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Benbrook Rental Property Management

Benbrook is a small, diverse suburb of Fort Worth and according to Niche, one of the best places to live in Texas. Not only are residents of Benbrook just a 45-minute drive away from Dallas, but they’re also surrounded by great restaurants, beautiful parks, and other like-minded families and young professionals. Just a quick drive to downtown Fort Worth, Benbrook has good schools, a fun nightlife, and affordable rental rates. Our team at Specialized Fort Worth Property Management Company are local experts in the Fort Worth area, including Benbrook. We’ll help you discover what this suburb of Fort Worth has to offer and why it may be the perfect place for your next real estate investment. Already invested? Keep reading to see how our Fort Worth property management company can help you make the most of your investment and gain the highest profit. 

“I love Benbrook! It is a small town next to Fort Worth, Texas… that is very safe and full of friendly and attentive people. I love going to the Benbrook library, as well as the Benbrook lake when I am in town. I have a lot of fun with my family and feel at home when I am there…Overall, my experience in Benbrook has been great and I would recommend people to not only visit but to move here as well, if they desire simple, stress-free, country-style living.” – Niche Review 

Top Fun Things to Do in Benbrook

You and your family will never run out of things to do in this beautiful city with so many activities available and sights to see from escape rooms to museums, and more. There is truly something for everyone in and around this family-friendly place. Once you’ve invested in the area, a Fort Worth property management company like Specialized Fort Worth can market your property for you, highlighting all the wonderful aspects of Benbrook to reliable applicants. Just some of the main attractions you won’t want to miss out on are: 

  • Secret Chambers Escape Room – Can you get find the right clues and solve the puzzles to get out in time? 
  • Modern Art Museum of Fort Worth – Various captivating exhibits and works of art can easily occupy your afternoon or an entire day. 
  • Stockyards Station – You’ll feel like a true Texan with all the cowboy and cowgirl activities like pony rides, horseback riding, and a petting zoo. 
  • SeaQuest – More than an aquarium, SeaQuest has a desert, rainforest, and a plethora of aquatic life to explore with exhibits created for all ages. 

Investing in Benbrook Property

The reason Benbrook is so popular right now among families and young professionals is that it’s truly the perfect location, allowing you to live outside the city while easily being able to go downtown for work or pleasure anytime you please. Browsing sites like Zillow and reaching out to Fort Worth property management companies that can help you narrow down your search for an investment property are great ways to see what’s out there. Recently, Zillow reported data that said the average rents all across the country are at an all-time high of 29.1% of a tenant’s income. Just a couple of decades ago, rent was only 25.8% of a tenant’s monthly income. Some places are higher and some lower, but in the Benbrook area, rent matches the national average of about 30% of a tenant’s income. This means that the time to invest is now. 

Rental Rates in Benbrook 

It can be difficult to decide on a price to charge for rent since rental rates range from city to city and even within one place they can range a lot, depending on things like location, unit quality, and amenities. Let the experts at Specialized Fort Worth Property Management Company be the ones to advise you on what rents are going for, how much tenants are willing to pay, and how your particular property compares. According to RentCafe, in Fort Worth, rental rates range from about $700-$1500 per month, with the average rent rate right at $1,128 per month. The median rent in Benbrook is at $932, which is lower than the average rental rates in North Richland Hills, Arlington, Keller, Dallas, and Austin and significantly lower than the average national rental rate. This is another reason why Benbrook is an ideal investment location. Not only is it a great spot to live location-wise, but there is also plenty to do and see, and it’s affordable for families and young professionals that want to live there. With the current seller’s market, rise in millennials wanting to rent, Fort Worth job growth, and low interest rates, Benbrook is one of the best markets for real estate investment. 

Better Benbrook Rental Property Management 

When thinking about investing in real estate, consider the benefits of hiring a property management company to help you protect and make the most of your investment. With rents rising along both the East and West coast, many people are relocating to the Fort Worth area and looking for affordable homes to rent. But how will you market your property? And how will you know which tenants to trust? Hiring a Benbrook rental property management company like Specialized Fort Worth is what you’ll need to ensure that you have a team of professionals ready and willing to help you in all aspects of owning and renting out your property. We’ll help you set a competitive, yet fair rental rate for tenants, screen them effectively, conduct virtual showings, and more. 

“As a property owner, it is evident that they have my best interest in mind; promptly addressing tenants’ concerns and meeting their and my expectations. Their professionalism as a business and business partner is exceptional.”  – Alfonso Flores

WWhy Choose Specialized Fort Worth Property Management Company 

With Specialized Property Management, you’ll save time, stress, and money. We take care of the daily ins and outs of owning a property and being a landlord so you don’t have to do it. We provide local insights into market trends and tenant needs to help you purchase the right property. We also know how to prepare your place so it has ‘curb appeal.’ Once we attract a pool of well-qualified applicants, we screen them like no other. You get the best of the best tenants with the highest potential and lowest risk. We collect the rent, take tenant phone calls at 2 a.m. in the morning, and ensure your property gets regular inspections and maintenance. You watch it all from the comfort of your home or office on our 24/7 owner portal where we post pictures, updates, and messages so all you have to do is breathe easy. Our services include: 

Fort Worth Property Management Process
  • Higher Customer Satisfaction: To be honest, property managers have a lot of people to keep happy in addition to the landlord. Think about the tenants, the neighborhood, the HOA, the community, and the city, county, state, and federal government just to name a few. We discovered the best way to meet your needs is to meet everyone else’s as well. So we provide excellent customer service to everyone on your contact list so you reap the financial rewards of happy tenants, neighbors, and government agencies.
  • Unsurpassed Experience in Benbrook Rental Property Management: Specialized Property Management knows property management. Benbrook-style property management, however, is perhaps a better way of putting it. We live here and work here too so we know the school districts, the shopping and entertainment options, the public transportation systems, and preferred public spaces. We know the rental markets and study tenant behavior and trends. And we know how to advertise your property to Benbrook renters, so they’ll respond.
  • Better Tenant Selection: Not all tenants are created equally. The goal is to find those who have the highest potential to pay with the least amount of concerns about past behavior that may cause problems for you in the future. Our rigorous background check and screening process do the trick.
  • Shorter Vacancies: Don’t panic. We have a plan to shorten the length of vacancies in your rental. We advertise aggressively and strategically, respond quickly to applicants, show your property at convenient times, and streamline the screening process so the most qualified applicant can sign the lease as quickly as possible.
  • Cost Effective Maintenance: These two words may seem to contradict each other. Can maintenance ever be cost-effective? If you partner with Specialized Fort Worth Property Management then the answer is yes. We negotiate discounts on parts and labor then pass on the savings to you. That’s one of the many benefits of professional property management. Benbrook landlords also appreciate our routine maintenance plans and inspection schedules.

Join the thousands of satisfied property management owners who trust the experts at Specialized Fort Worth Property Management. While it is possible to make a profit with your rental properties on your own, you are most likely going to make more of a profit when you have a Benbrook rental property management company working for you. Why? These people are experts in the field of real estate and know how to make rental properties perform best. A great property management company that you can rely on is easily the best thing you can have when you invest in real estate. As you begin your research, you’ll see that there are many options out there. Depend on Specialized Property Management, who offer all of the services described above and have a 98% customer satisfaction rate. We can help you with any rental property ownership task. We’re confident that we can help you 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.

Why Hire Richland Hills Property Management

North Richland Hills is a gorgeous, high-end suburb of Fort Worth filled with quaint coffee shops and plenty of green parks. Just a quick drive to downtown Fort Worth, North Richland Hills is home to many families and young professionals. It was described as one of the best places to live in Texas with highly-rated public schools and a coveted suburban feel. Our team at Specialized Property Management in Fort Worth are local experts on the Fort Worth area, including North Richland Hills. We’ll help you discover what this city has to offer and why it may be the perfect place for your next real estate investment. Already invested? Keep reading to see how property management in Fort Worth can help you make the most of your investment and gain the highest profit. 

