Disputes between neighbors are nothing new and are a fairly common occurrence when people live in close proximity to each other. For property management firms, handling disputes before they escalate is one of their chief tasks. For owners, dealing with neighborly disputes can be challenging because it may be awkward to get in the middle of an ongoing dispute. Find out how enlisting the help of a property management company is an excellent way to manage neighborly disputes and prevent ownership problems down the road.

Quiet Enjoyment and How Property Management Can Help

Property ownership, quiet enjoyment refers to the general right of all tenants to enjoy their space without abuse, conflict or harassment from fellow tenants. Most residential leases include

 language referring to quiet enjoyment but not all tenants follow the rules. This is where a property management firm can assist. 

If conflict among residents arises, property management professionals are there to step in and follow a specific procedure to try to resolve the problem. The first step involves notifying the involved tenants that management is aware of the conflict and that offending behavior must be stopped immediately. This is referred to as a cease and desist notice an is generally directed to the aggressor in the situation, though this can sometimes be hard to determine. A property management team will draft the letter and ensure that it is delivered to the tenants. If any behavior is in direct violation of the lease agreement, this will also be noted as well as any associated consequences for violating the lease agreement. 

In some instances, management may believe that mediation between the tenants could result in a resolution. Qualified property management companies either employ trained conflict resolution specialist or can access one from a trusted professional network to conduct a mediation. In some cases, the owner’s or property management company will bring in legal counsel to serve as a facilitator. This is yet another way to attempt resolution without resorting to eviction. 

Hiring A Property Management Helps Protect Owners 

Disputes between tenants can easily get out of hand if not addressed early on and this could result in owner liability. Property management firms do more than just collect rental payments and coordinate repairs – there are also charged with doing all they can to protect owners from legal action. Management should always conduct an investigation into any conflicts that arise and follow procedures to resolve them before they proceed to the level of legal action. 

Disputes that escalate into harassment that is legally protected. In cases where the harassment involves race, sex, gender, or any other protected class, failure to adequately address it can result in liability for the owner along with hefty legal fees and damage to the owner’s reputation. This is why it is so important to thoroughly investigate all allegations of harassment and ensure neighborly disputes do not involve harassment that violates the law. 

The Top Property Management Firm in Dallas, Texas

The goal of property management teams is to make life easier for both owners and tenants. Consider collaborating with a professional property management firm like Herman Boswell Property Management for professional management services in the Dallas, TX, area. Contact the pros at Herman Boswell property management today. offering combined decades of property management experience and understand the nuances of effective conflict resolution in addition to standard property management duties.

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Owning property as a business is highly competitive and owners undoubtedly have a lot of options when it comes to choosing a property management company. Setting your properties apart from the competition is not easy, so it takes the professional know-how of an experienced property management team to ensure you remain competitive. 

For those who are new to property ownership, the demands of managing multiple properties can quickly become overwhelming and remaining competitive can sometimes take a backseat. For commercial and residential property owners, navigating the competitive world of property ownership can be overwhelming but the right team can help you remain unfazed by the competition. 

Property Management Pros Carefully Craft Your Brand Image

An experienced property management company is well-versed in assisting owners with creating a brand image that stakeholders identify with. Instead of just mimicking what everyone else is doing, a professional property management team works to carve out a solid brand identity that serves to appeal to the target market and distance itself from the competition. Standing out in such a competitive industry is critical so working with a property management company that really understands this is a wise move. 

What is the easiest way to create a solid brand image? Starting with the company website, the right property management team works to use your most valuable marketing tool to create a strong brand identity. Just having a basic website is not enough. As a property owner who wishes to remain competitive, a dynamic website is a good way to increase visibility and attract the right tenants. 

Your site should be user-friendly and stand out to visitors as soon s they click on it. Beyond visual appeal, an effective website will answer visitor questions and deliver your brand message. A skilled property management team can assist in streamlining your website as well as crafting a brand image that is easily recognizable across all digital platforms. 

