Investors love real estate. Unlike most assets, real estate appreciates over time with the right property management, and investors can typically enjoy a nice cash flow in the years before they finally divest.
But real estate investment has its drawbacks, too. Because you own a physical asset, you’re required to provide repairs and maintenance. And, because you want regular cash flow, you need tenants who pay their rent on time.
The good news is this: There’s a way to enjoy your cash flow and returns without worrying about repairs, maintenance, marketing, leasing and the many other tasks that real estate investment demands. The solution is property management.
Comprehensive property management includes 6 main functions. You can typically find providers of property management in Dallas or Fort Worth that offer these 6 services a la carte or as a package for turnkey management. Here’s a look at those functions, as well as a thorough answer to the question: What is property management?
- Marketing
When you first buy a rental property, you may get lucky enough to inherit an existing tenant. But, sooner or later, you’re going to have to market and lease your property to someone new.
Most owners know how to put a “For Rent” sign in the front yard — but that’s about it. There’s so much more to marketing a property, though. There’s the MLS, there are popular real estate sites for syndication, there’s social media, and there’s even word of mouth when you have the right network.
A quality provider of DFW property management can start marketing a property at a moment’s notice. The best providers of property management in Dallas and Fort Worth go far beyond just the “For Rent” sign, taking care of the MLS, syndicating to popular sites, sharing effectively on social media and leveraging existing networks to cast a wide net.
- Screening
You definitely want tenants for your rental properties — but you also want high-quality tenants who are going to treat your rental home as their own and who will pay rent dependably.
A good management company has screening processes in place that are designed to identify potential problem tenants and to weed them out of the pool for consideration. A comprehensive screening process should include an application, credit check, references, employment verifications and other due diligence that’s essential to finding the best possible tenants.
- Rent Collection
Do you have a system in place to collect rent? Dealing with live checks can be a hassle, and getting your tenants to pay rent by the first of the month can be a challenge.
A good provider of property management in Dallas, Fort Worth or Frisco, will have a streamlined and accessible system in place for collecting rent. Online rent collection makes it far simpler for the tenant to pay, and it also makes it far easier for the owner to track who’s paid rent and who hasn’t at any given time.
And there’s another important aspect to rent collection that a DFW property management company can handle — evictions. Evictions can be complicated and painful situations that most owners don’t have the time or energy to deal with.
A property management company in Dallas or Fort will know the local eviction regulations and how to comply with them. That company will also have in place a proven process for evicting tenants in a way that causes the least amount of disruption.
- Repairs and Maintenance
Real estate investors can regale friends and family with tales of late-night phone calls about leaky plumbing, faulty air conditioners and a myriad of other urgent repairs.
Yes, repairs and maintenance can be a serious inconvenience for owners. No one wants to get that late-night call about repair needs, and no one wants to search for a dependable provider of maintenance.
When you choose a DFW property management company, it brings to the table a team that exists to handle repairs and maintenance. A good provider of property management in Dallas and Fort Worth will also have a network of dependable service providers who can make repairs and conduct maintenance at pre-negotiated rates.
- Financial Analysis
When you own a rental property or two, how do you set rent? You can glance at the open market and ballpark a number based on comparable properties. Or, you can hire a DFW property management company that possesses real-time knowledge of what it’s going to take to get your property leased as quickly as possible.
Truly optimized rent means that you aren’t leaving money on the table by pricing too low and also that you’re not losing money by letting a vacant home linger on the market.
After your property is leased, a property management company can provide monthly or quarterly financial analyses that give you a snapshot of your investment’s health.
- Strategic Support
This is perhaps the greatest value a DFW property management company can provide: strategic support and guidance. When you have questions about the real estate market, about your specific property or about investment strategy, you have a trusted advisor that’s ready to talk and provide the insights you need.
Just make sure you’re getting a provider of property management in Dallas or Fort Worth that owns a track record of success in helping clients achieve their investment objectives.
Are You Looking for Property Management in Dallas or Fort Worth?
Are you a property owner or prospective real estate investor wondering: What is property management? If so, let HUNTAHOME provide the answers you need.
We are the leading DFW property management company. We can provide any of the services above a la carte, or we can provide turnkey property management services that allow you to sit back and enjoy your returns while we take care of the hard stuff.
Contact us today to learn more about our services as the leading DFW property management company.