Reducing Vacancies in Your Fort Worth Rental Property

With a vacant Fort Worth rental property, you’re hurting your return on investment (ROI). A vacancy costs you rental income that you’ll never be able to earn back. Not only is a vacancy expensive, it also puts your property at risk. Without a tenant in place, you can’t be sure that everything is working. A leak that’s left unnoticed for a month can turn into a disaster.

When you do find yourself with a vacancy, you should use the time to make any necessary repairs and cosmetic upgrades. Most turnovers between tenants can take a few days, especially if the property is well-maintained. Avoid longer vacancies, and if you really want to keep your property rented, consider working with an experienced Fort Worth property manager.

There are a few things you can do to prevent a long vacancy period. Read more

Real Estate Property Management Company Shares Landlord Tips

At Specialized Property Management Fort Worth our team works hard to make sure your investment is a success. After years as a top real estate property management company, we specialize in keeping your property running smoothly and efficiently so you can maximize your cash flow. With the proven processes that we have developed over time, we know exactly how to avoid common, and uncommon, mistakes. These mistakes can lead to fines, costly repairs, and even evictions. Below we share with you the top mistakes landlords make, and what you can do to avoid them.

Leasing Delays and Extended Vacancies

One of the fastest ways to lose money in the rental property market is by having an extended vacancy. Not only are you losing out on the rent each month, but you are also still incurring expenses such as taxes and utility costs. Many things can factor into a leasing delay. For example, if your current tenant is still living in the house when a potential tenant is looking at the house, they are less likely to rent it. A lack of curb-appeal is a turn off for many applicants and could mean they decide to rent somewhere “prettier”. Failure to run background checks promptly or get leasing documents signed leads to even more delays. With processes in place and experts on the job, you won’t have to worry about any of these leasing delays or losing money. For more information about how we deal with vacancy days check out this post.

Poor Rental Property Selection

Location, location, location! It may sound cheesy, but this saying holds a lot of truth. Before you even purchase a rental property, you need to select the right one. What amenities does your neighborhood have? Are there good schools and restaurants nearby? If you’re curious how a certain neighborhood stacks up, check out their walk score. You can see how the local schools are rated. Talking to neighborhood residents and property managers will also help you determine the quality of life in an area. Choose a home that has at least 1,500 square feet, three bedrooms, and a good layout. Finally, make sure you compare rentals around the area to find out average rent prices and time on the market. For even more tips on rental property selection read our blog post on the subject.

Property is Not “Rent Ready”

Imagine going to a showing at a potential rental home and seeing broken light fixtures, trash in the yard, and the current tenant’s dirty socks on the floor. Even if the property manager promises repairs will be made and professionals will be called in to clean, the first impression has already been made. Before you put your rental home on the market, your current tenant must move out completely and you must perform any needed repairs. Landlords who skip these steps often end up with longer vacancies because they drive away potential tenants. Show your home only when it is looking its best. Touch up paint, fix anything broken, have professionals give the home a deep clean, and you will reap the benefits of patience. Read here to find out exactly how we work to make your property rent-ready.

Inadequate Tenant Qualification

How do you know you are getting a reliable tenant? It all starts with strict tenant qualification standards. Some Fort Worth rental management companies decide to skip this step or only require a credit check. But even if a tenant’s credit is good, their income may not adequately cover the rent, they may have a criminal record, or they have a previous eviction. At Specialized Property Management Fort Worth we know that screening tenants thoroughly reduces your risk of late payments, property damage, and eviction, so we make it a priority. For more information about our strict tenant qualifications read here.

Negative Tenant Interaction and High Turnover

As an experienced real estate property management company we know dealing with tenants can often be fraught with emotion. This is especially true when you are renting out a home you used to live in and still love. The truth is most tenants don’t take care of the home with the same level of care an owner would. The frustration, anger, and other feelings you have can easily damage your relationship with your tenant. If a tenant is has a bad experience, they are unlikely to renew their lease, leading to a high turnover rate. In the most extreme cases, negative interactions ensue and can lead to an eviction. To avoid negative tenant interactions, you must first take a step back. Make sure you are treating your investment as a business, realize most tenants don’t upkeep a home as a homeowner would, and be clear and consistent in every interaction. Many homeowners find a third party company like Specialized Property Management Fort Worth is very helpful in avoiding negative interactions. To learn more read this post.

