Property Management Companies Lochwood Dallas Texas

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It is no accident that RentVestPM.Com has become the top choice for real estate property owners looking for a reliable property management firm in Lochwood Dallas Texas. At the time of deciding on a firm for managing rental real estate there’re many factors to analyze. While buying property is often very valuable, investments of the type can be difficult to deal with. That is why it’s wise to work alongside a firm which specializes in managing investment real estate. The best company will be able to execute numerous essential functions for you.

The correct management company will be able to deal with a multitude of jobs, including property management, portfolio management, and asset management. Many companies provide additional support services, which includes financial services, as well as an IT department.

These companies also bring a lot of knowledge and experience to the table. Some companies are experts in specific types of property management, like luxury homes or multi-family homes. Every property management establishment should have a strong comprehension of the marketplace along with the requirements for a sound real-estate investment.

Having the proper management firm will likely provide you with more opportunities. There are actually companies that allow investors to group their financial resources, which could provide you with usage of investments that would have otherwise been unavailable for you. If you need more investment options, using a company is a good choice.

Make time to get a firm that meets all your needs and is qualified to provide the help you are looking for. You’ll benefit greatly after you begin working with an investment company. Although not an IT when compared to other property management companies in Lochwood Dallas Texas, we are profoundly more sophisticated. Our commitment to technology has permitted us to expand into more than twelve markets in a very short period of time.

Reasons for Hiring a Property Management Company in Lochwood Dallas Texas!

Take time to look for a company that meets all your requirements and is qualified to provide the aid you are looking for. You’ll benefit greatly once you start working with an investment firm. Even though not a technology company per se when compared to other property management companies in Lochwood Dallas Texas, we are substantially more advanced. Our investment in technology has permitted us to expand into more than 12 territories in a very short period of time.

Benefits of Utilizing a Property Management Company in Lochwood Dallas Texas
Renting out my home was hard to do by myself. Working with a property management firm helped significantly. Not only did it free up my time, but it really showed me a lot better profits on the rental. The management firm which I wound up working with was able to handle everything linked to the home rental and they also could actually find the right family who were not going to cost me too much money to take care of. Due to the fact that they already had a good screening process, they had the ability to find tenants that were competent at paying on time on a monthly basis. It removed a lot of pressure out of the whole rental process and turned our house into a viable income stream which we can trust every month.

Needing to look after your rental house all by yourself could be a significant hassle that you want to avoid. Making the choice to invest in using a property manager can be one of the very best decisions you will make if you are searching to rent your own home or apartment without having it become a full-time project for yourself. A home management company totally took over the management of our house and enhanced the efficiency in the entire process, from start to finish so we would undertake it again with no worry. Something else that we want to point out that even though RentVest PM is known for Property Management Company in Largo, Fl we also offer tenants a pristine inventory of properties for rent in Lochwood Dallas Texas. So, if you are a property owner in or near Lochwood Dallas Texas looking for to improve the return on your investment we would like the opportunity to present you with a plan to make this a reality. If you would like more details on the services we offer at RentVest Property Management please check out our property management Portland blog

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Real Estate Management Practices to Reduce Late Rent Payments

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Collecting rent payments on time is one of the most fundamentally important real estate management functions in terms of successfully achieving a property owner’s investment goals. Unfortunately, it’s also one of the functions that can seem hardest to control.

If you’re screening your tenants exhaustively, you shouldn’t have too many problems with late payments. Thorough screening is the best way to select good tenants who are most likely to pay rent on time faithfully. But life happens and sometimes even a good tenant may be late with a rent payment.

Assuming that it’s the tenant’s responsibility to pay rent when it’s due and your only option is to evict late rent payers is not a strategy. While you’re ultimately relying on your vigorous screening process to choose tenants whose rental history, income, and credit score demonstrate great financial responsibility habits, sometimes a late payer or two will emerge. The good news is that there are ways property managers and landlords can motivate all tenants to pay rent on time.

