Making the decision to hire a property management company is not easy but it’s often necessary for property owners inundated with the responsibilities that come with owning multiple properties. Knowing what to expect is the first step in having a great working relationship with your real estate property management team. Keep these dos and don’ts in mind when you hire a property manager.

Property Management Dos

Do: Keep communication open. For an owner, being able to effectively communicate with your property management team is critical to ensuring that your tenants’ needs are met and your reputation as an owner stays intact. When your property manager contacts you with tenant concerns like repairs, objectively consider the solutions that are offered. Even if you disagree with the property manager’s suggestions, by effectively communicating, you’ll set the tone that you are approachable and easy to work with. For property managers, communication is one of the most desirable qualities, as you’ll be communicating with both owners and tenants, as well as maintenance staff and contractors. Keeping the lines of communication open will help things run smoothly.

Do: Read the fine print. Whenever you work with a property management company, you will be given what’s called a Property Management Agreement. This important document outlines everything that is expected of the property manager, as well as what’s expected of the owner. Always carefully read over the Property Management Agreement and make sure you ask questions about anything that you don’t understand.

Do: Get to know your property manager. In the search for a property manager to help you run the day-to-day operations of your properties, it can be tempting to go with the first property manager you come across. However, for a successful long-term working relationship, it’s better to interview candidates until you find one who is a good fit. Once you choose the ideal property manager or management company, spend some time getting to know the person or people who will make your life as a property owner easier.

Property Management Don’ts

Don’t: Take a hands-off approach. As an owner, it can be tempting to let the property management company handle everything without any input from you. That’s not the best way to approach a property management partnership. Avoiding communication with your property management team is a recipe for disaster and good follow-up is essential to keep your properties running efficiently.

Don’t: Shy away from automation. Though property management certainly involves a lot of communication and human interaction, that doesn’t mean automation should be overlooked. From collecting rent payments to logging and resolving maintenance requests, some level of automation is essential for efficient property management. If your property management team suggests automation software or processes, be open-

minded and take the time to understand how technology and automation can work of you.

Don’t: Hire on the Fly. All rental management companies are not created equal, so take your time when deciding who to work with. Do your research by reading client testimonials, getting feedback from current or former clients (if possible), and asking the property management company to demonstrate how they get results for owners. If you have questions about any part of working with a property manager, be sure to ask upfront. Putting off questions or concerns until later can be disastrous.

Herman Boswell Property Management – Experienced Residential Property Managers 

By following these simples dos and don’ts, you can take the stress out of hiring a quality property management company. If you’re searching for a property manager in the greater Dallas area, Herman Boswell Property Management has a professional team of reliable property management associates who work with you to ensure you have happy tenants and profitable properties.

The post Dos And Don’ts of Working With a Property Management Company appeared first on Herman Boswell Property Management.

Owning commercial or residential property is not easy and property management is a busy role that involves dealing with a variety of individuals and tasks on a daily basis. A skilled and fully-staffed property management team is essential to maximizing profits and keeping tenants happy, but individuals can quickly become overwhelmed when keeping up with maintenance requests, tenant issues, collecting payments, and other tasks.  

Finding out how automation can assist in helping pare down some of these day-to-day tasks is essential, not only for property management staff but also for owners who are looking to expand operations.  

Property management automation tools allow business to be streamlined and help immensely with time management. Though it is not possible, or even desirable, to eliminate the human component of property management, there are some ways to effectively manage the more repetitive and tedious property management tasks.  

Automation not only saves time and money — it also minimizes the risk that comes with juggling too many things at once.  

Appointment Setting 

Property management professionals are tasked with showing properties – sometimes several times a day – to prospective tenants or buyers. From scheduling conference calls to conducting tours, it may seem like the property management team’s work is never done.  

Automated scheduling is one of many ways to address the problem of keeping up with appointments and walkthroughs.  Utilizing email software that makes scheduling easy is recommended. Implementing time-saving tools like chat bots on your website or online, self-served meeting schedule software allows prospects to pick a time that works best for them without having to deal with a seemingly endless game of phone tag to make an appointment.  

Make Touring Easier with Automation 

Showing a property is essential for attracting tenants and buyers but it can be extremely time consuming for property managers, especially since a showing does not always result in a sale.  