Things to Do in North Richland Hills

You and your family will never run out of things to do in this beautiful city with so many activities available and sights to see from water parks to museums, and more. There is truly something for everyone in and around this family-friendly place. Once you’ve invested in the area, a Richland Hills property management company like Specialized Fort Worth can market your property for you, highlighting all the wonderful aspects of North Richland Hills to reliable applicants. Just some of the main attractions you won’t want to miss out on are: 

  • NRH20 Water Park – 17 acres of water-filled fun, including water slides, lagoons, rivers, and splash pads for all ages. 
  • ITz Euless – You won’t want to go anywhere else on a weekend because the games, bowling, bumper cars, laser tag and more are here.
  • Stockyards Station – You’ll feel like a true Texan with all the cowboy and cowgirl activities like pony rides, horseback riding, and a petting zoo. 
  • River Legacy Living Science Center – Try not to get lost in this huge nature center that includes trails, aquariums, and interactive exhibits. 
  • Planetarium at UT Arlington – Live stargazing is just one of the amazing programs offered here. 
  • Fort Worth Botanical Gardens – This family-friendly area has gardens that full of plants, flowers, and beautiful botany to admire and interact with. 
  • Summit Rock Climbing – Enroll in private or group lessons and learn how to boulder or rock climb, or just come have fun climbing with the family. 
  • Fort Worth Zoo –The oldest zoo in the state, we have all the animals, exhibits, and learning opportunities a kid could want. 

Investing in North Richland Hills Property

This city is the perfect place to own and manage a rental home because it’s a short 30-minute drive to Dallas and only 13 minutes to downtown Fort Worth. The reason it’s so popular right now among families and young professionals is that it’s truly the perfect location, allowing you to live outside the city while easily being able to go downtown for work or pleasure anytime you please. If you’ve been looking to buy a home as a rental investment, you’ve probably been searching on websites similar to Zillow to find the best rental properties. This tactic, along with reaching out to property management in Fort Worth that can help you narrow down your search are great ways to see what’s out there. Recently, Zillow reported data that said the average rents all across the country are at an all-time high of 29.1% of a tenant’s income. Just a couple of decades ago, rent was only 25.8% of a tenant’s monthly income. Some places are higher and some lower, but in the North Richland Hills area, rent matches the national average of about 30% of a tenant’s income. This means that the time to invest is now. Most people who are in the real estate market, especially millennials, would rather rent than buy regardless of the cost of rent and they’re willing to put 30% of their monthly income into their rent payment. This means a lower chance of vacancies for you and a higher chance of steady cash flow. 

Rental Rates in North Richland Hills 

It can be difficult to decide on a price to charge for rent since rental rates range from city to city, and even within one place they can range a lot, depending on things like location, unit quality, and amenities. Let the experts at Specialized Property Management in Fort Worth be the ones to advise you on what rents are going for, how much tenants are willing to pay, and how your particular property compares. According to RentCafe, in North Richland Hills, rental rates range from about $700-$1500 per month, with the average rent rate right at $1110 per month. This is lower than the average rental rates in Dallas, Fort Worth, Keller, Euless, and Austin and significantly lower than the average national rental rate. This is another reason why North Richland Hills is an ideal investment location. Not only is it a great spot to live location-wise, there is also plenty to do and see, and it’s also affordable for families and young professionals that want to live there. With the current seller’s market, rise in millennials wanting to rent, Fort Worth job growth, and low interest rates, North Richland Hills is one of the best markets for real estate investment. 

Why Hire a Richland Hills Property Management Company

When thinking about investing in real estate, consider the benefits of hiring a property management company to help you protect and make the most of your investment. With rents rising along both the East and West coast, many people are relocating to the Fort Worth area and looking for affordable homes to rent. That’s another reason why investing in property in North Richland Hills is the way to go. But how will you market your property? And how will you know which tenants to trust? Hiring a Richland Hills property management company like Specialized Fort Worth is what you’ll need to ensure that you have a team of professionals ready and willing to help you in all aspects of owning and renting out your property. We’ll help you set a competitive, yet fair, rental rate for tenants, screen them effectively, conduct virtual showings, and more.

“Specialized Property Management’s reporting and accountability are excellent. I have been impressed with the courteous, professional and efficient manner in which the affairs of my properties have been conducted. I recommend Specialized as an agent for handling rental properties.”  – William M., owner

Why Choose SPecialized Property Management in Fort Worth

With Specialized Property Management, you’ll save time, stress, and money. We take care of the daily ins and outs of owning a property and being a landlord so you don’t have to do it. We provide local insights into market trends and tenant needs to help you purchase the right property. We also know how to prepare your place so it has ‘curb appeal.’ Once we attract a pool of well-qualified applicants, we screen them like no other. You get the best of the best tenants with the highest potential and lowest risk. We collect the rent, take tenant phone calls at 2 a.m. in the morning, and ensure your property gets regular inspections and maintenance. You watch it all from the comfort of your home or office on our 24/7 owner portal where we post pictures, updates, and messages so all you have to do is breathe easy. 

Fort Worth Property Management Process
  • Higher Customer Satisfaction: To be honest, property managers have a lot of people to keep happy in addition to the landlord. Think about the tenants, the neighborhood, the HOA, the community, and the city, county, state, and federal government just to name a few. We discovered the best way to meet your needs is to meet everyone else’s as well. So we provide excellent customer service to everyone on your contact list so you reap the financial rewards of happy tenants, neighbors, and government agencies.
  • Unsurpassed Experience in Richland Hills Property Management: Companies like Specialized Property Management know property management. North Richland Hills-style property management, however, is perhaps a better way of putting it. We live here and work here too, so we know the school districts, the shopping and entertainment options, the public transportation systems, and preferred public spaces. We know the rental markets and study tenant behavior and trends. And we know how to advertise your property to North Richland Hills renters, so they’ll respond.
  • Better Tenant Selection: Not all tenants are created equally. The goal is to find those who have the highest potential to pay with the least amount of concerns about past behavior that may cause problems for you in the future. Our rigorous background check and screening process do the trick.
  • Shorter Vacancies: Don’t panic. We have a plan to shorten the length of vacancies in your rental. We advertise aggressively and strategically, respond quickly to applicants, show your property at convenient times, and streamline the screening process so the most qualified applicant can sign the lease as quickly as possible.
  • Cost-Effective Maintenance: These two words may seem to contradict each other. Can maintenance ever be cost-effective? If you partner with Specialized Fort Worth Property Management, then the answer is yes. We negotiate discounts on parts and labor then pass on the savings to you. That’s one of the many benefits of professional property management. North Richland Hills landlords also appreciate our routine maintenance plans and inspection schedules.

Join the thousands of satisfied property management owners who trust the experts at Specialized Property Management in Fort Worth. While it is possible to make a profit with your rental properties on your own, you are most likely going to make more of a profit when you have a Richland Hills property management company working for you. Why? These people are experts in the field of real estate and know how to make rental properties perform best. When you own rental properties and try to take the place of professional property management in Fort Worth, you are risking your business’s financial security. A great property management company that you can rely on is easily the best thing you can have when you invest in real estate. As you begin your research, you’ll see that there are many options out there. Depend on Specialized Property Management, who offer all of the services described above and have a 98% customer satisfaction rate. We can help you with any rental property ownership task. We’re confident that we can help you 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. 

Advantages of Using a Property Management Company’s Technology

If you’re reading this article, you’re probably doing so from your computer, phone, or tablet, and out of those three devices, two are most likely nearby, within reach, if not all of them. Technology has developed and improved at a rapid pace in the last decade and continues to get better. Meanwhile, people rely on technology more and more every day, using apps for everything from alarm clocks to international conferences and letting the internet dictate where they eat, how they travel, and where their attention goes at any given moment during the day. 

According to the Pew Research Center, “Smartphone ownership is especially high among younger Americans, as well as those with relatively high income and education levels.” 