Inadequate Rent Collection

Rent collection processes often feel burdensome, particularly if you are not offering a convenient online payment option. According to a survey by Citigroup, the majority of Americans have paid a bill late. The top reason is not that they did not have the cash, it is simple forgetfulness. Set clear and firm expectations with your tenant when they sign the lease so they know what day to pay rent, when the rent is considered late, what fees will be applied to late payment, and when you will start the eviction process. To make paying rent easier, you should offer automatic online rent payment. Most Fort Worth rental management companies, like Specialized Property Management Fort Worth, offer automatic rent payment so your tenant is never late and your cash flow never slows. Read more about our rent collection process here.

Costly Violations

Rules and regulations abound in the rental property industry. These rules exist for the protection of landlords and tenants alike, but that does not make remembering them easy for landlords, particularly if being a landlord is not your full-time job. Also, some landlords cut corners thinking it will save them money or boost their cash flow but end up paying more in fines and legal fees. Here is a brief list of the many regulations property owners need to follow:

  • Americans with Disabilities Act
  • Texas Fair Housing Law
  • Habitability laws
  • Local smoke detector regulations
  • Trust accounting laws

A real estate property management company has the experience, knowledge, and proven processes to navigate these regulations for you. To learn more about legal risks and how Specialized Property Management Fort Worth can help you avoid them read this post.

Neglecting Inspections and Maintenance

Regular inspections and proactive maintenance are important for the long-term success of your rental property investment. Imagine this scenario: your tenant is half-way through their lease and ready for a mid-lease inspection. You know their AC needs a check up too. However, the inspection and maintenance will cost at least $250 and you decide to save that money and skip the work. A week later your tenant discovers a pipe has been slowly leaking for a few days, causing water damage in the bathroom. Then the AC stops working and the repair person states that the build-up from not cleaning the ducts has turned into an expensive problem. Now instead of $250, you are looking at $2500 in repairs. You see how a small upfront cost can turn into big savings down the road. For information about what to expect from a property inspection read this post.

Self-Management to Save Money

Often property owners will decide to self-manage so that they can save money. This is a great idea in a perfect world. But, unfortunately, we don’t live in a perfect world. If you look at a cost breakdown, most property owners end up saving money when they hire an experienced real estate property management company. Here are just a few ways Specialized Property Management Fort Worth can save you money:

  • Local experts will guide you to the right property and price it appropriately.
  • Experienced property managers handle tenant interactions for a lower turnover rate.
  • Our team will help you avoid costly management mistakes.

Fort Worth rental management companies are not all the same. Specialized Property Management Fort Worth has experienced property managers who can make your investment a success. For a free rental consultation call Specialized Property Management Fort Worth today.

Positive Cash Flow and Fort Worth Rental Property Management

How can you stay afloat as a landlord when a big expense comes your way? If the AC goes out at your property, it could cost $5,000 to replace. If a tenant stops paying their rent, you will lose several months worth of rental income, plus the legal fees it takes to evict them. No one knows when an emergency will happen, but if you are prepared and have positive cash flow on your rental property, you can make it through any emergency that comes your way.

What is Positive Cash Flow?

Cash flow is simply what you bring in on your rental income minus any costs your property incurs. If your tenant pays $2000 each month in rent and you take out $1500 to pay your mortgage, taxes, maintenance, and any other associated costs, your positive cash flow is $500. When you have positive cash flow you are not only making a larger income; you can be better prepared for emergencies. Your Fort Worth rental property management team can help you figure out the exact numbers for your situation.

How Can You Increase Your Cash Flow?

There are a few key ways you can increase your cash flow.

    1. Tenant qualifications: highly qualified tenants are more likely to keep up with rent payments and take care of the home.
    2. Market rent rates: are you charging enough for rent? Look around your neighborhood to compare what other rentals cost and see if your rental is priced correctly.
    3. Proactive maintenance: large ticket maintenance items like new roofs or appliances will hurt your cash flow. Putting the time and effort into regularly maintaining these items will extend their lives and cost you much less in the long run.

