set in place to take care of all of the important aspects of managing your property. 

Call Us Today

“The Specialized Property Management team is a great group of willing workers and try to do the best job possible for everyone they are associated with.”

Nellie L., Owner

We are confident that you won’t regret registering for our real estate agent referral program. We strongly believe that working together benefits everyone involved, including our mutual clients. When you rely on us for your client’s property management needs, you can rest assured that we’ll communicate clearly and professionally with owners and tenants, make sure the property is up to code, take care of maintenance issues efficiently, and more. You’ll no longer have to worry about unnecessary vacancies, high tenant turnover, or local regulations and rental laws when you trust Specialized Property Managers in Fort Worth. Contact us today to learn more about working with us. 

Excellent Rental Property Insurance is Available

Experienced property owners may know that they need rental property insurance, but often have a difficult time finding the adequate and customizable coverage they need. Often, the only rental property insurance available to property owners involves high premiums and limited coverage, especially when they’re trying to find coverage as an independent individual. 

Specialized Property Management is professional property management in Fort Worth that can help. Our 30+ years of experience combined with our position as a well-known property management company will give you access to some of the top insurance policies that you may not have access to as an individual investor. Let us help you find the right insurance policy for your specific property and save you money on unexpected out-of-pocket costs in the future. 

The Importance of Rental Property Insurance

Even if you have homeowners insurance, you will still need rental property insurance, and you’ll need to make sure it’s the right fit for your particular situation. 

According to ValuePenguin, “It depends on how long you intend to lease the property, but in most cases homeowners insurance coverage won’t be an appropriate substitute for rental property insurance. The presence of tenants in a rental property engenders unique risks that won’t be covered by homeowners insurance, particularly if you plan to lease a property for an extended period of time. The type of insurance you need will depend on how often you rent out your home and the duration of your tenants’ stays.”

What Rental Property Insurance Should Cover

The article continues on to explain, “Its coverage includes property damage, liability costs and loss of rental income for landlords renting their property. Whether you are renting your house, a vacation home or an investment property, rental property insurance is an important safeguard against the financial risk associated with tenants living on your property.”

Liability Coverage Amount

The cost of rental property insurance varies and depends on how much coverage you need. The amount of coverage you need will depend on several factors. According to ZACK’s Finance, “Typically, landlord policies cost approximately 25 percent more than homeowners insurance contracts because landlords are exposed to more risks than most homeowners are…The amount of liability coverage you will need to have in your landlord policy is contingent upon the value of the insured property, your net worth, and whether or not your property is mortgaged…”

Our expert team at Specialized Property Management can help you figure out what kind of insurance you need and how much coverage. We’ll make sure that you get the best quality insurance for the best price possible. 

Standard Rental Property Insurance

High quality rental property insurance can be the most difficult to find and negotiate because insurance companies are wary about the long list of unpredictable damage that may occur over time and between varied tenants. In this case, they will only cover the very basic scenarios and leave you to pay for everything else out of pocket. For example, most standard rental property policies won’t cover the following scenarios: 

  • Vandalism/theft
  • Pollution and exhaust, such as carbon monoxide
  • Dog bites on the property
  • Sprinkler water damage
  • Fire caused by lightning
  • Hostile fire/arson liabilities

Better Rental Property Insurance

Thankfully, not all insurance policies are created equally and our expert managers can help you decide what policy you need to cover your rental property. With the help of professional property management in Fort Worth, you’ll have no problem getting adequate coverage at a desirable rate. Specialized Fort Worth Property Management has seen it all over our 30 years of managing thousands of rental properties, including various types of insurance policies. We are very familiar with the best insurers and the top rated insurance plans, designed specifically to cover rental property. 

