No real estate investor wants to add to his or her list of expenses. That’s why many choose hands-on, do-it-yourself property management. Hiring a property management company would just be another expense, right?
Yes, third-party property management is an expense. But it’s better to look at management costs as an investment that pays out a huge return. When you find the right DFW property management company, you get benefits that you could never create through self-management.
At HUNTAHOME, we are the leading provider of property management in Dallas and Fort Worth. Here’s a look at the many benefits we can help you and your real estate investment business unlock:
1. Gain Marketing Expertise
Your real estate investment business thrives on occupancy. Every day, every week and every month that passes without a tenant is cash flow that you’re missing out on.
Choosing the right property management company gives you immediate marketing expertise. Managers know how to price properties in a given market, and they also know where and how to advertise and use word-of-mouth tactics to find high-quality tenants.
2. Avoid Challenging Tenants
Finding potential tenants is just part of the challenge. You also need to screen those tenants and perform comprehensive background checks to ensure they are the type of tenants you want.
You can try to run background checks, verify employment and income, check references and handle the many other tasks required during the pre-lease period. But a third-party management company will have processes and systems in place that make tenant screenings far more efficient, more affordable and more effective.
3. No More Late Night/Weekend Calls
There’s nothing worse than a phone call from a tenant late at night or on the weekend. But HVAC units break down, plumbing backs up and trees fall during vicious North Texas storms. Do you want to take those calls while you’re spending time with your family or doing non-work-related things?
Of course not.
A third-party property management company will have a system for receiving calls from tenants, no matter the time and no matter the day. A good provider of DFW property management will also be able to get started on needed maintenance or repairs without disturbing the owner. Naturally, some emergencies will require elevation, but many late night and weekend calls can be handled without assistance from the owner.
4. Save on Maintenance and Repairs
You likely jumped into real estate investment for the cash flow and returns — not so you could serve as a maintenance and repairs contractor. When you choose a provider of property management in Fort Worth or Dallas, you get a company that likely has in place discounted agreements with go-to service providers.
Again, you could invest time and energy into creating your own agreements with local service providers. But local management companies have the scale needed to negotiate the best possible rates — lowering the amount the owner ultimately spends on maintenance and repairs.
5. Steer Clear of Legal Issues
Laws exist to provide both owners and tenants with rights. If an owner isn’t fully aware of all local, state and federal laws that govern the owner-tenant relationship, he or she can land in legal hot water.
This is another area where management companies can provide protection and value. Good third-party managers know the laws that apply in their markets, and they can make decisions that provide the maximum benefit to the owner without legal implications.
You can spend thousands on a real estate attorney. Or, you can spend a small fraction of that amount on a management company that helps you avoid needing an attorney in the first place.
6. Get Paid on Time
It’s hard for owners to collect rent on time, especially when they have multiple properties in their portfolios. Third-party management companies have in place systems for sending reminders and collecting rent in a timely fashion. As an added bonus, management companies often use online platforms for virtual payments — making it far easier for tenants to submit rent on time.
7. Decrease Turnover
As noted above, management companies can help fill units and properties — and they can also help decrease turnover by proactively engaging with quality tenants about lease renewals.
Turnover reduction sometimes requires incentives, depending on the current market conditions. A third-party management company can also help you make decisions about incentives and whether or not they are necessary given your properties and the state of the market.
8. Complement Your Existing Team
When you hire a provider of property management in Dallas or Fort Worth, you don’t have to choose a turnkey company that provides full service. You can opt instead for a third-party manager that provides a la carte services to help fill gaps in what your in-house team can do.
For example, perhaps you only need a repairs and maintenance contractor, or maybe you only need a management company to help with marketing, background checks and leasing. That’s no problem. A company like HUNTAHOME can provide full-service management, or we can also provide specific services that complement your in-house team.
9. Reduce Stress
The hands-on, do-it-yourself approach to management is stressful. And, as your portfolio grows over time, you may find that you’re constantly taking care of small details and responding to tenant needs and requests.
Hiring a third-party management company removes that stress entirely. You’re able to sit back and enjoy your cash flow without worrying about the day-to-day operations of your properties.
10. Enjoy Freedom to Focus on Other Things
Here’s the best part about using a DFW property management company: You get to focus on more important things, like investment strategy and growing your portfolio. Again, you likely started investing in real estate because you recognized the potential for significant returns. So spend your time focused on maximizing your returns rather than spending your time focused on daily operations.
HUNTAHOME: The Leader in DFW Property Management
At HUNTAHOME, we have a wealth of experience in the Dallas-Fort Worth market. We can provide full-service property management services, and or we can provide the specific services needed to fill gaps in your in-house capabilities.