How Fort Worth Rental Property Management Can Help Cash Flow

Many landlords think self-managing will save them money and increase their monthly cash flow. What they don’t take into account is are the complexities that come with property management. Specialized Property Management Fort Worth will help your cash flow by reducing vacancy days, setting the right rental price, scheduling maintenance and inspections, and avoiding costly regulatory fines. To learn more call Specialized Property Management Fort Worth today.

New Year’s’ Resolutions for Ft Worth Property Management

Your property can always be improving, and the property management Ft. Worth landlords turn to time and time again is here to help. Try these property management resolutions and discover how a little bit of effort can make a big difference at your rental property.

    1. Small Property Upgrades – Resolve to keep your property looking its best inside and out! Things like curb appeal or an upgraded bathroom require minimal effort but pay off big time when potential tenants see your home.
    2. Stay on Top of Maintenance – Being proactive when it comes to maintenance issues like changing air filters will improve the life and performance of your home’s systems. A small upfront cost can save you thousands in the long term.
    3. Respond Quickly to Tenants – When your tenants have issues, no matter if they are large or small, the best thing you can do as a landlord is to respond quickly. You can lower tenant turnover rates when you respond quickly to tenant requests.
    4. Communicate Clearly With Tenants – As any good Ft Worth property management company can tell you, communication with your tenants is key. Set clear expectations for how the property should be cared for, whose job it is to do certain maintenance jobs, and when you will perform regular maintenance and inspections. 

How a Ft Worth Property Management Company Can Help You Stick to Your Resolutions

If sticking to all your property management resolutions feels like a full-time job, that’s because it is. Owning rental property is a great investment, but if you are inefficient, don’t take good care of your property, or ignore your tenants, you could start losing money. Specialized Property Management Ft Worth can help you stick to your property management resolutions. Our experienced property managers make your home their priority. When you need help getting your home rented quickly, responding to tenant requests, or anything else in between, you can be sure you’re in good hands with Specialized Property Management Ft Worth.  Call Specialized for more information about how a good property manager can help.

Taking the Emotions Out of Your Investment

Fort Worth residential property management, property managers in Fort Worth

Property managers in Fort Worth know transitioning a house from your personal home to an investment property can take some adjustment. Tenants don’t often treat a rental home with the same care as a homeowner, which is difficult for many homeowners to observe. The truth of the matter is that your home is no longer your home, it is a business investment. Like all business investments, you need to treat your rental home objectively, not emotionally.

How Your Emotions Affect Your Tenants

Negative tenant interactions can arise when landlords feel too emotionally attached to their properties. When a tenant fails to maintain the property to the landlord’s standards it can cause tensions. The landlord may feel angry or wronged. These emotions are often what lead to negative interactions and tenants deciding to leave when their lease ends. Treating your property like a business venture is something your Fort Worth residential property management company can help with.

Tips From Property Managers In Fort Worth

If you are having trouble separating your feelings from your new business venture, we are here to help. First, you need to see yourself as a business owner instead of a homeowner. Second, understand that normal wear and tear happens to every home and details you may have personally kept up (such as landscaping) may not be important to the next residents. Don’t expect everything to be kept up exactly the same as when you lived there. Finally, if you plan to move back into the home in the future be sure you don’t let that cloud your judgement. Your investment needs to be treated as such until the day you move back in.

An experienced and professional Fort Worth residential property management company like Specialized can help you with this difficult transition. The better interactions you or your property managers have with your tenants the more likely those tenants are to take care of your home and stay for an extended period of time. Call us today to learn about all the services we offer.

Ft Worth Property Management: Tips for Landlords

https://www.youtube.com/watch?v=2IXXHUUevwI&feature=youtu.be

How do you make sure your property is earning you money instead of costing you money? Owning rental property isn’t as simple as leasing your property and collecting rent checks. Marketing your home, screening tenants, regular maintenance, and dealing with legal issues are just a few of the problems that will arise when you own investment property. Your investment can quickly take your time and money if you aren’t smart about how you manage it.

PROBLEMS WITH YOUR RENTAL

Even the most seasoned, careful landlords encounter issues now and then. The key to success is how you deal with those problems to keep your costs down and your rent coming in. Do you know how to deal with problem tenants or late payments? What about lease violations, complaints from neighbors, or code violations? Despite careful tenant screening, many landlords also deal with evictions, vandalism, criminal activity, accidents, and even lawsuits. The fact is, many of these issues have nothing to do with your property and everything to do with the personal lives of your tenants. People are unpredictable, and stuff breaks. Your Specialized Team is here to help you with all of these unfortunate situations.

