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Fort Worth Property Management is Easy With Family and Friends

A growing trend in the real estate market is buying property with family and friends other than your romantic partner. Home prices in some areas make owning property on your own difficult, but with a trusted friend or family member, it is attainable.  Instead of spending your entire savings on the down payment for a small condo, you could afford a single family home which you can then rent out for a profit. Pooling resources with your sister, nephew, or coworker is a great way to start in the rental home market. Specialized Property Management, the property managers Ft Worth landlords trust, can help you decide what is right for you.

Making Good Fort Worth Property Management Decisions

Owning rental property is a long-term business investment. When buying a rental property with friends or family members make sure you keep this in mind. All decisions regarding your rental property should be treated in the same way you would treat any other business decision. Costs and workload should be split fairly and upfront. For example, who will your tenant call in the middle of the night for an emergency? Good Fort Worth property management decisions will ensure your partnership will be fruitful and last throughout the years.

Get Better Returns With the Property Managers Ft Worth Trusts

The best thing you can do for your rental property partnership is hire experienced, professional property managers. Ft Worth landlords have trusted Specialized Property Management for almost 30 years because we know how to make the most out of your investment. When you hire the property managers at Specialized, you know your property will be run like a business, and you no longer need to worry about screening tenants, seasonal maintenance, or those middle of the night emergency calls. Call Specialized today to hear about all our services!

Tenant Retention Tips From Your Fort Worth Property Management

As a rental property owner, as with any other business investment, your goal is to make money. Tenant turnover can be a huge expense for property owners. Turning over a rental home is expensive because even when you don’t have major renovations to do you will have cleaning, rekeying, and other small tasks that can quickly add up. Plus, the vacancy time between tenants means no income for you. That is why the property managers Ft Worth landlords trust put together these tips for tenant retention.

Keeping Tenants Happy

The number one way to keep your tenants renting from you is by keeping them happy! Tenants are happy when their home is maintained, and their requests are met quickly. At Specialized Property Management we also do our best to make sure each need is met quickly and the tenant feels heard. Your Fort Worth property management makes this simple with an easy to use online portal and 24/7 response. Tenants can quickly pay rent and fill out maintenance requests through their portal. Specialized also has maintenance checklists to ensure your rental home is being taken care of throughout the year. Regular inspections are performed to make sure everything is in working order and up to code. When tenants see you care for your property they will care for it to, turning it from a rental house to a rental home.

Fort Worth Property Management Increases Tenant Retention

With you have full-time, professional property management, Ft Worth tenants know their need will be met and their voices will be heard. Specialized has almost 30 years in the rental property business, giving them the knowledge and experience you need in a property management company. For more information about all our services call Specialized today.

How To Reduce Maintenance Costs On Your Rental Home

Maintenance is a large budget item for every home, whether it is your personal residence or investment property. Many landlords think if they can cut down on the frequency of maintenance tasks, or put off regular maintenance, they can reduce their overhead costs. However, the experienced property managers Ft Worth landlords trust at Specialized are here to show you how that can be more costly in the long run.

Specialized Recommends Proactive Maintenance

With Specialized property managers, Ft. Worth landlords know their property is undergoing proactive maintenance to extend the life of their home’s systems and save them money. Failing to perform simple maintenance tasks such as changing AC filters will put strain on your home’s systems and you will need to repair or replace them more often. Specialized recommends creating a schedule of known and needed maintenance tasks so you can keep up with your home’s needs.

Proactive Maintenance Tips

To be proactive about your home’s maintenance needs use these tried and true tips:

  1. Set a budget: set aside at least 10% of the monthly rent to take care of maintenance issues. You may need more based on the age and condition of your home, your Fort Worth property management company can help you determine a good amount to set aside.
  2. Create a schedule and protocol: plan for known maintenance tasks, such as gutter cleaning, which will extend the life of your home. Create a protocol for when to repair or replace the systems and appliances you own.
  3. Respond to tenant requests: be respectful and respond promptly to tenant maintenance requests. This will signal to your tenants how much you care for the home, which in turn will spur them to take care of it too.
  4. Stay up to code: health and safety code violations can be costly, but code rules can also change frequently. Make sure you stay up to date on your knowledge of housing codes and inspect the home periodically to make sure it is not violating any codes.

Your Fort Worth property management team can help you keep your property looking good, and up to code, all while keeping your costs down. For more information, or to hear about all our services, call Specialized today.

How Realtors Can Partner With Fort Worth Property Management

As a realtor, you are in the business of selling properties. What if you have a client who cannot, or doesn’t want to sell their property? Renting out a single family home is a good investment, but it doesn’t bring you money as a realtor. That is, unless you send them to Specialized Fort Worth, the property managers Ft Worth landlords have trusted for almost 30 years. We understand how important referrals can be to both realtors and property managers. That is why we have a Realtor Referral Program.

