Tenant Retention Tips by Specialized Rental Property Management Fort Worth

The last words a property manager wants to hear from a great tenant is. “I’m moving out”. When a tenant leaves, not only does it mean no more cash flow, but it also means trying to find a new tenant to take their place and attending to administrative work to get everything in order for the old tenant, as well as the new one – advertising, cleaning, rekeying, maintenance work to get a unit rent-ready, and showing costs. Vacancies are nothing but stress and hassle, so rather than try to plan for them, do what you can to find and keep good tenants who will stay for a long time, helping you avoid vacancies altogether. Specialized Rental Property Management Fort Worth has all the tips you need for finding and keeping the best tenants out there. 

Find Great Tenants

If you want tenants that will stay awhile, you have to make sure that they are worth your while. That means properly screening tenants after meeting them in person as part of the application process. Thorough background checks and credit checks will help you determine how reputable a person is which will be the beginning of a trusting relationship. It’s easy for tenants today to lie about their past or offer cash upfront and then not pay rent later. That’s why it’s important to be aware of tenant red flags you may have forgotten to notice in the past. A professional rental property management in Fort Worth will know exactly what to watch out for. The more questions you ask now, the better you’ll be able to avoid tenant drama and short-term renters. 

Keep Rent Reasonable 

One of the main reasons tenants move out is because they can’t afford above average rent increases. Specialized Rental Property Management Fort Worth consists of a team of local experts who know what the going rate of rent is in your area, and how the value of homes around you are affecting what you should charge your tenants. Annual rent increases are common, but the money you make from consistently increasing rent will not be enough to cover the costs of vacancies and high rental turnover if tenants have to move out. Keep rent close to the area averages and be careful about how much you increase it. Pricing your property accurately can be difficult, but Specialized Fort Worth can help you get it exactly right. 

Respond Quickly to Tenant Requests

It doesn’t take a professional rental property management Fort Worth company to know that communicating well with your tenants is a necessary skill for a property owner. Avoiding vacancies means keeping tenants happy, and the best way to do that is to promptly respond to their requests for repairs and other needs. A general rule of thumb is to respond quickly to tenants within 24 hours at the latest, if you can’t do it sooner. Specialized Fort Worth has a 24-hour call center to help those unwanted emergencies that come at the most inconvenient times. Our long-standing relationships with trusted vendors also ensure fast, proactive maintenance performed by professional people in order to avoid large maintenance problems in the future. This helps tenants feel like they can enjoy their home right now, and helps them see that their rental property management in Fort Worth cares. 

Form Tenant Relationships

Make sure that your tenants don’t just see you as someone to fix their emergency maintenance needs. Touching base regularly in a friendly way helps them see you as a normal person that they feel comfortable around, which in turn, makes them want to stay in your property longer. Make sure that you respect their privacy, but also let them know that you are there for them as a property owner and a friend. It’s also important to give them proper notice and reminders about regular inspections to show your concern for both them and the property. The more you work to improve your relationships with your tenants, the more likely they are to do their part to contribute in positive ways as well. 

Respect Privacy

It may seem silly to give people privacy in a property that you own, but it is your renters’ legal right. They will appreciate you giving them space, and the more they feel like your property is their home, the longer they will want to stay there. Rental property management in Fort Worth like Specialized makes sure to give tenants plenty of advanced warning any time they, or you, need access to their unit. Planning ahead of time, giving specific dates, limited time frames, and friendly reminders of when you will visit allows them to plan accordingly and be ready. Try to limit the number of times you access the unit as much as possible. 

Set Your Property Apart From The Rest

It’s important to give tenants a reason to want to live in your property, and a reason to stay there as well. Some things that Specialized Rental Property Management Fort Worth suggests you do to make your home stand out from the others are: 

  • Have a pet-friendly policy: When you are open to pets, you’ll automatically have more interested tenants who are willing to pay an extra pet deposit or higher rent and are more likely to stay because pet-friendly properties can be difficult to find. 
  • Washer and dryer: Rather than just have washer and dryer hookups, installing a set in your property is an inexpensive way to attract more tenants and keep them there. 
  • Parking: One of the main things tenants look for is off-street parking and investing in laying gravel or pouring a driveway will be worth it. 
  • Online access: Save time and hassle by making it possible for tenants to login to an online portal to pay rent and submit maintenance requests. Specialized Rental Property Management Fort Worth has an online portal for both tenants and property owners to make life easier. 
  • Update fixtures: Light fixtures and faucets can make a huge difference in the feel of a home and they are a quick, inexpensive way to update yours and pique the interest of new tenants without tearing down any walls. 

