When you want to find the best tenants for your Fort Worth rental property, you need to catch their attention with some great marketing and a positive showing experience. But, before you can advertise your home or let prospective tenants see it, you have to make sure it’s rent-ready. Getting it ready for the rental market means making it clean, functional, and attractive. Read more
Smart investors know that working with a professional Fort Worth property management company can help increase the return that’s earned on their investments. While you’ll need to pay for expert leasing and management services, you can more than make up for those fees with higher rents, better tenants, and lower expenses. The value that you receive when you work with good managers is more than worth the costs you incur. Read more
The best way to handle evictions in Fort Worth is to avoid them. They don’t work out for anyone, and unless you know what you’re doing, they can be expensive and time-consuming. You want to reduce the chances you’ll have to evict by screening tenants thoroughly, enforcing your lease, and keeping the lines of communication open with your tenants at all time. Read more
Specialized Property Management, a residential rental management firm, has been named as a certified partner of Roofstock, the leading online marketplace for buying and selling single-family rental homes.
“Our relationship with Roofstock allows us to offer a one-stop solution for investor clients seeking a more predictable, revenue-focused real estate investment strategy,” said Charles Thompson, President of Specialized Property Management. “Roofstock’s AI-driven platform offers rich analytics, market insights and online tools that enable investors to make real estate investing stock-market simple. Their technology integrates with our own property management technology platform to offer investors a high level of performance unseen before in our industry.”
Once an investor purchases a Roofstock home, vetted local property management partners like Specialized care for the property throughout the rental lifecycle to create a worry-free investing experience. This enables buyers to cashflow their investments more quickly, while avoiding the cost and hassle of researching and purchasing homes sight unseen. It also allows them to take advantage of nationwide investment opportunities outside of their local area.
“We are proud to partner with Specialized Property Management as one of our certified property management partners,” said Gary Beasley, CEO & Co-Founder of Roofstock. “Specialized understands the needs of investors and appreciates the value of technology in providing great service. Together, we offer investors a truly modernized, seamless solution for their single-family rental investments.”
Specialized Property Management is one of the largest and fastest growing real estate management providers with an active ongoing acquisition strategy. The firm provides complete residential property management for homeowners, investors, and institutional funds, including comprehensive leasing, marketing, screening, maintenance, collections, compliance, and rental accounting services. Its rigorous management protocol is supported by an experienced team and a proprietary technology platform that is pioneering new levels of data-driven performance for single family rental management and investing.
Roofstock is the No. 1 marketplace for buying and selling single-family rental (SFR) homes. The company provides all the resources for investors to buy, own and sell real estate online, including data analytics, property management oversight and other tools. Roofstock’s transparent, innovative marketplace empowers investors to own cash-flowing SFR homes, diversify their investment portfolios and build long-term wealth through real estate. In 2018, Roofstock reached a milestone with $1 billion in transactions closed on its marketplace and continues to expand its footprint, now offering SFRs for sale in 40 markets and 23 states nationwide.
The temptation to manage your own investment property is understandable. You probably think you can save money by not paying a management fee every month. Maybe you like to do home improvement projects, and you think you’ll have no problem keeping up with the maintenance and repairs that your property needs.
DIY property management can work for some Fort Worth rental property owners. If you have a lot of time to dedicate to finding tenants, screening applications, managing resident requests, and keeping your home maintained, you might be able to do it successfully. If you’re able to stay up to date on all the laws pertaining to landlord and tenant relationships and behavior, you probably won’t have to worry about lawsuits or complaints. And, if you follow the rental market closely and you understand the local rental rates and tenant pool, you won’t have to worry about losing money on low rents and high vacancy rates as a DIY landlord.
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
Picking the right rental price for your Fort Worth rental property does not have to be complicated.
Both underpricing and overpricing your home comes with risks. If you charge a price that’s too low, it will mean less monthly income for you. A rental price that’s below market will also make it hard to catch up; you may not be able to raise the rent to market levels until you’re looking for a new tenant.
You don’t want to charge too much, either. You’ll have a hard time renting it quickly to good tenants. A longer vacancy period is a lot more expensive than a lower rental price.
Properly pricing your Fort Worth investment property requires a deep understanding of the local rental market, and a willingness to do some research. There are a few things you can do to ensure you’re pricing your home correctly to attract the best tenants for your property. Read more
For Fort Worth landlords and investors, a successful rental experience starts with tenant selection.
A good tenant offers you many things, mostly predictability and profit. You’ll earn a reliable rental income every month, your property will increase in value, and your ROI will steadily grow throughout the tenancy. A bad tenant, however, will lead to problems and expenses. Bad tenants come with risks, including the risk that they won’t pay rent. Bad tenants can also cause property damage or lead you towards evictions, which are expensive and time-consuming.
No one can predict with 100 percent accuracy how a tenant will turn out. However, you can protect yourself and your property with a strategic tenant placement process. Many smart landlords focus on screening.
Take your time and put in the work that’s required to find the best tenant in Fort Worth. If you are struggling with time or resources, hand the process over to a professional property manager. A good property manager will lease your home quickly to a well-qualified tenant, saving you stress and time.