Property Managers Understand the Market

Professional property managers have a wealth of experience that makes them adept at recognizing trends in the real estate market, which allows them to develop effective marketing strategies for owners. Knowing how to provide value to the community while keeping the owner’s best interests at heart is a delicate balancing act that highly-experienced property management teams can pull off. Professional property management companies know that targeting the right people will pay dividends in the form of brand loyalty. 

When crafting your marketing strategy, the property management team will look at the overall real estate market, as well as those that pertain to an owner’s specific niche and the surrounding community. These trends are then used to gauge everything from rental pricing to understanding how city projects like major construction may affect your business. In addition to coming up with completely new marketing initiatives, property managers are tasked with auditing your current or former marketing efforts and finding ways to improve. It is possible that your current marketing strategy is great overall but could use some tweaking, but if your marketing efforts have not yielded the desired results, professional property management can figure out why and create a strategic plan for success. 

Next-Level Property Management

To remain competitive in such a saturated industry, you should consider seeking the help of a professional property management team. The pros at Herman Boswell Property Management offer combined decades of experience and have assisted property owners in the Arlington, Texas, area for over 30 years. 

If you are interested in elevating your brand and edging out the competition, contact the experienced property management professionals at Herman Boswell Property Management. A top property management firm in the Arlington, TX metropolitan area, Herman Boswell Property Management prides itself on delivering first-rate property management solutions for both commercial and residential owners.

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Owning property is an exciting and sometimes complicated business venture an there are often many unanswered questions. One of the most common questions asked by real estate investors is whether there is a need for property management services. There is often confusion between being a landlord and property manager and sometimes owners do not realize that these are two different things. Making the decision to use a property management company should come after doing thorough research and weighing the pros and cons of each.

The Duties of a Landlord

The biggest difference between property management and landlords is that the landlord is the owner of the property. This means that not only is the owner responsible for handling the business side of owning property, they are also charged with dealing with tenant issues, the hiring of contractors, and more. In some cases – for both residential and commercial properties – tenants and prospective tenants may prefer dealing with a landlord over a property management company. Since being a landlord is a more hands-on role, you will likely be personally meeting prospective tenants and building a rapport with existing tenants.

Generally, the more property one owns, the more hiring a property management firm makes sense. Owners who choose to take on landlord duties may soon become overwhelmed when trying to keep up the demands of maintaining the property and dealing with tenant issues. 

While it is certainly a lot of responsibility, being a landlord does have a few benefits including: 

• Determining rental rates, fees, and renewal rates
• Collecting rent and deciding which rental collection method is preferred
• Creative control over advertising
• Meeting prospective tenants face-to-face

Being a landlord comes with its challenges, but many owners have found that it is a great learning experience and gives them valuable insight that can be used when deciding to hire a property management firm later on.

The Role Of A Property Manager

As with many business ventures, it sometimes pays to have someone with more expertise come in and get things organized. For real estate investors who do not want to assume landlord duties, a property management team is essential. Hiring a reputable property management firm to recruit tenants and run day-to-day operations will save valuable time and give you an edge over DIYers.

Using the services of a trusted property management team lowers the risk of making costly mistakes and gives you access to a wealth of knowledge that would likely take years to a

accumulate on your own.

Some of the main duties of property managers include: 

• Determining rental rates based on the regional market and other in-depth research
• Setting up a maintaining streamlined rent collection systems
• Recruiting and screening potential tenants
• Marketing and advertisement on a larger scale through industry and community partnerships
• Drafting leases an enforcing leasing terms
• Handling move-outs and evictions

Hiring an Experienced Property Management Firm

Landlords and property managers share a lot of similarities, but it all comes down to what the owner feels more comfortable with. A qualified property management team can serve both seasoned owners as well as those who are new to the real estate business. For owners who are inexperienced with managing property, hiring a knowledgeable team will save a lot of the headache that comes from trial and error. If you are considering hiring a professional property management firm, look to Herman Boswell Property Management. The Herman Boswell team works hard to build client relationships and make property ownership a rewarding experience. 

