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.

LANDLORDING : THE HIDDEN COSTS

 

Real estate concept.

The learning curve for new landlords can be steep.  There’s learning how to deal with tenants, maintenance and legal issues and of course, all the paperwork that goes with renting properties.

But that’s only part of the story.  If you are a novice landlord, you will also have to be prepared to cope with other costs that you may not have considered.

Increased insurance and tax costs

Rental properties can be more expensive to insure than regular properties.  For example, the premium for a rental home can run as much as 25% more than typical homeowner’s insurance.  Rent may help to cover increased costs – so long as it is occupied.  There may be times when it is not, such as the period between tenancies.

Unless you live on your rental property, you’ll likely be subject to an increased tax burden.  At the same time however, some expenses associated with renting the property may generate tax breaks.  Consulting with tax professionals can help clarify the possibilities inherent in your particular situation.

Administrative charges and legal fees

Landlords have to pay for administrative costs related to actually getting new tenants. This can include those associated with interviewing, checking credit histories and also references.  Additionally, many cities require that owners register rental homes, make them available for examination and absorb all costs associated with both.

Should a tenant need to be evicted or in the event of some other legal dispute, you’ll need to be prepared to pay for the services of a lawyer.  And sometimes the fees can be quite hefty, up to $200 per hour or more.

Maintenance costs

A landlord often has to spend money on upgrades to rental properties to attract suitable tenants.  And even after people do move in, he or she will usually be under some kind of contractual obligation to fix maintenance issues as they arise.  A security deposit can usually help offset these expenses – unless the tenant completely trashes the property, which does unfortunately happen.

With so many hidden costs, how can a new landlord get in the game and win it?

The experts at Herman Boswell can help you not only manage your investment properties, but enhance profitability.  Our dedicated professionals are among the most trusted names in property management in North Dallas.  For the peace of mind and security you deserve, contact us today!

The post LANDLORDING: THE HIDDEN COSTS 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.

Depending on your level of familiarity, you might already be aware that real
estate investment is a great way to reap a residual income. If that alone
does not sell you on the value of investing in a rental property, perhaps the
appreciation and tax benefits will.

Passive Income

For starters, investing in real estate is touted as a great method for
generating a low-maintenance, passive income. You invest in the beginning,
but it is your eventual tenants that pay the mortgage, effectively growing
your equity long-term. Once the property is paid off, you will be able to
collect passive income. In essence, you are generating revenue from the
money you have already invested in the property.

There are many benefits of passive income from a rental property. Once
you have set it up, it should require little to no upkeep from you. Of course,
this will depend on the condition of the rental property when you initially
make your purchase, but after any needed updates are complete, the
ongoing maintenance should ideally be minimal.

Passive income is great for adding a bit of extra money to your retirement
fund and reaching your additional wealth-building goals with little to no
effort. With the right ingredients and dedication, you can eventually build
your wealth with ease.

Property Appreciation

There are various factors to consider that will influence property
appreciation. Appreciation is the growth in value that is generally a
byproduct of the community conditions and quality of the neighborhood
where your property is located.

Finding a good, solid property or area where real estate prices have
consistently risen in recent years is a strong indicator that the
neighborhood will continue to develop and maintain a high value.
Additionally, you can attract good tenants this way. Having an attractive
property that is close to major transportation or highways makes for a
great selling point to potential renters.

If it is your first time purchasing a rental property as an investment, you
could consider investing in something nearby so you can monitor the
condition of the place and efficiently handle anything that might come up.
Buying something lower cost and fixing it up can be good if you are looking
for a short-term turn-around, though you should try to avoid “money pits”
when it comes to rentals. Attractive and move-in-ready options are optimal
for keeping the initial investment smaller on the front end.

Collateral

Real estate is commonly an asset that is used as collateral. Before being
issued a loan, lenders want to see that you can repay it and keep up with
your financial obligations. In the event you establish a successful rental
property, you can build your collateral as evidence that you are a
responsible steward of the investment.

Collateral is an important consideration when investing in rental properties,
and one you should feel relatively sure of before investing. Having a healthy
amount to invest and put into the property at the onset is key to ensuring
you will maintain strong financial health and good collateral with your
prospective lenders.

Tax Advantages

One of the greatest advantages of owning rental property as an investment
is the availability of deductions for the investor. In fact, real estate is one of
the most tax-advantaged investments out there.