When you invest in and own a property, it’s important that you hire a Specialized Fort Worth property manager that understands how to market to a tech-driven world and use technology to help you be more efficient, effective, and profitable. Continue reading to learn about the advantages of using a property management company and the ways that Specialized Fort Worth Property Management uses technology and its various methods of communication to help property owners like you succeed.

Communication Through Technology

Every good relationship has to have good communication for it to work properly, and the same goes for tenant-owner relationships as well as owner-property manager and tenant-property manager relationships. The best way to go about it is to set clear expectations and boundaries from the start. Knowing whether you should email, text, or talk in person is something you or your Fort Worth property manager should discuss with your tenant before they even sign their lease. Specialized Fort Worth Property Management can advise you on how to properly execute your meaning through various forms of communication. 

Communicating Through Email

Good communication can be the difference between an effective tenant-owner relationship and a non-effective one. Though there are a variety of quick and easy ways to let your tenant know about an issue or vice versa, everyone has their personal preference. The Radicati Group discovered that 86% of professionals put email as their favorite way to communicate. In fact, there are 3.7 billion email accounts worldwide, and 269 billion emails sent per day. Email is quick, straightforward, and easy to revise before sending. It’s also a great way to send attachments and keep a record of communication back and forth between you and your tenants. Just remember to ask tenants if they prefer email, texting, phone calls, social media messaging, or something else and set expectations for when you will be giving them notice of a property inspection, visit, or repair. 

Let them know that there may be certain times that you won’t be reachable, but your Fort Worth property manager will be, and through which methods of communication. Keep subject matters as professional as possible and respect your tenant’s privacy. Once clear expectations are met, you should be able to communicate effectively and efficiently, all while using technology to your advantage. The advantage of using a property management company like Specialized Fort Worth is that we will set expectations and be available to communicate clearly with tenants 24/7. It will be our job, not yours, to handle everything tenant related and we’ll be in charge of deciding, with your tenants, the what, when, how, and why’s of communication.

Communicating Through Texting

If your tenant tells you or your Fort Worth property manager that they prefer texting over email, which is very likely in today’s smart-phone driven world, you may be excited – it’s the fastest and easiest way to get your message to someone. Or, it might make you nervous. Texting can create misinterpreted meanings and feel casual and unprofessional. 

Some of the pros of texting your tenants are: 

  • Texting is very convenient. You can text wherever and whenever you want, and you don’t have to worry about background noise.
  • It’s extremely quick.
  • You don’t have to spend time on small talk; you can be straightforward
  • You can answer texts on your own time. If your tenant sends an angry text, you can think about your response and be professional when you’re ready

And some of the cons of texting your tenants include: 

  • Texting eliminates the tone of voice and certain messages can be misread.
  • Text messages can be easily lost or deleted. 
  • Some people don’t use their phone all the time and may not see your message until it’s too late.
  • There is no Federal Rule of Evidence that specifically states that a text is acceptable as evidence in court. While Rule 1001 says that a “‘writing’ consists of letters, words, numbers, or their equivalent set down in any form,” a judge can interpret that in any way that they want to. If you’re involved in an eviction case, and the only proof you have of written communication between you and your tenant is text messages, you might find yourself out of luck.

You or your Fort Worth property manager should include a section of the lease agreement where the tenant can acknowledge that they give permission for you to text them and vice versa. In this section, be clear about what kinds of information you’ll be texting and include what kind of information the tenant may text to you. 

Communicating the Old Fashioned Way

Some people believe that because technology is everywhere, it can be a sign of both professionalism and sincerity to send a handwritten note. It’s a great way to send a welcome letter or a thank you note, and most people consider it both a kind and professional gesture. Keep in mind that written notices, which are usually typed up letters sent by mail, are another way to communicate more serious matters. In some cases, written notices are the only way to communicate in order to protect yourself and your investment property. For example, if there is a case of a late rent payment, eviction, or notifications of move out dates and times, a written notice is necessary. The best Fort Worth property managers know that keeping all records of your communication with tenants in a safe location is crucial to your success as an owner.

Online Portals

Specialized Fort Worth property managers believe in making things simple and easy for owners and tenants. That’s why our website has an owner portal and a tenant portal where things like rent collection, rent payment, online applications, tenant screening, maintenance requests, and more can take place in an efficient and effective way. Our online portal makes life easier for everyone; saving you, your tenants, and us time, money, and stress. Our technology-driven processes are not just one of the advantages of using a property management company, it’s what sets Specialized Property Management apart from the rest. 

Electronic Showings

Specialized Fort Worth property managers understand how seriously harmful vacancies can be to your business. That’s why we have worked hard to ensure that we do everything we can to avoid vacancies and effectively market your property for you. One way we do that is through electronic showings, or virtual walk-throughs. Instead of spending days trying to schedule a time for tenants to meet with an agent and then losing the interest of tenants because of the hassle, we have come up with a solution that will help increase your bottom line through fewer vacancies. Our process goes like this: 

  1. An applicant sees your property listed online and wants to view it.
  2. The applicant completes an online request and provides a credit card as a security measure.
  3. A Specialized Fort Worth property manager prescreens the applicant and provides a code to access the property during a short, predetermined time. 

If the applicant just wants to view your property online, we offer virtual tours as well. Either way, we are ensuring that prospective tenants don’t lose interest just because it’s too long of a process to see your property. Every applicant is a potential tenant, and the more information we can provide them with right away, the more likely they will be to turn into actual tenants who are paying rent and creating steady income for you. 

The Advantages of Using a Property Management Company

Specialized Fort Worth Property Management is considered one of the best property management companies in Fort Worth because we have over 30 years of knowledge and experience to help your investment succeed, as well as the technological processes outlined above. When communicating with your tenant, remember:

  • To set clear expectations at lease signing for acceptable means of communication 
  • Keep texts and emails straightforward and professional
  • Draw up necessary written documents and save them in a safe place
  • Sometimes a face-to-face conversation is necessary and important

Let our team of experts at Specialized Fort Worth be the ones to handle all of the important aspects of managing your property with our technology-driven systems. We’ll communicate clearly and professionally with tenants and make showing properties, screening tenants, and collecting rent a breeze with our proven processes. You’ll no longer have to worry about unnecessary vacancies with Specialized Fort Worth property managers in your corner. Contact us today to learn more about what we can offer you.

Millennials are Changing Real Estate Rental Trends

“WELCOME TO THE FUTURE,” 2020 seemed to shout as it arrived, full of promise and enthusiasm. A new year, a new decade, and a fresh start. But what does it mean for real estate rental trends? We’ve already seen an increase in people choosing to rent rather than buy over the past decade. Now, millennials are the largest generation living on the earth and since they’re all around their 30s, they want to start settling down with their families. However, many millennials are not able to afford the current home prices or simply don’t want to buy. 

According to millionacres, “Interest rates have fallen in the past year [and] mortgage rates are expected to remain at historic lows for a while . . . Even with rates below 4%, it can be tough for some buyers to purchase a home. Many first-time homebuyers are burdened by student loans and have had difficulty saving up for a down payment.” 

Millennials are affecting real estate rental trends but if you’re a rental property owner, that’s a good thing. Learn how they’re changing the rental market in your favor, what you should do about it, and how Specialized property managers in Fort Worth can help. 

Who are Millennials? 

Millennials are the 30-somethings born in the ’80s and ’90s that are now the largest generation currently living on earth. They’re changing jobs frequently, posting constantly to social media, and relying on their phones for just about everything. They’re also traveling the world, standing up for what they believe in, and creating real change. Unfortunately, this change sometimes requires a lot of student debt and some assume that because of their debt, buying a house isn’t an option. Though this isn’t always the case, they also don’t want the responsibilities that come with owning a home. They’d rather focus on planning their next trip around the world than think about saving for home repairs. This means that millennials are choosing to rent instead of buy, and since there are so many of them, real estate rental trends are changing in a positive direction.

