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.

Arlington Property Management Companies Share Small Closet Solutions

Small closets in your rental property can be a big issue for tenants and can even be a dealbreaker for some applicants. Renting a space without sufficient storage in the closets and other areas mean some tenants are forced to rent an off-site storage unit. Offsite storage units are expensive and inconvenient, and chances are potential tenants would rather rent a home that works for their needs. To make your property more desirable, Arlington property management companies can show you how to make the most of the closet space you have.

Making Small Spaces Feel Bigger

There are ways to make your storage spaces seem bigger, without adding any square footage or closet systems. Check out these cosmetic fixes that give the illusion your tiny closet is much bigger.

  • Mirrors – Adding a mirror to the door of your closet is like an optical illusion that will make your closet feel brighter and bigger.
  • Lighting – If your closet space doesn’t have a light consider adding one. Inexpensive, small push lights are easy to add to any closet.
  • Paint – Closets tend to be dark and cave-like. Make yours feel brighter and bigger by painting it white, or another light neutral color.

Most Arlington property management companies can help you find trustworthy vendors for painting, hanging lights, and other odd-jobs around your rental home. Specialized Property Management Fort Worth can even schedule these updates, inspect the work, and upload pictures to your owner online portal.

Add Shelves, Hooks, And More

If your rental home’s closet has no shelves, rods, or other built-in storage, it is more of a tiny, pointless room. If that is the case in your rental home’s closets, we have solutions. These closet additions will make that tiny space more usable, and your tenants will be grateful for the help keeping their closets organized.

  • Shelves: adding at least one shelf in a closet can make a big impact. Shelves can be especially helpful in tall closets as they turn the top of the closet from wasted space into working storage.
  • Rods: bedroom closets without a rod to hang clothes can be especially frustrating to tenants. Rods are inexpensive and available at most home improvement stores and online retailers.
  • Hooks: add hooks to closet doors, bathroom cabinets, and other small spaces to give your tenant a little boost of usability. Hats, scarves, belts, and other accessories can be put on these hooks freeing up space inside the closet.
  • Built-ins: if you want to put a little more money into the project consider adding built-in shelves, rods, and drawers to a closet. These types of built-in closets mean your tenant doesn’t have to provide their own, which can be a big draw for some.

Other Solutions for Property Owners

Arlington property management companies can help you in other ways too. For easier Arlington residential property management Specialized Property Management Fort Worth offers these services:

For Current Property Owners If you think small closet space is holding your rental back from attracting quality tenants, you may want to do a small remodel. An experienced property management company will help you figure out all the details of remodeling to increase storage space. From choosing the right layout to picking top-quality vendors, your property manager is here for you.

For Future Property Owners If you’re still looking for the perfect investment property the local experts at Specialized Property Management Fort Worth can help. We know closet size is a big issue for tenants in some areas, and we can advise you on what else to look for to make a good investment.

Arlington Property Management Companies Can Help

An experienced property manager is a valuable asset for every rental property owner. Property managers have knowledge that comes from years devoted to making sure rental homes are rented out quickly, and the tenants are happy. If you’re not sure how to make an awkward living space appealing to potential tenants, think about calling a local property management company for help.

Services Specialized Property Management Fort Worth Offers

Specialized Property Management Fort Worth gives property owners experience, professionalism, and proven processes. Our property managers have the expertise you need to make your rental investment into a success. If you don’t own property yet, our property managers can guide you to the right one. The right property manager will take their knowledge of what tenants want in a rental home and help you make a great investment. After you’ve made a great investment choice, your Arlington residential property management company will make sure everything runs smoothly and efficiently. Here are a few of the services we offer:

  • Inspecting – Regular property inspections will save you money by pointing out potential issues with your property or your tenants.
  • Maintenance – Regular home maintenance is important but can be a hassle to an overworked landlord. Leave it to the professionals at Specialized Property Management Fort Worth, and your home will shine!
  • Showings – Whether in person or virtually, our showings will highlight the best things about your property and make it stand out from the competition.

But we offer so much more! Our property managers take care of the whole rental process and are there for you and your tenants 24/7. To find out more and schedule a free rental consultation call our offices today.