Tax write-offs that are available include costs associated with interest on
mortgages, operating expenses, depreciation, interest, repairs, and more.
Because many real estate investors choose to own their properties with an
entity (for example, a limited liability corporation), they are eligible for
deductions related to the operation of a business. This savvy tip allows
investors to avoid shouldering individual expenses and taking on
unnecessary costs.

Deducting depreciation, the property's total loss in value over its expected
lifetime is another way of lowering your tax burden. The natural loss in
value is a huge advantage for real estate investors, as it gives way to
greater deductions on expenses long term.

If you ultimately sell the property for more than you purchased it, you are
also eligible for capital gains taxes. These tend to have lower rates than
ordinary income taxes. As a real estate investor, you are also able to
leverage various tax-deferred methods on your real estate depending on
the transaction. One example would be swapping an investment property
for like-kind property, essentially avoiding any changes in cost or
depreciation.

Conclusion

When investing in rental property, it’s important to partner with individuals
who have extensive property ownership and management experience.
Contact Herman Boswell Property Management to discover all we have to
offer.

The post Why Rental Properties are a Great Investment appeared first on Herman Boswell Property Management.

Fixed-Rate

If you’re looking for something with some consistency while buying and
owning a home, a fixed-rate mortgage can offer just what you need. A
fixed-rate mortgage remains at the same interest rate for the entire life of
the loan. For example, whether you have 10 years or 30 years left on your
mortgage, the rate will always remain the same.

A fixed-rate mortgage can be ideal for those borrowers on a tight budget
because it will have the same monthly payment for the principle and
interest amount. However, once decided on a fixed-rate, the rate does not
change even if the standard financial indices that determined these rates
do. This means borrowers would not be able to benefit from reduced
interest rates if/when they decrease, but they will also not be impacted by
increased rates if/when the rates increase.

Adjustable-Rate

In contrast to a fixed-rate mortgage, an adjustable-rate mortgage’s interest
rate varies over the loan’s lifetime. Adjustable rates often go up or go down
based on a standard financial index, such as the Treasury bill yield or the
Federal Reserve. Typically, an index or range of the interest rates is
provided when selecting a mortgage, but these can vary with time because,
as the standard financial index shifts, the lender adjusts the interest rates.
An adjustable-rate mortgage can be advantageous if buyers are looking to
take advantage of a period of low-interest rates.

Some adjustable-rate mortgages feature combinations of fixed and
adjustable interest rates. For example, lenders may offer an adjustable
mortgage with an introductory fixed rate for five years, and then after that
initial five-year period expires, the interest rate will fluctuate annually or
several times a year after that.

Federal Housing Administration (FHA) Loan

The Federal Housing Administration (FHA) is umbrellaed by the United
States Department of Housing and Urban Development (HUD). Since 1934,
FHA insures a loan so that your private lender can offer lower down
payments, closing costs, and relaxed requirements for loan qualifications.
FHA resources and loans can offer assistance for renters and homeowners
to afford their payments. They also ensure fair lending to all races,
religions, sexes, and disabled persons. More information on eligibility can
be found here.

Veterans Affairs (VA) Loan

The Veterans Affairs (VA) Loan was created in 1944 by the United States
government to help veterans, service members, and their families purchase
a home with little to no down payment or exceptional credit after serving
their country.

There are two types of VA home loans: direct and VA-backed. In the former,
the VA acts as the mortgage lender, helping you apply for and manage your
loans. These rates are often better (i.e. lower, more competitive) than a
private bank or other lenders. For a VA-backed home loan, a portion of your
home loan is guaranteed by the VA; thus, making it easier for you to meet
private lenders’ qualifications for a home mortgage.

The VA home loans have also allowed veterans and service members to
put $0 down on a mortgage to purchase a home! The backing of the loan
by the VA also means that veterans and service members may have access
to more competitive interest rates, relaxed loan qualifications, and banks
do not require private mortgage insurance. It’s no wonder that the VA has
helped over 24 million American veterans and service members find a
home for their families! More information is available here.

Balloon Mortgage

A balloon mortgage is a type of loan that starts with low (interest only) or
no monthly payments; however, the full balance of the loan is due in
full—along with any interest—at the end of the loan period. It is called a
“balloon” mortgage because the full balance of the borrowed amount is not
due back until the end of the loan term, so the payments get very large at
the end of the loan lifetime.