Millennials are Changing the Rental Market

Millennials, recently labeled as “Generation Rent,” may get a bad rap for being irresponsible or apathetic, but the truth is, they know what they want. It’s just not the mortgage and white picket fence that everyone else wanted for the last fifty years. This is great news for rental property owners because it means that rent rates are rising and their income flow is steadier than ever. It’s also a good time for investors to buy and take advantage of low interest rates. Property managers in Fort Worth like Specialized Property Management can help you know what type of properties to invest in, how to best market to millennials, and how to effectively manage your property. Staying on top of real estate rental trends is the only way to succeed in the current market, and trusting expert property managers like Specialized Fort Worth is a wise choice. 

What Millennials Want 

Millennials are changing real estate rental trends so it’s up to you as a property owner to change your marketing strategy. It’s easy to market to millennials once you understand what they want. Since they grew up in an age of rapidly changing technology and instant gratification, they are a generation of “I want it now”. Rather than go without in order to start a family early or buy a home, millennials are all about experiencing travel, career changes, and freedom for as long as possible, counting on families and stability to come later, but also as soon as they’re ready. Because they don’t want to be tied down by anything, renting is their number one choice. 

Pew Research shows that “Millennial households dominate the ranks of the nation’s renters. Last year, Millennials headed 18.4 million of the estimated 45.9 million households that rent their home.”  

Why Millennials Love Single-Family Homes

Perhaps it’s because millennials watched their parents lose their homes in the 2008 real estate market crash, or maybe they are just burdened with too much debt, but either way, the result is that they are not wanting to purchase a home, or at least prefer to put it off for the time being. Whatever their reasons for not buying property, millennials still desire the lifestyle of a home rather than an apartment. That’s why single-family rental homes are the perfect answer and they’re recently in high demand. Amenities like a backyard, safe neighborhood, privacy, and more space overall are some reasons people choose a single-family home to rent. Specialized property managers in Fort Worth are experts in the single-family home rental market and can help property owners manage them effectively. 

According to Norada’s 2020 real estate forecast, “Following the housing market decline in 2007, single-family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single-family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single-family rental units”

How to Market to Millennials

Most millennials love the idea of a single-family rental and have a clear idea of what they want it to provide for them. Most are also willing to pay more for rent in order to obtain their desired lifestyle. Some main things they may be looking for are:

  • Proximity to job
  • Flexible lease 
  • Storage space
  • Internet speed
  • Good schools
  • Amenities: pool, gym, or park nearby
  • Safe and friendly neighborhood
  • “Smart home” features
  • Washer and dryer in unit
  • Kitchen upgrades
  • Fenced yard/pet-friendly
  • Covered parking spaces

Consulting Specialized property managers in Fort Worth is a good idea for learning how to add these amenities to your property and market it well to millennials. They’ll also help you put together a lease that benefits both you and your millennial renters. This list of demands may seem like high standards for a tenant who may move out at a moment’s notice, but studies show that though millennials appreciate flexibility, they’re not flaky. 

According to a recent national renters survey, renters are committing to their rental properties long-term. The survey shows the percentage of single-family home property renters committing to their rental properties for more than 5 years is 22%, 3-5 years is 14% and those expecting to commit for at least two years is 59%. These figures show on average that 25 percent of single-family home renters plan to stay put for more than five years. This real estate rental trend impacts the Fort Worth property management through lower vacancy rates and more stable tenants.

Be Tech-Savvy

In addition, accommodating one millennial could help you get a lot of future business. Millennials highly trust online reviews and will make sure to research rental properties and their respective management to see what they can expect. If they like it, you can count on them tweeting all of their friends about it (#trending)!

Speaking of social media, another aspect of marketing to millennials is your online presence. Make sure you’re easy to find on social media and that what you’re putting on the web can be accessed on a cell phone. Include video walk-throughs of your property, as well as a list of the home’s amenities. Having an easy-to-use website with a link to an online rental application as well as a way for renters to pay rent online are crucial to marketing to this generation of tenants. If you don’t have these things readily available, they’ll quickly lose interest. 

Why Choose Specialized Property Managers in Fort Worth 

At Specialized Property Management Fort Worth, our team of property management experts are the ones to trust as real estate market trends change with the new decade. 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

Specialized property managers in Fort Worth live and work locally so we know the current real estate rental trends and can help you reach millennials that will be great tenants. You can trust us with your property and your tenants because we’ve seen it all and have learned how to adapt to 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 and managing your property a breeze. You invest and we will take care of the rest. Contact us today to learn more about how we can help you maintain your beautiful rental property. 

Legal Issues: Know Your Tenant’s Rights

If you’re a property owner, you’ve probably heard of The Fair Housing Act and are making sure you comply with it in lease agreements and communication with tenants. But did you know that there are some common legal mistakes that property owners make without even realizing it? Some examples are mishandling payment and expense records, unintentional discrimination, and who is performing maintenance. It can feel like a full-time job to keep up with all federal, state, and local laws and regulations when you have an investment property. A company that offers professional property management in Fort Worth, like Specialized Property Management can help you save time, get organized, and avoid common legal mistakes that could lead to costly fees. 

“Being aware of legal pitfalls that haunt all landlords and homeowners is the first step to creating a better rental experience for all involved,” explains the Director of Operations at Specialized Property Management Fort Worth. “We understand that regulations affect everyone in a rental situation on a local, state and federal level. Landlords count on us to stay on top of all regulations so we can protect them from potential risks and financial liabilities. We understand that many of our clients simply don’t have the time or expertise to commit towards keeping up-to-date on rental property regulations. So, instead of taking this on themselves, they come to a full-service property management to take care of their rental property,” she explains.

If you are not constantly aware of current laws and rights that protect tenants as well as current laws and regulations, you run the risk of walking straight into a lawsuit. Carefully adhere to the advice of your Fort Worth rental management and educate yourself on the policies below to avoid costly legal fees and a lot of time and stress.

Legal Regulations You Should Know About

Privacy Laws

Because you bought your property and invested so much time and money into it, it’s easy to forget about privacy laws. A tenant with a signed lease and keys to a unit has a legal right to privacy. If you want to decrease tenant turnover, it’s wise to help tenants feel like your property is truly their home. If the occasion arises that you need access to your property, make sure to give at least 24 hours’ notice. If you don’t have the time, Specialized Fort Worth Rental Management will always give tenants a 24-hour notice of scheduled inspections or maintenance. If there is an emergency, you don’t need to give notice. Try your best to always be respectful and treat your tenant’s space as if it is truly theirs. Additionally, ensure that tenant records and documents are kept strictly confidential and in a safe space. Leases, complaints, accounting details, and notices need to be safely maintained even after tenants leave. All security deposits and monthly rental payments also need to be properly handled because there are trust and escrow laws to adhere to. 

Security Rights

Every tenant deserves to live in a property that is secure with working doors and windows that have keyed deadbolts and viewing access to the exterior of the home. Windows and sliding doors need to have latches and locks that work as well. If a safety measure needs to be fixed, the tenant has the right to get it repaired at the property owner’s expense. There are some exceptions, so it’s critical that professional property management in Fort Worth know and understand all security regulations for their investment property. 

Maintenance of the Unit

One of your tenant’s rights is “implied warranty of habitability”. This means that your tenant has a legal right to clean, running water, electricity and heat, and a sound structure. According to the Attorney General of Texas speaking to tenants, “You have a right to demand that the landlord repair any condition that materially affects your physical health or safety. Justices of the peace have the authority to order landlords to repair or remedy conditions affecting a tenant’s physical health or safety, as long as the cost of the repair does not exceed $10,000. Tenants can go to justice court without an attorney to obtain a repair order..”

Responding quickly to maintenance requests and scheduling thorough walkthroughs and regular maintenance checks is the best way to keep your building safe and in good legal standing. You are required to take care of mold and foundation issues as soon as possible and make sure that smoke alarms and carbon monoxide detectors are properly functioning. Hire only insured and licensed repair services and don’t attempt to DIY large problems. It is against the law for professional property management in Fort Worth to refuse maintenance and repair to properties that are occupied by a tenant. 

