In these times of economic uncertainty, an investor needs to make sure that the returns on an investment are maximized. No investment should be earning less than its potential and this is especially the case for real estate.

You may be the owner of an apartment or an apartment complex, a stand-alone home or many houses in different locations, or a more complicated and complex portfolio with multiple property types. Whatever your investment profile is, if you have real estate investments you need real estate property management of the highest quality.

With so many companies out there vying for your attention and your dollars, it makes sense to choose only the best. But many investors make some common errors when choosing the best manager for their properties. If you are aware of these mistakes, you can avoid them and ensure that your investments pay off.

Here are the most common problems with a company and why it’s a mistake to ignore them.

1. Inexpensive
There’s nothing wrong with saving some money if you can but make sure that you’re not cutting corners when it comes to services and quality. The cheapest services may not always be the best for the performance of your real estate holdings. Take a close look at what services you are getting for the cost, at the quality of the services provided, and at the short and long term consequences of ignoring any red flags that come up just to save a few dollars. You want a company that can manage your holdings effectively, efficiently and professionally, and sometimes this means paying more to get what you need.

2. Inexperienced
It is important to know how long the management company you are hiring has been in business and what kinds of properties they have managed. It is also important to assess how successful they have been based on their current and previous clients’ experiences. The longer a real estate property management company has been doing their job, chances are the more satisfied customers it has and has had.

3.Understaffed
It’s not just how many employees the management firm has but the quality of those employees. A competent and successful company will have trained and educated staff not just for property maintenance, but office work, computer tasks and even public relations. Look for an adequate staff for the kinds of tasks that need to be done but also look for educated, experienced, and professional people that have made the company a success. If the staff is too small or not well-qualified, your investment will be at risk.

4. Not up-to-date
An experienced, well-staffed real estate property management company will have the latest, most efficient computer hardware and software available to help manage your investment. They will use effective programs that make it easy for the maintenance staff to stay current and on schedule, for screening and processing potential tenants, for tenants to pay rent, for you as the owner to access the figures and files you might need, and for the general business of the office to be conducted properly. If the company is not completely modernized and cutting edge, you may not be getting the maximum return on your real estate investments.

Herman Boswell Property Management has 37 years of cutting edge experience as a property management company in the Arlington Tx area. We maintain over 700 properties and have the well-trained staff and equipment to do so. We help you avoid the pitfalls of dealing rental property investing. We do our job and do it well.

The post FOUR MISTAKES TO AVOID WITH A REAL ESTATE PROPERTY MANAGEMENT COMPANY IN ARLINGTON, TX appeared first on Herman Boswell Property Management.

It’s frustrating to deal with a neighbor who loves loud music and parties or who can’t seem to keep their voices down during arguments or fights.  It’s noise, noise, noise, all the time and because they live so close to you, there’s no way you can escape the ruckus. What a nightmare!

If you’re the landlord of a property inhabited by an unruly tenant, you–unlike the neighbors who have to put up with all the noise–can legally terminate the troublemaker’s lease. But that doesn’t mean the process will go smoothly or be easy.

You have to document the nature of the complaints filed against the tenant and then tell them that they have caused a disturbance.  Should the behavior–and the complaints–continue, then you have to arrange a meeting with the offender and send a letter afterwards that recapitulates the points made during your discussion.

If that doesn’t work, then you have to send a reminder that the lease prohibits the wanton disturbance of others. And if that doesn’t solve the problem, it’s time to send a Notice of Breach and Right to Cure form (a.k.a. the Cure or Quit notice), which gives the tenant one last time to tone it down.

Through all of this, you have to keep careful records of every complaint lodged against the noisemaker that include specific information regarding how the tenant in question are violating the lease. This is because if you have to go to court for an eviction, the judge has to verify that you gave your tenant three chances to comply with these regulations before eviction proceedings can take place. And the eviction itself can take time.

Why put yourself through all of this when there is an easier way to manage rental properties? The Herman Boswell Property Management team handles tenant problems quickly and professionally so that they don’t get out of hand. And if they do, you can count on us to end the nightmare before you start losing unnecessary sleep over your investments.

The post THE NIGHTMARE OF NOISY TENANTS appeared first on Herman Boswell Property Management.

If you have investment properties you rent, you undoubtedly want to maximize the profit from your investments as well as maintain and increase the value of your properties. The biggest concern that most investment property owners have is whether or not to hire a property manager. Here again are some reasons why it is a smart thing to do:

1. You’ll Make More Money With a Property Manager

Many property owners resist hiring a property manager because of the cost involved. However in the long run, they will actually make more money because of the increased care taken with the property or properties. On average, you’ll get better tenants, have them stay longer, have less damage and repairs, and at the end of the day have your property in better shape.

