Investment Property Management Allen Texas

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If you are a real estate investor in or near Allen Texas in search of an affordable property manager give us a chance to show you why we are the best.

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The majority of rental property owners know that if you are searching for Property Manager near Marietta, GA or Property Management Companies Portland, OR. RentVestPM.Con is who you need to reach out to but do you know that RentVest is also the top choice for anyone in search of a dependable rental property management company in Allen Texas! As part of the MYND group RentVestPM.Con is more equipped to handle the day to day requirements of the more than thirty thousand tenants we serve, while improving the return on investment of the more than 3,000 rental property owners that it is better to hire a professional rental property managers in Allen Texas.

Expert Investment Property Management Clear Duties

Rental property manager is the management of investment properties. The property manager or rental management company basically acts and makes decisions on the part of the investment house owner as a way to maximize ROI and also to curtail risk to the property itself. Next, we will be talking about several of the reasons you would like to consider employing a professional investment property manager.

  1. Time: A number of people that invest seriously into investment properties simply lack the time that is required to regularly up-keep them and to keep them running well. A management company can reduce the time period that is required for managing property investments. Not only will they look after the everyday activities related to owning the house, but they make decisions with respect to the investor.
  1. Legal Knowledge: People who invest in properties that take part in different legal programs will need to have particular legal knowledge of the issues to be able to porperly comply. A rental management company will probably be aware of specific rules and they can get the legal knowledge required to ensure full compliance.
  1. Background Record Checks: It is important to properly examine potential tenants. A property management company may have the time, practice, and funds needed to properly vet all the potential tenants to reduce risk and maximize returns from your property.
  1. Location: A great deal of investors will purchase investment properties in different areas. Because they are incapable of physically be near their property always, they have a tendency to use out a smart investment manager to be able to maintain the numerous jobs that are required to manage the home and its tenants.

A smart investment property management company might be a substantial benefit to somebody who is considering getting a property. Investing in property is not only very time consuming, but it could be particularly risky if you are unfamiliar with the legalities linked to having and renting property and should you be not able to spend the required time managing the property and doing landlord duties. One call with us an you will understand why we are the top choice for everyone in need a affordable investment property management company in Allen Texas! If you would like additional info on the services offered by RentVest please check out at our blog. There you will find blog articls on Property Management New Orleans and other topics of interest to investment real estate property owners in Allen Texas.

Article of Interest to Those searching for Property Managers in Allen Texas

How Real Estate Management Companies, Property Managers and Landlords Can Increase Rent Prices With Minimal Tenant Loss

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Notifying tenants of an increase in the monthly rent price for your rental properties is usually a touchy matter, especially since a rent increase can create vacancies that will need to be marked and filled when tenants choose to move rather than pay a higher rent monthly rent. Your rental unit pricing is a big real estate management decision. It is also a crucial factor on whether or not tenants decide to move or stay, so it’s important to tread cautiously when it comes to rent increases.

You want to offer your rental units at the fair market price, but you also want to retain the reliable tenants you have and avoid vacancies. Experience has taught us that renewing leases with great residents who’ve proven themselves to be reliable and conscientious is usually more valuable than a rent increase.

Still, you may decide that a rent increase is necessary to cover rising costs and maintain profitability. In that case, you’ll need to decide how much the increase should be, which is typically between 3-5 percent. When notifying tenants in advance, you’ll want to write a cordial rent increase letter to your residents. Keep the tone warm and include a brief explanation for the increase. Here are some examples:

• Increased costs of maintenance supplies and services needed to maintain the community’s safety and security standards, clean, inviting common areas, and landscaping and green spaces.

Other valid explanations for rent increases:

• Cost of living increases
• Bring the rent up to market value
• Property improvement costs
• Property tax hikes
• Increased utility costs
• Increased insurance premiums

Rent Increase Guidelines for Real Estate Management Companies

Every state has specific laws for rent increases by which you much abide. If you offer rent -controlled housing, your options to increase rent are much more restricted.

Some of the regulations to review in your state, county or city laws for raising rent include:

  • Rules for rent-controlled housing
  • Frequency of rent increases
  • Language requirements in your lease regarding rent increases during the term of the lease
  • Maximum limit for rent increases
  • Number of days’ notice you must provide before rent increase begins

It’s important to do your homework and make sure you understand what property managers and landlords can and can’t do when deciding to raise rent prices.  Generally, unless the lease specifies otherwise, you cannot raise rent prices before the lease expires. Real estate management companies, property managers, and landlords must also deliver a written notice of a rent increase, usually a minimum of 30 days before the increase takes effect.

In many states, unless the apartment is rent-stabilized, you can increase rent by any amount you choose—there is no limit— but you risk losing good, reliable tenants if your price hike doesn’t represent fair market value or seems unreasonable. A growing number of states are moving toward enacting rent increase limits on behalf of tenants.

Writing and sending rent increase letter that is amenable to tenants

Communication is key. A rent increase letter complies with rules for informing tenants and officially documenting it. Your rent increase letter should be pertinent, professional, and written in a polite, approachable tone. You can search for rent increase letter sample templates to use as guidelines.

When writing your rent increase notice letter, personalize it to your community’s unique identity, bearing in mind that money is a sensitive issue, communicating with tenants on a personal level helps remind them that you value them as people. This is your best approach for encouraging them to stay, despite the rent increase. Great tenants appreciate great landlords too, and a great landlord is one who makes his or her tenants feel valued.

When writing the rent increase letter’s greeting, use the tenant’s name, rather than “dear tenant.” Also, use “Change in Rent Notice” in the subject line instead of “Rent Increase Notice,” since the former doesn’t immediately elicit a defensive reaction from residents. In the letter, make it clear that tenants can contact you with questions and provide your email address and phone number. Make sure to thank them for being a valued tenant. Sign off with a personable closing phrase such as “sincerely,” “Best Regards,” or “Many thanks.”

Important information you must include in your rent increase letter:

  • Tenant’s name
  • Property address
  • Property manager or landlord’s name and contact information
  • Date the letter is written
  • Date the rent increase will take effect
  • Amount of rent increase
  • Current rent price
  • Rent price after increase takes effect

You can also structure the letter like a contract and insert a form at the bottom for the tenant to complete, sign and return. Wording on the form should read:

  • I agree to accept the new monthly rent price, effective XX-XX-XXXX date. (If selected, you can the tenant send a lease renewal letter.)
  • I do not agree to accept the new monthly rent price and will vacate by XX-XX-XXXX date according to the lease agreement.

To send the rent increase notice letters you can either hand-deliver them to tenants or mail them individually via certified class mail with a return receipt. Don’t email these notices, as you need to ensure the tenant acknowledges that they received the letter to prevent potential confusion or legal issues later. Follow up with tenants via email or regular USPS mail. Email is the most efficient follow-up method.

Make it as simple as possible

Coordinating rent increases, facilitating communication, and managing potential tenant turnover can be complex touchy. A good real estate management company is well-equipped to handle this task—they keep up-to-date on market prices, are well-versed in writing rent increase letters and lease renewals, working (and negotiating) with residents, and handling turnover.

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Investment Property Management Allen Texas

Investment Property Manager in Allen Texas If you are a real estate investor in Allen Texas looking for a dependable rental property management firm give us a try… Whether you are searching for Property Managers in Sugar Land, TX or Property Management Companies in Dallas, TX many real estate pros will tell you that you call RentVestPM.Con. With more than 30,000 tenants and over than 3,000 real estate investors in our network [...]

2019-09-17T12:49:23+00:00