Licensing

In Fort Worth, certain property management activities must be performed by licensed real estate agents so it’s crucial to make sure that you are licensed. According to licenselogix, “The primary functions of many property management companies, such as leasing, renting and collecting rent on behalf of others, are considered real estate activities under existing Texas real estate licensing laws.  If a property management company is going to list, rent, negotiate the rental of property, collect rents, or place tenants on behalf of a landlord client in Texas, the business will need a real estate broker license.”

Costs and Fees

In some states, there are limitations set for certain costs and fees, but in Texas there is no limit on how much a property owner can charge for rent. You also have the freedom to raise rent rates but some lease agreements have regulations about giving a rent-increase notification to tenants beforehand. Application fees are separate from application deposits. Deposits hold a rental unit for someone while application fees cover the time and expense the property owner uses to process your application. Fort Worth rental management doesn’t return these fees if the application is rejected, but deposits are returned if they choose not to lease to a serious applicant. When rent is paid late, there are late fees and these have restrictions. All costs and fees must be clear and straightforward in the lease. 

Eviction Rights

“Quiet enjoyment” refers to the right of tenants to rest easy knowing that as long as they fulfill their responsibilities detailed in the lease agreement, they will not have to unexpectedly start looking for new housing. If a property owner wishes to evict their tenant, there must be proper cause. The eviction process in Texas explains, “In Texas, a landlord must legally terminate the tenancy before evicting a tenant. The landlord must first give the tenant a written notice, as required by state law. If the tenant does not move out after receiving this notice, then the landlord can file an eviction lawsuit (also called a forcible entry and detainer suit).” There are some cases where notice for termination without cause is acceptable.  

Specialized Property Management

Professional property management in Fort Worth like Specialized Property Management must pay attention to the details of every local, state, and federal law that protects both tenants and property owners. Even minor, unintentional infractions can take a hit to your profit margins and future business. Violations can cause tenants to be exempt from paying rent, property owners being buried in fines, or the stress and cost of time in court because of lawsuits. If you want to avoid these penalties, it’s important that you rely on the years of experience and research of qualified Fort Worth rental management. 

“Your excellent management has provided an almost unheard of occupancy rate of 97%. As an ex-banker I will tell you that such numbers were often looked on with skepticism, we saw so many cute twists on reality.”- Joe K., Owner

Our Services

Specialized Fort Worth Rental Management understands that many property managers don’t think about the legal reparations that could occur from a few simple mistakes. That’s why you should trust us to keep up with the landlord and tenant codes for you. We make sure that you are in strict compliance with all laws relating to your investment property. We have an in-house legal counsel, conform to all trust accounting laws and regulations, and can guide you in the process of eviction and writ of possession. We are up to date and current on all:

  • State property code laws
  • Local city ordinances
  • Department of Real Estate
  • Tenant screening regulations
  • Real estate contract law on residential leases
  • Trust and escrow laws on security deposits and monthly rental payments
  • Tenant and landlord maintenance laws
  • Collection and eviction laws
  • Property inspection regulations

“SPM’s reporting and accountability is excellent. I have been impressed with the courteous, professional and efficient manner in which the affairs of my properties have been conducted. I recommend Specialized as an agent for handling rental properties.” -William M., Owner

Don’t let legal reasons be the cause of a loss in potential profits. Trust our team of experts at Specialized Property Management to take care of all your property management needs. Contact us today to learn more about how Specialized Fort Worth Rental Management can make your life easier as a property owner and protect your investment. 

Choose a Property Manager Before You Rent Out Your Home in Fort Worth

Whether you’re new to the real estate investing game, or have been doing it for years, it’s never too early or too late to hire a property manager. Many investors think that they can do it all, minimizing their own costs by putting in extra time here and there. However, when you rent out your home in Fort Worth, there are bound to be a list of things you haven’t considered and with which you’ll need help. The best thing you can do to help protect your investment as well as save time, money, and stress, is to hire a property manager that you can trust. The hard part is knowing which Fort Worth residential property manager to choose and why. Property managers that have the experience, skills, and knowledge you need and also treat you and your tenants with the services you deserve can be hard to come by. When searching for a property manager, it’s a good idea to learn beforehand the right questions to ask and what services for which to look. At Specialized Property Management, we truly care about you and your property. We’ll help you learn what to look for in a property manager and where to find them in Fort Worth. 

What to Look for in a Property Manager

Some property managers get a bad reputation because they don’t communicate well or do their research before making a decision about a property or a tenant. At Specialized Fort Worth, we have over 30 years of experience and specialize in property owners, like you, who rent out your home in Fort Worth. You won’t have to worry about us making a mistake, because our organized team of experts has seen it all and can foresee and prevent problems before they even happen through the effective systems we have in place. Because we are so experienced, we know exactly what you should look for in your search for a property manager. 

Employed or Self-Employed

Do you want a person or a firm? Supporting smaller businesses that are self-made is a noble cause, but may come at a risk. The chances of hiring a self-employed property manager with the knowledge, skills, and experience you need are smaller than someone who is employed by an experienced and well-known firm such as Specialized Property Management. Large Fort Worth residential property management companies usually offer more services and require higher standards of service for their professional employees. This means that they are more likely to resolve problems faster and more effectively than smaller, self-employed property managers. 

Services Offered

Make sure that the property management company you hire offers the services you need. If you have more than one property, for example, you may be better off trusting a team of experts than a single, self-employed property manager. Make a list of the needs you want to be met and then ensure that the Fort Worth residential property management company you are interested in hiring can meet those needs. Consider the following services that Specialized Property Management provides: 

  • Pre Screening Tenants
  • Advertising and Marketing 
  • Maintenance Services
  • Financial Reporting Services
  • Lease Enforcement and Eviction Services
  • Collect and Distribute Rent 

Pricing 

Some people think that by not hiring a property manager when you rent out your home in Fort Worth, you’ll actually save money because most property managers are expensive and take a share of your potential profit. At Specialized Property Management, we are straightforward and upfront about our fees. Hidden fees from other property managers may surprise you in tenant turnover, poor maintenance, longer vacancies, avoidable mistakes, and evictions. 

Specialization

You want a company that specializes in what they do rather than trying to run a property management business as well as several other ventures. With Specialized Property Management, you’ll get a company that is focused on what they do and has 30 years of experience doing it. 

Local Knowledge and Certification

Hiring a Fort Worth residential property management company doesn’t mean that they know everything there is to know about the area. Make sure that you hire a company like Specialized Property Management that trains and stays current with local laws and regulations as well as federal housing laws. This is the wisest way to ensure you don’t get caught up in any legal nightmares.

Responsiveness

Specialized won’t let you or your tenants wait around for answers. With our owner and tenant portals, as well as 24/7 customer service, you and your tenants’ concerns will be quickly addressed. Customer satisfaction will be high and tenant turnover will be low, both important to keeping your income flowing as the property manager. With a Fort Worth residential property management company like Specialized Property Management, you can check in on the status of your investment property anytime and from anywhere. 

Shorter Vacancies

Specialized Property Management knows that vacancies are the biggest cost in real estate management and we keep them low with our proven process. Through our effective and thorough tenant screening, we ensure that your Fort Worth rental property is filled with well-qualified tenants as quickly as possible and that tenant turnover is minimized as much as possible. It would be wise to learn about how many vacant properties a company currently has before hiring them. 

Cost-Effective Maintenance

Some people assume that when you rent out your home in Fort Worth it’s easy to find maintenance guys who are needed for quick jobs here and there. The truth is, it can be extremely difficult to find someone quick, reliable, and skilled at repairs, especially on a moment’s notice. At Specialized, we work with national providers to get you low-cost, high-quality maintenance that comes backed with guarantees. We will also schedule regular maintenance checks and walk-throughs to stay on top of issues before they start. To see if we truly stick to these standards, try driving by some of the properties we manage to see how well they are maintained on a regular basis. 

Rent Collection Systems

Specialized Property Management collects rent electronically and we have an ethically and proven screening method for tenants to ensure that rent continues to come in and be paid on time, which is a top priority in property management. 

