Getting into the real estate business seems like an easy and fast way to make money to most people, but with real estate, it’s more about the long haul than the quick fix. Many who get into it and don’t know what they’re doing realize that there are many more costs to pay than rents to collect at the start. It takes patience, persistence, and a reputable Fort Worth property management company, like Specialized Property Management to see the most return on your investment in the end. Consider the following things that a property management company can help you with, saving you both time and money when managing your rental property.
Without a good marketing strategy, potential tenants won’t know where to look for housing or to even consider your property. Rather than assume “if you build it, they will come”, it’s crucial to have an advertising plan in place. At Specialized Property Management in Fort Worth, we have access to resources that you don’t, like getting your property listed on several major real estate listings as well as our own available property list. The first thing you want to avoid is a vacancy where you have to pay the rent on your property while waiting for tenants. Specialized has a proven method for decreasing vacancies and earning you more money. We will also walk through your home with you to get it looking “rent ready” by making small repairs, cleaning, and improving curb appeal. With us, you can rest assured that your property won’t be vacant for long.
Finding good tenants isn’t as easy as you think, and these days tenants can find ways to falsify information. If you don’t know the 5 potential tenant red flags as well as the Fair Housing laws and local regulations in Fort Worth, you may find yourself owing costly legal fees for simple mistakes. Trust Fort Worth property management companies like Specialized Property Management to perform tenant background and credit checks for you. We’ll also perform any other applicable checks into your prospective tenants to legally make sure they’re going to be responsible and not cost you more money. We’ll also handle rent collection, create the lease agreement, perform lease signing, and respond to tenant calls and complaints. With our proven tenant selection system, you can rest assured that you’re getting the best tenants and avoiding vacancies as much as possible. With the addition of a tenant and owner portal on our website, you’ll have constant access to information about your home anytime and from anywhere.
“Maintenance is no big deal,” one of the biggest assumptions that new rental property owners make. They usually don’t calculate enough cost for maintenance issues into their budget or factor it into rent payment. On average, maintenance costs for a year equals about one and a half month’s rent. If your home is renting for $1,000 a month, make sure to plan on $1500 in maintenance costs. They also assume that issues will be easy to resolve, but this is rarely the case. If you are not responsive to tenants who have a complaint they will feel unheard and frustrated. Fixing issues quickly and effectively, no matter how often they arise, is crucial to your success as a property owner. With Specialized Property Management in Fort Worth, you won’t have to worry about any of the above. Our customer service is available 24/7, so we always respond promptly and professionally to tenant calls. We also partner with national brands to keep repair costs minimal and keep tenants happy. Additionally, we’ll set up regular walkthroughs and inspections to make sure that your property is being taken care of, the property’s value is increasing, and any small maintenance issues don’t turn into bigger, more expensive ones.
It’s our job as one of the top Fort Worth property management companies to know the ins and outs of local, state, and national codes and safety standards. If you don’t utilize our help, you could be drowning in legal fees for breaking regulations you didn’t even know about. By letting us help you, you’ll be protected from legal fees and lawsuits that could arise, saving you a lot of money in the end. Using other smart strategies for limiting liability as a landlord like good insurance and privacy protection are other areas where we can advise you as well.
Avoiding vacancies isn’t just about advertising and tenant selection. Your relationship with your tenant is also very important. Being responsive to maintenance calls should be your priority, but you should also have clear, professional, and frequent communication with your tenants. When tenants like their landlords and feel heard by them, they will be more likely to continue renewing their lease year after year, increasing your cash flow. Check in with them periodically, making sure they’re happy, asking if repairs are satisfactory, and if they have any concerns. Specialized Property Management in Fort Worth makes the effort to contact tenants frequently for you. Another way to avoid vacancies is to be pro-pet. Many people won’t even consider living in your property if you won’t allow pets. Tenants will want to stay longer if you allow their pet and you can set specific pet policies to ensure that your property is protected.
You want to be available once your tenants are moved in, but before that, when you’re in the advertising phase, you’ll be the first point of contact for people who are interested in renting from you. Calls will start coming in and you’ll need to clear your schedule. Plan on taking the time to show your unit, answer questions, and have lengthy conversations with all the people you meet. If you aren’t available, you risk losing potential tenants and future income. When you hire a Fort Worth property management company, they will be the first point of contact instead of you. You’ll be able to go about your normal schedule and not have to worry about being constantly available, because your property management team is doing it for you and in a way that represents you well.
It’s stressful enough to own a property without having to worry about having perfectly organized documents for everything. Office work in property management can be complicated and time-consuming, consisting of mundane tasks like keeping accurate records, preparing annual reports, accounting, contracting maintenance work, creating budgets, and writing lease agreements. The work will always be there, so being on top of it is really important for the success of your property ownership. Specialized Property Management in Fort Worth can help lower your stress levels by keeping careful records and doing all the office work for you. They’ll help you stay organized which in the end, will save you a significant amount of time, hassle, and money.
Did you know that if your property is in a Homeowners’ Association community, you are required to go to HOA meetings? It’s also advised that property owners take classes that educate about rental laws, tax information, and the daily duties of property managers. Additionally, it’s always a good idea to go to county meetings, property investment courses, and local board meetings, where you’ll learn all about owning a rental property. The nice thing about hiring a Fort Worth property management company is that they already know everything you’ll be learning in these classes, and can help you manage all other landlord responsibilities. At Specialized Property Management, it’s our job to know everything there is to know about rental properties and we can handle the intricacies for you.
Increase Property Value
Owning a property is great but keeping it’s value up or even increasing it is important if you want to continue to make money on it. Some things you can do to increase the value of your home and consequently, charge more for rent, are:
- A fresh coat of paint – this is a simple way to add value to your home without spending a lot of money.
- New carpet or flooring – even if your home is perfectly fine, renters may be easily turned away by stained carpet or cracked floors.
- Updated fixtures – new lighting and kitchen and bathroom fixtures are inexpensive and relatively easy to install. Taking the time to replace outdated items will make a huge difference.
- Energy-efficient appliances – if tenants are paying for utilities, they’ll be more drawn in by energy-efficient items. These things are tax-deductible if you buy them for your rental.
- Curb appeal – make the first impression of your property a good one by adding a few flower beds, making sure the lawn is green, and maybe a tree or two.
Specialized Property Management in Fort Worth can help you with all of the above rental property ownership tasks. After all, with over 30 years of experience, we’ve truly seen it all and know what to expect. We’re educated on all of the ins and outs of managing rentals and can handle everything from maintenance calls to rent collection. If you’re ready to decrease the stress in your life, save time and money, and increase your passive income, contact Specialized Property Management today and learn how to get started.