2. Property Managers Will Save You Lots of Time and Headaches

The time it takes to keep track of rent payments, collect late fees when necessary, deal with complaints and repairs, get the property ready for new tenants and deal with bad tenants can easily turn into a full-time job! It can also be a constant source of stress. Relinquishing these ongoing responsibilities to a good property manager can literally bring down your blood pressure and make life livable again.

3. Better Screening and a Bigger Pool Of Potential Tenants

If you hire a property manager with experience, they will know exactly how to dig for the right information to find the very best tenants and screen out potential tenants will a bad history. Property managers also have a much bigger pool of applicants to choose from. Most property owners who try to find tenants themselves just run an ad in the local newspapers and maybe post an ad to CraigsList. A property manager who is well established will already have waiting lists of potential tenants and more coming in every day in addition to what advertising brings in.

4. Property Managers Know the Law Inside Out

One of the biggest advantages to hiring a professional property manager is the ability to avoid some legal hassles completely and minimize others. For example, it can be tricky to know and fully understand all the nuances of both state and federal laws when it comes to discrimination in screening and selecting tenants. Some property owners who try to screen and select their own tenants inadvertently break discrimination laws. Also, if an eviction does become necessary, a good property manager will understand exactly how to handle it in a way that will save time and money while staying within the boundaries of the law.

5. Property Managers Serve As a Buffer Between Owners and Tenants

Often times, it is difficult for a property owner to keep a professional distance from their tenants. They get too personally involved and they tend to be too lenient on certain issues. On the other hand, they can also get too defensive about certain types of complaints. Renting out a property is a business and it is much easier for a property manager to keep things on a strictly professional level. For example, professional property managers will react very differently to stories about why the rent is late than a property owner that has gotten to know the tenant on a personal level. When issues arise, a professional property manager who has kept his or her distance is better prepared to deal with the problem effectively.

Herman Boswell Property Management has a portfolio of over 600 properties that it manages in the Arlington area and a 37-year track record of success. Why not put them to work on your property?

The post 5 REASONS YOU SHOULD HIRE A GOOD PROPERTY MANAGER appeared first on Herman Boswell Property Management.

There’s a favorite saying amongst Fort Worth natives, “Life’s too short to live in Dallas.” But residents of Arlington know an even better-kept secret, which is the affordable housing prices Arlington has to offer along with some of the fastest growth and renewal and easy access to both sides of the metroplex for work or play.

With the addition of Dallas Cowboys Stadium to Arlington, the downtown area near the University of Texas at Arlington is being continually revamped, and many unique, hip restaurants are going in. Compared to the northern Dallas suburban areas of Frisco, Plano and McKinney which are often considered to be full of too many cookie cutter houses for some tastes, Arlington housing prices are considerably more affordable with bigger lots, often much bigger homes, and easier access to jobs in either Fort Worth or Downtown Dallas. South Arlington has several brand new luxury communities to complement the same presence of affluent neighborhoods in North Arlington. But with more modest existing homes throughout the historic areas, there is literally a place for everyone to call home.

Arlington has many quiet communities filled with well-kept homes and established families. From the Interlochen neighborhood where a huge Christmas lights show goes on every year to Six Flags over Texas and Hurricane Harbor, to the amazing Texas Rangers, Arlington is the place everyone comes for sports, concerts, and fun times with family.

Arlington has historic homes as well as brand-new developments, and the Herman Boswell Property Management knows all the best practices for property management in the area. Herman Boswell started his company in Arlington during its first major hey-day and became an icon of real estate in the area. His dedication and high standards, along with incredible business ethics and giftedness in real estate have benefited his clients throughout the company’s history. And he always expected the same from his agents. Today the company has over 700 properties across the metroplex, mostly in Arlington.

The Herman Boswell personal service and expertise in property management help all of our clients. Contact one of our agents today toll-free at (800) 874-1801 or locally at (817) 274-1800 and we promise you will get the personal service you deserve.

The post ARLINGTON PROPERTY MANAGEMENT FOR YOU! appeared first on Herman Boswell Property Management.

Commercial rental properties are often a lot of work. When you first start out in the rental business, you might not realize just what you are getting into because it all seems so simple. However, as time goes on, you will quickly realize that dealing with issues like renting units, screening applicants, collecting payments, and handling the upkeep of your property can become very time-consuming. Add that to the paperwork and accounting that needs to be kept up on and you could probably use a little help in your endeavors. Fortunately, Arlington property management services are here to help.