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The Texas Apartment Association is holding its 2012 Education Conference and Lone Star Expo at the Henry B. Gonzalez Convention Center in San Antonio this Thursday to Saturday, April 19 to 21.  The theme of this year’s conference is “Game On!”

The TAA is a non-profit statewide trade association dedicated to unifying rental housing professionals through education, legislative advocacy and member services. Its members are rental housing owners, builders, developers, property management firms and companies that supply products or services to rental properties. The Association has more than 10,700 members and represent more than 1.8 million units throughout the state.

The conference offers the opportunity to earn continuing education credits while learning about industry trends and technology with more than 40 industry-focused education workshops presented by experts such as Amy Kosnikowski, Lisa Trosien, Mindy Williams, TAA General Counsel Wendy R. Wilson and more.

In addition, the Lone Star Expo, the only statewide rental housing industry trade show in Texas, will give you access to service providers and leading-edge products with exhibitors representing every aspect of the industry. There will be several live auctions and you have the opportunity to drive home in a brand new Mustang convertible. The winning ticket will be drawn on Friday near the close of the Expo.

Onsite registration will be available at the conference.

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Real Estate Market Affordability Forecast

The Home Buying Institute notes that home prices in Dallas rose by more than 9% over the last year.  They predict that the housing market in Dallas-Fort Worth will remain strong, largely attributable to low supply and high demand due, in part, to the population growth of the area.  The United States Census Bureau reported that “By metropolitan area, Dallas-Fort Worth-Arlington, Texas, had the largest numeric growth with a gain of 131,767 (1.8 percent) in 2018”.

What Does it Mean for Dallas-Fort Worth Sellers?

The uneven proportion between the supply and demand makes it a seller’s market. Simply put, it is a great time to sell with a growing number of people looking to move to DFW.

What Does it Mean for Dallas-Fort Worth Buyers?

Despite the rising prices of real estate properties, buyers can always take advantage of favorable mortgage rates and this may be a good time to take advantage of the incentives and valuable deals that lenders are offering.

Out-of-State Buyers Driving the Demand for Real Estate Market

The trends suggest that more out-of-state buyers will drive the demand in the real estate market. New graduates often relocate to the Lone Star State for the opportunities ahead. Home to a numerous Fortune500 companies, Dallas-Fort Worth provides opportunities for both recent graduates and for established professionals.

Even though DFW home prices have increased over the last few years, this area is still cost-effective.

• Low Cost of Living: In comparison with other urban centers such as San Francisco and New York, it is relatively inexpensive to live in Dallas-Fort Worth.
• Opportunities to Explore: 22 Fortune 500 companies headquarter in Dallas, so there is a diversity regarding job growth and prospects.
• Ideal for Retirement: Due to its affordable properties, convenient public transportation, and state-of-the-art healthcare system, many people choose to retire in Dallas.
• Diversity: According to this report, Dallas is among the five most diverse cities in the US. It takes pride in the diverse culture, art, and camaraderie. The professional sports teams in Dallas include Texas Rangers, Dallas Mavericks, NHL Dallas Stars, and the Dallas Cowboys. They contribute about $5.5 billion to the economy of the city each year.

What About the Rental Market?

The high demand / low inventory ratio of single-family dwellings position has fueled increases in rental rates that have outstripped wage growth.  That, coupled with an unemployment rate of more than double the previous year (7.10% in November 2020 versus 3.10% in November 2019), raises some concern about whether rental prices can be sustained and also whether the tenants hit hardest in the economic strain of the pandemic can meet their rent.  Some of this concern has been offset by new government stimulus benefits and the City of Dallas Emergency Short Term Rental Assistance program.

Owners of rental properties who do not currently engage a property management firm should consider doing so to provide assistance with tenant screening and signing, rent collection, lease renewals, and all other aspects of property management.

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The Real Estate Center at Texas A&M University reported this week that existing home sales across the state surged in February, reflecting a stronger market and an improving economy.

“Better weather than February last year,” said Real Estate Center Research Economist Dr. Jim Gaines. “In some cases, the increased sales occurred within the lower-priced home market as mortgage  lending requirements have improved.”

