Myths vs. Facts About Property Management in Fort Worth

People tend to assume a lot of things about the realities of owning a rental property, especially when they first get started. There’s a learning curve that may surprise those who are new to owning property. They soon realize that managing their property, finding reliable tenants, collecting rent, keeping up with maintenance, and staying in line with legal and financial obligations is incredibly time consuming and more than they bargained for initially. Then they start considering property management in Fort Worth, but they have a hard time finding a really good company they can trust. Bigger Pockets, a Real Estate Investment website, talks about the dirty truth about property management only experience will teach you, and how to know what to look for in a property manager. After you read the following six commonly believed myths and the real truth behind them, you’ll know what to expect and if hiring a property manager is something that you should do to save you time, trouble, worry, and money. 

Myth: Leasing Rental Properties is Easy

Fact: Property owners invest in real estate because they know it’s a smart way to make money. Unfortunately, they also tend to think that there’s not much work involved. Put a sign in the yard, post the home to Craig’s list, and the honest, reliable tenants will come running. That is a total myth. The truth is, the majority of homes stay vacant for an average of 52 days, and it can be even longer than that if your home is priced too high or isn’t ready to rent. Paying the mortgage on a vacant home is definitely not what you wanted to have happen. It’s crucial that you price your home well, update it so that it’s ready for move-in, and market it to your ideal tenant. Specialized Property Management in Fort Worth can lease your home for you and has leased most homes within 30 days of being on the market. We’ll perform background checks and debt-to-income ratio analyses on potential tenants to make sure they are reliable and trustworthy. We’ll also perform a property assessment, market the home on over 90+ sites, conduct all showings, sign the lease contract with the tenant, and collect the rent. The fee you pay us is well worth it when you consider the cost of an extensive vacancy and the value of your time. 

Myth: You Should Save Money and go With the Cheapest Property Management Company

Fact: People think that all property management companies in Fort Worth offer the same services. This just simply isn’t true. Smaller fees usually mean fewer services and guarantees, or poor customer service. Most property management companies require a group of people to multi-task and complete all the tasks for all of the properties. This means that everyone in the group must be knowledgeable about all aspects of marketing, leasing, maintenance, evictions, accounting, inspections, and legal obligations. With a group of people multi-tasking on your property, you may end up with someone who knows what they’re doing, or the new guy who is still learning. There is no guarantee, but either way, they won’t be able to keep up with the best practices or give you the specialized attention your property needs. Specialized Property Management in Fort Worth uses a team of specialists who all have years of experience and are up-to-date on the latest protocols in every area. This means you’ll receive the best possible service and outcome in every situation and won’t be left wondering why nobody knew what to do. 

Myth: It’s a Quick and Easy Process to Find a Tenant That Will Pay on Time and Take Care of My Home

Fact: This belief is very common and property owners tend to think that if a tenant doesn’t work out, they will be able to easily and quickly find a replacement. This is false. Placing the wrong tenant will cost you 4-6 times the monthly rent rate. If you don’t know how to identify falsified documents or be aware of red flags from tenants while you’re interviewing them, you could easily be stuck with a tenant who doesn’t pay their rent on time, or at all, damages your property in some way, or moves out without notice, leaving you in a bind. Specialized Property Management Company Fort Worth protects you and your wallet from having to go through any of this by heavily screening future tenants and making sure that their credit scores and documentation are real, that they’ll be reliable, and that they’ll pay their rent on time. If we weren’t there at the time you placed a less than ideal tenant and anything goes wrong, we can enforce rent collection and take care of the eviction process, but we can’t help you avoid the associated costs. The following example gives you an estimated cost breakdown of placing the wrong tenant:

EXAMPLE: $1,000 RENTAL

  • Tenant fails to pay for one month $1,500
  • Eviction court fees $500
  • Additional days to evict $750
  • Damage to the home $1,750
  • Re-marketing vacancy time $2,250
  • TOTAL COST $6,750

Myth: I Can Expect a High Enough Rent to Pay for My Costs Because My Home is in Great Shape and in a Good Neighborhood

