Real Property Management Dallas/Fort Worth Articles

Owning a Dallas rental can be very profitable, but it can also become a costly investment if the property isn’t taken care of properly. There are a lot of investors who purchase a few rentals, find tenants and just let them sit for years without touching them. This is when investment properties begin to cost owners money instead of making it for them.

The key to owning a Dallas rental property is to continue to increase its value over time. When you are able to increase the value, you will be able to increase the amount of rent you charge and you won’t have to go through long vacancies between renters as it will rent quickly. So, how do you increase the value of your investment property? Below are a few tips.

New Paint and Carpet – Renters don’t want to walk into a place that isn’t move-in ready. One of the most common complaints prospective renters have as they look at various rentals is that the units appear to be outdated and “fixer-uppers.” Now, there may not be a thing wrong with your property and it may in the perfect location, but if the carpet is old and the paint hasn’t been touched in years, you’re going to have a hard time renting it. New paint and carpet are inexpensive fixes that will add instant value to your income property.

Modern Fixtures are a Must – If all of the fixtures (ceiling fans, light fixtures, faucets, etc.) are outdated then replace them! You don’t have to spend a lot on new fixtures. As long as they’re new and look modern, potential renters will be happy. They’ll also be willing to pay more per month too.

Energy Efficient Windows, Doors and Appliances – If you are not covering any of the utilities for your tenants, then the more efficient the windows and doors are on your rental, the better off you’ll be. Additionally, if you are providing some of the appliances (washer and dryer, for example), renters will be excited to see energy-efficient appliances as well. Not only do these things add value to the property, but you can also get a tax credit for them too.

As an investor and a property owner, you should be on the lookout for ways to add value to the rental(s) you own. By following the three tips above, you will add both rental value and resale value to your property. What are you waiting for?

It doesn’t really matter if you have just purchased your first rental property or if you’ve owned investment properties for years, finding Fort Worth property management that cares about your rental is a very difficult and time-consuming task. However, don’t get discouraged in your search, because there are many professionals out there who care about the properties they maintain, as well as, their owners. Below are a few ways for you to determine if you’ve found such a manager.

1. Answering Phone Calls: Does your property manager answer your phone calls or promptly return your calls when they are missed? If the answer is “no” then it’s a good indication that your manager views you as just another client who’s questions and concerns can wait. This is NOT the attitude you want your property manager to have. After all, if it wasn’t for you, he/she wouldn’t have a job.
2. Explaining and Discussing Problems: A good property manager will call an owner when a problem arises. Now, you may not want to be called every time a tenant complains about a clogged toilet, but you should be notified when bigger issues arise (roof damage, tenant in default, broken window, etc.). Not only will a good property manager call you and explain the problem to you, but he/she will also discuss all of your options for remedying the problem and help you determine the right avenue.
3. Making Suggestions: Finally, good property managers don’t just continue to do the same old thing with the properties in their care. Instead, they look for ways to improve the overall value of the properties. Why? They care about the amount of money their owners are profiting each year. Therefore, if your property manager is a good one, he/she will make suggestions from time to time regarding ways that you could improve the rentals and possibly charge more as a result.

If you have made the decision to hire local Dallas property managers to take care of your rental properties, then the next decision you will have to make is who you are going to hire. There are hundreds of real estate management professionals in Dallas, which can make this decision quite difficult to make. However, if you know have an idea of what you’re looking for, before you start looking, the search will go smoother.

So, what exactly do you want in local Dallas property managers? Only you can answer that question, but it will help if you know what your personal style is. For example, are you more laid back and relaxed or are you more out-going and professional? Finding a management team that matches your personal style is the best way to go because you will find it easier to communicate with your management team, which is essential for owners and property managers.

Once you’ve determined your personal style, you should be able to narrow down the list of area firms by eliminating those who do not match this style. The next step is to begin interviewing various managers from different firms. During your interviews with these professionals you should ask the following questions:

• How many years of experience do you have?
• Which do you handle more: residential or commercial properties?
• What advertising methods do you use?
• Will you personally show the properties and screen potential tenants?
• As far as maintenance goes, how will you keep my costs down?
• Do you offer any accounting services?
• What is your protocol for handling emergencies?
• How much liability insurance do you have?
• What are your fees and do you have any hidden fees?

The questions above will give you a good feel for each of the local Dallas property managers that you interview and should help you make your final decision. The most important thing to remember as you look for a property management team is to stay true to yourself. Hire the professionals that have taken the time to thoroughly answer your questions and who you feel the most comfortable with.

Aside from purchasing your investment properties, the most important business decision you’ll make is deciding which one, of the many, Dallas property management companies is the right one for you and your investment business. It’s sad, but a lot of investors choose a firm without taking the time to thoroughly review the company or its competitors. This can lead to owning rentals that are mismanaged with no way out until your contract expires. Below are a few tips for how to review Dallas property management companies before you make your final decision and hire one.

1. Get Recommendations. If you have friends who also own rental properties and have them professionally managed, ask who they use to manage them. By asking for referrals, you’ll be able to get a few (or more) names of companies in the area, which will give you a good starting point. Plus, you’ll already have a few personal recommendations for each company.
2. Interview firms in person. Another common mistake made by investors is calling various firms and asking a few questions over the phone, without ever meeting with the managers personally before signing a contract. There is no way you can get a feel for a company, or its managers, without meeting with the for an in-person interview. Some people are much better at answering questions over the phone than they are in person. Not that these professionals would lie to you, but sometimes they stretch the truth more over the phone then they do in an actual interview. Therefore, it’s important that you interview each company you’re considering in person before you sign any contract.
3. Make representatives explain fees in detail. During the interview, make the companies’ representatives explain their fees in detail to you. Some Dallas property management companies are good at hiding fees, which will make your monthly (and yearly) expenses higher than you planned. Therefore, make the company show you their contract and go over every fee that they have…including any hidden fees.
4. Check credentials. Finally, check the credentials of the managers who will be handling your rental properties at each firm. Also, don’t just take the word of the company that the manager(s) assigned to your rentals are good – ask for personal references from clients they are currently working with. Then, call these people and ask how happy they are with the services they’re being provided with.