Technology has come a long way and it is now possible to enlist the help of technology to make the touring process practically effortless. Popover showing technology tools include Bluetooth enabled keys and lock boxes that allow property managers to communicate with prospect beforehand and provide them the necessary tools to access the property at their convenience. Prospects can easily check-in at the appointed time, provide feedback to the owner, and complete surveys at the end of the tour to rate the property and their overall showing experience.  

Other Popular Uses for Automation Tools 

There are a few more automation tools that are essential for a time-conscious property management professional. Here are more ways to make property management duties simpler:  

• Collecting rent and deposits: Automating rent payments not only frees up property management staff so they can focus on logistics and marketing, it also makes life easier for tenants who also have busy lives. 
• Maintenance requests: Automated maintenance request system allow tents to seek help for non-emergency and urgent maintenance needs without the stress of calling after hours.  
• Bookkeeping: Automating bookkeeping entries will help owners and property managers immensely when it is time to verify financials or file taxes.  
• Create a paperless environment: Property ownership and property management traditionally involved the use of forms and other documentation that can quickly pile up. Shifting toward automation will keep many tasks online, eliminating the need for piles of paper.  

Take Property Management into the 21st Century 

Automation can seem scary to property management professionals and owners, but it doesn’t have to be. Doing everyday tasks more efficiently will improve your bottom line and reduce the stress of property management duties.  

For a tech-savvy team of property management professionals in the metropolitan Arlington, Texas, community, look no further than Herman Boswell Property Management. With more than 30 years of experience, the pros at Herman Boswell Property Management work hard to deliver the best property management experience for both tenants and owners.  

The post Top Benefits of Property Management Automation Tools  appeared first on Herman Boswell Property Management.

There’s been some pessimism lately concerning the future of the North Texas housing market. Here are some facts to put the market’s health in perspective.

In November, home sales in North Texas fell eight percent, the biggest year-over-year decline in over seven years. The average time it takes to sell a house through the MLS (multiple listing service provided by real estate agents) is up ten percent from last year, and total property purchases through the MLS are down one percent for the first eleven months of 2018. That’s the first downturn in local home sales since the Great Recession.

The downturn earned Dallas a place on Realtor.com’s list of ten cities supposedly hit the hardest by a housing slowdown. The site reported these year-over-year changes between October 2017 to October 2018 for Dallas:

• Median list price $335,050
• Change in list price -1.4%
• Change in inventory +15.5%
• Listings with price reductions +14.0%

A Wall Street Journal article from November 26^th stated, “Yet even with the booming growth, Dallas’s once vibrant housing market is sputtering. In the high-end subdivisions in the suburb of Frisco, builders are cutting prices on new homes by up to $150,000”. The article also mentioned how prices have grown “out of whack with historic norms”, and that home prices have risen faster than wages, resulting in buyers who can’t keep up.

These circumstances led Zillow to classify the Dallas-Fort Worth-Arlington market as “cool”.

There are other factors contributing to the slowdown. According to the Dallas News, “Higher mortgage rates have added as much as fifteen percent to the payments on a home purchase during the last twelve months”. Add this to the fact that median house costs have increased more than forty percent over the last five years, and you have homeowners and buyers having to adjust their budgets and expectations for future purchases.

It’s Not All Gloomy

However, it’s not all doom and gloom. In fact, experts say the underlying fundamentals of the housing market in the Dallas-Fort Worth area are sound. In their opinion, the local home market is merely returning to a normal, stable condition, after overheating in 2012. The demand for housing is still there, with the region’s job market and population continuing to increase at a rapid rate. Another good sign is there’s still only a three month supply of pre-owned homes on the market, which is half of what is considered a normal inventory, and half the long-term average for North Texas.

As of early December, pre-owned home sales were nearly tied with the total this time last year, a record high year for sales. And despite the fact home purchase forecasts for the Dallas-Fort Worth area are predicting a drop of nearly one percent for 2019, it would be the second best year ever for home sales in North Texas.

Furthermore, Zillow is predicting that Dallas will be one of the U.S. home markets likely to outperform the rest of the country in 2019 with regard to home value appreciation and housing market health. Zillow’s panel of economists said they expected the U.S. home value to grow an average of 3.8 percent in 2019, while a recent Realtor.com report stated the Dallas-Fort Worth home prices would grow 4.3 percent next year.