Fact: So you took the time to update your home and make sure the schools were good and the neighbors were friendly. You should be able to charge enough rent to cover your costs right? Not necessarily. Most property owners discover that they have to lower their rent because the supply of rental homes on the market is greater than the demand and assume they can’t afford property management in Fort Worth. Unfortunately, the real estate market is indifferent to your expenses and “PITI” (Principal, Interest, Taxes, Insurance). In some cases, out of pocket costs are required to cover the expenses of the property owner since rent is not enough. On the bright side, owners can use their property as a tax strategy and/or receive large returns as the home naturally gains value in future years, and property management fees may be tax-deductible expenses from the IRS. Specialized Property Management can help you price your property in the best way so that your property doesn’t sit on the market and so that you can cover as many of your expenses as possible. 

Myth: Handling Maintenance Requests is Simple: Answer the Phone and Send out a Reputable Repair Company

Fact: It’s actually not that simple. Specialized Property Management Company Fort Worth is educated on and has extensive experience with all the property code, local city ordinances, and Federal Landlord Laws that must be followed indicating what must be repaired by landlord vs. tenant. Judges have zero tolerance for property owners who claim ignorance of these laws, so you need to spend a significant amount of time either educating yourself or finding a property management company that knows what they’re doing. The laws have specific instructions for details such as communication between the landlord and tenant, and even what type of technician must perform the repair. If you, as the property owner, don’t take the correct steps to ensure those doing the maintenance on the property have the right licensing and insurance, and the worker does not follow code or gets injured, you are responsible for those costs. 

Myth: Managing a Property Means Just Collecting Rent and Handling Maintenance

Fact: Property owners need to constantly be aware of liabilities involved with owning rental property via their insurance coverage and obligations to the tenant. You can either hire property management in Fort Worth, or you can try to stay up to date on all tenant and landlord laws, property code, Federal Fair Housing Laws, as well as local city ordinances that can change annually. Managing rentals also requires you to be an expert in marketing, real estate contract law, trust and escrow laws, accounting for tax purposes, collection laws, eviction laws, property inspection regulations, and much more. Here’s a guide from The Balance Small Business Blog on some of the additional responsibilities landlords have to their rental property and their tenants. 

Keeping up with all of these things in addition to collecting rent and handling maintenance requires a skilled and experienced team. Let Specialized Property Management Company Fort Worth step in and take out the stress and headaches of being a landlord. Not only do we know what we are doing from years of experience, we are up to date on changing local policies and provide seven specialized guarantees to protect you. Our team of experts takes care of everything in exactly the right way so you no longer have to stress about simple mistakes or not knowing everything there is to know about property code in your area. Few people have the patience, knowledge, or legal understanding to self manage their rental properties successfully. Give us a call and see how we can help you save money and properly take care of your property by doing everything right the first time. 

Moving Out of Your Rental Home in Fort Worth: Tenants Checklist

At Specialized Property Management, we enjoy providing outstanding service to our great tenants, and if it’s time for you to move on, we hope you have enjoyed your stay in one of the properties we manage. We know that moving is often stressful, and you probably have a lot of details and deadlines that you’re paying attention to as you pack and schedule. As you are preparing to move onto your next adventure, we ask you to please follow these guidelines to ensure a smooth transition. When we work together, the move-out process goes a lot more smoothly for tenants, owners, and our property management team. Read more

Property Management: Fort Worth and Dallas are the Best Places to Buy Rental Property

In an analysis of 30 rental markets, Business Insider ranked Dallas as the #1 place to buy a rental property. The Dallas Fort Worth area has become a booming economic center with large businesses, such as Toyota, moving to the area in the near future. With high paying jobs and cultural amenities like museums and theaters, you can be sure Dallas Fort Worth will attract many families who want to rent single-family homes.

Protect Your Investment With Property Management Fort Worth

For investors wanting to buy property in the Dallas Fort Worth area, there has never been a better time. Mortgages are still reasonable, with the median-investment home costing $199,300, and rents around $1,630. Dallas Fort Worth is a great place to purchase an investment home and make a big return, and with professional, experienced property management, Fort Worth landlords can make even more.