How to Choose a Property Manager

Now that you know what to look for in a Fort Worth residential property management company, you may have to choose between a few that offer the services you need. Below are some ways to differentiate between companies to make sure that you are hiring someone who is reputable. 

  1. Read Reviews: Reviews are trusted more than ever these days and you can tell a lot about a company from how many positive or negative reviews they have. Talk to others about their experiences with a company before making any major decisions and then consider your options and decide on the best one. Specialized Property Management has testimonials on their website where you can read about the many positive experiences from both past and current customers. 
  2. Do Your Research: Before you even begin to rent out your home in Fort Worth with a property manager, interview a few different candidates. This will help you better understand who you will be most comfortable with. Trust is key in a property owner/property manager relationship because you are letting someone else take over the responsibility of your investments. Make sure in face-to-face interviews that the company you hire is one that is both capable and trustworthy. During the interview, go over all necessary paperwork as thoroughly as possible. Make sure that each party’s responsibilities are clearly defined in the contract and that there is no room for surprises down the road. 
  3. Learn Their Procedures: You want to make sure that you have realistic expectations about the company you hire, so try learning about the company’s protocols. In the interview, ask them about how they take care of after-hour emergencies, how they keep maintenance costs low, how they collect past-due rent, and what their fee structure is. Make sure that everyone is on the same page so you both know what to expect.

Specialized Fort Worth Residential Property Management

A great property management company that you can rely on is easily the best thing you can have when you invest in real estate. As you begin your research, you’ll see that there are many options out there. Using the guide above, don’t stop searching until you find a company who can meet all of your needs. Depend on Specialized Property Management, who offer all of the services described above and have a 98% customer satisfaction rate. We can help you with any rental property ownership task. After all, with over 30 years of experience, we’ve truly seen everything and know what to expect. We’re educated on all of the ins and outs of managing rentals and are confident that we can help you 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. 

Fort Worth Rental Property Management Keeps Neighborhoods Safe

Everyone wants to feel safe in their own home, but unfortunately, crime and neighborhood relations are things that we have to consider. As property management experts for over 30 years, Specialized Rental Property Management Fort Worth has seen it all. We know the most common crime cases and when they occur as well as the main reasons why neighbors disagree. Read the following tips below for how to keep your home safe during the holidays and how to ease tension in your neighborhood. We are confident that if you follow these tips and enlist our help, you can decrease the stress in your life and have a great relationship with your tenants and their neighbors. 

Tips for a Crime Free Home 

Most Fort Worth rental property management companies will tell you that although winter can be a magical and special time of year, the holidays also present a challenge for keeping crime away. Burglaries and thefts rise during this time of year with tenants leaving town for long periods of time, so no matter how safe of a neighborhood your property is in, it’s important to be aware and protect your home as much as possible. Some tips for keeping your rental home crime-free are below. 

  1. Every door and window should have secure locks. Make sure that the exterior doors have a deadbolt and that you are changing the locks between tenants. Windows do have to be able to open for fire safety reasons, but it’s your job as the property owner to make sure that every window can lock securely. Remind tenants to double-check that all locks are secure before leaving and that spare keys in obvious places (like under the mat) are removed. 
  2. A security system is always a good idea to be extra safe. There are a variety of options out there and some even have cameras. Just make sure that your tenants know how to use the security system that is installed. 
  3. A good burglar deterrent are motion-sensitive security lights. Place them on walkways so that when people walk by, the pathway lights up. 
  4. Have a neighbor or friend check your tenants’ mail for you or tell the post office to stop sending mail for a while. Burglars will look for signs of unattended homes like overstuffed mailboxes or piled newspapers. 
  5. Get rid of landscaping like shrubs or other items that would be an easy place for thieves to hide when sneaking in or out. 
  6. Have tenants put timers on their TV, lights, and lamps to make it look like someone is home. 
  7. Put your tenants through a thorough screening process before they sign a lease. This way you’ll be aware of any criminal history. 
  8. Hire a Fort Worth rental property management company to secure your property. At Specialized Property Management, we can take care of installing a security system, changing the locks in between tenants, and removing outdoor hiding places. We also have a reliable tenant screening process that ensures you know everything you need to about your tenants before they move in. 

How to Calm Neighborhood Tension

Fort Worth rental property management companies understand that when tenants and neighbors respect each other, the community as a whole is safer and more pleasant. However, not every neighborhood is a utopia and disagreements between neighbors will usually happen at some point. When this happens between one of your tenants and another neighbor, it can create tension and disrupt the peace. That’s when Specialized Rental Property Management Fort Worth can step in to help. We can communicate with tenants for you or advise you on what to do when there is tension

Communication

Let your tenants know when something is happening that could potentially affect them. They need to feel like the lines of communication are open and that all neighbors are on the same page.

Careful Tenant Screening

When neighbors know that the people living next to them have gone through the same careful tenant screening that they have, they will appreciate it and feel safer. High-quality tenants tend to be both more responsible and respectful of others. 

Clear Expectations

Fort Worth rental property management companies will explain policies to tenants before they sign the lease. This way, tenants know what to expect, how to take care of their homes, and how best to communicate with and respect neighbors. If policies are violated and a problem does occur, tenants already will know actions that need to be taken.

Noise Caused by Neighbors

Even in single family homes, noise from neighbors can be frustrating. It usually only takes a polite request to resolve a problem, but in case there needs to be interference, you should know local noise ordinances and be able to back up your tenant. 

Noise Caused by Tenants

Make sure you communicate noise policies to your tenants at the time of lease signing and strictly enforce those policies while they live on your property.

Proactive Maintenance

Performing regular property inspections will keep the neighborhood looking beautiful, reduce cause for tension among neighbors, and allow you to know what the property needs. If you are in a community that has an HOA, let Specialized Rental Property Management Fort Worth ensure that you’re not breaking any rules. 

Pet Policies

Pets are wonderful and can help tenants connect with their neighbors, but if tenants don’t pick up after them or keep pet noise under control, there can be problems. Make sure that you have pet policies in place at the time of lease signing and that they are strictly enforced.

Smoking Issues

Smoking policies help to respect the space of others, especially in a neighborhood with children. Tenants should avoid smoking close to the neighbor’s property to avoid smoking-related conflicts.

Responsive Management

When Fort Worth rental property management companies have policies in place that proactively maintain the rental unit and respond to tenant concerns, neighbors feel more comfortable because they have happy tenants in the neighborhood.

A Friendly Attitude

Conflicts can always be diffused quicker when tenants, landlords, and neighbors have a positive, established relationship. Being friendly and open with neighbors lay the foundation for smoother conflict resolution when problems do arise. 

Maintaining a Peaceful Neighborhood

Part of living in any community is living close to people that are different from you. We all have different life stories, hobbies, and opinions on how to do things. Fort Worth rental property management companies understand that all these differences can lead to problems. Loud pets, blocked views, trash problems, curious children, and a number of other issues can cause tension between the best of neighbors. Here are a few suggestions to help keep your neighborhood as friendly and neighborly as possible:

Get to Know Your Neighbors

No one wants to be the first to reach out, but most people will reciprocate if reached out to. Even though everyone is busy, it could make a big difference if you are the one to say hello and get to know your neighbors. According to a Pew Research survey in 2010, the majority of American adults only know some or none of their neighbors’ names. Statistics also show that most of us only trust half our neighbors. Getting to know your neighbors can make future problems much easier to resolve. Try getting together with your neighbors for dinner or at least talking to them about professions, names of children, and common interests. Closer relationships will be friendlier and more helpful in the long run.

Be Friendly During Conflict 

Try to resolve problems by being friendly and polite at first. The less confrontational you are, the quicker and easier solving the problem will be. Fort Worth rental property management companies know that the number one cause of neighborhood conflict is unwanted noise and the most common solution is a friendly request, especially from a neighbor that you are on good terms with in the first place. If diplomacy doesn’t work, a neutral, third party, like a property owner or property manager can try mediation with the problem.

