You’ve probably heard the horror stories of complicated maintenance issues, unruly tenants, and mountains of paperwork that other landlords are dealing with by trying to manage their property on their own. You may be thinking to yourself that you are the exception, and that owning and managing a property by yourself will be easy. Even if you have all the skills and know-how to manage a property on your own, what you save in dollars, you’ll most likely spend in time. Think about what is more important to you – time or money. Most people want their real estate investment to be passive income, which means spending time doing something else, like a full-time job, and leaving the management aspect of owning a rental property up to property management companies in Fort Worth. Because companies like Specialized Property Management are experts in their field, they may end up saving you money in the long run by avoiding common landlord mistakes like the ones below. In the end, you won’t feel like you’re sacrificing your time or your money to be a property owner.
Common Landlord Mistakes to Avoid
- The Learning Curve- The first mistake you can make as a property owner is thinking that you know everything. There is so much to learn and brand new property owners who try to DIY being a landlord usually realize early on that they are way in over their head. If you decide not to hire a property management company, do your best to do sufficient research and ask other successful DIY property managers about their methods.
- Devaluing Your Time- Thinking that managing your property on your own won’t take up a lot of time is foolish. Most properties require regular inspections and maintenance so you’ll want to be realistic about how much time to devote to being a manager and how much to trust property management companies in Fort Worth.
- Poor Property Selection- The property you choose to invest in is very important to the success of your home. Make sure to select the right property by looking at the neighborhood, the average rent for the area, crime rates, local things to do, and more. Try to select a property that is near shopping and schools and on a less busy road. The more you can appeal to families and pet owners the better, because families tend to stay longer in a rental than single tenants on average. More tips for choosing the right property to invest in can be found by asking your property management company in Fort Worth.
- Always Be Available for Showings– Marketing isn’t just about putting your property out there. It’s also about responding quickly to interested individuals. Create easy-to-access video tours and images of your rental house and take advantage of social media as a marketing tool. This maximizes exposure and allows others to view your home online. In our digital world, reach out to potential tenants by listing your property on a variety of popular websites.
- Accurately Price Your Home- Since prices fluctuate, it is important that you understand the current market for your property’s location. Too high of a price will discourage tenants while too low of a price will decrease your bottom line. Specialized Property Management Company in Fort Worth knows exactly where the Fort Worth rental market is at and how to best price your property for you.
- Extended Vacancies and Leasing Delays- Your home should never be sitting on the market for months or vacant for long periods of time. Many property owners don’t realize that there are simple things they can do to get their home rent-ready. Showing your home to prospective tenants before it is “rent-ready” with at least a professional cleaning and rekeyed locks is a huge mistake. They should also be advertising effectively and keeping current tenants happy.
- Poor Tenant Selection– Finding, and keeping, high-quality tenants can be a stressful process, but Specialized Property Management Company in Fort Worth performs thorough credit and background checks to help you avoid tenant trouble in the future and be able to collect rent consistently and on time. Our effective and proven processes make sure you’re getting a responsible tenant who will want to stay for a while. It’s also important to be aware of all the laws and regulations that you need to adhere to, especially in regard to tenant interaction and problems in rent collection. If you or your property management company in Fort Worth aren’t hyper-aware of these laws, it could mean costly fees.
- High Tenant Turnover- Many property owners have high tenant turnover and they don’t know why. It’s important to establish a positive, respectful relationship with your tenants and respond to their needs quickly. Rather than trick them into signing a lease in a property that needs a lot of maintenance or that has loud neighbors, be open and upfront with tenants and create trust. Do your best to make your property attractive and comfortable. They will appreciate your effort and respond by renewing their lease or at least giving you adequate notice before moving out.
- Inefficient Rent Collection- Specialized Property Management Company in Fort Worth knows that collecting rent on time every month is crucial to your success as a property owner. You need to make sure you have an effective rent collection system that is easy for tenants to use. Let them know before they sign the lease what your expectations are for rent and show them how to do it online. The more straightforward the process, the less you’ll have to worry about getting paid.
- Expensive Regulatory Violations- Keeping meticulous records and staying organized is crucial if you want to be a successful property owner. Regulations like the Fair Housing laws, habitability laws, confidentiality laws, The Americans with Disabilities Act, federal and state laws, and municipal codes you need to follow should be familiar to you because you’ve done your research. If you unknowingly break one of these laws, you’ll face costly fines and it won’t be worth the money you saved trying to do everything yourself. That’s why you should trust our team of experts at Specialized Property Management Company in Fort Worth. Our job is to know all the laws and regulations so you don’t fall into any legal nightmares!
- Maintenance Issues- One of the main reasons tenants decide to move out early or not renew their lease is because they are fed up with their landlord not addressing maintenance requests and concerns. Many landlords try to save money by putting off small repairs here and there but then they face huge, expensive repairs down the line. Do your best to respond quickly to tenant requests and conduct routine property inspections where you can apply preventative maintenance and address any small repairs that need to be done.
- Tense Emotions- Owning a property can feel like an emotional investment because of all the time and money you’ve put into it, but in reality, it’s just a business. Remember that tenants need their privacy and should be treated professionally. How they live or act shouldn’t get you upset as long as they are keeping their end of the contract.
The Risks of DIY Property Management
One reason you may want to try DIY property management is that, though it is more than likely the more difficult route, it can be very rewarding—both financially and personally. You’ll develop better relationships with your tenants and can manage the property the way you want. That said, there is significant risk associated with that method and a good property management company in Fort Worth can mitigate those risks pretty easily. You’ll certainly pay for their services, but given all the headache and time they’ll save you, it’s more than worth it. You can still enjoy the rewards of owning a property and how investing in real estate can help you financially, but you won’t have to worry about the responsibility of knowing how to do everything on your own.
The Advantages of Using a Property Management Company in Fort Worth
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 investment succeed, as well as the technological processes needed to succeed in today’s digital world. In order to avoid any and all mistakes as a property owner, let our team of experts at Specialized 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. We’ll communicate clearly and professionally with tenants and make showing properties, screening tenants, and collecting rent a breeze. We’ll also make sure to price your home accurately, market it smartly, and schedule regular maintenance inspections without you ever having to leave your home. You’ll no longer have to worry about unnecessary vacancies, high tenant turnover, or local regulations and rental laws when you trust Specialized Property Management Company in Fort Worth. Contact us today to learn more about what we can offer you.