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.

If you’re like many business people, you think and act globally. When it comes to landlording though, having investment property that’s not in the same city, or even the same state where you live, can be a challenge. But with a little strategic planning, it’s still possible to see a positive return on investment (ROI) on your rental property.

1. Have local connections

If you don’t have friends or family who live near your rental property, then you need to begin networking. Attend real estate events to meet local real estate agents or other rental professionals in the area. Such individuals can check up on a unit or help tenants who have locked themselves out when you can’t.

2. Stay in touch with your tenants

You want your tenants to feel comfortable talking with you and the only way you can do this is through ongoing communication. Give your tenants a call every few months or send an email. Since some renters won’t say anything unless asked, you’ll need to do check-ins to see how things are going to make sure they’re happy and that everything is working properly in the unit.

3. Visit your rental property regularly

You’ll need to visit your property at least two times a year to know for yourself what’s going on. Any inconvenience this may cause will be balanced by the fact that since your travel expenses are business-related, they are also tax deductible.

4. Hire a good property manager

If you know you won’t be around your property, hire a reputable property manager. The best individual for the job will have communication, sales and administrative expertise as well as solid technological skills.

You may think that such a hire may cut too deeply into your profits. But a good property manager may actually save you money. That’s because they may help you avoid damages, bad tenants and other expensive problems.

The real estate experts at Herman Boswell can provide long distance landlords like you with property managers with the expertise and reliability you need. Contact us today and let us show you a better way to manage your investment properties no matter where you are!

The post 4 Tips for Successful Long Distance Landlording appeared first on Herman Boswell Property Management.

When it comes to ending a tenancy, you need to be as clear about your move-out terms as you are about move-in ones. Doing so will help you avoid expensive, time-consuming complications that could jeopardize your rental business.

1. Giving notice

Make it clear from the day your tenants sign their lease that they must give you written notice when they decide to move out. Following are some basic guidelines for the most common lease types:

• fixed-term: tenant occupancy ends after a pre-arranged period of time
• month-to-month: tenants should give 30 days’ notice
• year-to-year: tenants should give 60 to 90 days’ notice

2. Rental unit viewings

You should always give current tenants a courtesy notice of at least 24 hours that you plan to show the rental to others interested in taking over the unit. The only time when this does not apply is if the lease specifies that no notice is required, especially in the last month of occupancy.

3. Move-out specifications

Make sure your tenants know that they need to clean the rental and all provided items – especially stoves, refrigerators and dishwashers – to get their full security deposit back. You should also tell them to repair any damages to the apartment that go beyond normal wear and tear and take all belongings when they leave.

4. Final inspection

On move out day, both you and your tenants should do a final inspection of the rental unit. Use the inspection report that the tenants filled out on move in day to determine if anything has been damaged. Make careful note of any damage and then sign the report together.

5. Returning the security deposit

If your tenants have damaged the rental, left it unclean or neglected to pay rent or utilities, then you have a legal right to deduct whatever money is owed from the security deposit. Be sure to specify how much you are taking out (and for what) to the tenant.

Busy landlords like you often don’t have the time to deal with all the issues that come with ending a tenancy. That’s where the experts at Herman Boswell come in. Our team of real estate professionals can help you take care of your business so that your business takes care of you. Contact us today and let us show you a better way to manage your property investments.

The post 5 Steps to Ending a Tenancy the Right Way appeared first on Herman Boswell Property Management.

Sometimes – and especially during times of economic uncertainty – it happens that rental units will stay empty for longer than you had anticipated. And this can be a problem, especially if you have to make mortgage payments on your property every month. So what can you do to minimize losses?

You have two choices. The first is to ride it out and wait until you can get a suitable tenant. The second is to consider collecting less rent just to keep money coming in.

If you choose the latter option, you’ll need to ask yourself whether or not you might be asking too much for the unit. In general, you need to know that renters are cost-conscious individuals who would rather have a little extra money after they’ve paid rent than know their money is going to a landlord.

Try lowering the price by a small increment (say, $25) and marketing the unit as a rent special. If that doesn’t do the trick, reduce the price again. Not getting the full price you want may make your budget tighter, but it’s usually much better to have an occupied unit that brings in money on a regular basis than a vacancy that drains your projected income.

Another strategy is to lessen the amount you’re asking for security deposit. But this can be risky. No matter how thoroughly your screening procedure, things can happen – such as illness or job loss – that can force a tenant into arrears. And a security deposit may be all you’ll be able to get to pay for missing rent.