Property Management Companies, Fort Worth Tenants, and Digital Communication

Communication has changed vastly in the past 20 years. Digital communication, whether it is via email, text message, or one of the various apps out there have taken over as the primary way people communicate. What implications does this have for property management companies, Fort Worth property owners, and their tenants? How does digital communication affect your landlord-tenant relationship? Below we explore the ways you can communicate with your tenant in the digital age, and reasons you should be wary of this type of communication.

Ways to Communicate Digitally

Digital communication allows for fast and easy communication and comes in many different forms. Here are just a few:

  • Text Message – The Pew Research Center reports that 92% of US adults own a cell phone, and 68% own a smartphone. This means your tenant will almost certainly have the ability to send and receive text messages.
  • Email – Email can be a great method of communication as it allows you to not only give your tenants pertinent information, but you can send and receive important documents as attachments.
  • Messaging Apps – Apps such as Facebook Messenger, Whatsapp, Google Hangouts, and even Snapchat are widely used to message between friends and acquaintances. Using them for property management DFW might not be the best idea though.

How to Use Digital Communication with Tenants

Text messages and email are a fast, easy, and a reliable way to communicate. Before you decide to use these forms of communication, be sure your tenant is ok with it, and they know it is coming. Ask your tenant what their preferred method of communication is–a phone call, text message, or email. Your tenant will be thankful when you make an effort to reach out in a way that works with their needs. Here are a few things you can text or email your tenant about.

  • Rent Payment Reminder: you or your property manager can set up an automatic system that will send a reminder text to your tenant a few days before their rent is due.
  • Scheduled Inspections: regular inspections are recommended by most property management companies. Fort Worth property owners can use text messaging or emails to schedule and remind tenants of these inspections.
  • Maintenance Reminders: certain items around your property, such as air filters, need to be cleaned or replaced regularly. Use email to remind your tenant to replace these things, or let them know you will be coming to replace it yourself.
  • Scheduling a Face-To-Face Meeting: let your tenant know you are stopping by the house, or try to schedule a good time to meet via a text message or email.
  • Sending Important Documents: documents, especially ones that need to be signed, used to be sent via fax. Now you can scan and send via email.

Things You Should Always Do in Person

While digital communication is fast and easy, you should not use it for everything related to your property management. DFW property owners should never use digital communication in the following ways.

  • Never send your tenant a Notice to Vacate via electronic means. According to Texas Property Code Section 24.005, a landlord must give their tenant notice in writing either by delivering the notice in person or by regular mail.
  • Do not attempt to change the terms of the lease over text message. Sending an email is acceptable, but face-to-face interaction is preferable to ensure all parties understand the new lease terms.

Not every tenant will use digital communication the same way. If your tenant is not replying to texts or emails, find a method of communication that works for them.

The Benefits Property Management Companies Fort Worth Can Offer

We have all been there at one point or another–we get an email or a text and misread the message or tone. Maybe the sender was sarcastic, maybe the writing was just confusing. Either way, feelings can be hurt when this happens. In property management the stakes are higher, occasionally leading to turnovers and evictions. However, when you hire a property manager, you take the stress and guesswork out of your landlord-tenant relationship. An experienced property manager knows exactly how to communicate professionally with your tenant.

The Specialized Property Management Fort Worth Difference

When shopping for property management companies Fort Worth, property owners should consider the following:

  • Experience: do the property managers have experience managing single-family homes and communicating in person and digitally?
  • Proven Techniques: your property management company should have processes and techniques in place for every type of tenant, including how and when to communicate digitally.
  • Fewer Vacancy Days, Lower Turnover Rate: knowing how to communicate effectively will lead to fewer vacancy days and lower turnover. Your property manager should always be on top of communicating with applicants and tenants.

Specialized Property Management Fort Worth has the experienced property managers you need to run a successful rental property. Call our offices today to set up a free rental consultation.

How Full-Service Leasing Management Works

What exactly does a full-service leasing management company do for you? Below you can explore what Specialized Property Management Fort Worth does during the rental cycle to reduce vacancy days and save you money.

Inspecting

Your property manager will inspect the property ensuring it is “rent-ready” before potential tenants see it. This is the first step we take to make your property stands out from the competition. We will make recommendations for any property maintenance or upgrades that will reduce vacancy days and increase cash flow. A mid-lease inspection is also performed to ensure lease compliance and property upkeep. See our blog on inspections to learn more.