Sales in Texas last month were up 21 percent over February 2011, according to Multiple Listing Service (MLS) data compiled by the Center. The National Association of Realtors reported an 8.8 percent year-over-year jump in sales. Median prices continued to be flat across the state as a whole, but they exhibited wide variation among individual markets, with some markets showing significant surges and others further declines.

“Median price in the four major markets (Dallas, Houston, Austin and San Antonio) were essentially flat, with more significant changes occurring in the smaller markets where large percentage changes can occur more easily,” Gaines said.

CNBC reported that in the Dallas area the median sale price in February was $157,200, or 0.3 percent above February 2011 levels.  In comparison, the median sale price in February 2007 was $153,500.

“The ability of all markets in Texas to weather the national economic storm was due in significant part to the strength of the energy industry,” says Joe Stewart, an Austin broker who’s also chairman of the Texas Association of Realtors. “However, more important than that is the diversity of the Texas economy, which has helped drive job growth and demand for real estate.”

Contact us with any questions that you may have.

Photo credit: ddpavumba

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If you are thinking of purchasing a rental property in the near future in the Arlington area, now is definitely not a bad time.

Arlington is fast becoming a renter’s market. As of the latest figures per Sperling’s BestPlaces, the vacancy rate here is only 5.49%, compared to the national average of 10.37%. Housing prices too are roughly $40,000 below the national average. The median value of an Arlington home is $134,000. And Arlington already has 40% of its homes as rental properties.

So if you have the wherewithal, purchasing a rental property may not be a bad investment.

But do you really want to be a landlord? The allure of having your mortgage paid by rental income is a large one. But contrary to perception perhaps, being a landlord is not an easy, part-time job. In fact, it is a major job and can easily eat up most of your time and also provide you with some serious concerns.

Let’s take a look at just a few factors that have been thrown into the mix recently:

Qualifying tenants
This is no longer an easy job. In fact, the benchmarks of the past no longer apply.

As Msm.com reports, “A credit check is a central element of the tenant screening process, and most applications have a question about foreclosures, bankruptcies and previous evictions. In the past, answering “yes” to any of these questions would automatically disqualify a prospective tenant. Not anymore.

“In the old days, if you had a foreclosure, we wouldn’t even talk to you. Today, it’s a whole market segment we want to talk to,” says Jeffrey I. Friedman, chairman and CEO of Associated Estates Realty Corp., a national rental-property company based in Richmond Heights, Ohio. If an applicant lost a home to foreclosure but had a job and good credit otherwise, that applicant probably would get approved. Associated Estate Realty also has started including unemployment benefits in an applicant’s income, which it never used to do.”

Evictions are harder
While on the front end, things have changed. So have things on the back end.

Because of the spate of foreclosures and unemployment, evictions have been way up and the process has slowed or even stopped in some areas. As Dan Page of the American Apartment Owners Association told Msm.com, “They’re taking far longer than they used to. Some sheriff’s departments are refusing to serve eviction notices. People need to take that into account.”

Those are just two points that make being a landlord tougher these days.

But this is where the expertise of property management firms such as Herman Boswell Property Management shine. Herman Boswell has been successfully managing the ups and downs of rental properties for over 37 years. They can help you make the most out of your rental properties even in today’s market.

Photo credit: vichie81

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Collecting rent is a significant part of your job as a landlord. But  it can also be one of the toughest. What, for example, do you do when a tenant gets behind on rent?  This can be an especially sticky situation if the tenant in question has gotten laid off or is experiencing other serious issues that are interfering with his or her financial stability.

The first time this happens, go to your tenant and ask what the problem is.  You can do this in person or by letter. Either way, keep a friendly and professional tone. No matter what may be going on don’t become emotionally involved in your tenant’s problems.  If the rent remains unpaid after your intervention and after a predetermined dated, then you’ll need to begin the eviction process.