Fort Worth rental property investors have a big decision on their hands when they’re looking for someone to manage their properties. It doesn’t matter if you have one home or 100 homes; you need someone who is going to effectively care for your property, your tenants, and your bottom line.
Here are some things to consider when you’re choosing a Fort Worth property manager. Read more
Vacancy days can kill your cash flow. As a landlord, it can be tempting to cut corners to reduce your costs during a vacancy, but that often leads to your home being on the market longer. Below we share information on how Fort Worth rental management companies can help you reduce vacancy days.
What are Vacancy Days?
Vacancy days are the number of days in between a tenant moving out and a new one moving in. During this time you are not earning rental income but your costs have not decreased. In fact, costs tend to increase during vacancy days as you pay for things like re-keying, touching up for a new tenant, and marketing your home. Many landlords also take the time between tenants to address larger, planned construction projects like switching out carpets for vinyl flooring. Even with sufficient planning, a long vacancy will affect your cash flow negatively and jeopardize your investment. Fort Worth rental management companies can help you avoid extended vacancies, but first, you have to understand what leads to these vacancy days.
What Leads to Long Vacancy Periods?
Vacancy days are a fact of life even for the best property management companies in Fort Worth. But understanding factors that lead to long vacancy days can help you minimize their impact.
- Showing Too Early. Your potential tenant will want to imagine their life in the home, which can be hard if there is another tenant still occupying the home. The sights, sounds, and smells of someone else living in the home can turn off a potential tenant making their first impression a bad one. Likewise, construction projects, however minor, should be complete before you show the home.
- Keeping Utilities Off. Turning the utilities off between tenants may seem like an easy way to cut costs, but they can lead to a longer vacancy. Just like showing your home too early, showing it when the utilities are off will cause potential tenants to have a hard time imagining themselves in the home.
- Incorrect Pricing. When your rental is priced incorrectly it can lead to more days on the market. Rentals priced too high will have a hard time finding a tenant in a market flooded with similar homes at a lower rate. Rentals priced too low signal to tenants that there is something wrong with the property and they may avoid even taking the time to view it.
- Little or No Marketing. Marketing, especially in the digital age, is an important part of property management. Most tenants start their search online and only view properties they have already seen photos of on their favorite website. A sign in the front yard will not be enough to bring in quality tenants.
How to Lease Your Property Faster
To lease your property faster, you need to address the factors that lead to leasing delays.
- Getting Your Property “Rent-Ready”: re-key, touch up paint, and fix broken fixtures. When done efficiently this process can take as little as a few days. Fort Worth rental management companies can help you with this process. Zillow has a handy checklist of 12 steps to get your home rent ready.
- Curb-Appeal: even if your property is looking great and working well on the inside, some tenants will be turned off by the curb-appeal and opt for a “prettier” home. Take a look at your home from the street level and try to find ways to spruce it up. HGTV has a list of 8 Budget Curb Appeal Projects you can do to boost their home’s appeal.
- Use the Internet: post your home on as many rental websites as possible for maximum exposure. Use photos that show off the best side of your home. A video walkthrough is also recommended so potential tenants can get a better idea of how the property is laid out. To see examples of a video walkthrough see our YouTube page. HGTV also has an article about how to take great photos of your home.
Don’t Skip Steps
Property management is often a delicate balance between spending money and saving money. When dealing with a vacancy, some landlords will try to minimize costs by focusing on the wrong areas. Doing this will often end up with a longer vacancy and more money lost. Think of it this way: your property typically rents out for $1,440 per month (the average according to Zillow). If you spend $500 to spruce up your property, market it, and keep the utilities on for one month, you will be more likely to rent the property within that month. Your total turnover loss will be one month of rent plus $500, a total of $1,940. If you decide to do the bare minimum (rekeying, minimal cleaning), turn the utilities off, and only put a sign in the front yard, you could spend closer to $50. But after three months of vacancy, your turnover loss will be $4,370. Experienced Fort Worth rental management companies can confirm that not skipping important steps, even if there is an upfront cost, will turn around and make you more money in the long run.
How Fort Worth Rental Management Companies Can Help
An experienced property management company can help you determine what factors could lead to a long vacancy at your home. Property managers who work with tenants regularly are more in tune with what these tenants are looking for in a rental home. Our property managers know what amenities tenants want, how to price your rental appropriately, and what websites to market on.
At Specialized Property Management Fort Worth we have a proven track record of short vacancy days. In fact, most of our properties are leased in under 29 days. Short vacancies mean money in your pocket. An experienced property manager will inspect your home and make recommendations that will shorten vacancy days and cut costs where it makes sense. As one of the best property management companies in Fort Worth, we use our knowledge and expertise for your benefit. Give us a call today to hear about all our services and schedule a free rental consultation.
YOUR SPECIALIZED OFFICES
Fort Worth, TX 76116
Fax: (817) 377-1201
Dallas, TX 75240
Fax: (214) 296-9380
Dallas Property Management
San Antonio, TX 78232
Fax: (210) 477-3600
San Antonio Property Management
For more information on Specialized Property Management, visit Specialized247.com
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