At Herman Boswell, we understand how important your real estate investments are to you. Our team of professionals can help you come up with a plan to maximize tenant occupancy without compromising your financial future. When you need the know-how of the property management experts more North Texans trust, contact us!

The post THE PROBLEM OF EMPTY RENTAL UNITS appeared first on Herman Boswell Property Management.

Most landlords know the qualities that make an ideal tenant, but what does it take to attract them?  Factors such as the location, landscape, and property amenities can be the make-or-break.  Landlords can gain a competitive edge and increase their chances of attracting excellent tenants if they have the following features of their rental properties:

Location

The first thing that tenants consider when looking for a place is its location. Many people look for rental properties near schools, business districts, transportation, and shopping malls. So, if you are looking to invest in a rental property, you want to look for these features. If your rental property is in an area with high demand, you can ask for higher rent.  Some prospective tenants will prioritize location over anything else and are willing to compromise on other amenities.

Safety and Security

More tenants are willing to live in your rental property if the area is safe and secure. With that in mind, location goes hand-in-hand with safety. The rental property must be in a safe environment with a low crime rate. The property should also have security devices and many landlords install alarm service systems in the premises.

Sufficient Parking Space

No one wants to spend a long time finding a parking spot after a long day at work or if they have groceries or other packages in the car. Parking spaces can be a pressing issue in properties located in urban areas. The streets are often busy, and some sites do not allow off-street parking.

Renovations

You can attract more people to rent your property if the space looks polished and organized. Even when the property has had several tenants staying in it over the years, it should not feel that way. Performing upgrades and renovations can make the property more attractive and functional. Kitchens and bathrooms are the rooms most often renovated.

Bonus Facilities: Backyard or Balcony Access

Some tenants prefer a property that has a designated place to sit back and relax. If your property has a backyard or balcony access, it can increase the chances of attracting more tenants. More often than not, places with these features can cost more, especially within urban areas.

Property Inclusive of Appliances

Appliances are another valuable bonus that tenants tend to look for. Most renters do not want to invest in major appliances. Installing new appliances including central air conditioning and a washer and dryer can attract higher-quality tenants.

The post WHAT FEATURES OF A RENTAL PROPERTY WILL ATTRACT TENANTS? appeared first on Herman Boswell Property Management.

To provide a positive rental experience, you should be aware of landlord-tenant laws and fulfill your obligations as a landlord.  It’s also very important that you know the rights you have as a landlord. These rights include:

Right to Collect Rent from Tenants

As part of the rental agreement, all landlords have the right to collect rental payments from their tenants.

In addition to the rental amount, late fees may also be collectable.  Late fees are penalties collected when tenant does not pay the rent within the negotiated timeframe. Per Texas law, you can collect late fees if any portion of the rent remains unpaid two full days after it was due. However, landlords can only collect a late fee stipulated in the written lease.

According to Senate Bill 1414, landlords overdue fees must be reasonable.

• Pre-arranged late fees should not exceed 12% of the rent’s total cost for a property unit with four units or less.
• Pre-arranged late fees should not exceed 10% of the rent’s total cost for a unit in a property with more than four units.
• Pre-arranged late fees should not exceed the landlord’s uncertain damages related to the late payment of rent, including direct or indirect expenses, direct or indirect costs, or overhead associated with the collection of late payment.

Payment Methods

There are no specific payment methods required for both tenants and landlords to use. However, landlords can declare their preferred means of payment in the leasing agreement.

Landlords should notify the tenants in advance if they want to transition to a new payment method. Setting a requirement to pay online is considered an amendment to the lease. This arrangement can either be performed at the start of the new lease period or upon the written agreement of both parties.

When the lease agreement does not express a particular payment method, landlords cannot refuse any payment type. Tenants that pay their rent in cash must receive a receipt.

Right to Raise the Rental Costs

The law does not prohibit landlords from raising the rental costs in the event of lease renewal. Rent increases cannot be implemented until the lease term ends.

You can anticipate local rent control ordinances in Texas after the declaration of a state of disaster. Housing emergency regulations are usually approved by the governor before the adjustments in rent prices apply.

It is also important to note that landlords cannot increase the rent as a form of retaliation for their tenants exercising their rights. These right include tenants requesting repairs, making complaints about the unit, or joining a tenant organization.

Right to Evict Tenants

Landlords can practice their right to evict tenants, especially those who refuse to pay rent. Before you evict a tenant, you should be aware of the appropriate eviction proceedings in Texas. This process allows you to collect the remainder of the unpaid rent or any other costs associated with the eviction.