Final Conflict Solutions

If diplomacy and mediation just aren’t making a difference with neighborhood conflicts, residents can take their problems to court. At this point, you have no control over the outcome. A judge listens and makes the final decision. And, remember that going to court is never a cheap solution. Sadly, the ultimate problem fix is moving out.

Conflict is human nature, and neighborhood wars may naturally happen. Hopefully, with diplomacy, or with the help of Specialized Rental Property Management Fort Worth, your neighborhood conflicts can be resolved quickly, keeping you and your neighbors in a peaceful and safe neighborhood. As much as you want your personal space respected, be aware that you also have a responsibility to do your part to keep the peace. Specialized Rental Property Management Fort Worth tries to choose rental units in peaceful neighborhoods, create clear lease agreements, and treat both property owners and tenants with respect. Trust our team of experts to take care of all the details and make sure that both you and your tenants are happy. Contact us today to find out more about our services. 

Rising Rent Rates—Great for Fort Worth Property Management

It’s almost 2020, and more and more people are choosing to rent these days. With the rise of millennials wanting to settle down but most not being able to afford the current home prices, single family homes, in particular, are in high demand. According to MIllionacres, “Interest rates have fallen in the past year [and] mortgage rates are expected to remain at historic lows for a while…Even with rates below 4%, it can be tough for some buyers to purchase a home. Many first-time homebuyers are burdened by student loans and have had difficulty saving up for a down payment.” 

This is great news for rental property owners because it means that rent rates are rising and their income flow is steadier than ever. It’s also a good time to buy and take advantage of low interest rates. Fort Worth property management companies like Specialized Property Management can help you know where to invest, how much to charge for rent, and how to trust the experts with the management of your property. 

Rent in Fort Worth Compared to National Trends

Increases in rent means happy Fort Worth property management companies, because property owners are happy with their increase in income. The rise in rent rates also means landlords can be more selective about tenants, which means their property value increases, turnover rate and vacancies decrease, and the flow of income is more reliable from tenants who consistently pay their rent on time. Property management companies like Specialized Property Management make sure to be constantly up to date on current rent trends in the area and can help you choose the best rate to charge your tenants to stay competitive and avoid vacancies. According to RentJungle

“As of April 2019, the average rent for an apartment in Fort Worth, TX is $1043 which is a 0.96% increase from last year when the average rent was $1033, and a 0.77% increase from last month when the average rent was $1035. One-bedroom apartments in Fort Worth rent for $893 a month on average (a 0.56% increase from last year) and two-bedroom apartment rents average $1139 (a 1.76% increase from last year).” Our team at Specialized Rental Property Management Fort Worth is consistently up to date with the latest increases in rent in the Fort Worth area and can help you determine how much to charge for your property. 

2020 Real Estate Forecast

What you need to know about 2020 real estate trends, according to Dave Ramsey, is that for the majority of millennials who can’t afford to buy, renting is the answer, and single family homes are preferable over apartments. According to CoreLogic, the number of single-family rental homes increased 38% from 2010 to 2016 and demand is still soaring. However, because of supply and demand, renting a single-family house is expensive. Property owners who own more than one single family home are delighted with the recent shift and should take advantage of the services that Fort Worth property management companies like Specialized Fort Worth provide. 

“Low rental supply coupled with ongoing demand pushed up rents in September,” said Molly Boesel, principal economist at CoreLogic. Vacancy rates are also dropping all over the nation. As people begin to realize how popular renting is, even builders are starting to cater to investors, creating communities that are solely meant for renting, “For homebuilders worried that a slowing economy and tightening credit conditions will hit demand for starter homes, they should be able to rely on increasing demand from investors,” added Pointon.

Single Family Homes

Individuals and families who cannot afford to buy their own homes, or don’t want to commit to buying a home, desire the lifestyle of a single-family home. Amenities like a backyard, safe neighborhood, privacy, and more space overall are some reasons people choose a single-family home to rent. At Specialized Rental Property Management Fort Worth, we specialize in the single-family home rental market. This market has continued to grow over the years, with rents rising in most areas of DFW. 

According to Norada’s 2020 real estate forecast, “Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate. Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units…

Single family detached homes are the single most common housing type in Fort Worth, accounting for 67.37% of the city’s housing units…The most prevalent building size and type in Fort Worth are three and four bedroom dwellings, chiefly found in single family detached homes… Currently, there are 3,406 single family homes for sale in Fort Worth, TX on Zillow…Additionally, there are 814 single family homes for rent in Fort Worth, TX.” Specialized Fort Worth Property Management can help you decide where to invest out of all your options. 

Why You Should Invest in Fort Worth Real Estate

Fort Worth is an excellent city for your real estate investments. Rent rates are rising,  and homes are appreciating. The rise in rent allows property owners to increase their income, cover their expenses, be more selective about tenants, and market their property’s increased value. Home prices are expected to rise by 7.3% in 2020. This means that if you’re hoping to buy and rent, now is the time to buy something you can afford and then you can raise the rent as the home appreciates in value. If you’re hoping to buy and sell, now is the time to buy so you can make a profit when you sell. Some reasons why Specialized Rental Property Management Fort Worth believes you should invest in Fort Worth real estate are: 

  1. Overall value. The median home value in Fort Worth was around $240,000 in 2018 and because of the area’s perfect combination of slow population growth, income growth, and job growth, rents and home prices will continue to grow steadily. 
  2. Great deal. Affordable housing with practically guaranteed appreciation is a rare mix that can be hard to find anywhere else. Since Fort Worth homes are even cheaper than Dallas homes, people will rent in Fort Worth and commute to their job in Dallas to save money. 
  3. Job market. The jobs are growing in Fort Worth at more than double the national average. People want to move to Fort Worth and need a place to live. 
  4. Best time to buy. Because the housing market has slowed down a bit and is expected to grow next year, right now is the perfect time to invest. 
  5. Large military base. A big proportion of Fort Worth renters come from members of the military who need a place to live but want flexibility. 
  6. Close to the airport. Fort Worth also has the DFW airport that provides thousands of jobs and another reason for people to want to live in Fort Worth and rent single family homes there. 
  7. Fort Worth is property owner friendly. There are few restrictions on what property owners can put in their lease and Fort Worth single family homes with no code violations don’t have to be registered. 
  8. Diverse market. Fort Worth has everything from small downtown homes to rural and luxury properties. 

The Best Neighborhoods in Fort Worth For Real Estate Investment

If you’re a property owner and looking to invest, Specialized Fort Worth Property Management suggests that you stop waiting until the market crashes. Some people predict that the market is going to crash soon, but there are great deals out there right now and these 10 neighborhoods in Fort Worth have the highest real estate appreciation rates, according to Norada. 

  1. Hemphill St / W Berry St
  2. Hemphill St / W Allen Ave
  3. The College of Saint Thomas More / W Berry St
  4. 8th Ave / W Rosedale St
  5. N Forest Park Blvd / W 7th St
  6. Hemphill St / Pennsylvania Ave
  7. Montgomery St / Bryce Ave
  8. U of North Texas Health Science Center / White Settlement Rd
  9. White Settlement Rd / Foch St
  10. W Vickery Blvd / Clover Ln

Why Choose Specialized Rental Property Management Fort Worth 

At Specialized Property Management Fort Worth, our team of property management experts are the ones to trust. We advise property owners all over Fort Worth and help them manage their rental properties effectively and efficiently. 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 
  • Effective Tenant Screening
  • Financial Peace of Mind
  • Local Expertise
  • Straightforward Communication
  • Cost-Effective Maintenance

At Specialized Fort Worth Property Management, we live and work locally so we know the best places to invest, are up to date on local laws and regulations, and can help you set the perfect price for rent. Our technology-driven processes save you time, money, and stress. Let us help make your life easier. You invest and we will take care of the rest. Contact us today to learn more about how we can help you maintain your beautiful rental property.

