At Specialized Property Management Dallas, we want all our owners and tenants to stay safe and well during this unprecedented time. We know there are a lot of Dallas property management companies out there, and we appreciate you and your ongoing trust in our company. While this is a time of uncertainty, we don’t want you to feel uncertain about the measures we’re taking to protect your investment. Our job, as always, is to help owners in the DFW area decrease their headaches and increase their profits. While we have implemented a few necessary changes in light of COVID-19, the advanced systems and technology improvements we’ve made over the years are making a key difference in our ability to protect and maximize your investment in this critical time.
Here are just some of the ways your Specialized team is maintaining stability for you, your tenants, and your property:
We are committed to leasing your rental property in as little time as possible. With our efficient, proven leasing process, we promise to continue leasing your home quickly to the most qualified tenant. We utilize the following programs and technologies for fast and effective leasing:
- Rental IQ™ is our proprietary, advanced tenant screening software that applies Artificial Intelligence to maximize owner revenue and lower risk. By cross-referencing the industry’s largest rental payment history database with in-depth credit checks and criminal background information, you are sure to find a tenant who is responsible and reliable. This software uses advanced statistical and behavioral factors to accurately identify and place stable renters, reducing your tenant turnover, and lowering your eviction costs.
- Secure Electronic Entry Lock Boxes allow prospective tenants to securely view properties without putting themselves or our leasing agents at risk from the COVID-19 virus. All a potential tenant has to do is submit a few personal details like name and phone number, and then list a credit card in order to view the home on their schedule. Not all Dallas property management companies offer this feature, and we’re proud to say integrating these lockboxes has increased our number of showings by 34%!
- 3D Virtual Tours What better way to view your rental home online than with advanced 3D technology? The tenant will feel like they are literally “walking-through” your property, seeing each and every room in the house, and exploring the layout. Prospective tenants can watch the property video and also view 4K/HDR still photos. These stills allow someone to see the room from multiple angles and in different lighting. We have found that utilizing this technology substantially improves the tenant experience while increasing the number of applications we receive on each property. We often lease the home in real-time via this platform and tenants love it! See how it works.
- Premium Paid Zillow Listings. Many people use Zillow.com to view potential homes and apartments. In order to list on their website, Zillow now requires property management companies (such as ours) to pay for advertising vacancies. We believe showing your homes on multiple platforms and websites only increases the number of interested applicants, so we have opted to pay for this premium listing placement. Your vacant rentals will be spotlighted, resulting in a much higher number of tenants inquiring about our rentals than those of other property management companies.
- “No Security Deposit” Options for Tenants. A lot of renters don’t like paying a large amount of money upfront for a “security deposit” when they’re living on a tight budget. That’s why at Specialized, we offer a unique program that replaces cash deposits with surety bonds for qualified renters. You may think, “If a tenant can’t pay a security deposit, who’s to say they’ll pay the monthly rent?” Don’t worry. We stand by our comprehensive tenant screening process. We still promise to find you responsible, qualified tenants who will pay the rent on time and take care of your property as if it were their own. This program is designed to decrease upfront costs at move-in, since moving can be such an expensive process to begin with. Allowing this option will also increase your tenant pool and you’ll fill vacancies much faster. Our surveys have shown this feature to have improved tenant satisfaction by 80%! How many Dallas property management companies can say that?
Last month, we leased a total of 62 homes for our clients, and we renewed 64 homes with existing tenants, which is 22% higher than the previous four months’ totals.
No matter what’s going on in our world, we always put the safety of our tenants, staff, and vendors as our top priority. During this critical period, maintenance emergencies can still happen, and we want them taken care of just as quickly as you do. Our effective maintenance technology allows for faster tenant response times when a work order is submitted. The completion of repairs is always tracked in real-time to ensure compliance with the most stringent property code laws surrounding maintenance. We also monitor tenant satisfaction on each repair we complete to ensure your tenants are happy with the repairs made.
77% of all renters stated that the quality of maintenance and response time were the main factors in their decision to renew their lease or not.
Keeping owners and tenants happy is our business. We strive to complete each repair quickly and completely so everyone can stay that way. Among Dallas property management companies, Specialized Property Management stands out with our speedy service. Our repairs are completed 3.2 times faster than an owner-managed or home warranty-managed repair and garner a 20% higher resident satisfaction rate. When your residents are happier, they want to stay longer, which means our owners save thousands of dollars in rehab, vacancy, and other turnover costs.
Here are the maintenance safety precautions we’re taking during COVID-19 to ensure everyone’s health and safety:
- We are currently conducting non-health and safety-related repairs only when both the vendor and tenant are both willing and able to do so. If either party chooses to wait, we will schedule these repairs after the threat has passed.
- In cases where the repair is made, we follow strict COVID-19 protocols to minimize exposure. This includes measures like social distancing, disinfecting surfaces, wearing of face masks, and so forth.
- To protect our staff and tenants, periodic assessments of occupied homes have been put on hold for the duration of the pandemic. You can contact a member of your Specialized team if you have any questions about this decision.
We stand by our promise to complete maintenance orders in a timely manner. COVID-19 won’t affect that promise. The average number of completed service orders for this time of year is 1,439. In the month of March 2020, we completed almost the same number with a total of 1,377 service orders across all rental homes.
Other Dallas property management companies are no longer taking repair requests, which is causing stress at a time when so many are already anxious and worried. At Specialized Property Management Dallas, we want to decrease the amount of stress in your life. Our goal is to respect the well-being of everyone while still caring for those who put their trust in us.
The Supreme Court of Texas has suspended eviction of renters for a lengthy time period as more people are out of work and experiencing financial hardships due to COVID-19. However, this “. . .suspension doesn’t stop landlords from collecting rent due in April. It just means that no evictions will be processed in courts across the state, unless a tenant poses a physical threat or is suspected of criminal activity.” -from Dallas Morning News
You have to collect rent to stay in business, but you should also reach out to your tenants to see what their individual situation might be during this time. Communicating with your tenant is important in maintaining a good relationship and they’ll appreciate the gesture. As always, at SPM we send out helpful rent reminders prior to the first of the month and allow tenants multiple ways to pay the rent, including online payments, credit card options, and hundreds of local cash-pay retail locations.
Where necessary, we have been working directly with owners and tenants to negotiate temporary legal rent agreements with a variety of options. For instance, owners may agree to allow the tenant to utilize deposit funds to pay a portion of the rent. We’re happy to help you and your tenant reach mutually beneficial agreements and mediate any disputes.
Through April 10th, we have collected 91% of all rents due and we had a total of 5% of tenants who reached out for payment plans which we are facilitating with the tenant and our owners. We are watching rent collections closely and will continue to update our owners with the latest news.
We thank you again for your continued loyalty and trust. We know you have a lot of Dallas property management companies to choose from, and we’re happy you’re working with us. We promise to remain vigilant and maintain transparent communication with you and your tenants. We’ll keep everyone up to date as we manage the impact of the COVID-19 virus.
Please stay safe and healthy, and as always, reach out if you have any questions at all.