The following involves the legal terms typically utilized during eviction proceedings. As a landlord, it is essential to know these terms to determine their role in the process.

Forcible Detainer.  This process refers to tenants who stay within the rental property after the landlord revoked their right to stay. Whether their lease expired or was forfeited, they cannot dwell inside the rental property.

Hold-over Tenant.  Hold-over tenant is the term used to describe a tenant who remains at the rental unit without notifying the landlord.

Notice to Quit or Vacate.  Tenants should receive a notice to vacate from their landlord. According to the law, landlords must notify their tenants before starting the eviction process. Tenants need warning of the issues that arise and given some time to make changes.

Tenancy-at-Will.  This explanation refers to the leasing agreement between a tenant and a landlord bound without adequate documents. Put simply, tenancy-at-will is a verbal agreement. More often than not, this arrangement occurs with family members, relatives, close friends to the landlord.  Even if the lease is merely a verbal agreement, the law requires a formal eviction process before the tenant can leave.

Writ of Possession.  Writ of possession is typically the final stage of the eviction proceedings. It is when the court orders the authorities to remove the tenant in the property, return unsettled rental costs, or retrieve the landlord’s property from the tenant.

Eviction Process

Here are the steps you need to take before evicting a tenant from your rental property:

1. Inform the tenant by sending them the Notice to Vacate. Landlords can give up to 3 days to let the tenant move out before filing the eviction suit.
2. After filing the eviction suit, expect the eviction hearing to commence after at least ten days.
3. Once the judgment is issued, there will be no action taken for the next five days. This time frame allows either party to appeal. When the tenant decides to appeal, another hearing begins after a week.

Upon the final judgment, landlords can ask for the tenant’s writ of possession. Tenants receive a full-day notice before authorities remove their stuff from the rental property.

The post Landlords’ Rights in Texas appeared first on Herman Boswell Property Management.

When property managers handle repetitive tasks, they ease your burden to focus on more critical landlord duties. This reprieve allows you to concentrate on significant repairs and legal issues that require your immediate attention. Most of all, you get to explore new ventures or possible expansion opportunities, making project managers worth an investment.

Property managers can be a significant asset to landlords. Consider the following factors to determine if working with a property manager is the right move for you.

Expanding your Property Portfolio Means More Properties to Handle

As your property investment grows, you tend to manage more rental properties and units. You may obtain properties at different locations, some of which might not be near to you.  Arising issues can be challenging to handle alone and from afar.

Moreover, not all landlords who undertake this venture might can devote enough time to manage day-to-day tasks. Whether you have properties at different locations or are too busy with your other commitments, property managers are here to help. They can manage tasks such as collecting rent, handling tenant complaints, performing maintenance duties, and more. This opportunity allows you to concentrate on the steps you need to take to expand your property investment.

Property Managers Can Help You Manage Turnover Rates

High tenant turnover can affect your profit as a landlord. When more tenants leave, you need to allocate a budget for acquiring a new one. It takes a certain amount of time to advertise a property, run background checks on applicants, prepare necessary documents, and show the new tenant their unit.

The more time you let your property vacant, the more money you lose.

Working with a property manager can help you resolve this issue. They have extensive experience in handling rental properties and tenants. They have the right resources to advertise your available units across several channels. It is also their job to perform strict tenant screening and background checks to acquire a reliable tenant. Property managers can handle background and reference checks, as well as employment and income verification.

Property managers can also perform the following tasks to eliminate high tenant turnover:

Make the Property More Attractive to Tenants. Seasoned property managers have a clear understanding of the type of units that are sought after. This understanding allows them to determine the improvements needed to attract more tenants.

Set a Reasonable Rental Rate: As industry experts, property managers can help you come up with an optimal rental rate. They have access to the local real estate market, data on competing units, and other property management tools to help you make an informed decision.

Minimize Tenant Turnover.   Property managers can help you improve tenant retention by facilitating routine maintenance and repairs. You can also pay close attention to your tenants’ needs when you have a right hand by your side. Addressing all the concerns and inquiries in a timely fashion increases the chances of them staying.

Get Expert Help

You can always use a property management expert to handle instances with which you are unfamiliar. Working with a property manager allows you to differentiate a good tenant from a bad one. Right off the bat, they can see the red flags. They also have enough tools to verify crucial information about potential tenants.