Marketing

Our leasing management team will post signage in your yard, advertise on dozens of websites, and create video walkthroughs for our youtube channel. Aggressive online marketing is important as people spend more and more time searching for rental homes online. The more exposure your property gets, the more likely it is to rent quickly. Visit our youtube channel to see examples of video walkthroughs.

Showings

Along with high-quality video walkthroughs our property managers arrange live showings for potential tenants. These showings can make a huge difference for applicants on the fence about which property they want to rent. Our property managers show off the best your property has to offer while demonstrating the professionalism tenants should expect from a property manager.

Screening

One of the most important steps in the rental cycle is screening your applicants because it will protect you against evictions. Your tenant must have solid employment and a clean criminal and rental history. Finding a reliable tenant will reduce turnover, maintenance costs, and evictions. A well-qualified tenant is worth waiting for, so don’t settle for anything less. For more information on our tenant screening process read here.

Signing

Lease signing involves much more than the physical signing of papers. For property owners or managers, it means preparing and executing the leasing documents in accordance with the leases and addenda promulgated by the Texas Association of Realtors. Our professional leasing management team will prepare these documents promptly so your new tenants can move in quickly. We will also provide your new tenant with formal training on how to take care of the property, what their responsibilities are, and who to call in case of emergency.

Collecting

Your tenant’s lease will clearly communicate our rent collection process, so there is no confusion. Our process helps avoid late payments, and we offer an online portal to give tenants an easy and quick way to pay. We deposit rent funds into your account electronically for prompt payment. To learn more about rent collection and other financial services we offer, read this post.

Maintaining

Periodic preventative maintenance is a must for any rental home to ensure your tenants are happy and your home is well cared for. When your property’s systems are maintained properly, they will perform well in the years to come. Our team is also available 24/7 for any maintenance emergencies. Repair requests are always handled in a timely manner by qualified, licensed professionals. For more information on maintaining your rental home read this post.

Renewing

Tenant turnover is costly, even if vacancy days are kept to a minimum. Re-keying the property, deep cleaning, shampooing carpets, inspections, and marketing are all necessary expenses incurred by tenants. Our team works hard to renew each tenant’s lease by being proactive and professional in our efforts. Our excellent customer service and tenant perks reduce turnover and keep your tenants happy.

Moving

Of course, tenants do move on, and when that happens, we are here to make sure the process runs smoothly. Our team processes notices and answers any questions the tenant may have about the transition. After move out, we walk through the unit to inspect the property, taking note of any work that needs to be done, and managing deposit disbursements.

Reporting

Most real estate management companies will give their clients occasional maintenance reports and year-end tax statements. Our team goes beyond that with detailed accounting, activity reports, maintenance reports, and statements available 24/7 through our online owner portal. During the leasing process, we also provide weekly updates to owners. Our team goes the extra mile to make sure you are informed every step of the way.

Professional Leasing Management in Fort Worth

Hiring a professional property management company can save you money and stress. When you’re researching real estate management companies, keep in mind Specialized Property Management Fort Worth provides the following benefits:

  • Reduce vacancy days through proper inspecting, marketing, and showings.
  • Place and keep reliable tenants in your home by screening, signing, moving, and renewing.
  • Take care of the day-to-day details of collecting and maintaining.
  • Give property owners peace of mind with excellent reporting and our 24/7 online portal.

To schedule your free rental consultation call Specialized Property Management Fort Worth today.

How a Fort Worth Property Manager Can Attract Millennial Tenants

The Millennial generation is in the news every other day. This generation has been accused of ruining things from the 9-5 workday to bars of soap (according to a list compiled by Marketwatch). While millennials may not be ruining everyone lives, it is true that times are changing and the millennial generation is leading the pack. How should the rental housing market respond? Below, we discuss who millennials are, what they want, and how a Fort Worth property manager can help you attract millennial tenants.

Who are Millennials?

To start with, who are we talking about when we talk about millennials?

  • Young(ish): The Pew Research Center defines millennials as “those born after 1980 and the first generation to come of age in the new millennium.” Generally speaking, as of 2018 millennials are 18-38 year olds.
  • Tech-savvy: This group has seen rapid advancement in technology, and is the first to come of age in a world with access to the internet and cell phones. Many work in tech industries, and it is hard to imagine any millennials without a smartphone in hand.
  • Large: In 2016 millennials overtook baby boomers to become the largest living generation. Pew also reports millennials make up the largest age group of renters at about 18.4 million. As such, it is important that rental property managers stay up to date with why millennials are renting and what they are looking for in rental homes.