Breaking Bad habits: Habitual Late Payers

A tenant who pays their rent late one time isn’t the problem. The real problem is a tenant who pays late habitually.  Late rent is a problem that must be addressed and resolved every time it happens. Chasing down payment is time-consuming and stressful. A tenant who pays late one time with no consequences presumes that paying late is OK. They decide that they have permission to pay late every month and other tenants catch on and follow suit.

Late rent payments demonstrate a lack of responsibility, and you may want to consider not renewing the lease for late payer tenants when the time comes. However, tenant turnover is costly—cleaning and prepping the unit, marketing, screening potential tenants, overseeing move-outs and move-ins is a time- and money- sink. Financially, it’s much better for you to retain clients and put incentives in place that ensure everyone pays their rent on time.

1. Communicate clearly with tenants

Crystal clear communications should be the priority for all aspects of tenant relationship-building, and it’s especially important for preventing late rent paying behavior from becoming a habit. At the time a new tenant signs a lease, straightforward clarification regarding rent due dates, late fees, and potential repercussions a late rent payment will serve to clear up and inhibit any confusion in the tenant’s mind about the responsibilities expected of them.

When the tenant’s responsibilities are clearly laid out in the lease agreement, and you’ve reviewed them verbally with each tenant at the lease-signing and request them to confirm that they understand each responsibility as they’re read, property managers avoid dealing with  tenants who paid late simply because they weren’t aware of the rent due date or didn’t understand the repercussions. If the rent is paid late, the property manager can implement the late fee and/or other penalty immediately, without needing to confront or chase down the tenant.

If a dispute over implementing late payment penalties becomes a legal issue in court, you’ll be in the most favorable position if you can demonstrate that the rent payment policies and penalties were clearly conveyed to the tenant both verbally and in the lease agreement bearing the tenant’s signature and initials on every page. Pages of the lease agreement should be distributed to every person who signs and initials it.

  1. Implement a late fee

Charging a fee for late rent payments will help motivate tenants to pay on time and force habitual late payers to shed their bad habits. As the rules for setting late fees vary from place to place, property managers should be well-versed in the applicable state, county, and city laws for the property’s location. For example, in Chicago late fees of $10 per month on the first $500 of late rent payments plus 5 percent per month on the portion of rent exceeding $500. In other words, if your rental units lease at $1,500 monthly, the legal maximum you can charge in late fees is $10 + $50 for a total of $60.

Should you charge the maximum allowable late fees or cut late-paying tenants a break?
How should you decide whether or not to charge the maximum allowable late penalty? There are several schools of thought on this. One perspective is that charging relatively steep late fees is more effective when it comes to discouraging late payment violations among tenants who are habitually late. Setting a late fee too low may not discourage chronic late payment behavior who may not mind paying a nominal fee in exchange for extra time each month. Many professional property managers implement mandatory late fees to discourage tenants from making late payments routinely.

The other end of the perspective spectrum maintains that the intent of late fee laws is to allow property owners to be compensated for any inconvenience or costs associated with a late payment. This viewpoint maintains that charging the maximum late fees allowed by law enables property owners to punish tenants for each day their rent payment is late instead of simply offsetting their actual costs. Practitioners of this approach say their apartment communities have better results retaining tenants because they feel more valued by property managers and landlords who don’t gouge them with high late fees.

Make sure to include a clause detailing your late fee policy late rent in the lease. You may also want to include late fee policy information in any type of introductory material you give to new tenants. Be sure to discuss it when you review the lease with each new tenant at the lease signing. If your late fee policy is not included in the lease, you can’t legally impose it retroactively once the lease is signed.

If you’re determined to make sure a tenant pays according to lease agreement rules, you can inform them that you have the option of reporting late payments to credit bureaus, which will negatively affect the tenant’s credit score. As mentioned earlier, it’s important to communicate clearly with tenants before they sign a lease to ensure they understand the rules, their responsibilities, and the ramifications of failing to abide by them. By making them aware of any potential consequences is usually all a tenant needs to make their rent payments on time each month.