Fort Worth Property Management Company Prepares Tenants for Disasters

You may not think of Texas as a place that is prone to natural disasters, but some common emergencies that you’ll need to be prepared for are tornadoes, hurricanes, and flooding. Even if there hasn’t been a natural disaster in your area for quite a while, these can and do happen all across the state of Texas and it’s important that you are prepared for them. As a Fort Worth property management company, Specialized Property Management knows what you’ll need to plan, prepare, and stay informed in the case of an emergency. Some valuable sources for detailed emergency preparedness information are Emergency.Portal.Texas.Gov and Txready.org. We’ve summarized some of their tips below, such as what to include in your emergency kits and how to create an effective emergency plan, but we encourage you to visit these sites on your own time to learn more. 

Emergency Preparedness Kits

Real estate investing in Fort Worth isn’t just about having a passive income. You’ll need to do much more than that, and one of the most important responsibilities is to make sure that your property is protected from natural disasters and that tenants are ready for emergencies. Preparing a kit to last at least a few days in the case of an emergency is extremely important. You’ll need to teach tenants that having food, water, and other supplies for their family and pets to use until they can find more supplies is crucial. In some cases, they’ll want an emergency preparedness kit to use even while stranded at home, possibly without electricity or water. Once they have everything they need, they can put their kit together in a portable, waterproof container. Some people like to use bins or waterproof backpacks for ease of carrying, especially if they have to evacuate their home on foot. Remind tenants to replace old items as they expire every few months. Specialized Fort Worth Property Management Company suggests including the following items:  

  • Three-day supply of non-perishable food, such as canned or pouched food
  • One gallon of water per day for each person and pet
  • Manual can opener
  • Baby items (baby food, formula, bottles, diapers)
  • Pet supplies
  • First-aid kit
  • Medications
  • Hand sanitizer, wipes
  • Bleach to purify water, mix 1/8 teaspoon per gallon. Stir and let stand for 30 minutes.
  • Toilet paper, paper towels, garbage bags
  • Dental care products (toothpaste, toothbrushes)
  • Hearing and vision products (hearing aids, glasses, contact lenses, contact lens solution)
  • Soaps, personal hygiene supplies, diapers
  • Sunscreen, insect repellent
  • Face masks to filter air
  • Battery-powered radio with extra batteries or crank radio (emergency alert radio is best)
  • Extra cell phone battery and car charger
  • Flashlights and extra batteries
  • Matches and lighter – keep in a waterproof container or sealable plastic bag
  • Whistle
  • Reading glasses and sunglasses

Keep These Items in the Car

You or your tenants may have to leave town in a hurry with only your vehicle. Fort Worth Property Management Company advises that you make sure these items are near or in your car at all times so you can grab them and go: 

  • Road maps
  • Car repair items (tools, spare tire, tire patch kit, oil)
  • Food and water
  • Plastic plates, cups, utensils
  • Tent, blankets, pillows
  • Clothes and sturdy shoes
  • Rain gear and towels
  • Books, games, toys

First-Aid Kit

  • 2 compress dressings (5 x 9 inches)
  • 25 band-aids (different sizes)
  • First-aid tape
  • Antibiotic ointment
  • Hydrocortisone ointment
  • Pain relievers such as aspirin, ibuprofen or acetaminophen
  • Instant cold pack
  • 2 pairs of medical gloves (non-latex)
  • Oral thermometer, scissors, tweezers
  • 2 roller bandages (different widths)
  • 2 elastic bandages
  • 10 sterile gauze pads (different sizes)
  • 2 triangular bandages (for making slings)
  • First-aid instruction booklet

Emergency Documents

After a disaster, the last thing you will want to do is go through the time-consuming hassle of trying to reorder all of the important documents you’ve lost, especially if those documents are about your real estate investing in Fort Worth. Not being able to prove your identity or not being able to access your bank account could be a major hurdle in trying to rebuild your life. Avoid these stressful situations by making copies of your important documents and keeping them in a waterproof bag. Include the following:

  • Current photo IDs, driver licenses, birth records, Social Security cards, passports (always keep your social security number separate from other documents to decrease the risk of identity theft)
  • Current photos of family members, in case you get separated
  • Health insurance and prescription cards
  • Medical records, medications, and dosages
  • Phone numbers (family, friends, doctors)
  • Bank account information
  • Wills
  • Insurance documents (homeowner, renter, flood, life)
  • Property deeds, leases, mortgages
  • Vehicle titles, insurance, leases, loan documents
  • Inventory of household possessions and their value (take photos of every room, every drawer, every closet)
  • Backup computer files on a USB drive
  • Copies of important keys
  • Utility bills (to prove where you live)

Make a Plan

Fort Worth Property Management Company suggests taking the time to practice with your tenants, or have them practice on their own with their family, the following scenarios:

  • Where would we meet if we got separated?
  • How will we communicate if phones are not working?
  • Where should we go if we have to evacuate?
  • What if we have no home to return to?

Making Your Emergency Plan

Use the Emergency Plan Form to create your plan. Record information such as:

  • Birthdates
  • Social Security numbers (Social Security numbers should be kept separately from other information for identity security purposes.)
  • Medical information, including a list of prescription medication and dosages
  • Medical and property insurance information
  • Work and school phone numbers and addresses
  • Emergency contacts
  • A designated evacuation site
  • Telephone numbers of family and friends, including those you use frequently

Making your emergency plan includes preparing what you need to do before, during, and after a disaster, as well as preparing for stress, emotions, and mental health. Once you have a plan written up, keep it in a safe place. Periodically practice your plan with the entire family, so even little children will know what to do. Make sure that everyone has important phone numbers and addresses memorized without using a phone. Additionally, inform everyone in the family of where the emergency preparedness items will be stored so that in the event that a disaster does strike, there is no confusion. The more you practice, the more ready you’ll be in case of emergencies and disasters.

Keeping Your Property and Tenants Safe

As a rental property owner, it’s your responsibility to keep your investment and tenants safe. Specialized Fort Worth Property Management company has over 30 years of experience keeping tenants safe as well as rental properties, but the majority of emergencies we see aren’t life-threatening. In fact, most of the calls we get from tenants are to report maintenance and repair needs, even at 1 am in the morning. We understand that tenants need to be responded to, but we are also experts in laying clear boundaries and expectations from the beginning by including policies in the lease agreement detailing maintenance, non-emergency repairs, and emergency repairs in writing. This way, tenants will know when it is appropriate to contact their Fort Worth property management company and what warrants an emergency phone call. 

The Landlord’s Responsibilities

Texas law states that property management companies must make sure that rental unit conditions are healthy and safe for tenants. Staying on top of local laws and codes will help you know the standard of repair required of you or your property management company. The landlord’s responsibilities if they are self-managing their property are to repair and maintain the following: 

  • Damage caused by natural emergency situations like fire, flooding, and severe storms
  • Leaky roofs
  • Pest control for roaches, rats, mice, and bedbugs
  • Sewer leaks and plumbing problems that create a health-hazardous situation
  • Dangerous exposed or faulty electrical wiring

A Tenant’s Responsibilities

It’s the tenant’s job to report any issues they see before they become major problems. Before trying to fix anything themselves, the tenant should check with their Fort Worth property management company. Other tenant responsibilities include paying rent on time and keeping the property in good condition, free from excessive damage. Tenants should also be aware of all of the natural disaster and emergency preparedness tips above and do all they can to keep their personal valuables safe and protected. 

Real estate investing in Fort Worth involves a lot of hard work, and being prepared for the future is one thing you don’t want to forget to do. Let Specialized Property Management handle the hard work for you by making both landlord and tenant responsibilities clear from the start, enforcing code compliance, and making sure that you and your tenants are prepared for emergencies and natural disasters. When you hire Specialized Property Management, you enlist a team of rental property experts to ensure the success and protection of your real estate investment. Contact us today to learn more about how Specialized Fort Worth Property Management Company can make your life easier as a property owner and help you save time and money.  

Find Success with Specialized Fort Worth Property Management

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. 

Advertising

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. 

Tenant Selection

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

“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. 

Reduced Liability

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. 

Reduced Vacancies

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. 

Availability

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. 

Office Work

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. 

Class Attendance

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.