Why are Millennials Renting?

As mentioned above the millennial generation is often blamed for “ruining” industries, which is in part because they have different values than the generations before them. Millennials tend to value freedom and experiences over stability and material things. In the housing market that translates into behaviors such as picking up and moving suddenly for a job and using their savings for travel instead of a down payment on a house.  Also, the average debt of this generation is in the tens of thousands, making home ownership seem like a far-off dream to many.

What Do Millennials Want in a Rental Home?

For millennials who don’t want or are unable to buy a home, renting a single family home is the next best thing. As this generation enters their 30s, they are more likely to start a family and search for a home that is family friendly to settle down in, even if it is only for a few years until their next move. This generation also likes to have fun, so being close to amenities and transportation is especially important. Lastly, the Washington Post reports that a majority of people in their 30s own pets, meaning that they will be looking for a rental home that allows pets.

Tips for Attracting Millennials from a Fort Worth Property Manager

Now that you know a little bit about millennials, how can you go about attracting them to your rental property? With so many millennials renting, you may think attracting them is simple. However, as mentioned above, millennials have different values than previous generations. Here are a few ways an experienced Fort Worth residential property management company can help you attract millennials.

  • Use technology to your advantage in marketing. Millennials search for rental houses online. If you don’t have an online presence, it is doubtful they will ever find your property for rent. A property management company can list your house on several websites and even create a video walk-through so potential renters can view the house virtually.
  • Consider your lease terms. With many millennials desiring a “no-strings-attached” type of lifestyle, consider lease terms that will not hinder this. If you’re having trouble finding tenants for a long-term (more than one year) lease, consider offering a shorter one, possibly even a month-to-month arrangement. Your Fort Worth property manager can help you draw up a lease that will be appealing to these shorter-term renters.
  • Update your home with smart technology. If you have to make updates, consider going with the “smart” version of these updates. A smart thermostat, for example, will let your renter control the temperature remotely from their smartphone. These smart updates have the bonus of lower energy costs, and may even give you a tax-deduction (always check with your tax advisor about this perk before buying).

Why Choose Specialized Property Management Fort Worth

Your rental property business will be more successful and more lucrative, if you hire experienced property management. Specialized Property Management Fort Worth gives its clients proven rental processes that have kept up with changing times and changing tenants. When you choose to take advantage of the business expertise provided by our Fort Worth residential property management here are a few services you will receive:

  1. Online Property Listings: your property will be listed on multiple websites to ensure full exposure to renters.
  2. Owner and Tenant Portals: you will be able to view reports and pictures from your property at any time. Your renter will be able to pay rent and submit maintenance tickets with the same ease.
  3. 24-Hour Support: when your renter has an emergency they call us, at any time of the day or night.
  4. Advice from Experts: our property managers not only have years of experience with what works in property management, but they also stay up-to-date with what works now, for millennial tenants and every other generation too. Why not put that expertise to good use and make the most out of your rental investment?

To start working with a professional, experienced Fort Worth property manager today call Specialized Property Management Fort Worth.

Residential Property Management Fort Worth Shares Fireplace and Other Safety Tips

It is every property owner’s nightmare call: your property has caught fire. Whether caused by accident, or due to negligence, a house fire is devastating to everyone involved. What can you do for yourself and your tenants to ensure your fireplace and other areas around your rental property are protected against house fires? Below we explore how to reduce your risk of a house fire.

Fireplace Grime and How to Get Rid of It

Let’s face it, Fort Worth doesn’t get too cold in the winter. You may use your home’s fireplace 2-3 times per year. When you don’t use a fireplace regularly, you may think it’s not a big deal if you don’t clean it regularly either. However, your chimney still needs to be cleaned to prevent a chimney fire. The residue that covers the inside of your chimney is called creosote, and it can start to build up after just one fire. According to the Chimney Safety Institute of AmericaAll forms [of creosote] are highly combustible. If it builds up in sufficient quantities – and the internal flue temperature is high enough – the result could be a chimney fire.” To make sure your fireplace doesn’t collect this creosote and catch fire, the Chimney Safety Institute of America and your property management in Fort Worth, recommend a regular chimney inspection.