What We Offer

Our clients enjoy insurance that provides better coverage, lower premiums, and properly managed Fort Worth homes. You can expect the following services from your rental property insurance company: 

  • Excellent Coverage: full combined limit of $1M
  • A+ Rated Carrier and national underwriters
  • Vacancy Coverage
  • A Broad-Form Policy for more protection
  • Replacement Cost 
  • Ordinance and Law: $50K with increased limits possible
  • Sewers and Drains: $25K for backups in all locations
  • Additional Flood and Earthquake Coverage available 
  • 24-Hour Customer Service
  • Simple Billing 

Coverage With Professional Property Management in Fort Worth 

Specialized Fort Worth Property Management offers convenient rental insurance coverage that is consolidated for all of your properties and customized to each property’s individual needs. Our InvestPro Residential policies cover the following: 

  • Texas weather including wind, hail, tornadoes
  • Fire damage from lightning
  • Assault and battery
  • Sprinkler water damage
  • Vandalism and theft 
  • Volcanoes
  • Carbon monoxide, exhaust, and pollution liability

When you trust us to help you with your insurance coverage, you can rest assured that you won’t be left hanging out to dry-wondering how you are going to pay for that unexpected disaster. We will help prepare you for anything and everything and make sure that you, your tenants, and your property are well provided for. 

Our Rental Property Insurance and Management Services

At Specialized Property Management Fort Worth, our team of property management experts are the ones to trust for top-rated rental property insurance. We provide insurance coverage through InvestPro Residential, which offers the option of customization for your specific property’s needs. We also offer a comprehensive list of property management services and insurance coverage options that you can trust. Just some of our management services include: 

  • INSPECTING: Our team ensures the rental unit is “rent-ready” with curb appeal, making recommendations where necessary.  We also conduct mid-lease inspections to ensure lease compliance and care of the property.
  • MARKETING: We aggressively advertise your rental property across dozens of websites, post an eye-catching sign on the property, and post the vacancy to our high-traffic rentals listing and Youtube channels.
  • SHOWINGS: We prepare and post quality video tours of the property and take care of live showings.
  • SCREENING: We conduct rigorous background checks on all prospective tenants 18 years and older to place the most reliable tenants.
  • SIGNING: We prepare and execute all leasing documents in accordance with Leases & Addenda promulgated by the Texas Association of Realtors.  We secure rents and place deposit funds into escrow, and provide a formal new tenant training on how to care for the property.
  • COLLECTING: We enforce the rent collections cycle with a strict, yet respectful, process that helps avoid late payments.  We then quickly deposit rent funds to your account electronically.
  • MAINTAINING: We respond quickly to your tenant needs and emergencies, handling repair requests with our cost-effective team of qualified, insured maintenance professionals.  We also conduct periodic proactive interior and exterior inspections and preventative maintenance.
  • RENEWING: We actively work to retain tenants longer with excellent service and perks like our Resident Club.  As we proactively renew leases, we help you avoid costly turnover.
  • MOVING: When the tenant does move on, we process notices, educate the tenant on the process for a smooth transition, conduct the walk through and manage deposit disbursements.
  • REPORTING: In addition to the 24/7 client portal with on-demand, detailed accounting, activity and maintenance reports, we provide detailed monthly reports and year-end tax statements. During the leasing process, owners receive weekly updates.

Choose Professional Property Management in Fort Worth 

“SPM’s reporting and accountability is excellent. I have been impressed with the courteous, professional and efficient manner in which the affairs of my properties have been conducted. I recommend Specialized as an agent for handling rental properties.”

William M., Owner

Specialized Property Management has been advising property owners all over Fort Worth and helping them manage their properties and rental property insurance effectively and efficiently for over 30 years. With a 98% customer satisfaction rating and a #1 listing out of 270 property managers, you can rest assured that your property will be protected and well taken care of. Our technology-driven processes save you time, money, and stress while making it easy for tenants to pay rent online and access online information. Let us help make your life easier by managing your property for you. Contact us today to learn more about how we can help you select the right insurance policy for your property. 

Specialized Specialized Property Management is not an insurer or an insurance agent and does not engage in the business of insurance.  InvestPro Residential refers to a master liability and property insurance program issued by one or more top-rated insurance carriers under which clients of Specialized Specialized Property Management can be included as insureds.   The InvestPro Residential master policy is brokered by Swingle Collins & Associates, an independent, licensed Texas insurance agency.  Swingle Collins & Associates is the point of contact for all questions concerning the InvestPro Residential master policy.

The information on this website is provided for general informational purposes only and does not include all the terms, coverage, exclusions, limitations or conditions that may be contained in the actual insurance policy. The InvestPro Residential policy itself must be read for those details. A sample policy form can be made available upon request to Swingle Collins & Associates.