Although overall sales have slowed down, luxury property sales in North Texas are setting records. According to the Texas Association of Realtors, luxury home sales in the Dallas-Fort Worth-Arlington area were up 10.3 percent for the twelve month period ending in October. As well, this area had more million dollar home sales than any other Texas major metro area.

Forbes recently reported that the best cities in Texas to own rental property as an investment included Fort Worth, Garland, and Arlington. The article stated many home seekers are deciding to rent instead of buy, and, “as a result, rental rates are surging”. This is good news for landlords and those looking to buy investment rental property in those areas.

Overall, there’s still every reason for optimism regarding the North Texas housing market.

The post North Texas Housing Market Still Strong appeared first on Herman Boswell Property Management.

The namesake of accomplished real estate broker Herman Boswell, Herman Boswell Property Management began in Arlington, Texas and has since expanded to serve various Texas communities. The company was founded in 1984 to provide the highest quality residential property management services and serve the needs of real estate professionals in the region.

Herman Boswell Property Management does it all. Aside from traditional property management services, the company also specializes in resort property management, real estate management, and investment property management. We also work to keep property management costs down while looking for ways to increase the profitability of the properties we manage.

Taking Care of All Your Property Management Needs

One of Texas’ premier rental property management companies, Dallas-based Herman Boswell Property Management offers a full range of professional property management services for owners in the Greater Dallas area. Our dedicated property management team works hard to provide owners with quality services that maximize efficiency and increase productivity, ensuring that eviction rates stay low and vacancies are filled quickly with quality tenants.

Herman Boswell Property Management maintains an A+ Better Business Bureau rating and has successfully managed over 900 properties in the Dallas area. Client satisfaction remains our number one priority and we not only offer comprehensive property management, but our website is also a wealth of information for those who have questions or concerns about property management. The Herman Boswell Property Management website answers frequently asked questions (FAQs) about our property management services with DIY help topics. Topics include what is property management, how to choose a rental management company, what does a property manager do, the elements of a sound property management agreement, what is the role of a professional property manager. By answering the most commonly asked questions, Herman Boswell ensures all of our questions are answered, guaranteeing the total property management solution.

We Handle It All

Herman Boswell Property Management is your go-to source for all of your property management and real estate needs. We handle everything from advertising your property to conducting routine inspections as well as deposit and rent collector services. We also provide comprehensive applicant screening, ensuring that only the highest-quality applicants are approved during the rental process. We take the guesswork out of rental management by handling all paperwork including lease contracts, renewals, as well as lease addendums. In the event that eviction needs to be filed, Herman Boswell Property Management gives you peace of mind by taking care of the process from start to finish.

The post A Legacy of Quality Property Management appeared first on Herman Boswell Property Management.

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

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

Long-term Impact of 2020 on Real Estate Demand

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

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

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

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

How Does This Affect You?

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

The Future of Mortgage Interest Rates

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

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

Millennials and Gen Z: The New Generation of Buyers

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

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

2021 Outlook for the Real Estate Market

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

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

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

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

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

Should I hire a property manager? It’s a question that nearly every property owner will ask themselves at some point, especially as they acquire more properties. While doing it yourself may be tempting, it has its drawbacks. Sure, managing your own properties might save a few dollars initially, but doing it alone can quickly lead to a host of headaches. Find out the pros and cons of managing your properties and why hiring a property manager is your best bet.

DIY Property Management: Is it Right for You? 

If you just acquired your first property, most of your profit will come from rental income. Once you deduct the cost of the property’s mortgage, insurance, and other expenses, you’ll start to see a return on your investment. From this position, it may seem like property management is pretty easy, and if you only have one property this might be true.  Maybe.

Many people start to invest in real estate while they are still pursuing a career or working full-time. In these instances, the owner might feel it’s more cost-effective to DIY because they’re still trying to realize profits by keeping costs low. Yes, managing properties alone will reduce management expenses, but at what cost?

And what if you have multiple properties? As your real estate business grows, trying to self-manage can quickly become stressful. Managing multiple properties by yourself is not only daunting but it can also impact quality of life – both for you and your tenants. Logging and responding to maintenance requests, collecting rental payments, and screening tenants are all time-intensive tasks that multiply as you acquire more properties. If you have any free time, it will quickly be eaten up by DIY management duties. For tenants, they may have to deal with slow maintenance response and wait longer for phone calls to be returned. In turn, tenants grow frustrated and might be less likely to renew leases, causing you even more stress.