  1. Consistency is key when dealing with late rent payments

Consistency must be a policy priority for project managers and landlords. Nowhere is it more helpful than preventing late rent payments. Occasionally, even the most reliable tenant can slip up and miss the rent due date. Reasons might range from forgetfulness, distractions, or financial troubles. While personal misfortunes are always unfortunate, it’s advisable to treat all offending tenants equally when it comes to enforcing late fees or other policy-based penalties to all late-paying tenants across the board regardless of the situation. Singling out one tenant to forgive a late fee or associated penalty can backfire when other tenants learn about it, and they will.

Property managers are expected to treat all tenant situations equally, with professionalism and an eye on the business’s bottom line. While it’s easier to evict or prosecute unfavorable tenants and show leniency toward good tenants, neither reflects the level of professionalism entrusted to you. It’s perfectly understandable and acceptable to sympathize with a tenant who is experiencing hardship and offer words of comfort. But property managers and landlords must still separate emotion from implementing real estate management policies.

Consistent adherence to policies will discourage tenants from expecting special treatment and reduce the likelihood of trying to field special requests. Granting a small, one-time pardon to a tenant can give rise to a situation in which that tenant and other tenants come to expect the same favorable consideration from you when faced with a penalty for rule breaking.

  1. Always be professional

This tip should go without saying. While chasing down tenants to collect late rent payments can be exasperating, it is always in your best interest to maintain a professional disposition. Never lose your cool and make even vague threats. Never respond with sarcasm or irritation, no matter how tempting. Doing so can only diminish the relationship with your tenant and incite them to go out of their way to make things difficult for you. Threats or personal attacks inadvertently aimed at your tenants in an aggravation-induced meltdown only make you look unprofessional, and unlikely to gain any points from a judge if an unfortunate outburst in a moment of frustration lands you in court.

  1. Change the Payment Due Date

Property owners who rely on rental payments to pay bills such as the mortgage on the rental property should consider adjusting the rent payment due date to at least a week before their payments are due. This provides more wiggle room to deal with rent payments that come in a day or two late. Make sure to notify residents well in advance before implementing the policy change so that they have time to adjust accordingly.

  1. Create and implement a tenant rent payment reminder system

Establish and implement an email system to remind tenants 3 days ahead of time that their rent payment due date is approaching. The system can also send reminders the day the rent payment is due, and a day after the payment due date telling them that their rent payment is now late.  There are a plethora of easy-to-use web tools available to create an email reminder system, but even a basic email blast program will work well.

  1. Enable an electronic payment option

Today’s renters want and even expect to have access to an online system to make their rent payments. Property managers and landlords can choose from a wide variety of software solutions for online rent payments. Today’s renters are busy people. They don’t bother with paper checks anymore. Property managers and landlords who use online rent payment systems save substantial time and boost efficiency while eliminating risks of human error or theft that can happen with manual rent collection and deposit methods.

If you have tenants who prefer to pay rent with paper checks, you can allow them to continue. But a growing majority of renters, from millennials to baby boomers, do their bill paying digitally. Many apartment hunters consider online rent payment availability a deal-breaker. Gain a larger audience of potential tenants by offering an electronic rent payment option.

  1. If you haven’t already, enlist a real estate management professional

Landlords who are juggling all the responsibilities of running a multifamily rental property including rent payment collection can improve efficiency, increase income streams, and attract more quality tenants with the help of a professional property manager or real estate management team.  The demands of managing rent collection and chasing down late rent payments are more than most landlords have the time or energy to manage single-handedly.

Consider enlisting an experienced real estate management company to help implement a can help you to implement a customized online rent payment system that does it all electronically to improve cash flow, reduce late rent payments, automatically deposit rental payments into a designated bank account, provide instant rent payment status in real time 24/7, and relieve landlords of mountains of paperwork to free up time for other things.

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