In Arlington, Texas, there are a large number of rental properties and landlords. Hiring Arlington property management services can easily give you a leg up on the competition while also giving you a little time and space to kick back and enjoy being a property owner while someone else handles all of the details. Property managers can take care of things like:

• Marketing and renting out units
• Collecting rent
• Interacting with tenants, giving eviction notices and other unpleasant activities
• Handling the books and accounting
• Managing other employees

Having professionals on hand to take care of the business of your commercial rental property can make your life a lot easier. You need to make sure that you choose Arlington property management services that can provide you with the resources and tools that you need to become successful in property ownership, of course. Not all services are created equally, and there are plenty of fly-by-night companies out there trying to grab your attention and get the job simply to get the money that comes with it. Always make sure that you hire professional, experienced property managers for your commercial rental properties so that you can get the best results from your investment.

Arlington property management solutions are available to everyone. When you have a larger or more complicated rental unit like a complex or commercial building, having the right people to help you along the way can make a big difference. With so many different rental properties in the Arlington area, you are going to have to fight to become successful and prove to people that you are the landlord to rent from. With a professional property management team on your side, this will be easier than you might realize because they will take care of the details and use their professional experience to give you an edge on the competition.

The post PROPERTY MANAGEMENT ARLINGTON TEXAS: COMMERCIAL BUILDINGS AND COMPLEXES appeared first on Herman Boswell Property Management.

Simultaneously, the alternative work arrangements and classes going online pushed a spike in relocation rates. It is important to consider the real estate market situation in whatever area you’re considering investing in. The battle against the deadly virus is also far from over. As a real estate investor, you must be well-equipped with accurate data concerning the global pandemic’s impact.

Before we kick off a whole new year, here are the effects of the previous year and expectations for 2021:

Long-term Impact of 2020 on Real Estate Demand

When calculating how the last year would affect the real estate demand in 2021, we need first to look into the supply inventory. Acquiring months’ supply of inventory data can provide a clear picture of the current market conditions. Knowing the volume of transactions, fluctuation of prices, and mortgage interests allow you to come up with an estimate on when properties can sell.

Every six months serves as a scale with a moderate price appreciation, which is normal and balanced if the prices increase by 2% to 3%. Texas has not reached a balanced market since 2008. In the past year, Austin reached 2.1 months of inventory. Lower months’ supply of inventory indicates a higher demand and a spike in property pricing.

Texas property prices are at an all-time high, with the median listing price at $359,739. In comparison, the average pricing all over the US starts at $345,500. While there is a slight difference with the average prices, experts find it a practical reason for people to look for other options. As a result, a growing number of Texans expect to lean towards property rentals instead.

Thus, higher occupancy rates for rental units will make sense for the Texas real estate market in 2021.

How Does This Affect You?

The market expects tremendous competition in scoring affordable properties for people considering relocating to Texas or acquiring a starter home. Make sure that you begin your search as early as today to find the right home for you. With Herman Boswell Property Management’s help, you can gain better insight and assess a plethora of options suitable for your budget and needs. You can access property listings around Texas, which includes both new construction and up-and-coming developments.

The Future of Mortgage Interest Rates

While assessing the mortgage interest rates over the last years, it is typical for a 30-year fixed-rate mortgage to cover 1.75% of the 10-year U.S. Treasury bond. As you know, a year of US Treasury bonds amounts to 0.7%. The addition of 1.75% to the 10-year Treasury results in a 2.45% mortgage interest rate. This inflation accounts for the mortgage interest rates of today.

Granted that we enter an economic recession when the crisis continues, the federal law mandates industries to decrease the rates to 2.5%. This opportunity aims to provide homeowners the ability to bounce back. Many experts anticipated this would happen in 2020, but mortgage forbearance risks can agitate the market.

Millennials and Gen Z: The New Generation of Buyers

Millennials and Gen Z’s are the frontiers of the preceding generations and play a fundamental role in the real estate market’s future. The oldest generation of millennials will turn 40 in 2021. They account for a considerable portion of trade-up buyers that have lived long enough to measure their equity gains. In contrast, younger millennials go forward to their “roaring 20s”. They are gradually building their properties and assets similar to older Gen Zs (24-year-olds) this year.

The recent data revealed that Millennials and Gen Z gamble with more significant debts to take advantage of low mortgage rates. Despite the soaring prices of 2020 property listings, they (38%) did not seem to hesitate to make down payments. In other words, they are lowering their mortgage budget, and their home search standards are never in question when looking for properties. Most of them are motivated to live in neighborhoods with expensive properties to guarantee safety and security. The remaining percentage of the people surveyed would prefer to lower their budget to earn more savings.