HOW CAN FORT WORTH RESIDENTIAL PROPERTY MANAGEMENT HELP?

The biggest cost landlords encounter is property vacancy. There are three ways to control vacancy costs.

  1. Make your property rent-ready: Complete needed repairs, so your property is able to compete for good tenants.
  2. Budget for maintenance: Don’t be surprised by the regular maintenance costs your home incurs. Be sure to budget at least one and a half months worth of rent per year for maintenance costs.
  3. Respond quickly to maintenance requests: Being responsive to your tenant’s requests will impact how long your tenant will stay. If you fail to fix problems quickly, tenants will look start looking for somewhere else to live, and you will have to deal with the turnover costs.

Specialized is a leading Ft. Worth property management company because we have the experience and resources to help you manage the day-to-day realities of owning investment property. We will help you control vacancy costs to turn your rental into an investment success. Give us a call today to hear about all our services.

How Property Managers, Fort Worth, TX, Avoid Extended Vacancies

property managers Fort Worth

Avoid Rent Losses with Faster Leasing

When you hear crickets chirping at your empty rental property, it likely means your bottom line is dropping as is your confidence that your asset will turn a profit. Thanks to 30 years of service as Texas rental property managers, Fort Worth and in the surrounding area, we know how to keep tenants in your unit and money in your wallet. Our Specialized strategy focuses on three phases.

Prep and Price

First, we act quickly to prepare your home for leasing. Our checklist includes tasks such as key replacement, lockbox installation, and improvements needed to help your property rent faster. Secondly, we will determine an accurately rental price for your property. Our expert management team understands the local market and can help you find the perfect balance between competing and creating profit.

Cast a Wide Net

Just as a great photo requires a great subject, a worry-free property management requires excellent tenants. So it’s crucial to search carefully for them. Specialized offers clients a proprietary leasing process that advertises aggressively on the most popular rental sites. Then right on cue for our experienced property managers, Ft. Worth rental inquiries are treated seriously and are quickly responded to with actual property showings or online virtual tours. The more snapshots you take, the more likely you will find that winning shot and practically perfect tenant.

Sort Seriously

Screen. Screen. Screen. Our expedited, thorough background checks of every potential tenant over the age of 18 should help you find the quality tenants you want in your home. We cover criminal, credit, employment, and rental history. We take the task of screening tenant applications seriously because well-screened tenants stay longer and reduce costly turnovers.

The end. Or more accurately, our proven leasing process is the beginning of shorter vacancies, more reliable tenants, and longer lease terms. It’s a process that takes time, which is why we are here as your personal, experienced property managers. Fort Worth homeowners have trusted our experience for over thirty years to manage the rental cycle from start to finish, over and over again. All you have to remember is the password to your info-packed online owner portal where you will receive regular, clear communication and updates about your property without the time-consuming headache of self-management.

Cut the cricket soundtrack and pump up your peace of mind regarding your property by contacting your team at Specialized. We are eager to explain our ten-step process to faster leasing. Based on our 98% customer satisfaction rating, we know that our proven methods will maximize your profit and minimize your risk. If you like the sound of that, let’s talk. Call Specialized today.

Landlord-Tenant Tips for Successful Property Management in Fort Worth, TX

property management in Fort Worth

We live in a competitive world looking for instant gratification. If a tenant does not feel fully satisfied with the service we provide, he or she will quickly move on. Good customer service is the best way to keep tenants happy and turnover low. Property management in Fort Worth, TX should focus on tenant satisfaction by following these simple pointers:

1. Provide several paths for filing complaints

For a tenant to file a complaint they’ve experienced dissatisfaction with one or more aspects of their experience in your rental property. If the process for filing that complaint is also frustrating, it will be difficult for you to recover and regain a positive perspective from them of your services. By making the communication process quick and easy, your tenants are more likely to be patient and responsive through the process. A few options to include in terms of complaint registries include:

    • An email address to reach you directly.
    • A non-emergency phone number. Be sure available times for using this number are communicated clearly.
    • An electronic submission form via your website or tenant portal.
    • An emergency 24/7 hotline phone number for urgent needs.