How You Can Earn Money with Our Realtor Referral Program

Getting a referral as a realtor leads to sales and commissions. But with Specialized Fort Worth even your clients who decide not to sell can earn you money. If your client decides to rent out their home instead of selling, simply send them our way. For every referral that results in a management agreement we will pay you cash. If your referred client decides to sell, we will send them right back to you for that sale. In addition, if you become one of our recognized partners we will send other property owners your way when they are ready to sell.

Get Rewarded by the Property Managers Fort Worth Loves

It really is as easy as it sounds. Send us referrals and you get rewarded with cash and listings. You won’t regret referring your clients to the industry leading team of property managers. Ft Worth landlords have trusted us for almost 30 years because we get them the best return on their investments. Call us today to learn more about our services and our Realtor Referral Program.

FORT WORTH PROPERTY MANAGEMENT ANSWERS TOP TEN QUESTIONS

Who do you turn to when you have questions about your property? What questions should you ask before you hire property managers? Fort Worth landlords turn to Specialized Property Management for answers because we have been in the business for over three decades, and we know a thing or two about running successful investment properties. To help you get your questions answered we’ve created a list of the top 10 property management questions we receive.

  1. How do I get my property rented more quickly?
    Make sure your property is rent-ready and market aggressively.
  2. What can I do to make sure my property gets and stays rented?
    Keep your property well maintained and have a proactive tenant retention program will keep your home occupied.
  3. How can I make rent collection faster and less stressful?
    Automated rent collection ensures less waiting and worrying.
  4. How can I protect myself legally as a landlord?
    Strong legal counsel with regulatory expertise puts you ahead of any legal issues.
  5. How can I keep maintenance costs down on my property?
    24/7 response and proactive inspections leads to more cost effective maintenance.
  6. Should I manage my own rental property to save money?
    Many clients find self-management ends up costing more in legal fees and making up for avoidable mistakes.
  7. Won’t professional management fees hurt my cash flow?
    Our clients find that they save money because of fewer costly mistakes and faster leasing.
  8. How will I know what is happening with my property?
    Specialized Property Management offers an online portal that tracks all activity at your property as well as 24/7 support and transparency.
  9. How do I choose the best property manager?
    Ask the right questions! Ask us for a checklist to compare us to other Fort Worth property management.
  10. Why should I trust Specialized Property Management?
    With over 30 years as residential property managers we are the property managers Fort Worth landlords turn to for peace of mind with their rentals.

SHOULD I HIRE FORT WORTH PROPERTY MANAGEMENT?

Managing your own property can quickly become complicated and expensive. When you hire the experienced professionals at Specialized Fort Worth, you know you are getting property managers who are held to the highest standards. We offer affordable fees and never have hidden charges that surprise you. For more answers to your property management questions call Specialized Property Management today!

Fort Worth Property Management Teams’ 2016 Year in Review

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Each year Specialized makes predictions for what the year has in store for property managers according to the economic trends. While many predictions made in January are often forgotten by December, our Fort Worth property management team decided to take a look at the 2016 predictions to see how many of them were correct.

2016 Prediction #1: Investors will see shrinking opportunity for profitable rental properties.

This prediction proves to be mostly right as the supply of homes dropped to 4.6 months from the previous year’s 5.7 months, and the number of existing homes grew only slightly in 2016. With foreclosure inventories down to approximately 340,000 nationwide, the opportunities for investors to find new opportunities was a bit lower than in previous years.

2016 Prediction #2: Millennials will Begin to Form New Households

In January 2016, it was predicted that this was the year for Millennials to start to move out from their parent’s homes and begin forming their own households mostly in rental units. However, through September of 2016, only 1.16 million households were created as opposed to the 1.91 million in the same period of 2015. Homeownership also fell to a national low of 63.5% throughout the year.

2016 Prediction #3: Vacancy rates Will Stabilize or Slightly Drop

At the beginning of the year, the national vacancy rate was 5.2 percent for a three bedroom single family rental home. According to RentRange, this prediction was correct as vacancy rates fell from 5.4% Q315 to 5.2% Q416.

2016 Prediction #4: Rental Rates Will Outpace Inflation

At the end of Q316, an average three bedroom single family home was renting for $1,459 which represents a 4.8% increase over the previous end of year national rent rate average of $1,393. Though the consumer price index was up to 1.6% in October 2016, it was not up enough to outpace the rise in rent rates, making this prediction also true.

Fort Worth property management companies benefitted from these predictions as the local market continued to grow. Our local property managers Ft. Worth team is available to help you understand the market and look forward to the coming year to get the most out of your investment. Contact Specialized today!