2021 Outlook for the Real Estate Market

The following factors imply that the downturn of the Texas real estate market is not likely happening this year:

1. Over the years, the population of Texas has continuously increased. Texas population growth was peaked between 2000 and 2018, reaching over 7.4 million residents and homeowners. The primary reason behind this increase is associated with economic growth in the state and vast opportunities. Although the 2020 pandemic has affected Texas’s migration rates, its actual impact will likely come to fruition in 2021.

1. Oil and technology are the cornerstones to the success of the Texas economy throughout the years. The past year prompted oil industries to decrease prices, which can potentially cause the economy’s downfall. However, Texas has been showing gradual recovery with its modest economic growth over the past months. Studies found that the unemployment rate decreased from 13.5% in April to 8.3% in September.
2. Although Texas is declared one of the top states to provide plenty of job opportunities in 2020, the job growth rate rates significantly slowed down. Compared to the 2019 data (2.3% growth), its job growth rate is down to 1.6%. This growth rate will likely continue in 2021 as one of the adverse effects of the pandemic.
3. According to the Market Recovery Index, a vast portion of Texas’ housing market surpassed the benchmark for recovery from the COVID-19 pandemic.

Your rental properties represent a significant investment.  Protect that investment with a property management firm you can depend on.  Contact Herman Boswell Property Management.

The post Outlook for the Texas Real Estate Market appeared first on Herman Boswell Property Management.

Raising rent is not easy to do. In fact, it can be almost as difficult as asking for a raise from your boss. But strategies do exist that can help you move beyond the angst.

The first thing you need to know is that you do not need to explain why you are raising the rent to your tenants. Your one legal responsibility is to inform renters in writing A) that an increase is coming and B) how much that increase will be.

That said, following are two simple but highly effective ways you can adjust tenant rent so as to lessen the psychological impact it will have on both you and your tenants.

Strategy 1: Make small increases at the time of lease renewal automatic

Most tenants expect a slight rent increase at renewal, usually in the amount of $20 to $50. But if you suddenly add $200 or more after not having raised the rent for a long period of time, you’ll very likely receive some negative feedback. A good rule of thumb is to increase rent between 3% and 5% a year.

You might consider making an exception to this if you have a good tenant you’d like to see stay on. In that case, you might waive the rent increase if they renew for another year. You can always make up the difference by raising the rent when that person finally moves out.

Strategy 2: Send an increase notice 60 days before lease end

Sending a rent increase letter this far in advance lets you know what the tenant’s intentions are. If he or she doesn’t plan to renew the lease, you have time to start marketing and showing the place without having a vacancy period.

You’ll need to state what the new rent will be and the date it becomes effective, which would be the day after the lease ends. If you have a fixed-term lease, you could include or attach a new lease with your letter or email. If you have a month-to-month lease, the tenant won’t need to sign a renewal since it automatically renews every month.

Herman Boswell understands that successful landlording not only requires substantial infusions of time and energy, but also good business and interpersonal savvy. That’s why our real estate professionals are ready to share their expertise with you when you need it.

\You have a life to live and investments to protect: let Herman Boswell help you on the road to better property management today!

The post HOW TO POLITELY RAISE THE RENT appeared first on Herman Boswell Property Management.

Disabled tenants present special challenges.  You can’t treat them differently from able-bodied renters.  At the same time, though, you may need to make special accommodations for them.

The first thing to clarify is who is considered disabled.  The federal Fair Housing Act and Fair Housing Amendments state that a person is disabled if he or she has a physical or mental disability that limits one or more major life activities.  These may include:

• mobility, visual and/or hearing impairments
• mental illness or retardation
• chronic alcoholism (if it is being addressed in a recovery program)
• HIV or AIDS

As a landlord, you cannot make decisions about where a disabled individual will live on a property.  For example, if you are renting two units, one on the ground floor and one the second floor, you must show both units to a disabled applicant, even if you believe the ground floor unit would be best for the person.

After a disabled tenant moves in, and at your own expense, you may also need to adjust rules, regulations and/or services to give that individual an equal opportunity to use and enjoy a rental.  For example, if you provide parking, you may need to offer a disabled tenant in a wheelchair a space that is spacious and close to where the person lives.

A disabled tenant also has the right to make reasonable accommodations at his or her own expense.  Special faucets or door handles or a wheelchair ramp are some of the accommodations such an individual could ask for.  You have the right to approve these changes and ask for proof that they will address the disabled tenant’s needs.