Shorten Vacancies

No matter how great of a tenant you find or how happy they are, the truth is that sometimes vacancies are completely unavoidable. Try to avoid them as much as possible, but when you can’t, learn how to shorten the length of vacancies by doing the following: 

  1. Be Rent-Ready – Specialized Rental Property Management Fort Worth can help with the rent-ready process by making suggestions for simple updates, landscaping, and amenities. We understand that Fort Worth tenants are looking for a place that is professionally cleaned, re-keyed, and up to date functionally and cosmetically before they view it.
  2. Right Price – When your home is priced too high it will discourage some potential tenants from looking. However, pricing your home too low will hurt your bottom line. Our local property managers will give your home an expert evaluation to find the best price for your rental.
  3. Marketing – An aggressive marketing plan is something Fort Worth property managers strongly recommend. Posting your property on 20-40 websites, using video tours, and posting high-quality images will attract tenants quickly.
  4. Viewing – Most potential tenants want to do a physical walk-through of the property before signing a lease. Specialized Rental Property Management Fort Worth suggests making it easy for tenants to schedule a viewing of the property 24/7.
  5. Extended Leases – If your current lease expires at an inactive time during the rental season, consider extending it so it comes up for rent during the active season.

Why Choose Specialized Rental Property Management in Fort Worth 

At Specialized Property Management Fort Worth, our team of property management experts are the ones to trust for both finding and keeping great tenants. We have been advising property owners all over Fort Worth and helping them manage their rental properties effectively and efficiently for over 30 years. With a 98% customer satisfaction rating and a #1 listing out of 270 property managers, you can rest assured that your property and tenants will be well taken care of. Some of the services we offer are: 

  • No Hidden Fees
  • Faster Leasing 
  • Online Marketing
  • Effective Tenant Screening
  • Financial Peace of Mind
  • 24-Hour Support 
  • Local Expertise
  • Straightforward Communication
  • Cost-Effective Maintenance
  • Online Portal/Rent Collection

Our team at Specialized Rental Property Management Fort Worth lives and works locally, so we know the current real estate rental trends and can help you set the right place, make the correct updates, and communicate successfully with tenants. We also know that keeping tenants happy is a top priority because it’s a win for everyone involved and can help promote your property to future tenants. You can trust us with your property and your tenants because we’ve seen it all and have learned how to adapt with market changes. Our technology-driven processes save you time, money, and stress while making it easy for tenants to pay rent online and access online information. Let us help make your life easier by managing your property for you. When you invest, we will take care of the rest. Contact us today to learn more about how we can help you maintain your beautiful rental property. 

5 Low-Cost Amenities for Happier Tenants in Arlington Property Management

Are you wondering how to make your rental property stand out from others in the neighborhood? For two properties in the same neighborhood that have similar square footage and number of bedrooms, why should a tenant choose your property? Try to put yourself in your tenant’s shoes and think about some amenities that would make a difference.

5 Low-Cost Amenities to Make Your Home Stand Out

  • Pet Policies: Many landlords assume pets are bad for property management. Arlington, TX, pet owners are usually willing to pay an extra pet deposit, and you may be able to charge higher rent than your no pet competitors.
  • Washer and Dryer: Most single-family homes in the Fort Worth area have hook-ups for a washer and dryer. Investing a few hundred dollars in a set will make for a desirable upgrade.
  • Off-Street Parking: Most tenants will not want to park their car on the street all the time. If your rental property doesn’t already have off-street parking, consider laying gravel or pouring a driveway.
  • Online Portal: Your tenants can save time and reduce hassle if they can pay rent and submit maintenance tickets from the comfort of their home. A good Arlington property management company like Specialized Property Management has this option for all properties they manage.
  • Updated Fixtures: Take a look around your home. Are all the fixtures up to date? Changing light fixtures or faucets can make a huge difference in the way a home feels, without having to spend a lot of money renovating.

Property Management Arlington TX Is Easy With Happy Tenants

The easiest way to reduce turnover, vacancies, and evictions is to make sure your tenants are happy. Keep your property well maintained and up to code, and you’re off to a good start. Giving your tenants desirable amenities means they are more likely to stay when the lease ends. You can make things even easier for yourself, and your tenants, when you hire experienced professional Arlington property management. Specialized Property Management has the years of expertise you need to keep costs down and tenants happy. For a free consultation call Specialized Property management today!

