Using Technology to Streamline Property Management 

Choosing the latest technology to streamline property management is a great way to boost productivity and make the jobs of property managers that much easier. Technology is always evolving and continues to make a huge impact on residential property management. Here are just a few of the many ways that technology is impacting remote property managers.  

#1 Cloud Computing

Cloud technology offers a wide range of benefits and is a great investment for a leasing manager. Cloud computing allows you to store every document on the cloud, and this information can be accessed from any location with an internet connection. All of this data is protected by encryption, which ensures that your information is safe and secure at all times in the cloud.

#2 Going Paperless

Another way technology is impacting a property management group is that it is helping property managers to go paperless. A property management group can keep all of their information stored in the cloud, which drastically reduces the need for storing files in the office. Going paperless is also great for the environment and will only continue to grow in popularity.

#3 Improve Maintenance

Technology makes it easier to perform maintenance and ensure that your tenants receive the help they need without any delays. A tenant can use a variety of applications that enables them to report any issues and receive reliable property management. This database is updated in real-time, as you can send out your maintenance team to take care of the problem and ensure that everything is working correctly.

#4 Easily Find Quality Tenants

Finding a tenant in the past was a much more time-consuming process, as you had to post an ad in the local paper and wait for a response. However, it is now easier than ever to find quality tenants by using popular websites to advertise your rentals. Many times, you can receive an immediate response and schedule a showing as soon as possible. Landlords can also utilize technology to perform credit checks with only a few clicks of a button. 

#5 Inventory Management

One of the best ways to increase productivity is to use an application to manage all of your inventory. These apps are specifically designed to give you instant access to all of your items in storage while also making it easy to keep tabs on all of your equipment. All of this data can be accessed at any time, whether you are using a smartphone, tablet, or computer.

Trust the Professionals

A staple in the greater Dallas, TX, community, Herman Boswell Property Management provides full service property management for landlords.  Reach out to us and find out how we can help with all your property management needs.

The post Using Technology to Streamline Property Management appeared first on Herman Boswell Property Management.

For both residential and commercial property management firms, there will always be an inherent risk that owners face. How property management professionals mitigate these risks is what sets them apart from owner-managed properties as well as those who have less-that-standard management practices. 

As a property owner, things are bound to happen when people from various walks of life and backgrounds cohabitate on the same property – particularly in apartment complexes in a multi-unit dwelling. Rental units are subject to normal wear and tear, but property damage sometimes goes beyond what is considered normal. Of course, it is practically impossible to completely avoid even minor property damage, with the right practices and Professional Property Management the risk can be significantly lower.

How Property Management Mitigates Risk for Owners

So how do property managers mitigate risk for owners? The first step is comprehensive screening of potential tenants. While there is no way to know for sure if a tenant will damage the property at some point, there are some warning signs that experienced property managers look for. Legal record of damaging property can be easily obtained as well as conversations with prior property managers or landlord, however some other telltale signs may indicate that a tenant is not a good fit for the property. 

When it comes to identifying potentially problematic tenants, credit reporting and identity verification are critical. With the advent of technology, property management pros have seen an increase in applicants who submit fraudulent documentation. Experienced property managers have all the necessary tools to properly vet prospective tenants as well as verify the validity of any documents submitted during the application process. 

Even for tenants that seem to be good candidates based on their credit profile and income could still be problematic. For this reason, professional property managers go a step further by verifying information with past landlords. A prospective tenant may not have a derogatory credit report, however, their prior landlord may reveal issues surrounding their tenancy such as regularly paying late, law enforcement being called to the property multiple times, as well as complaints from neighbors. These are all things that will not be immediately visible running a standard tenant screening, so it pays to have the assistance of an experienced property management team to dig deeper.

Additional Ways Property Managers Mitigate Risk 

Other ways property managers mitigate risk is by requiring and enforcing adequate renter’s insurance for each tenant. By requiring all tenants to carry renter’s insurance and communicating with insurers regularly, owners assume less liability in the event of tenant caused damage. This means that when the tenant destroys part or all of the property their insurance there a claim will be made against their insurance versus the owners’ insurance.

Security deposits also serve as a way to deter tenants from damaging property. Professional property managers have very clear verbiage inserted into leasing documents that advised tenants on what is considered normal wear and tear versus what is considered property damage. This verbiage is will also clearly explain in what instances the tenant’s deposit will be forfeited, either in whole or in part. 

Trust the Professionals

The risks that come with property ownership are apparent and going it alone can be a mistake that many owners are not willing to make. If you need professional property management services from a team of experienced professionals serving greater Dallas, TX, look no further than Herman Boswell Property Management. A staple in the Dallas, Texas community for over 30 years, Herman Boswell Property Management provides the best in the industry to help owners realize greater profits, develop favorable reputations in the community, and mitigate risk.

The post How to Mitigate Risk with a Property Management Company appeared first on Herman Boswell Property Management.