Inspections are Key

Without a proper inspection from a professional, you are putting your property and your tenants’ lives at risk. That is why the experts in residential property management Fort Worth recommend your rental home fireplace get an inspection at least once every year. A licensed and certified chimney sweep can perform the inspection as well as routine maintenance and any needed repairs. If, for some reason, you are unable to schedule an inspection before the first cold spell, you need to communicate to your tenants that they should hold off on using the fireplace until after the inspection. If you want to learn more about chimney fires, chimney safety, or how to find a certified chimney sweep, visit the Chimney Safety Insitute of America.

Fire Safety in Other Areas

Of course, your fireplace isn’t the only area in your rental property that carries a fire risk. Your regular property inspection should turn up potential hazards if you know what you’re looking for. Here is a list of things your residential property management Fort Worth recommends checking for fire safety:

  1. Smoke Alarms and Carbon Monoxide Alarms: these save lives. Make sure they stay attached, and the batteries are working.
  2. Fire Extinguishers: always have at least one fire extinguisher in your rental home, more if the home is large.
  3. Electrical Safety: make sure all the electrical outlets are up to code, and you have GFCI outlets installed where they are needed. Always hire a licensed electrician to resolve electrical issues.
  4. Properly Functioning Doors and Windows: if a door or window to the outside won’t open your tenant could be stuck if there is a fire. Make sure all doors and windows open easily, especially if they aren’t used frequently.
  5. Inspect and Clean Dryer Vent: when your dryer vent is not cleaned regularly, it can store up lint which can easily catch fire. A certified technician can inspect your dryer, clean out lint, and extend the life of your dryer.

Safety is a Priority

Owning rental property is a delicate balance of spending enough money to keep your home nice and your tenants happy, but not too much so you have negative cash flow. Many landlords aren’t sure where to cut corners, and often skip fire safety to save money. However, if you compare the low costs of regular inspections and once a year fireplace sweeps to the high cost of your investment burning to the ground, inspections are more than worth it.

For Better Residential Property Management, Fort Worth Landlords Need Property Managers

Property management in Fort Worth is easier and more successful when you hire professional property managers. A Fort Worth property manager has years of experience you can use to your advantage, including trusted vendors who can take care of any fire safety issues at your property. An experienced property manager will help you cut back on expenses without making costly, and sometimes life-threatening, mistakes. Specialized Property Management Fort Worth has proven processes in place when it comes to leasing, inspections, maintenance, and more. These processes are designed to decrease vacancy days, reduce tenant turnover, and keep your home in great shape. With our residential property management, Fort Worth landlords can cut costs without neglecting the things that matter to their rental property. For more information or to schedule your free rental consultation, call Specialized Property Management Fort Worth today.

6 Things To Know About Property Management DFW Before Buying Rental Property

If you’re considering renting out your home or buying a piece of rental property, there are some things you should know about property management. DFW and the surrounding areas can be great places to own rental property if you know what you’re doing. Below are six things every property owner should know before they make the dive into property management.