As with any situation, managing property on your own does have some positive aspects. For one, you will gain valuable insight as to what it takes to effectively manage your property. This will also help you when it’s time to hire a property manager so you can explain exactly what the job entails.

What Does a Property Management Company Do?

New property owners might wonder, ‘What does a professional property management company do that I can’t?’ Or, ‘Why should I pay someone to do something that I can probably do myself?’ These are valid questions and despite how it appears, rental property managers serve two very key functions: they save valuable time and they are the direct line between the property owner and tenant(s).

Property managers – sometimes called leasing managers – handle all the daily tasks associated with owning properties, freeing up the owner’s time and keeping tenants happy. Common property manager responsibilities include marketing your properties to attract prospective tenants when a unit becomes available, screening tenants to make sure the landlord/tenant relationship is a good fit, as well as the execution of lease agreements and renewals. The property owner communicates owner preferences and guidelines.

Aside from administrative tasks, property managers are always in direct communication with maintenance staff and contractors to ensure your investment is protected and tenants get their concerns addressed in a timely manner. Additionally, property managers often fill the role of mediator when it comes to problematic tenants, move-ins and move-outs, as well as the eviction process, if necessary. In short, property managers make the lives of property owners much easier.

Reliable Property Management

In the end, it will ultimately come down to trading time and expertise for money. Property management costs pale in comparison to doing it yourself, especially if you own several properties. Yes, managing your property yourself will save some money, but you will be spending a lot of time making sure everything runs smoothly, which could add to your stress level and interfere with other aspects of your life. Once you decide a professional property manager is necessary, use these tips to make the selection process easier. Focus on choosing a quality property management company with a solid reputation for getting results and making sure you and your tenants are happy. If you’re searching for property management in the Dallas area, look no further than Herman Boswell Property Management.

The post Why Hire A Property Manager? appeared first on Herman Boswell Property Management.

If you have a rental property in the Arlington area including: Bedford, Benbrook, Burleson, Cedar Hill, Colleyville, Crowley, Duncanville, Euless, Fort Worth, Grand Prairie, Grapevine, Hurst, Lake Worth, Mansfield, Saginaw, Southlake, Watauga and White Settlement, you should be interested in the services of the best of property management companies.

There are a number of clear advantages to having your rental property or properties taken care of by an experienced, knowledgeable and caring property management firm.

Here are ten of those advantages:

1) Decades of experience with selecting the right tenants improves your bottom line.

2) Extensive knowledge of property and landlord-tenant laws in your area helps you avoid costly and stressful legal disputes.

3) Networking expertise to find and keep the right tenants, the right repair and maintenance professionals, and the right marketing avenues helps minimize vacancies and keep costs down.

4) Quick response to tenant concerns and requests helps retain good tenants longer.

5) Professional handling of landlord-tenant disputes such as evictions, maintenance problems, timely rent payments, etc.

6) Less confusion over taxes means less headache for you.

7) Less stress.

8) More free time and the freedom to travel out of town with no worries.

9) The ability to invest in other homes as a result of having more free time.

10) Knowing you have professionals on your side to answer any questions you have and help you solve any problem with your property.

Hiring a property management companies helps you protect your most important investments – the homes you own. Herman Boswell Property Management maintains the highest ethical practices and focuses on the local area. Because we know the Metroplex, we know your business better than any other company. We are here to help you! Contact one of our agents today to discuss your needs for managing your properties.

The post TOP 10 ADVANTAGES OF USING PROPERTY MANAGEMENT COMPANIES appeared first on Herman Boswell Property Management.

If you’re a property owner in North Texas, you’re in luck.  Your property is probably worth more today than it was when you bought it. According to Zillow Home Value Forecast, home values in the Dallas area have appreciated a healthy 14.3% in the last year, while rents rose only 5.5% during the same time. In Arlington, property values have gone up 13.2%.