Balloon mortgages can have fixed or variable/adjustable interest rates but
are more common in commercial real estate than in residential. However,
borrowers may prefer a balloon mortgage if they are only looking to own a
home for a short period. In this case, the homeowner will pay only interest
rates until they sell the home, then use the sale of the home to pay back
their remaining balance.

This type of mortgage can be risky, though. The homeowner must be able
to repay the loan at the end of the term or refinance it for at least the
amount of the balloon payment, pending approval from the lender. The
balloon mortgage also reduces the homeowner’s equity during
homeownership. Construction businesses may opt for balloon mortgages
because these mortgages allow for short-term financing without collateral.
Once the company has built the new property, it may refinance the balloon
mortgage at a lower rate by leveraging the new building as collateral.

Jumbo Loan

Just like homes, loans also come in all shapes and sizes. As the name
implies, jumbo loans are mortgages to finance more expensive homes than
a conventional conforming loan may cover. The Federal Housing Finance
Agency (FHFA) sets the ceiling of these conforming loans at $510,400 for
2020 (but can vary by state and county), so any mortgage for a home more

expensive is considered non-conforming, or jumbo. With more money,
comes more strict qualifications from your lender. For a jumbo loan,
borrowers should expect to have a higher credit score (700+), 20%+ down
payment, and little debt compared to their income to qualify for their non-
conforming loan.

United States Department of Agriculture (USDA) Loan

The United States Department of Agriculture (USDA) offers specialized
mortgages for low- to moderate-income homebuyers in rural areas. The
USDA offers these loans to those who do not make more than 15% of the
local median salary live in a locality with a population under 20,000. To
qualify, one must have a steady income, 640+ credit score, and a 41% or
less debt-to-income ratio. The USDA backs these loans from private
lenders, and this allows rural buyers to finance the entire purchase price of
the home ($0 down!) and get competitive fixed interest rates on their
mortgage. More information can be found here.

The post What are the Different Types of Mortgages? appeared first on Herman Boswell Property Management.

Professional Performance

You want your property manager to hold to the same level of
professionalism as yourself. Firstly, find out their method for screening
tenants. Does it fall in line with how you screen for them?

The last thing you want is a high turnover rate. It is vital to your success
that qualified tenants are placed into your units. Whether based on credit,
employment, criminal history, or rental history, it is important that you and
your property manager screen tenants the same way.

Furthermore, the care of your tenants is of the utmost importance. How do
they handle property maintenance? Do they hire someone out to do the
work for them? A manager that takes care of maintenance requests on
their own can be a mixed bag.

Sure, they might be reasonably qualified to perform such tasks. But how
does it affect their normal, day-to-day operations? Will they be busy enough
looking after your property – and potentially others – that they won’t be
able to address such requests in a timely manner?

If issues and complaints arise that can’t be accommodated as needed, you
run the risk of losing paying tenants.

This brings us to rent, and how it is collected. Does the property manager
make it easy for tenants to pay their rent? Is there a variety of methods
available in which to do this? Does the agency keep excellent records of
payments and payment history?

You need the peace of mind that all payments are handled safely, securely,
and professionally. Anything less than this should give you pause for
concern.

It’s important that the property manager maintains a great working
relationship with their tenants. It’s been shown that this often results in
tenants making their payments on time. Moreover, they are likely to respect
and care for the property in which they are living.

And lastly, can your property manager provide you with the necessary
reports that you require? What kind of reports will you receive, and when
can you expect to get them? This will help you streamline your business so
that everything runs more smoothly on your end.

Background

Your potential property manager should have the experience necessary to
adequately handle your needs. Follow up on the properties they have
managed to ensure that they are capable of meeting the demands of both
your property and your tenants.

Any professional affiliations will tell you a lot about an agency. Are they
currently a member of their local Chamber of Commerce? How active are
they in the community? Are they well-known for handling properties in a
professional and courteous manner?

Are they managing properties currently? And if so, how many? This can be
a tricky factor to gauge. On one hand, a lot of properties means they are
worthy of your consideration and are likely able to provide for your needs.

On the other hand, you don’t want too many properties to get in the way of
yours. That’s why it is so crucial to meet your candidates personally.

First Impressions Count

This is your opportunity to get a first-hand account of their personality. Do
they carry themselves well? Are they punctual, professional, and well-
organized? Try putting yourself in the shoes of the tenant.