  1. Know Local, State, and Federal Laws. Picture this: You find the perfect rental property in a well-maintained neighborhood with all the amenities. You sign all the papers and the property is yours! You put up a For Rent sign and wait for the applicants to roll in. But instead of applicants, you get a letter from your new Home Owners Association. It turns out that packet of HOA rules you skimmed through and signed has a clause saying they will only permit ten rental homes in the neighborhood, and your property would be number 11. Many landlords are surprised when they find out that an HOA can limit the number of renters. Unfortunately, HOA rules are just the tip of the iceberg when it comes to need-to-know laws. Violating the Fair Housing Act, for example, can land you a lawsuit, hefty penalties, and attorney fees on top of that. Getting into Ft. Worth property management means knowing all the rules and laws that apply to you, your property, and your tenants. Breaking a rule because you’re unaware will leave you in a tight spot, and could jeopardize your investment and your reputation.
  2. Understand the TRUE Cost of Property Management DFW. As we mentioned above, owning rental property in DFW can be a great investment. In fact, Business Insider recently named Dallas as one of the top places to buy rental property in the US. But before you buy, make sure you know all the costs that surround your new investment and only buy a property that will give you positive cash flow. If you plan on financing your rental property, then the rent you bring in needs to cover your mortgage, taxes, insurance, and fees. However, if your rental income only covers these items, your cash flow will still be negative. Why is that? You need to plan for regular maintenance and emergency maintenance, as well as turnover between tenants. Depending on the age of your house you should put aside 1-2 months worth of rent for yearly maintenance costs. An experienced Fort Worth property manager should be able to help you come up with an estimate of the cash you should have on hand and the positive cash flow you will need each month to make your investment successful.
  3. Treat Tenants Kindly. Property management DFW is easier and more successful when you have a good relationship with your tenants. When tenants feel disrespected or unheard by their landlords, they are more likely to move when their lease is over. Tenant turnover is time consuming, expensive, and in many cases could have been avoided with a better landlord-tenant relationship. One way to help is to make sure all policies and procedures are laid out clearly in the lease and followed closely by you and your property management team. Your tenant should never feel like you tell them one thing then do another, and you should leave emotion out of your interactions. Many landlords feel professional property managers can help this relationship a great deal because of the experience, professionalism, and promptness they offer.
  4. Be Proactive About Maintenance. There is no avoiding maintenance around your rental property, whether it is simply replacing air conditioning filters or replacing your whole AC system. Professional Ft. Worth property management knows from years of experience that the more proactive you are about maintenance, the longer your home’s systems will last, and the happier your tenants will be. For example, a yearly tune-up of your AC system costs between $80-$100 and could add years to the life of your system. It can cost $4,000 or more to replace the whole system. You can see how small yearly costs can save you thousands of dollars over the life of your property. Regular property inspections are a good idea for many reasons, but especially to identify ways you can be proactive about maintenance. An inspection will help you catch small issues your tenant may not notice, like a leaky pipe before it becomes water damage and mold. Proactive maintenance has the added benefit of showing your tenants that you care about your property and by extension, you care for them.
  5. Screen Every Tenant. Applicant screening is an easy step you can take to avoid turnovers and evictions. Every applicant over 18 should be thoroughly screened including a background check, credit check, and rental history. You should verify your potential tenant’s job status and income to ensure they can pay rent. Most professionals recommend a tenant’s rent payment be no more than a quarter of their monthly income. That means if they make $4,000 a month they can afford $1,000 for rent. Never make the mistake of renting to a tenant who refuses to let you screen them, or is unwilling to give references or rental history. These tenants quickly lead to unpaid rent and evictions. In the long run, it is worth it to wait a few more weeks for a qualified tenant than bet on one who is unqualified.
  6. Know When to Ask for Help. When it comes to property management, DFW landlords need to know when to hire professionals. Being a DIY landlord can work out for some people, but often property owners make mistakes that can put their investment at risk. When hiring residential property management, Fort Worth landlords not only get someone who will handle the day-to-day activities of running a property, they get the years of experience and wisdom that entails. If property management is not your full-time job, you cannot be expected to know the ins-and-outs of Federal Housing laws, maintenance and inspection schedules, and what to do to avoid an eviction. Many property owners are surprised to learn that they profit more after they hire a full-service property management company, even after they pay management fees. Professional property managers know how to cut costs without cutting corners, making your investment into a success.

If you want to know more about hiring a full-service, professional property management company, call Specialized Property Management Fort Worth today.

Arlington Rental Property Management Helps Investors Find the Right Rental Home

Picking a great investment property is hard work, and there are many factors you need to consider. If you’re in the market for a single-family home to use as an investment, you can get help from a local Arlington property management company. The type of property you pick will affect how easy or difficult your Arlington rental property management is, so choose wisely! Below are our best home buying tips for investors.

Location, Location, Location

Try to think like a renter when you’re buying an investment property. Are there good schools nearby? Is there easily accessible public transportation? Is the home on a busy or quiet street? If you’re not an area expert, find an Arlington property management company who has local expertise and can advise you. Specialized Property Management Fort Worth has property managers with years of experience who can help you narrow down the perfect neighborhood to buy in.

Look at the Amenities

Typically a home with three bedrooms, a fenced-in yard, and laundry hookups will rent out faster than those without these features. Homes with an unusual layout, such as no master bathroom or with unusable space, should be avoided. Neighborhood amenities are important too, such as a community pool and park. Some HOAs have rules regarding rental homes, so check all HOA bylaws before purchasing a home.

Ask Your Arlington Property Management Company to Compare Similar Rentals

Look at other rental homes in the neighborhood so you can get a good picture of the kinds of homes available and the average price of rent. Your Arlington rental property management company has local market expertise and can guide you to a rental property that will perform well in the market.

