Flipping houses can be a fun and quick way to make an easy profit. Purchasing a home on foreclosure or a fixer-upper, cleaning it up, and selling it allows investors to be creative through home design. Bank notes, deeds, and tax liens don’t require marketing, leasing, and renting, but turning your property investment into a rental property can have a significant impact on your return; especially with Dallas property management booming.
The real estate market has had many highs and exceptionally low, lows over the last ten years. There are times when people are less likely to be able to get approved for loans. The economy may leave potential homeowners with less cash on hand for large down payments on homes. However, the one thing that never changes is that people need somewhere to live. While you may struggle finding someone to purchase your investment property, there will always be someone wanting to rent a single-family home.
Investing in rental property is easy; however, managing rental property can be a fulltime job in itself. Busy property investors rarely have time to manage rental properties on their own. This is why so many investors choose to flip properties rather than hang onto rental property in their portfolios. However, all an investor in Dallas, Texas, must do to hang onto their properties and make a recurring return on investment is fire a Dallas property management company.
Dallas Property Management Takes the Weight off Your Shoulders
Investors understand the demands of a busy schedule. Your phone is probably ringing constantly all day long, beeping and buzzing in your pocket with notifications, and urgent emails that need your immediate attention. When you add “property manager” to your job description many more people will be demanding your attention. A property manager must take care of marketing the property, showing, leasing, and renting the property and a whole lot more once the tenants move in.
When renters are living in your rental property, the property manager is the point of contact for anything the tenant needs including frequent questions, maintenance requests, complaints, and more. Property managers may have set business hours, but for tenants, 24/7 access for maintenance emergencies is essential.
After tenants move out, property managers are responsible for organizing the cleanout of the rental property and getting it ready for the next tenants. This cycle repeats itself over and over again. Property managers who can secure long-term tenants have the easiest job, but this is not always the case. Marketing a property for new tenants can be a lot of work. Hiring an experienced Dallas property management firm can take all of these burdens off the investor’s shoulders.
What Do Dallas Property Management Firms Do?
A Dallas property management firm should specialize in rental properties in the Dallas, Texas region. Single-family homes are what most property investors choose to add to their portfolios, so investors should look for a Dallas property management firm that has a large base of single-family homes that they manage.
Your Dallas property management company will do many things for you when it comes to managing your property. All of these tasks would be up to the investor if they chose not to hire property management.
- Showing the home
- Fielding phone calls from prospective renters
- Fielding phone calls from tenants
- Screening tenants
- Creating the lease
- Handling the leasing paperwork
- Processing maintenance requests
- Responding to maintenance emergencies
- Processing rent payments
- Collections of late rent payments
- Evictions and legal actions
- Cleaning out the Dallas rental homes after moveout
- Making repairs to Dallas rental homes
A Dallas property management company should be willing and ready to provide you with the details regarding your tenants and property at all times. Investors should feel secure in the fact that the property management company has their best interests in mind and has a firm grasp on the Dallas Forth Worth rental market.
How to Find the Best Dallas Property Management Firm
Investors who are ready to commit to a Dallas property management firm should begin their search early in the process. Before you begin renovating a home to get ready to rent for the first time, you should think about the rental market in the area you purchased the home in. When you are searching for property management firms the first question you should ask is the advice they have on renting property in the area you purchased a home.
The Dallas property management company should be able to tell you what the current market rate is for the neighborhood, the influx of people into the area, and the average household income of the neighborhood. All of these factors will help you determine which Dallas property management firm has the best knowledge of the market. This helps you to determine which company can help you increase your return on investment and grow your profits.
In addition to asking questions, investors should make sure to look at reviews for the Dallas property management companies, social media pages, and Better Business Bureau rating. Network with other rental property investors in the Dallas Forth Worth area to get their opinions on the best Dallas property management companies. Most investors will be happy to share their positive and negative experiences with you.