Property management in Fort Worth has become increasingly challenging for investors and landlords who don’t have the resources to mitigate the risks of the Coronavirus pandemic. That in itself is a strong argument towards hiring a property management team, however, COVID-19 is not the only difficulty landlords have to face. Property management companies make things so much easier for rental property owners, that it is well worth the investment to start working with one.
Special Considerations in Today’s Efforts to Stop the Spread of COVID-19
Keeping up with all the evolving regulations aimed at stopping the spread of the Coronavirus can be exacting and fraught with hidden risks. For example, landlords must stay on top of federal, state, and local regulations. The federal government is exerting strong pressure on landlords to refrain from enforcing evictions for non-payment of rent during this high period of unemployment. The Federal Housing Finance Agency announced that mortgage payments for multi-family residences financed through Freddie Mac and Fannie Mae would be forgiven for owners who offer similar forbearance to their renters.
Professional property management companies have the resources and equipment to clean and disinfect properly, and they can afford to maintain enough staff to handle jobs that independent property owners can’t afford to be on top of full-time. The Specialized Property Management team is working to comply with recommendations for social distancing and increased cleaning of communal areas.
Property showings have become virtual, and professional companies have the resources to manage showings using video walkthroughs. Technology also makes it possible to handle lease renewals remotely. Cleanup after voluntary evacuations has become more detailed, especially in areas where people put their hands.
Cleaning and maintenance are two of the biggest benefits of hiring a team for property management in Fort Worth. Teams are protected from infection with face masks, gloves, social distancing regulations, and alternative ways to communicate with tenants. Property managers use the right disinfectants and cleaning strategies, such as increasing focus on common touchpoints in the cleaning process.
The Extraordinary Benefits of Hiring a Property Management Company
The many benefits of hiring out property management in Fort Worth include getting professional expertise, knowledge of local regulations, and discounts on equipment, furnishings, and landscaping tools. Specialized Property Management provides many beneficial services, such as:
Our professional team has the resources and knowledge to find qualified renters faster and more efficiently than private landlords. We know where to advertise to get the best response – whether it’s on local billboards, curated rental websites, or YouTube.
Video tours help to pre-qualify rental applicants faster and avoid unnecessary time spent conducting tours for people who wouldn’t be interested.
We handle administrative jobs that often drive landlords crazy. Conducting background and credit checks are one of the biggest benefits of hiring professionals.
Inspections are performed regularly to maintain the aesthetics of your property and identify essential repairs and upgrades. We also provide mid-lease inspections to ensure that the tenants are taking proper care of the rental property.
Our company maintains all rental documents and application information as required by the Texas Association of Realtors. We also educate tenants on how to care for leased property and fulfill their obligations to qualify for the return of their security deposits.
Our team collects rent and deposit funds as agreed contractually. We also enforce rent collection with reminders, assessment of late fees, and initiating eviction procedures.
Ongoing maintenance by professionally skilled workers is one of the biggest benefits of hiring our property management team. We handle the tenant-requested work, preventative maintenance, and interior and exterior inspections.
Managing turnover is an important part of a landlord’s job. At Specialized Property Management, we handle lease renewals, advise tenants on moving procedures, get properties in rental-ready shape, and find new tenants quickly. We also handle the post-moving inspections, assess damages, and refund remaining deposits.
Emergency calls from tenants are one of the landlord’s biggest problems. Emergency calls can interrupt holidays, vacations, sleep, and personal contentment. It’s great to have someone who will handle emergency repairs promptly, especially critical issues like failed HVAC systems or broken water pipes.
The fees you pay for property management are fully deductible, which reduces the cost you pay for professional management services. These fees are summarized for monthly tax calculation, quarterly reports, and end-of-year taxes.
Landlords often make the mistake of renting property to anyone to maintain cash flow, but accepting the wrong tenant can often result in greater expenses that include legal fees, property repair expenses, and bounced check fees. It’s better to screen tenants carefully before renting to them. Our team can advise tenants of their legal rights to avoid lawsuits or heavy-handed practices. Texas courts don’t accept ignorance of the law as an excuse when awarding judgments for landlord infractions, and stiff legal fees can add thousands of dollars to the costs of defending against a lawsuit.
One of the things to look for in a property management company is multiple communication methods for reporting. The best companies provide a variety of custom reports that keep you on top of long-term repair needs, cash flow, maintenance reports, and adjusted income, which are based on monthly, quarterly, and annual income reports.
Dealing with Contractors and Subcontractors
Many private landlords hire day labor or a handyman when major repairs become necessary, but that practice can be especially frustrating and more expensive than you imagine. If the work is done improperly, it might cost more to fix the mistakes than hiring a professional in the first place.
Hiring the wrong contractor can also prove frustrating unless you have an efficient team that you’ve used before on call. Even if you have a reliable contractor, there could be scheduling delays and cost overruns for special projects.
Specialized Property Management has vetted in-house teams and outside contractors available to handle any construction or repair job that you might need. You can save on construction costs because the teams have been picked for efficiency and fair prices.
Getting Your Property Ready for Rental
Hiring a property management company can be a great help for new landlords because we offer a tremendous array of services. These include a platform for communicating with tenants 24/7 to respond to repair needs, answer questions, accept rent payments electronically, and post information about tenant responsibilities.
Your property management company can be a valuable business partner; that increases your annual profit. Experts can advise you about what rents to charge, establish tenant-approval criteria, and suggest upgrades that increase the cost-value of the property and the rental rates that you charge.
Qualifying tenants is a step that’s often skipped by new landlords; however, even experienced owners often lack the skills for picking the best-qualified tenants for a rental. Picking tenants who will stay long-term is the best cost-saving strategy in the rental business. The Specialized Property Management team finds tenants who will:
- Rent property for a long time
- Pay the rent on time
- Offer fewer troublesome complications
- Care for the property like homeowners
- Pass a criminal background check
Did you know that you could be held liable in some cases if you rent to a known criminal who physically assaults another tenant? You must always follow the law in regard to equal opportunity rentals for people from any nationality, creed, race, or sexual orientation. Still, you can establish criteria that prevent renting to people with criminal backgrounds, poor credit history, or a history of evictions. It’s incredibly important to rent to stable tenants and families.
Choosing the right tenant helps to reduce repair calls, avoid litigation fees, and cut down on squabbles between tenants. Our property management team can screen hundreds of rental applicants, and we get a good idea of who will be a good tenant and who might prove troublesome over the long-term outlook.
Fast, professional upkeep and an easy way to pay rent can encourage any existing tenants to renew their leases. Together, these benefits of professional management can increase your return on investment, ensure prompt advertising and rental to the right type of tenant, and proper interpretation of federal, state and local laws that affect tenant rights.
Priceless Benefit: Peace of Mind
Not everyone is cut out for property management. Many people struggle just to maintain their own residences, and being responsible for multiple tenants in an investment property can be a nightmare for inexperienced landlords, those who become disabled, retirees, and those who inherit income-producing property.
Some landlords just grow tired of performing the day-to-day duties required. Hiring a team to handle property management in Fort Worth can restore your equilibrium and foster peace of mind. You can avoid tenant confrontations, maintenance emergencies, administrative red tape, and stress by hiring the right management company.
In the Fort Worth area, Specialized Property Management offers exceptional service that meets all the criteria of the best property managers. Call or contact us today for a confidential consultation and assessment of your needs. We can help shield you from the daily stresses of property management and deliver peace of mind.