With Expert Property Managers, Fort Worth Landlords Win

Owning rental property is all about keeping your costs down. Cash flow is everything, but cutting corners can have consequences. Even though Dallas Fort Worth is a great rental market, landlords can lose big if their property is not run properly. Too often, landlords think owning property in a booming area will be an automatic win. Rental property is a long-term investment, and if it is not managed well, your investment could go south. With experienced property managers, Fort Worth landlords can keep costs down by performing proactive maintenance, placing qualified tenants, and avoiding costly mistakes.

For Property Managers Fort Worth Landlords Trust, Call Specialized

If you own rental property in the Fort Worth area, call Specialized Property Management. We have been in the business for almost 30 years helping landlords make the best return on their investment. Our property management team has the experience and professionalism you need to make the most out of this booming rental market. Real estate is a long-term investment, and with Specialized you can be sure your investment is stable for years to come. Call Specialized today to learn more about all our services.

Why Do Fort Worth Landlords Choose Specialized?

From the one-man operation to the local mom-and-pop property managers, Fort Worth landlords have a lot of choices when it comes to who manages their rental properties. So why should you choose Specialized? On the surface, it looks like we offer the same thing as the competition, but in reality that isn’t true. Let us show you a few reasons we’re an industry leading property management company.

Our Property Managers Get the Job Done

We are the property management Fort Worth landlords have trusted for almost 30 years because we have the experience and local expertise to help you get the best return on your investment. Unlike the smaller operations our office has the staff, technology, and resources to turn your investment into a success. It shows in our results. Our property managers are known for:

  • Shorter vacancies
  • Better qualified tenants
  • Lower eviction rates
  • Quality, cost effective maintenance
  • Fewer costly mistakes

With all these great results, it is no wonder we are an industry leader with thousands of properties nationwide!

The Property Management Fort Worth Landlords Choose to Save Money

Discount property management offices often end up costing landlords more than they realize. You may pay less in monthly fees, but, in the end, you pay more because of mistakes, mismanagement, and simple lack of experience. Specialized is technology driven and run like a business, because that is exactly what it is. Part of getting the best return on your investment is minimizing mistakes and streamlining processes. With our combination of local, experienced professionals, and proven processes, you know you’re getting the best in the business. So don’t wait, call us today to hear about all the services we offer!

HOW TO AVOID COMMON PROPERTY MANAGEMENT MISTAKES

Many investors assume owning rental property will be an easy, relatively hands-off investment. They don’t realize the complexity and risks associated with owning a rental home. That’s why Specialized, the property management Fort Worth owners have trusted for over 30 years, have put together this list of common property mistakes you can avoid.

AVOID THESE MISTAKES

Why should you hire property managers? Fort Worth landlords know that these mistakes can be costly and hire experienced, professional property managers to help them and protect their investment.

  1. When You Are Getting Your Property Rented: too many vacancy days, poor property selection, bad marketing strategy, and inadequate property preparation all lead to your losing money as a rental property owner.  Specialized Fort Worth will help you choose and prepare a property so that it won’t sit with an unwanted vacancy.
  2. Your Tenant Interactions: Lax tenant qualifications, negative interactions, high turnover, and inadequate rent processes contribute to a bad relationship with your tenants. Poor tenant relationships will not only give you a bad reputation as a property owner but also mean tenants aren’t likely to stay once their lease is up. Your Specialized Team will handle all the tenant interactions and make sure a qualified tenant is always occupying your property.
  3. Property Owner Issues: Violations, neglecting inspections, insufficient maintenance, and cash flow problems are all behind the scenes issues that many property owners don’t think about when they first purchase an investment property. When you hire the property management Fort Worth landlords trust, you know these issues will all be taken care of by experienced professionals. You can rest easy knowing your property and your tenants are being cared for by the industry leading management team.

SPECIALIZED Specialized: PROPERTY MANAGERS FORT WORTH LANDLORDS TRUST

Avoid these common rental property mistakes by hiring the right property management. Fort Worth landlords have trusted Specialized for over 30 years because they know we take care of everything concerning your rental home so you can sit back and relax. Specialized is the partner you need to improve the cash flow, efficiency, and stability of your investment properties. Call us today to learn more about our property management services.