Deciding to hire a professional Fort Worth property management company is smart. A successful investment experience, however, depends on hiring the right manager for your rental property. Nearly any company can successfully collect rent and place tenants. You need more than that when you want to increase your earnings and keep your expenses down.
A few specific things are critical to a positive property management experience. Knowledge, experience, and reputation are especially useful things to look for when you’re choosing your management partner.
Property Management Systems
The first thing you will want to know is whether they have systems in place. This goes beyond the latest and greatest property management software. You will want to know how they handle all the functions of their office and what they do to respond to tenants and owners. You’ll want to know how rent is collected and whether there are statements available online or if you have to wait for them to be generated monthly. A good property manager will have very streamlined systems, and those systems should be easily explained.
Research Reputation and Reliability
It’s easy to do a bit of research on a company before even talking to anyone. Start by visiting a property manager’s website, where you should find a list of services offered and pricing. You can also read testimonials and reviews which should give you some idea about how they work and what kinds of customer service they provide. Don’t be put off by a few negative reviews. If a tenant leaves a poor review because of the late fees that are charged when rent isn’t paid – you know that property manager is doing their job well.
Knowing the Current Laws
Your property manager needs to protect you from costly legal mistakes and tenant lawsuits. Fair housing laws are serious and complex. Your property manager must know the difference between a pet and a service animal and how to screen and place tenants without considering things like race, religion, and familial status. The Texas Property Code governs a lot of what landlords must do when renting out a home, so you’ll want to be sure that your property management team has the required knowledge and stays up to date with all the changing laws and regulations.
Measure a Manager’s Experience
You want your property manager to have experience in the industry. Find out if they belong to professional associations such as the National Association of Residential Property Managers (NARPM). Experience like this not only ensures that your leasing, management, and maintenance needs will be expertly taken care of – it also tells you that your management company understands the industry’s best practices and brings some of the most efficient procedures and best technology to the management of your Fort Worth rental properties.
While conducting as much research as you can online and with current and former clients is an important step in getting to know how a company works, nothing replaces a personal interview. Call some companies and take note of how quickly they get back to you. Compare services as well as prices. Talk about the unique challenges you face with your own investment property. You’ll quickly get an idea of who you feel most comfortable working with.
We’d be happy to tell you more about our own Fort Worth property management experience. Please contact us at Trend Property & Management for additional information.