How Poor Rental Property Selection Affects Your Profits

rental property management Fort Worth, Fort Worth rental property management

Not all rental homes are created equal. Some are much easier to rent out than others, but how do you choose the right one? Which home will have the shortest vacancy time and bring in a wide variety of eligible applicants? Your rental property management Fort Worth office will have the expertise you need to buy in that specific market, but in the meantime here are a few general ways to pick out the best rental property.

Fort Worth rental property management recommends…

  1. Location, location, location! Where is your property located? Are there good schools, easy access to public transportation, and excellent local amenities? Would YOU want to live there? Safety and amenities are big issues for potential renters.
  2. Municipal regulations make a difference! Managing a property in an area that has heavy regulations can create a significant burden and may not be worth the cost. Check the local regulations before you buy so you know what you are getting into.
  3. HOA rules and fees can be surprising! Don’t be caught off guard by HOA regulations. Some associations even require input on your tenant selection, which could create a delay in renting out your home. Know the rules before you commit to an investment property.
  4. Local rental markets vary! Look for a neighborhood with low vacancy rates, high rent prices, and appreciating home values. Your Specialized Fort Worth rental property management team can help you pull all these statistics.
  5. Buy an attractive home! Stay away from weird layouts, busy streets, and older or smaller homes. Long term, single-family rental homes are easier to rent out if they have 3 or more bedrooms, are over 1000 sq. ft., and have fenced-in yards. Maintenance will be easier and cheaper if the home is less than 15 years old.

Specialized’s Rental Property Management: Fort Worth Experts in Property Selection

When you are ready to purchase an investment property make sure you consult the experts in property selection. With almost 30 years of experience Specialized has what it takes to make your investment a success. Call us today to learn about all the services we offer!

Fort Worth Property Managers Share Tips on Selecting Rental Properties

 

Fort Worth Property Managers Share Tips on Selecting Rental Properties

You have decided to purchase a rental property. Congratulations! Rental property can be a great long term investment. But how can you be sure your investment pays off? One of the most important things you can do is buy a GOOD rental property. But how do you find a good rental property? Here are a few pointers from the property management company Fort Worth landlords have trusted for almost 30 years, Specialized.

 

Location, Location, Location! —  Location is key when you are buying rental property! You need to make sure your rental home is in an area with low vacancies, high rents, and around homes that are appreciating in value. Poor proximity to good schools, transportation, and shopping can also be a dealbreaker for many potential tenants. Finally, make sure you know what municipal laws and HOA fees will affect your rental home.

 

Rental Home Details— Does the home you’re looking at have an unusual layout? Is it on a busy street? Is it an older home that may need more maintenance? These are just a few of the reasons you should rethink buying that rental home. Stick to houses that fit the description of homes that are leasing and selling fast in your area. Typically, homes with three or more bedrooms and that are less than 15 years old will be easier to rent and will cost you less maintenance. Experienced Fort Worth property managers can help you find out what kind of home rents quickly in your area.

 

How Fort Worth Property Managers Can Work For You!

When you’re looking to buy and investment property, it is key to hire an expert local property management company. Fort Worth is home to over 800,000 people, and with a population that big you really need someone who knows the ins and outs of the city to help you choose the best possible home to buy. Call Specialized in Fort Worth today to speak to us about all our rental property management services!

Five Ways to Select the Best Rental Property in Fort Worth

Fort Worth property managers

Property Management Tips for Buying an Investment Property

Investing in real estate is smart. Investing in the right real estate, however, is even smarter. So start with a property management mindset. From our 30 years of experience in Fort Worth, property management perspective in the buying process is crucial to determine how long your rental stays vacant as well as the quantity and quality of tenant applications you receive. In short, your decisions today determines how you will manage your property tomorrow.

Applying the property management perspective is simple to remember when compared to the nursery rhyme This Little Piggy. After all, your investment could be a perfect piggy bank for you if you purchase the right one. “This little piggy…”

“Went to Market”

Not the grocery store. Think real estate market. Not all markets are created equal – some have lower vacancy rates, higher rents, and appreciating values. Talk to an expert at Specialized for help identifying the best property choices in Fort Worth. Property managers who live and breathe this information every day are best poised to point you in the right direction.

“Stayed Home”

Remember, this is someone’s future home. Is this a place where you would want to stay? More families are seeking to rent long term. So say yes to single family dwellings less than 15 years old with rent below $1700/month, 3+ bedrooms, 2+ baths, fenced yard, and a standard layout.

“Had Roast Beef”

How close is your rental property to shopping, dining, schools, and other amenities? That’s the meat of real estate location. If you’re looking to purchase in Fort Worth, property managers who have seen the effect of these dynamics on of different housing locations will be the best advisors.

