Property Management Company in Balcones Heights Texas

property management 10th edition

When you’re looking for a Property Management Companies in Las Vegas, Nevada everyone with any experience of property management will more than likely tell you to reach out to RentVestPM.Com. Unlike some of our competitors, we are a full-service property management firm surfing over a dozen markets, including Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Tampa, Tucson, Vancouver, Washington. Phoenix, Portland, Reno, and San Antonio and growing. If given the opportunity we would like to show you the reason why RentVest is your best option if you are looking for an affordable property management agency in Balcones Heights Texas. It is true that quite a few of investors that own real estate see the role of a property management firm as an extra expands.

The many who are successful at it know the good things about employing a property management agency in Balcones Heights Texas. However, hiring a property management agency is probably the top way to efficiently run investment properties. In the following paragraphs, we will examine a few of the advantages of hiring employing a property management company.

  1. Power To Save Your Time One of the more substantial benefits that you may be in a position to appreciate once you make the decision to hire property management agency is the cabability to save your time. Overseeing properties may take a lot of time from your day. By getting a company to take care of it in your stead, it will allow you to save lots of time which you wouldn’t normally be capable of. This time-managing chance could aid you in concentrating on other things including your personal life, business, or other investment projects.
  2. Fewer Vacancies Another benefit it will be possible to obtain from hiring an agency to manage your property will be the ability to cope with fewer vacancies. A property manager’s job is to get your unit(s) rented. So, they should be far better qualified to keep your apartment rented so you earn rental income. But, if you decided to manage the apartments by yourself, you may find yourself having to deal with a lot of discrepancies with your properties and it could be much more difficult to keep them earning an income. Any time that you spend not renting your property out you will eventually lose money on opportunity cost.
  3. They Take Care Of All The Legwork – An added benefit which you will have once you hire a property manager is the opportunity to use someone who is going to be fully willing and able to supervise all of the legwork included in having your property rented and getting paid. They are going to even have the ability to handle and cope with from evictions to the maintenance of your property. Having a agency deal with everything for your property, full-service can actually turn the investment into a hands-off investment which could get you continual income.

Generally, hiring a management agent to assist in your premises investments is among the best decisions you could make. There are numerous benefits of employing a property management company which make it worth the investment. At the end of the day the reason you are searching for a property manager companies in Balcones Heights Texas is more than likely because you have probably realize that contracting a flat rate property management agency is ideal for you. If you are new to investment property management, we ask that you check out at our blog. But please, note that if you have any questions give us a call, our property managers is here to answer any questions you may have

Top Property Management Service Reviews in Balcones Heights Texas

Cecil Ash
Cecil Ash

5 out of 5 stars

posted 2 months ago

RentVest has provided me with worry-free management. The tenants have always been excellent tenants. The money comes in on time, and I don't ever have to worry about what's happening with my property.

Stephanie Ulibarri
Stephanie Ulibarri

5 out of 5 stars

posted 2 months ago

Working with RentVest has been rewarding. Synthia was a great help. She guild me through the whole process. I was in need of a place to rent she help take the stress I was feeling away. I am thankful for all your help.

Erica White
Erica White

1 out of 5 stars

posted 2 months ago

This company should be ashamed of themselves. Our realtor tried to work with them, but they literally ghosted us. If you’re working with Harry, beware! We were trying to close on a property and he stopped responding to our agent. Application submitted, approved, and then... radio silence. Seriously. This is the most unprofessional company I have ever dealt with. Harry should be fired.

Blog Related to Property Management Service Companies in Balcones Heights Texas

Real Estate Management Practices to Reduce Late Rent Payments

property management courses

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.

Searches Related to Property Management Companies in Balcones Heights Texas

property management books