Would you feel comfortable renting from this individual? Do they portray
the look and feel you desire for your properties? If you think of them as the
face of your company, you’ll have a much easier time deciding if they are
right for the job.

Vacancies

One of the biggest hassles for property management agencies is dealing
with vacancies. As the owner of a rental property, you need the assurance
that your manager is capable of handling empty units.

What kind of action plan will they utilize to fill any vacancies? Can you
count on them to advertise any available rentals? If so, how will they go
about it?

For every minute that a unit sits vacant, you’re missing out on revenue. It’s
important for you to know that your property manager will work diligently to
fill those units as quickly as possible.

Evictions

Unfortunately, no screening process is foolproof. There are times when an
eviction must be enacted. You need to establish what methods are used to
evict a tenant from your property if such an event arises.

Do they work with an attorney to ensure that the eviction process is
handled professionally? Furthermore, is it handled quickly? Do they work to
get the vacated property open for a new tenant in a timely manner, as well?
Make doubly sure that these are things you won’t have to worry about. It
shouldn’t be your job to handle a lease violation, especially when you’ve
hired an agency to take care of such things for you.

Get Referrals

One of the fastest and easiest ways to learn about a potential property
manager is to check references. It’s important to find out what kind of
properties they have managed in the past. This will give you a better idea
as to whether they are a good fit for you.

You also want to determine if they handle tenants well. Do they have a
good retention rate? If they have been responsible for lost tenants in the
past, you know it’s probably time to look elsewhere.

A great way to follow up on a potential manager’s history is to check with
the Better Business Bureau and Real Estate Commission.

This will tell you if they are licensed in your state, as well as what kind of
reputation they have. If you learn that there are complaints filed against
them, this is a red flag that needs to be taken into account.

When you need an experienced, top-notch team real estate management
team to safeguard your investments, contact Herman Boswell Property
Management!

The post How to Choose the Right Property Management Agency appeared first on Herman Boswell Property Management.

Odds are you wish to increase and maintain the value of your property
investment. The right property manager will bring all the expertise and
experience needed to make that a reality. Here are some reasons to hire a
good property manager.

1. Opportunity to Make More Money
A lot of people believe that hiring property managers means more expense,
but what they may not have considered is the potential to make a lot more,
especially over the long term.

For instance, checking through classified ads and charging the same rates
you find there for similar properties might seem like a good idea but each
market is entirely different than the next. Even charging the same rate for a
similar property in the same area may not be the ideal way to go. A
property manager would carry out a thorough market study and
assessment of your property in every way possible to set the right rental
price. They also know exactly where and how to market your property so
that you can be sure of a perfect balance optimum monthly income and a
significantly reduced vacancy rate.

2. Saves You a Lot of Time and Stress
As the savvy landlord, how about more time to find more properties to
increase your real estate portfolio? Is there something out there you should
be spending your time on instead of chasing after rental payments?

For a small monthly fee, your property manager will handle all the
collections and deposits of rent payment. It will become their full-time job
to track late fees, deal with repairs and complaints, prepare for new
tenants, and deal with problem tenants. They serve as a buffer between you
and your tenants, creating a truly passive income investment.

Even more, your property manager has an extensive knowledge of reliable
tradesmen, suppliers, vendors, contractors and maintenance workers. As

an independent landlord, it’s difficult to replicate this list and it might
demand years of screening applicants. Your property manager will also
ensure that your tasks are handled efficiently and at the right price.
With all of these responsibilities attended to by your property manager, you
are free to enjoy more time to pursue your other interests.

3. Larger Pool of Excellent Tenants
A property manager with hands-on experiences knows precisely how to
screen tenants. They realize that it’s a task that requires dedication and
doggedness. They will spend time carrying out criminal background and
security checks, validating employment history, running credit
assessments and checking with their previous landlords. Even more, an
established property manager may already have potential tenants on the
waiting list. This increases the chances of getting good tenants in less
time.

4. Thorough Knowledge of the Law
There is a multitude of laws and regulations governing maintaining and
renting your property. These laws are amended from time to time, creating
the need to stay up-to-date to avoid all kinds of legal issues. A good
property manager has a full understanding of all local, state and federal
laws including laws about discrimination in selecting tenants.

When eviction is necessary, they also know how to handle the process
according to all applicable regulations. With the right property manager,
you can avoid lawsuits by staying in compliance with the law.