This trend actually runs counter to what’s happening nationally. Zillow reports that rents have increased more quickly than home values in 20 of the 35 largest U. S. metropolitan areas. In fact, last April, rents grew at their fastest rate in two years and are now higher nationally than at any time since the Zillow Rent Index began tracking those values in 2010.

And here’s something else to consider as well. According to Stan Humphries, Zillow’s chief economist, “[m]ortgage access is improving, interest rates are low and home values remain below prior peaks.”  In other words, the housing market is still quite favorable for those who decide – and are qualified – to buy homes rather than rent them.

What this means is that if you’re someone with investment properties to rent out, the Metroplex is the place to be. And despite the slow rise in rental rates, it’s still a great place to seek tenants because vacancy rates have steadily dropped over the last five years from 12.5% in 2009 to 7.1% currently.

At Herman Boswell, our professionals are here to help landlords like you. We have a very popular listing of available rental properties in North Texas to get your property rented fast and provide to you property management services that include everything from full screening of prospective tenants to market analysis of rental properties in your area.

The post THE NORTH TEXAS HOUSING MARKET TODAY appeared first on Herman Boswell Property Management.

It’s sad, but true that even the most carefully screened tenants may one day end up violating lease provisions. And that’s because while most people want their living quarters to be clean and in good repair, not everyone will actually do the work necessary to keep a home in shape.

So how does a busy landlord nip problems – like dirtiness, an illegally kept pet or missing smoke detectors  – in the bud?

The best way is to have both routine and the occasional surprise inspections. During those times, you may notice trash/debris problems. Or you may see a proscribed animal on the premises or – even more dangerously – smoke detectors that have been taken off walls or deliberately disabled.

After you’ve noted down the problem, the next step is to immediately send written notices to the tenants in violation of lease provisions. This way, you make offending individuals aware of the problem and allow them to take steps to rectify the situation while also showing that you care about your property.

Of course, you could opt to talk to the individual(s) involved. But a face-to-face meeting or telephone conversation will not create the paper trail you may need in the event you have to eventually take your tenant to court. In fact, verbal communication may lead to confrontation and argument, both of which you would be wise to avoid.

Land-lording is a full-time job. That’s where the real estate experts at Herman Boswell come in. We help you keep up with the challenges of people and property management. You have a life to live: and we help you live it. Contact us today!

The post WHEN A TENANT VIOLATES THE LEASE AGREEMENT appeared first on Herman Boswell Property Management.

Everyone wants to live in a safe place. But when you talk to potential tenants about your rental property, you shouldn’t  tell them it’s a totally safe area because you cannot predict the future and an attempted break-in is always a possibility.  However,  there are a number of things you can do to enhance tenant security.

1. Make sure the property you are renting out is in compliance with local housing codes

You can get this information from the building or housing department, the health department and the fire department. If your property is part of the neighborhood association, find out whether that organization provides free security checks. Remember, if you don’t act reasonably to meet local housing codes, you may be found negligent if any harm comes to your tenants.

2. Be proactive about fixing broken doors, locks and windows and keeping your property well-maintained

If you have not made the necessary repairs to a rental unit to ensure its safety and a burglar enters the premises, your renters may decide that you are liable and seek damages in court. Your best defense is to prove that you installed the locks on doors and windows, had a well-lit entrance  and kept shrubs and trees pruned so no one could hide behind them.

3. Take appropriate safety measures on the inside and outside of your rental unit

Even if local housing codes don’t require it, you may want to consider putting in handrails on the stairs if they are not already there. You’re not obligated to put a handrail  or nonslip tile in bathroom floors or to tack down loose carpet ends. However, anything you can do to improve safety for your tenants is well-worth thinking about.

Some other measures you might want to take include:

•  installing burglar alarms and smoke detectors;
•  putting a fire extinguisher in the kitchen;
•   putting a peephole in your tenants’ door;
•  changing locks after one renter moves out and before another one moves in; and
•  installing window pins that keep windows from being opened more widely.

At Herman Boswell, we know how difficult–but also how crucial–it is to keep up with property safety issues, particularly if you’re renting multiple units in different locations. Our experts make it their business to do all the things busy landlords like you can’t, such as following up with tenants about potential security problems.  When you need the help of trusted professionals to help you make the most of your real estate investments, contact us!

The post 3 TIPS TO ENSURE TENANT SAFETY appeared first on Herman Boswell Property Management.