If you’re new to real estate investing and are beginning to realize the need for professional Dallas residential property management, then you’re off to a good start. Many investors don’t ever recognize the need for effective professional services and try to do everything themselves. There are hundreds of real estate management professionals in Dallas, which can make picking the right one quite difficult. Make sure you don’t choose a firm without taking the time to thoroughly review the company or its competitors. Selecting the first firm you find can lead to owning rentals that are mismanaged with no way out until your contract expires. So, how do you find a professional property management company that possesses the skills, knowledge and experience you need? Here are some guidelines for choosing a property manager from your team at Specialized Property Management Dallas.
If you have friends who also own rental properties and use professional management, ask whom they use to manage them. By asking for referrals, you’ll be able to get a few (or more) names of companies in the area, which will give you a good starting point. Plus, you’ll already have a few personal recommendations for each company. Talking to other people who have used the company before can greatly help you understand how your needs can be met.
Self-Employed vs. Part of a Firm
When you begin searching for property managers in Dallas, find out if they are self-employed or employed by a firm. While there isn’t necessarily anything wrong with a self-employed property manager, your chances of hiring one with the skills you need are smaller than if you go with a large property management firm.
In general, large Dallas residential property management companies require that their professionals adhere to higher standards of service than what you’ll find with a self-employed property manager. Additionally, if you experience problems with the professional managing your properties, your options for resolving the problem are much greater at a large firm. Also, services provided by these firms are usually more extensive than the services offered by individual property managers in Dallas. Rental property owners should think about all these factors before making a decision.
Interview Several Firms in Person
Another common mistake made by investors is calling various firms and asking a few questions over the phone, without ever meeting with the managers personally before signing a contract. There is no way you can get a feel for a company or its managers without meeting for an in-person interview. Some people are much better at answering questions over the phone than they are in person. It’s imperative that you interview each company you’re considering personally before you sign any contract.
Interview and meet with several different property management companies so that you can figure out who is a good fit to rent out your home in Dallas. Make sure that the person or company you choose is capable of running things smoothly and effectively.
All Contracts and Fees Explained in Detail
When interviewing Dallas residential property management companies, all fees should be explained in detail to you. Beware of hidden fees, which will make your monthly (and yearly) expenses higher than you planned. Each company you talk to should be willing to show you their contract and go over every fee that they have…including any hidden fees. You should also read the fine print on any contracts you are given.
Go over all necessary paperwork that you obtain through your chosen company as thoroughly as possible. You want to make sure that the responsibilities of the property management company are clearly defined in the contract or management agreement. Make sure that the same terms you discussed at your initial appointment are in the paperwork so that there are no surprises when it comes to what both of you should expect out of this agreement.
It’s important to check the credentials of the managers who will be handling your rental properties at each firm. Ask for personal references from clients they are currently working with, then call these people and ask how happy they are with the services provided.
Great Questions to Ask Dallas Residential Property Management Companies
When you’re talking to different firms, you may be unsure what questions are appropriate to ask. Here are a few to get you started:
- How many years of experience do you have?
- Which do you handle more: residential or commercial properties?
- What advertising methods do you use?
- Will you personally show the properties and screen potential tenants?
- As far as maintenance goes, how will you keep my costs down?
- Do you offer any accounting services?
- What is your protocol for handling emergencies?
- How much liability insurance do you have?
- What are your fees and do you have any hidden fees?
- Will you answer my phone calls or promptly return my calls when you miss them?
The questions above will give you a good feel for each of the local Dallas property managers that you interview and should help you make your final decision. The most important thing to remember as you look for a property management team is to stay true to yourself. Hire the professionals that have taken the time to thoroughly answer your questions and who you feel the most comfortable with.
Explaining and Discussing Problems
A good property management company will call you when a problem arises. You may not want to be called every time a tenant complains about a clogged toilet, but you should be notified when bigger issues arise (roof damage, tenant in default, broken window, etc.). A good property manager should call you and explain the problem and also discuss all of your options for remedying the situation.
Good property managers don’t just continue to do the same old thing with the properties in their care. Instead, they look for ways to improve the overall value of the properties. Why? They care about the amount of money their owners are profiting each year. An experienced Dallas residential property management company will make suggestions from time to time regarding ways that you could improve your rentals and possibly charge more as a result.
Check on their Existing Properties
Before you decide to lock yourself in with a specific company, learn about how many vacant properties they already have. Odds are, if they have a lot and don’t advertise often, your properties will sit for a longer period of time because they are not advertised well. Rely on experts to help ensure that your properties are rented quickly and easily. Determine how your chosen company will advertise your property and go over detailed plans with them to make sure your expectations are met.
You should also drive by properties that a specific company manages to see how well they are maintained on a regular basis. You will be depending on them to handle all of your property management needs, and you want to make sure that it is done efficiently and up to par with your expectations.
What Services Are Provided?
There are certain services that professional Dallas residential property management companies should provide you in order to effectively manage your rental, such as:
- Advertising and Marketing
- Tenant Screening
- Maintenance Services (Routine and Emergency)
- Provide Financial Reporting Services
- Provide Lease Enforcement and Eviction Services
- Collect and Distribute Monthly Rent Payments
If the company you talk to offers very few of the above services, you should look elsewhere. You want to make your job as a rental property owner easier, not harder!
Why Choose Specialized Property Management Dallas
At SPM Dallas, we help our clients avoid the hassles that come along with managing a rental property. When you rent out your home in Dallas and select us as your property management company, we promise to provide you with the following:
- Dedication: Avoid companies who try to juggle more than just property management. A jack of all trades is a master of none, and you want a master of property management. Nearly 30-years of experience makes Specialized Property Management Dallas more knowledgeable than the less experienced competition.
- Training and Certification: Proper training and certification ensures your property is being managed professionally and wisely. All of our employees are professionally trained and stay current with laws and best practices so you can rest assured you’re in good hands.
- Responsiveness: With our owner and tenant portals, as well as 24/7 customer service, you and your tenants’ concerns will be addressed quickly. Property owners can have peace of mind knowing they can check on the status of their investment anytime, anywhere.
- Shorter Vacancies: With vacancies being the biggest cost in real estate management, we strive to keep them low with our proven process. We work to fill your home with well-qualified tenants as quickly as possible and minimize tenant turnover at the same time.
- Fair Fees: We offer clear and upfront fees as well as a Money-Back Guarantee, which states that if you are not satisfied with our services in the first 60 days, your first two months of management fees will be refunded.
- Cost-Effective Maintenance: With Specialized as your Dallas residential property management company, you’ll have access to a network of national providers to get you low-cost, high-quality maintenance. We also schedule walk-throughs and regular maintenance checks to stay on top of issues before they start.
- Proven Rent Collection Systems: We offer an electronic rent collection system and a proven screening method for tenants to keep the rent consistently coming in.
- Legal Compliance: We comply with all federal housing laws, and all state and local laws and regulations ensure you’re on the right side of the law. From filing to eviction help, we have you covered.
Contact your Specialized Property Management Dallas team today at 214-233-7572 and take advantage of our comprehensive property management services!