Protect your investment. Call Herman Boswell Property Management at
817-274-1800.

The post Why is it Important to Have a Good Property Manager? appeared first on Herman Boswell Property Management.

If own a rental property but do not engage a property manager, you might want to look over a few points so see if you could benefit from such service. It could be that your valuable time is being taken up administrating your properties or that you are having difficulty handling problems that you never expected to occur. It can be a full-time business.

The first point to consider is how you are feeling about managing your own property. Is it something you enjoy or is it something that you find emotionally stressful? There are numerous situations that arise in managing a property which can be troublesome – rent collection problems, damage to the property from hidden activities of the tenants, complaints from neighbors, and up to legal involvement either to remove a tenant or because they are suing you. If these situations cause you to lose sleep, property management is something you definitely should look at.

Another important factor you should consider is how close you live to the property. If you live far away, the time it takes to respond to an emergency, do inspections, collect rent is obviously greatly increased. Correspondingly, your willingness to do these things can drop due to the inconvenience and things can go awry due to lack of attention. Further, if you are not willing to be on call 24/7 in case of an emergency, you are looking at a potential disaster occurring to your property.

If you have a number of rental properties, these points magnify.

To do it yourself, you definitely need to have excellent administration in place to take care of the accounting and legal matters from renting as well the maintenance skills to look after the wide variety of fix-it problems that will arise not to mention the patience to find the right tenant when you have a vacancy.

Overall, it is quite a business. Herman Boswell Property Management can assist you with the rental properties you own, whether one or many. Having over 37 years of experience, we know the property management game inside out. Put yourself in our capable hands.

We manage properties in all 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, White Settlement.

Photo credit: Danilo Rizzuti

The post WHEN TO CONSIDER PROPERTY MANAGEMENT FOR YOUR RENTAL PROPERTIES appeared first on Herman Boswell Property Management.

Should you let your tenants keep pets in the units they rent from you or not?

Allowing domesticated animals on your property can pose risks, such as possible property damage and tenant injuries. But you can effectively reduce the risks associated with being in charge of pet-friendly housing.

The first thing to do is include a pet agreement in rental unit leases. Make sure that all tenants read over and sign the pet agreement, even if they do not own a pet. That way, if they decide to get an animal pal later on, they will know what to expect if they want to continue renting from you.
Following are some provisions you may wish to include in your pet agreements:

I. Kinds of Pets Allowed

Be sure to be very specific about which types of pets are OK for the unit(s) you are renting. Some landlords only permit common domesticated animals such as dogs – be careful which ones – cats, guinea pigs, rabbits, hamsters, gerbils and small reptiles. You should also be clear on how many such pets you will allow.

It’s also good to ask your tenants about the pets they plan on keeping. Some possible questions might include:

• how long the tenant has had the pet
• whether the pet has caused any problems in the past
• who will look after the pet when the tenant is away

II. Requirements for identification, licenses and vaccinations
Tenants should know that all dogs and cats should wear ID collars or tags that include proof of current vaccinations. You should find out what your local ordinances require concerning regular pet vaccinations and licenses and insist that tenants give you proof – such as copy of a vet bill – that they are in compliance with those laws.

III. Tenant pet responsibility
Your tenants should agree to keep their animals under control at all times so that those pets don’t become a nuisance to other tenants. Make cleaning up after pets a requirement, especially in any common areas. Have an agreement in place that addresses where and how pets are to be supervised and consider asking pet-owning tenants to carry renters’ liability insurance.

IV. Pet fees
Some landlords find it helpful to levy a pet fee in addition to a security deposit (in Texas, this is legal, though not in other states). Should you do this, keep the amount reasonable, around $300 or so. If you do not and your tenant takes you to court, a judge may not enforce any pet fee provision you may have.

Be aware that you should never charge extra for service animals as they are not pets. They are “companions” that accommodate a disability.

The final thing to remember about your pet agreements is to make them easy for you to change. You can do this by stating that you have a right to amend all rules when you give tenants reasonable notice (this is usually 30 days).

In a dog-eat-dog world, it’s hard to stay on top of everything when you’re a landlord, especially one that’s open to pet-owning tenants. That’s why Herman Boswell exists: to help property owners on the go take care of the little things that can make a difference to a landlord’s success. When you need property management expertise, contact us!

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