Dallas Property Management Insider Secrets
If you are new to investing in real estate and/or providing Dallas property management you probably haven't got to experience your first "slow" period. While all investors experience their own personal slow period, most investors refer to the months from November to January as the "slow" months. Why? There is so much going on with Thanksgiving, Christmas and New Year's that most people aren't out looking to move into a new place. Which leads us to our first secret:
Always have money in savings. Every Dallas property manager who is managing his own rental properties will tell you that slow times are inevitable and you have to plan for them. If you don't, you will just be setting yourself up for disaster. Even if you have hired professional apartment management in Fort Worth to handle your units, when one is vacant, it's you who is left with the bill. Therefore, when you have a decent savings saved up and on reserve, you will be prepared when these times come.
Another important thing you will have to worry about is who will handle the maintenance for your rental properties. You may have chosen not to hire one of the property management firms in Fort Worth and are doing it yourself. If so, consider secret #2:
Team up with a reliable handyman. Keep in mind that you are only one person and will not always be able to get to everything immediately, but this doesn't mean your tenants won't expect you to. After all, you are the Dallas property manager, right? Teaming up with a handyman whom you can trust is an easy way to handle this issue and create more time for you in the process.
Just like many property management firms in Fort Worth do, you would basically have a contract with the handyman that would allow him to go in and fix any problems reported by the tenant as long as they are under an amount set by you. If the problem will exceed that amount, then he will have to get the okay from you before fixing it. This type of agreement is a great way to save yourself time and money and keep your tenants happy at the same time!
Finally, as you probably already know, in order to keep the tenants you have and build a good reputation as an owner/landlord, you have to provide great Fort Worth apartment management for your rental units that stands out from your competitors. This last secret tells you how:
- Give your tenants options. Renters are just like you in the fact that they enjoy having the ability to make their own decisions sometimes. If you provide your tenants the opportunity to do this, then your Dallas property management style will definitely be set apart from everyone else's. An example is to let your tenants choose how they would like to pay their rent. For instance, do they prefer to write a personal check every month or would they like to set up an automatic draft payment or perhaps even pay it online from their home computer? Another example is to let them make necessary home repairs or maintain the yard on their own for a monthly discount on the rent.