If you are a new owner of a rental property, congratulations.  If you haven’t yet done the homework, you may be forgiven for thinking that a simple lock on the front and back door of your property might be all that is required for your tenants’ protection, but Texas law is much more rigorous than this. If you are an experienced landlord, you may still find this article of interest, in making sure you have all your security devices up to date. 

Chapter 92, Subchapter D of the Texas Property Code details the laws on security devices but here we will give you the broader points.

According to a Texas Realtors,  landlords need to provide several security devices in the dwelling: 

1. Security devices required without the tenant’s request and rekeying
2. Security devices required with the tenant’s request
3. Security device repair and/or replacement

According to the Texas Property Code, a security device means a 

• Doorknob lock
• Door Viewer
• Keyed deadbolt
• Keyless bolting device
• Sliding door handle latch
• Sliding door pin lock
• Sliding door security bar
• Window latch

Of these, a landlord is allowed to select type, brand, and manner, including the placement of installation. Keyed deadbolts, keyless bolting devices and sliding doors have height, strike plate and throw requirements. A keyed deadbolt, or keyless deadbolt cannot be higher than 48 inches (or 54 inches if installed before Sept. 1, 1993) or lower than 36 inches from the floor. They must have a bolt with a throw not less than one inch. They also must have a strike plate. 

A sliding door pin lock or sliding door security bar must not be higher than 48 inches or 54 inches if installed before Sept. 1, 1993).

Generally, once security devices are installed, changed, or repaired they may not be removed, changed, rekeyed, replaced or altered by the tenant without permission of the landlord.

Security Devices Required at the Landlord’s Expense

• A window latch on each exterior window
• A doorknob lock or keyed deadbolt on each exterior door
• A sliding door pin lock on each exterior sliding glass door
• A sliding door handle latch or a sliding door security bar on each exterior sliding door
• A keyless bolting device and a door viewer on each exterior door

These types of security devices must be operable throughout the time that the tenant is in possession of the property. If one of these types of security devices has not been installed, the tenant may request the landlord to install it. The landlord must then immediately install it. 

Rekeying is the Key to Security

Any security device that is operated by a key, card or combination must be rekeyed (meaning to alter a security device so that a different key, card or combination is needed to operate the existing security device) when a new tenant moves into the dwelling. This must be done no later than the seventh day after the tenant turnover date (the date a tenant moves into a dwelling under a lease after the previous occupant has moved out.)

Generally, the cost savings of rekeying rather than changing the locks on a door are quite significant. Rekeying doesn’t allow for upgrades in security but assures you and the tenant that no one with the old key will be able to enter the dwelling. 

Lease agreements should contain a provision that if a tenant vacates the premises in breach of a written lease, the landlord may deduct a reasonable amount for the cost incurred in order for the landlord to rekey. This provision should be underlined or in boldface. 

Security Devices at the Tenant’s Expense

Tenants are allowed to make certain security device requests at any time at their own expense.

1. A tenant may ask for a keyed deadbolt on an exterior door if the door has only a doorknob lock, but not a keyed deadbolt; or a keyless bolting device, but not a keyed dead bolt or doorknob.

1. On an exterior sliding door, the tenant can ask for both the handle latch and the sliding door security latch if the door only has one of these.

Additionally, a tenant can make a request to rekey or change security devices at the tenant’s expense. The tenant may make an unlimited number of these requests.

The tenant may make this request orally unless the lease requires that the tenant give notice in writing. Again, this requirement must be underlined or in boldface in the lease document.

A landlord must comply within 7 days or within 72 hours if the tenant’s security has been breached by an unauthorized entry or an attempted unauthorized entry into the dwelling.

The landlord may rebut the seven-day presumption if he or she did not know of the tenant’s request, materials or labor were unavailable or the delay was caused by such things as illness, death in the family. These seven-day timelines only apply to security devices that the tenant requests and pays for. 

Repair or Replacement of Security Devices

During the lease term and renewal period the landlord must repair or replace any security device that is inoperable or in need of replacement.

The time that the landlord has to reply is the same as above, i.e. 7 days or 72 hours for a security breach. The landlord also can rebut the time period as mentioned above.

Who Pays for the Repair?

If the device needs replacement due to normal wear and tear, the tenant is not liable to pay. However, the landlord can require a tenant to pay if an underlined provision is written in the lease, or if the security device has been misused or damaged by the tenant, the tenant’s family, or a tenant’s guest and not by normal wear and tear.

What Can the Landlord Charge?

Generally, a landlord, in charging a tenant for repairing, installing, changing or rekeying a security device may only charge no more than the total cost by a third-party contractor.

It can be tough for both new and experienced landlords to keep track of their legal rights and obligations.  You can count on the experts at Herman Boswell Property Management to keep you fully informed. Call us at (817) 274-1800 for all your property management needs.

The post Is Security for Your Tenants Adequate? appeared first on Herman Boswell Property Management.

The post How to Maximize Your Rental Income with Property Management appeared first on Herman Boswell Property Management.