2. Always respond

After receiving a complaint, Fort Worth property managers should respond promptly. A good customer service policy is that all lines of communication should be responded to personally by Fort Worth property managers within one business day. If for whatever reason you are unable to respond quickly, apologize for the delay and assure your tenants that their wellbeing is important to you and that you will resolve their problem quickly.

3. Update Often

Most problems take some time to solve. Giving tenants updates along the way will help them know you haven’t forgotten about their situation and that you are moving toward resolving it. Here’s how an update could work:

    • A tenant files a complaint by sending you an email.
    • You respond to the email within 24 hours to confirm you’ve received it and will start working toward a solution.
    • You hire a contractor to fix the problem, and you schedule a time for the repair. You then inform the tenant about the scheduled time of repair.
    • After the fix, you reach out the tenant again to confirm they are satisfied with the fix and that their concerns are completely resolved.

Make a habit of working with tenants quickly and respectfully when they have a concern. Our Specialized property management in Fort Worth, TX wants to help you keep your tenants happy in your rental home for long-term rental property success. Check out our incredible services at www.specializedrpm.com

Rent Cycle for Fort Worth Property Management

HOMESpecialized is the Fort Worth property management that knows the leasing cycle from rent-ready to lease renewal.

An important first step in that cycle is having your property rent-ready. Understanding what it means to have your property ready to show and move in can significantly reduce the number of vacancy days your property has. Property management in Fort Worth TX that takes the steps to prepare a rental property before it is ever shown to prospective tenants or even advertised will have greater rental success.

When a unit is vacant immediately make sure you have the property re-keyed. This is often a legal requirement in many places. It is a important safety precaution for you and your prospective tenants. Install a lock box for the convenience of future showings with leasing agents.

Now is a great time to take care of any repairs and remodels. But make sure that all cleanup is done before showing a home. Always remember safety and take care of any broken windows, mold, broken locks, exposed wires. The safety of your tenants should always be a priority to Fort Worth property management and should be taken care of long before someone is moving in.

Before you set that rent rate, Specialized can do a rent market analysis to determine the best rental rate for your specific location and unit.

When your home is professionally cleaned and all appliances checked and in working order, you are getting closer to being rent-ready. Keep utilities on so prospective tenants can really see what the property looks like in any weather and any time of day.  

Finally, take a good look at your property from the curb. Does it have that curbside appeal that will give the positive first impression you want. Just a little initial effort will make a big difference towards your leasing your property quickly and ensuring your investment is giving you a return.

Even a Landlord Needs a Vacation

Just because your tenants rely on you daily to ensure the maintenance of the properties they are renting does not mean that you never get another vacation from your 24/7 job. A bit of careful planning will ensure that you get the vacation you want while you tenants continue to get the care that they need. Arlington property management helps landlords seeming to run one-person businesses find relief and time off. Following a few steps with an Arlington management company gets you on the right path to help you prepare for vacation success.

 Clear the Schedule

While a landlord’s duties are never truly over, wrapping up all pressing large tasks before taking off will create a window of downtime that makes for a more relaxing time off. Whether it is a large remodeling job or transitioning your unit from one season to the next, Arlington managers mark off these large jobs so tenants do not get frustrated with lingering projects while the landlord is away. Just as it is important to schedule regular property inspection, you can schedule your vacation time opposite those inspections. When you have something on the calendar, you are more likely to prepare and make time for that personal appointment.

  Choose the Right Time 

The responsibilities of a landlord naturally ebb and flow throughout the year. Try to schedule time off around the natural lulls to be the least disruptive. Leaving after Arlington property management has collected rent that month and during a month in between spring and fall maintenance or not by a holiday will prove to be less stressful both during and after your vacation. Sometimes the off season for other vacationers is the perfect time for you.

 Finalize a Temporary Replacement 

Whether you have one or many rental units, consider hiring an Arlington management company. Arlington managers can offer real peace of mind for both a landlord and a tenant as they fill the gap during the downtime. Choosing a trusted replacement will help you keep up on tasks while you are gone so you have less to worry about when you return from your vacation as well. Always let tenants know of the replacement services and direct all concerns to the Arlington property management during your designated vacation period. Avoid giving your person contact information or details about your vacation location to tenants. Emphasize the importance of working through the temporary replacement first for all needs. Then enjoy some earned R&R.