How Fort Worth Property Managers can help you Avoid Leasing Delays and Extended Vacancies

Fort Worth property managers, property management company Fort Worth

One of the biggest drains on your cash flow can be leasing delays and extended vacancies. It goes without saying that not having tenants in your home means no rent check coming in. But what can you do to make sure vacancies are as short as possible? Here are some tips from Specialized Fort Worth.

  1. Rent Ready – We can help with the rent-ready process as your property management company. Fort Worth tenants are looking for a place that is professionally cleaned, re-keyed, and up to date functionally and cosmetically before they view it.
  2. Right Price – When your home is priced too high it will dissuade many tenants from looking. However, pricing your home too low will cut your profits. Our local property managers will give your home an expert evaluation to find the best price for your rental.
  3. Marketing – An aggressive marketing plan is something Fort Worth property managers strongly recommend. Posting your property on 20-40 websites, using video tours, and posting high quality images will attract tenants quickly.
  4. Viewing – Most potential tenants want to do a physical walk-through of the property before signing a lease. Your property managers suggest making it easy for tenants to schedule a viewing of the property 24/7.
  5. Screen Applicants – Rigorous applicant screening including credit, background, employment, and rental history will all help you avoid problem tenants and issues down the road.
  6. Extended Leases – If your current lease expires at an inactive time during the rental season, consider extending it so it comes up for rent during the active season.

Keep Your Tenants Happy

We are the property management company Fort Worth landlords have trusted for almost 30 years because we know the most important piece to making your investment a success: keep your tenants happy! The number one reason tenants move out is poor service. Responding promptly and respectfully to tenant requests makes a huge difference when the time comes to renew.

Choose the Right Fort Worth Property Managers

The right Fort Worth property managers can make all the difference when it comes to shorter vacancies. Go with the industry leading property management company and let us help you get your property leased today. Call Specialized Fort Worth to learn more about our services!

Want to Avoid High Tenant Turnover? Ask Yourself Five Questions

Fort Worth residential property management

Want to reduce tenant turnover? Start with this quiz from the Fort Worth property management company, Specialized, with three decades of experience helping landlords like you turn a profit on their rentals.

The single largest expense for a landlord is:

  1. Vacancies
  2. Maintenance surprises
  3. Late payments

A home needing repairs and cleaning will stay vacant longer.

    1. True
    2. False

How much should a landlord budget each year to cover maintenance costs?

    1. Nothing
    2. $5,000
    3. Between 1-2 month’s rent

As a landlord, your customer is:

    1. The mortgage company
    2. Contractors
    3. Your tenants

Despite careful screening, seasoned property owners may see:

    1. Evictions
    2. Criminal activity
    3. Vandalism
    4. Accidents
    5. Lawsuits
    6. All of the above

Answer Key

  1. A. Vacancies are the biggest expense you will incur in Fort Worth residential property management because of everything you do to cover the rent and prepare your unit for new tenants. You lose the rent payment for that month, while you pay for cleaning, minor repairs, rekey services, utilities, lawn care, etc. Instead of money in the bank, it’s money out the door.
  1. A. True. In this market, your unit has to compete for a reliable tenant. Making the home rent-ready will help you attract more and better-qualified tenants. Is your rental a home a place you would want to call home? If so, interested applicants probably will, too.
  1. C. Anticipate and budget for maintenance. It’s inevitable. But how much should you put aside? The national average for maintenance costs on a rental home is one and one-half times the monthly rent. So, if your rent is $1,000 per month, save $1,500 a year for those times when your tenant calls about a leaky faucet. Budget more for older homes, less for newer homes.
  1. C. Your tenants are your customer. Responding promptly to their maintenance requests is the best way to keep them happy and, as a result, wanting to stay longer. When you proactively take care of the home, renters will want to take better care of it themselves. You set the tone for how to treat your investment.
  1. F. All of the above. For most first-time landlords, the property management process seems pretty simple. Before long, however, many experience problem tenants, late payments, collections, maintenance surprises, complaints from neighbors, etc. These unfortunate events are part of the daily business of Fort Worth residential property management, even when everything has been done to avoid them.

Bottom Line, keeping tenants is not easy, but it is worth it. The team at Specialized takes care of the realities of owning a rental property for you, so your vacancies go down, and your return goes up – without the headache. Because of our proven processes and dedicated team, landlords have trusted us as their Fort Worth property management company for over 30 years. Call us today, and we’ll explain how Specialized can do the same for you.