A portion of property management goes into lease enforcement. Landlords have to make sure that both parties follow the terms of the lease. Property managers can assist you in dealing with difficult or non-compliant tenants. Once a tenant breaks a rule, property managers will immediately step in to deal with it.

They Keep You Out of Legal Trouble

As a landlord, it is your responsibility to study all the obligations and responsibilities you have. You should also be very familiar with the specific state laws surrounding property rental. Property managers can enlighten you about these topics and provide you with useful advice. There are a lot of technicalities involved, so it’s best to talk to an expert.

The Bottom Line

Suppose you are a landlord who is just starting in the industry; learning what to do as you go can be risky. Not everyone knows how to acquire suitable tenants, charge reasonable rent, and maintain properties. When things go wrong, it can cost you time and money.

Working with property managers allows you to prevent the pitfalls of managing rental properties. They have the experience, resources, and knowledge to handle everything it takes to succeed.

The post How a Property Manager Can Help Landlords Avoid the Pitfalls of Owning Rental Properties appeared first on Herman Boswell Property Management.

If you own and manage rental properties, you need to know that the presence of mold can put you at risk of litigation. In the last decade,tenants across the country have won hefty settlements from landlords for health problems – such as nausea, asthma, rashes and chronic fatigue – allegedly caused by exposure to toxic molds.

Mold comes in many colors and shapes. The ones that are a cause for concern come in black, white, green or gray varieties and go by such names as:

• stachybotrys
• penicillium
• asperligus
• fusarium
• paecilomyces

Some molds are visible and have a distinctively bad smell. Others are more difficult to detect and live between walls, under floors or in basements and attics. Buildings in Texas are especially vulnerable to mold because of the humid climate. Wherever moisture is present, mold thrives.

If a tenant claims that his or her rental unit has mold, the wise thing to do is act on the complaint right away. Most mold – such as the kind that grows on shower tiles – is not harmful to human health. It’s still important, though, that you show your tenants that you are taking their concerns seriously.

The first thing to do is determine what’s contributing to the mold. The most common causes are leaky pipes, windows and roofs. Since landlords in Texas are responsible for maintaining fit and habitable housing and repairing rental property, you will need to fix any structural problems that might be giving rise to the mold as soon as possible.

If you can’t pinpoint the cause, you should call an inspection company to run tests in the rental unit in question. Even if you are able to figure out what is behind the mold, it’s still a good idea to get official documentation. That way, you’ll be able to show that have acted in good faith and adhered to your responsibilities as a landlord.

At Herman Boswell, we understand the importance of staying on top of tenant concerns, especially where issues of health and habitability pertain. Our experts are here to help you manage your real estate investments so that you can have the peace of mind you deserve. Contact us today!

The post DEALING WITH MOLD PROPERTY MANAGEMENT COMPLAINTS FROM TENANTS appeared first on Herman Boswell Property Management.

When it comes to marketing your rental property, you have a lot of choices–almost too many. You can put an ad in the local newspaper, list the property with a home finding agency and/or put up a sign in the front yard.  And that doesn’t even include your online options. It all depends on who you want to have as potential tenants.
Once you’ve figured out what might work best, then there’s the issue of what you should say about the apartment, home or condominium you want to rent. If you have any doubts at all, then you need to review the Fair Housing Act which describes exactly who is entitled to rent (or buy) from you.

Knowing what this Act–along with other state and local fair housing laws–says is especially important.  Any ad you place cannot contain words, phrases, symbols or images that could indicate or imply you have discriminatory preferences. You also have to watch out for any religious references. Saying that your rental unit is located near a  particular church or other religious establishment could suggest unintended limitations or exclusions.

The best way to market your property is to be as neutrally descriptive as possible. You can mention prices, amenities, when the unit will be available for move-in and whether references and/or a credit check are required. You can also talk about location–without referring to any religious establishments–and given address. And of course, you can talk about all the special features that make your unit stand out:  for example, spaciousness, affordability and quietness.

Even after you’ve figured out where to market your property and what you can legally say about it to make it sell, you need to have a plan in place regarding what you will do if your marketing approach doesn’t yield the results you want.  Pretty exhausting, isn’t it?

Herman Boswell is a property management firm that understands the needs of busy landlords like you. We are real estate experts that know what it takes to successfully market a rental unit to people who will be good tenants. That is, who will pay rent on time and treat your property with the respect it deserves. When you need a team that knows the DFW market like nobody else, contact us.

Photo credit: jscreationzs

The post MARKETING YOUR RENTAL PROPERTY THE RIGHT WAY appeared first on Herman Boswell Property Management.