You can also opt to have your tenant’s wages garnished.  Garnishment is a legal process that allows creditors to take a specified sum from a person’s wages, income tax refunds, or bank account to satisfy debts such as back rent. If you choose to do this, you’ll need to know where your tenant works and have his or her social security number.

Garnishing income tax refunds or a savings account is more likely to give you most of what you are owed.  Just as when you garnish funds from a tenant’s wages, you’ll need to have his or her social security number as well as the name of the bank where the savings account is located.

You can also garnish income tax refunds to be paid the following year. You’ll need to file papers by no later than the fall to collect money being refunded in the next year. Be sure you know when the exact filing deadline is, otherwise you may find yourself unable to collect what’s owed you through this particular process.

The experts at Herman Boswell are experienced professionals who know just how hard it can be to not only get the rent you’re owed, but also deal with tenants who won’t–or can’t–pay. We help you manage your real estate investments with a minimum of fuss and a maximum of satisfaction.  Contact us today!

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The Texas Association of Realtors released its first quarter report on the Texas housing market this week.

They found that the Texas real estate market had “gained positive momentum in the first quarter of 2012” and that the “volume of single-family home sales in Texas was 12% higher than the same quarter of 2011 and the median price increased by almost 3% over the same time frame.”

“The watchword for Texas real estate in 2011 was ‘consistency,’ in both sales volume and price. That allowed us to emerge from last year with stable sales volumes and strong property values,” said Joe Stewart, chairman of the Texas Association of Realtors. “Now, in 2012’s first-quarter results, we see a strong increase in sales volume and a meaningful increase in the median price. That indicates positive momentum for the year ahead.”

45,502 Texas homes were sold in the first quarter of this year, a 12% increase from the same quarter last year.  The price was also 2.7% higher than first quarter 2011 at $147,000.

Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University, said: “We believe several factors are driving the strong performance of the first quarter, including continued job growth in Texas and some increased access to credit for home buyers. Most of all, we’re starting to see a shift in Texans’ attitudes toward real estate. Essentially, buyers and sellers have higher expectations for the market, so they’re beginning to take action and we’re starting to see the impacts.”

The real estate statistic of “months inventory” also decreased which is a healthy trend.  The stat measures the balance between demand and supply in the housing market and the Real Estate Center at Texas A&M University cites 6.5 months of inventory as a balanced market.  The months inventory decreased from 7.6 months in 2011-Q1 to 6.0 months in the first quarter of this year.

Stewart concluded, “If all the indicators play out as we expect, the Texas real estate market is in for a busy spring and summer.”

Photo credit: ddpavumba

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In another twist on “adverse possession,” a Woodlake Drive man, Chris Attig, filed such a claim on an abandoned property beside his home in order to protect his own property and the property value of the neighborhood. Attig decided he needed to take action last August after a break-in at the property, which has been vacant for two years, and filed the claim with Dallas County.

The property had already garnered three violations for rotting wood, litter, and a dirty pool from the city’s Codes Department.

Ally Bank apparently owns the $269,000 house but has done nothing to keep it up.

Upon filing the claim, Attig put chains on the doors and paid a $3,000 tax bill. He also invested $2,000 for a new fence.

Attig told News 8 recently, “I’m afraid that nobody’s going to step up and try to fix this property, and it’ll continue to be a threat to my family and all the families who are around here.”

He said he was not interested in living in the home or renting it and his only concern was maintaining the property so it will not continue to degrade the neighborhood. He was willing to drop his claim when someone stepped up to the plate to take care of the property.

News 8 contacted Ally Bank but it would not say anything about its plans for sale or even upkeep of the house.

The lesson is clear that owners of such abandoned homes need to take care of the properties. Property management is a skilled activity which saves time and ultimately money. The value of properties under management do not lose value due to decay and neglect and are maintained so that expense repairs are not necessary for later sale, lease or rental. This protects the investment and those around the property who become affected by its lack of care.

Herman Boswell Property Management has a lengthy history of successful and efficient property management in Arlington and surrounding areas.

Contact us if you have any questions.

Photo credit: renjith krishnan

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