“Had None”

No city ordinances and regulations for landlords, minimal municipal regulations, and zero HOA rules and codes would be ideal, but it’s not practical. Just be aware of these potential costs and know that they vary. Do the math – or call Specialized to do it for you – to save long term.

“Went All the Way Home”

This little pig was obviously happy to be headed home because your rental property is so nice, but how did it get there? Mother Goose never tells us. It could have been public transportation, which is on the rise. A property close to rail or bus lines is always a plus.
Specialized has been around almost as long as Mother Goose. We know the rental market like she knew nursery rhymes. Call us before you purchase. We will help you select the best piggy bank property for your buck.

Buying Rental Property in Plano

property managers Plano

Adding a rental property to your portfolio can be a stable income decision with decent returns. You need to consider your goals for your property and make wise decisions to avoid costly mistakes and create a circumstance that fits your needs just like you would with any investment. If you are interested in investment property and property management, Dallas and its surrounding areas are a good place to start your rental portfolio.

Texas is a Great Place to Invest

When the housing market crashed, some states were hit much harder than others. Texas felt the economic crash like the rest of the country, but just not as bad. And the recovery in Texas has been faster. New jobs and commercial growth are excellent in the Lone Star State. Businesses and people continue to choose to move to Texas. Housing prices are going up, but still are lower than other places around the country. So, you have a large pool of potential tenants waiting to look for comfortable, affordable housing, and you have the property that fit your portfolio ready for your investment. Consider your investment goals, then start looking for the right opportunity.

What to Consider in a Rental Home

Real estate gurus always talk about location, location, location. Location is certainly important, but with rental property, you have other factors that add to the success of your investment venture. Be sure you look at multiple aspects of rental property before you make your final purchasing decision. Consider:

    • Age of the home— Newer homes lease faster. Homes 10 years and newer are your best investment choices.
    • Property size— Tenants appreciate adequate storage space a more traditional floor plan. A rental home doesn’t need to be a mansion, but having enough bedrooms and bathrooms will make a difference in your leasing process. 2,000 sq. ft. is a manageable size that remains cost effective for the investor.
    • Possible rent rate— Even the nicest property in a not so safe neighborhood won’t support a higher rent. Choose the location and the quality of the property together that will then support the rent you desire to ask.

For Property Managers, Plano is the Place

Plano is the ninth largest community in Texas. It is an ethnically-diverse area with a professional and educated population. With consistent demand for housing in Plano, investors will find the opportunity to lease their property to quality tenants. Properties in the area hold their value and make a great addition to property investment portfolios.
Specialize Specialized offers the most comprehensive property management services in the Dallas area. An investor can trust that their property is well taken care of by expert property managers. Plano is just one of many places in the Dallas-Fort Worth area where we have local experience to help you find your investing success. Put our team to work for you today. www.specializedrpm.com

Knowing Where to Buy Your Rental Property

The old adage of “location, location, location” still stands today. When selecting a good rental property, Fort Worth property managers advise sizing up a few key aspects of the area to determine whether the property is a worthwhile investment.

Get to Know the Locals

Take some time with the people in the area. Property managers in Fort Worth TX will evaluate the quality of surrounding neighborhoods, check for significant numbers of vacancies, and have a pretty good idea of the demographics of future tenets before moving forward with a property purchase. If you’re near a university, your tenets may consist mostly of students. Knowing this can help you evaluate whether or not you would like to manage a property with consistent turnover such as student housing. A property management company in Fort Worth TX will also use government resources when available to look up crime statistics and any other available information on registered offenders and crime history in the area that could help avoid making a poor purchase decision.

Think Like a Renter

After meeting with people from the neighborhood, you should have a better idea about the demographic of your future tenants and what some of their goals might be. If you anticipate renting to families, property managers in Fort Worth know that schools and job opportunities are important to these tenants. Doing a little research on educational and employment options in the area will not only help you know if the location is a worthy investment, it will also help you in future marketing if you choose to purchase the property. Fort Worth property managers know stable companies and quality schools will ensure the area does not lose its property value over time.

Go in with Your Eyes Wide Open

In the end, a property is never an investment if it does not turn the necessary profits. A property management company in Fort Worth TX might face varying property taxes. Know your long-term tax costs to better evaluate your somewhat predictable cost-profit ratios. Taxes can bleed you dry if you are not careful in understanding up front what is expected of your building type in that city. Each city can also have individual limitations on building permits or future development permits. Doing this research before you purchase the property will ensure you don’t find yourself stuck with a headache later.
Location, location, location. It will either make you or cost you money.