There are few places as ideal to own an investment property than Converse, TX. Minutes away from the vibrant San Antonio but also self-sufficient with tons of local events, restaurants, and beautiful parks, this suburb has everything to offer your tenant.
But what truly makes an investment property successful? Attracting and keeping quality renters. This takes more than just a good location, though. Being a property manager in Converse, TX or anywhere in the US requires an array of skills and expertise in the following areas:
- The Local Housing Market
- Advertising
- Online and Social Media Presence
- Tenant Screening
- Leasing
- Legal Documents and Policies
- Housing Law and Evictions
- Maintenance and Repair
- Accounting
This is a simplified list, each with multiple tasks that we could break down further. Many investment property owners are looking for a side income or saving for retirement, not to run a small business. But that’s how a rental property should be treated to be successful.
Your real investment, then, should be in a top-notch property management company like Real Property Management LoneStar. By teaming up with a quality property management group, you become more of a silent partner while a team of local experts makes sure your business is run smoothly and professionally. Here are several services a property management team can provide to ensure a lucrative investment while you devote time to the important things in your life.
No Vacancy
Despite Converse, TX being a superb location you may still find yourself facing a property owner’s biggest setback: large gaps between renters. There are many reasons a rental home stays vacant: pricing your rent too high for the market, not using advertising dollars effectively, or maybe poor reputation brought on by mismanagement.
Whatever the reason, a professional property management team can help you avoid these pitfalls and keep your property occupied. Specifically, a property manager will support you in the following ways:
- Advertising and Marketing: When you hire a property management team, they come equipped with the marketing savvy to attract quality renters. This involves website maintenance, listings, professional photos of the home, and an overall online presence. By partnering with a property manager, you become part of a community, imbuing your home with a reputation and validity that’s hard to gain as a single property.
- Setting Rental Rates: Property Managers pride themselves on training their teams to be experts in the local housing market. With this knowledge, your property manager can set a rental rate that makes sense for your area based on thorough market analysis and comparable properties. In some cases, a rental rate won’t cover all expenses of the property, and that’s preferable to setting a rate that prices you out of the market. Too high and your home remains vacant; too low and you’re losing money for no reason.
- Screening for “Professional Tenants”: Screening tenants is one of the hardest aspects of owning a rental property. You must adhere to anti-discrimination rules and regulations set by the FHA while ensuring you don’t get scammed by a professional renter. These renters know how to manipulate landlords and the law not to pay rent for months at a time. Falling prey to a professional tenant can be more costly than allowing your home to be vacant, so having a professional property manager handle screening, rent collection, and if need be, eviction can be invaluable to ensuring a successful investment.
- Efficient and Effective Maintenance: Nothing makes a renter move out faster than inefficient maintenance. With single-family rentals, the tenant is usually in charge of lawn care and snow removal, but significant repairs, emergencies, and appliance replacement is on you. These issues require a quick response and 24/7 availability which can be tough to get as a single property landlord. A property management team will have a vetted, skilled worker ready at a moment’s notice.
A Professional Face
Managing a rental property in Converse, TX is like running a small business and should be handled professionally and ethically. A property management team understands this because it’s their business. Of all the ways a property management team can support you, this professional face attached to your property is the backbone of all the other services.
- Trust: Partnering with a property management team makes you more reputable to potential tenants at the outset. Tenants will be more inclined to rent with you when they see a professional website with lists of services, team members to assist them, and maintenance availability. It sets the expectation that this is a trusted business and their information will be kept safe, and their inquiries will be answered promptly throughout their time with you.
- Uniformity: When providing service, your tenant will feel more comfortable with documentation and with allowing staff into their homes if presented professionally with logos and uniforms. When a tenant rents with you they have to give a lot of personal, legal information and access to what will become their home. If presented with professionally printed forms with the management teams’ banner and logo, are sent notices with the same appearing on the letterhead, and staff members who wear the company’s branded clothing, their trust in your business is deepened.
- Third Party Representation: A property management team also provides a professional shield between yourself and the tenant. This shield is most useful in rent collection, tenant complaints, and especially evictions or other legal pursuits. The management company’s best interest is your best interest; on top of that, they are trained to navigate the legal side of working with tenants.
- Proven Policies and Procedures: A quality property management team such as Real Property Management has done their best to perfect their policies to benefit you and the tenant and adhere to all housing laws in your area. They have done the research and the trial and error on these policies, such as giving notices to tenants on potential eviction or rule infractions so that you don’t have to.
Working with RPM LoneStar to manage your Converse, TX property means partnering with a team that serves you and protects your interests. This partnership is the real investment on your property and will allow you to focus on what’s important in your life while they handle your property with integrity and professionalism.