Handling tenants, especially those with special needs, can be one of the hardest things you’ll ever have to do.  The Herman Boswell team of real estate experts can make that task a little easier for you.  We have the experience and the know-how you need to help you get the job done right.  For property management you can count on, contact us today!

The post MANAGING TENANTS WITH DISABILITIES appeared first on Herman Boswell Property Management.

Are you a landlord struggling to manage multiple property holdings? If so, chances are that you’d benefit from handing over management of those homes, apartments and/or condos to a property management company. But before you seek this kind of assistance, you need to make sure you know who you’re dealing with.

Here’s a list of a few important things to look for in a property management firm:

• Make sure that any company you consider has the relevant credentials. In most states including Texas, a property management company must be licensed as a real estate broker if they are collecting rent, listing properties for rent or helping to negotiate leases.
• Ask the company for a few references and get feedback from past clients. Also try to speak with current clients and see what they have to say about the kind of service they are receiving from the company.
• Investigate the firm’s overall track record and consider the kinds of properties that firm has managed in the past.
• Look at how the company handles such issues as monthly reports, collections and finances. You should also get information on reply time: that is, how quickly the firm responds to problems or complaints.
• Check to see if the firm is a member of the local Chamber of Commerce and whether or not it has any other business affiliations. Professional memberships can give you an idea of the company’s status within the property management industry.

Your properties represent a significant financial investment: their management should only be entrusted to a property management firm with a proven track record of success. Herman Boswell Property Management is proud to offer service that consistently exceeds industry standards. We look after your real estate interests so that you can relax.

The post WHAT TO LOOK FOR IN A PROPERTY MANAGEMENT FIRM appeared first on Herman Boswell Property Management.

Most real estate owners have had problems with taking care of their property at one point or another.

Handling one’s personal home is a difficult task that requires a substantial amount of time. That said, the responsibility, stress, and effort required for the task increases exponentially if a person becomes the owner of more than one property, and even more so if they have tenants. The solution to this complicated issue is to hire a property management company that employees property managers who know the law, have experience, and can deal with people in a civil manner.

Although hiring a property management company is a superb investment on the part of the real estate owner, thorough research must be done in searching for the correct company, given that these individuals will be managing what is quite probably your most valuable asset.

Here are some mistakes to avoid when choosing a property management company.

1. Hiring a company based solely on price.
A company may offer a price that seems favorable- that is until you experience their services. Make sure you look at what they are offering and see if it correlates with your demands. You might have to pay more money to some companies, but this addition will be worthwhile if they offer an abundance of services- you’ll be getting the best value rather than the best price.

2. Hiring an inexperienced company.
This issue comes up, once again, as a result of monetary considerations. If a property management company has not managed any properties, or very few properties, they are still undergoing a learning process, and one you will be paying for. An inexperienced manager could be too extreme with your tenants in two ways- either too tyrannical or too lenient. Both scenarios end with you losing money.

3. Hiring a property management company that is not certified.
Certification is a useful measure of the adequacy of a property manager. An independent, objective board decides on whether or not an individual has the qualifications to undertake this particular stream of employment. If a person doesn’t meet certification standards, they likely will not meet your standards either.

4. Hiring a property manager with too many obligations.
While it is detrimental to hire an individual who has no experience, it is equally negative to have a property manager who overextends their capabilities. It is important to have a balance in the two extremes. If your potential property manager takes care of a property where they are earning more money, having to do less work, or have personal connections with the property owners, there is a good chance that you will not be their top priority.

When evaluating a property management company, it is essential to have all of these criteria in mind. Nevertheless, a savvy real estate owner should not stop here. You should make your own additions to this list, including requirements that are specific to your own vision of what a property management company should offer you. Additionally, do not compromise on your expectations too much because it is likely that you will be working with this company for a substantial period of time.

If you own a rental property in any of the following areas:

• Arlington,
• Bedford,
• Benbrook,
• Burleson,
• Cedar Hill,
• Colleyville,
• Crowley,
• Duncanville,
• Euless,
• Fort Worth,
• Grand Prairie,
• Grapevine,
• Hurst,
• Lake Worth,
• Mansfield,
• Saginaw,
• Southlake,
• Watauga, or
• White Settlement,

then the property management company you can count on is Herman Boswell Property Management.

We advise you to definitely shop around but Herman Boswell Property Management has 37 years of property management experience to bring to bear on the needs of your particular property or properties. We oversee more than 700 properties. There is a reason why people trust us. Find out why.

The post FOUR COMMON MISTAKES IN HIRING A PROPERTY MANAGEMENT COMPANY appeared first on Herman Boswell Property Management.