Arlington Rental Property Management is Easier With Expert Help

If you’re finding it difficult to narrow down your buying choices, you can contact the local experts at the Arlington property management company, Specialized Property Management Fort Worth. If you are able to make a wise choice when you buy your investment property, that will make everything easier down the line. Desirable homes will attract quality tenants, giving you the cash flow you need to make your investment successful. So, when you are ready to buy an investment property, do your research and hire the local market experts at Specialized. Call today for a free rental consultation.

How Arlington Property Managers Help Landlords Avoid Mistakes

Many landlords think self-managing will save them money. But is that true? The complexities that come with Arlington residential property management are not always obvious to first-time landlords. Knowing all the housing regulations, HOA rules, and laws surrounding rental properties takes time and experience. If you make a small mistake that could mean a big fine. Below we have listed the top five mistakes landlords make so you can be aware and try to avoid them!

  • Landlord Mistake 1: Too Many Vacancy Days. Vacancy days can be one of the biggest costs to property owners. Each day your property sits empty you lose money. Inexperienced landlords often try to cut costs by doing things like shutting off utilities or putting off needed repairs, but this tactic only leads to more vacancy days.  The professional Arlington residential property management team at Specialized Property Management Fort Worth can help you avoid these losses.
  • Landlord Mistake 2: Placing Under-Qualified Tenants. Often landlords don’t know or don’t care to thoroughly screen each applicant as an Arlington residential property management would. Checking an applicant’s background, credit, and rental history means you will have a better picture of their ability to take care of your home and pay the rent.
  • Landlord Mistake 3: Poor Tenant Communication. One reason tenants look to move at the end of their lease is poor communication with their landlord. Tenant turnover is expensive and time-consuming so responding quickly and respectfully to tenant requests is important. Many landlords find that Arlington property managers are a great help when trying to communicate with tenants.
  • Landlord Mistake 4: Overlooking Maintenance Needs. Failing to maintain your home’s systems, like the air conditioning, will give them a shorter lifespan. When you overlook or put off needed maintenance, you could end up paying more in the form of a replacement system.
  • Landlord Mistake 5: Regulatory Violations. Do you know all the federal housing regulations, local laws for landlords, and HOA rules that apply to your rental property? It is the job of Arlington property managers to stay on top of these ever-changing regulations, so you don’t get stuck with a costly fine.

Arlington Residential Property Management Works For You

Professional property managers work for you to make sure your property is running smoothly and efficiently. With years of experience under our belts, the Arlington property managers at Specialized Property Management Fort Worth has the knowledge and skills to make sure your investment is a success. To schedule your free rental consultation call Specialized Property Management Fort Worth today!

Quality Tenants Make Arlington Property Management Easier

For easier, hassle-free property management, Arlington, TX, landlords need quality tenants. When your tenants are happy, you can relax. But how do you know the tenants moving into your rental home will keep your home looking nice and pay the rent on time? Below are some ways to ensure you attract and select the right tenants for your rental property.

Finding a Rental Home

Location, location, location! That is what real estate is all about right? Even more so with rental real estate. If you are in the market to buy a rental property, make sure you pick one in a nice, well-established, desirable neighborhood. The right neighborhood will bring in the right type of tenant.

Spruce Up Your Property

Curb appeal is important! When your home looks nice, it will attract better applicants. Before putting your home on the rental market, clean up the landscaping, get rid of trash or debris, and fix things like broken fence boards. Your Arlington property management may suggest vendors to help with projects like this.

Make Your Home Rent-Ready

For a more desirable home and easier property management, Arlington, TX, landlords should get their home rent-ready before showing it. If possible, wait to show your home until your old tenants have moved out and you have a chance to touch up. Replace any broken fixtures, get the carpets professionally cleaned, replace filters, spruce up landscaping, rekey the doors, and touch up paint. This will give potential tenants the best possible picture of your home when they visit.

Screen Every Applicant

Any good Arlington property management company can tell you screening applicants is a must. You need to make sure your tenant has a stable job and income so they can pay rent on time each month. A background check and credit check will also give you insight into how stable the tenant is.

The Property Management Arlington, TX, Landlords Trust

When you have trustworthy property managers taking care of your home, you can truly relax. The property managers at Specialized Property Management Fort Worth have years of experience that they will put to good use at your property. To learn more about how we can help you attract quality tenants call today!