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Strategies to Secure a Lease in DFW Competitive Rental Market

As many have seen in the recent months, finding housing in a competitive rental market is no easy task. With high demand and low supply houses do not stay on the market very long.  So you may be wondering how can tenants secure a lease when competition is so high? Keep reading as we go over some strategies to help secure a lease in a competitive rental market.


What Makes a Competitive Rental Market?
As we have seen, the DFW housing market is booming. Houses are going for above asking price, interest rates are climbing and with the number of people moving to Texas, the supply can’t keep up with the demand. The result of this is many people and families are wanting or needing to turn to renting due to lack of homes available or purchase prices being unattainable.

A competitive rental market primarily benefits landlords since renters are competing against each other to score a rental unit. That said, tenants who are competing for a rental home must work towards beating the competition. Now how do they do that?

How to Secure a Rental in This Market
Since you’re likely competing against several potential renters, it’s important to act fast! Renters need to utilize resources and learn how to stand out on a rental application.  Try these tips:

1. Use Technology to Find Properties
2. Have References Ready
3. Be Honest About Rental History
4. Have Money Ready to Go
5. Take Care of Your Credit
6. Prepare for Tenant Screening

Use Technology to Find Properties
Finding housing in paper ads or yard signs is not a practical approach. Instead, most rentals are listed online on various sites such as Apartments.com, Zillow, or on a property management company’s website or  social media pages! Searching the internet to find nearby housing is an excellent way to find deals quickly before another prospective tenant secures them.

Have References Ready
If you know that you’re looking for a new rental home, gather references before applying. Make sure your references are trustworthy and professional people such as your previous landlord or property management company. Also, make sure to add a full name, up-to-date phone number, and email address for your references. If you don’t have references or someone gives you a negative review this can disqualify you from the pool of potential renters.

Be Honest About Rental History
Your rental history is highly crucial for landlords to know. If you have been in a tight financial situation in the past and have struggled to make payments, it’s best to be truthful. Keep in mind that if you have a record of poor rental history, landlords may be hesitant in signing a lease with you. 

Have Money Ready to Go
If you are confident that you’re signing a lease on a property, you need to be prepared financially. After all, in a competitive market, you need to secure a deal before another prospective renter does first. Keep in mind that most landlords require a security deposit along with the first month’s rent, so save up enough to cover these costs. Having the money ready to go will also tell landlords that you have the funds necessary to live in the property.

Take Care of Your Credit
Before renting to you, a landlord or property manager will look at your creditworthiness. It could be a red flag if you have a history of late payments and significant amounts of current debt. Even though this may not be a make or break in the final decision, be sure to keep an eye on your credit score and do what you can to take care of any issues.

Prepare for Tenant Screening
Before you get a lease, landlords or property managers will typically ask you several questions about you, your rental history, and why you’re looking for a new place to live. Make sure to have honest and reasonable answers to these questions. For instance, if they ask about pets, let them know how many and what kind of pets you have.

What Do Landlords/ Property Managers Look For in a Good Tenant?
• Satisfactory Credit History- Landlords typically look for tenants with good history and low current debt.
• Background Check- Be informed of what is on your record.
• Good Attitude- When dealing with landlords and property management professionals, it’s important to be respectful and accommodating.
• Adequate Income-  Most landlords look for renters that make 3 times the monthly rent amount.
• Good Rental History and References- Your rental history can be a deciding factor between you and  another applicant.  

Are you looking for a rental property in DFW? Or do you need help finding quality renters for your property?

At All County Property Management Group, we help not only renters find their next home but also property investors looking for an experienced property management company to take over the hard work of property management. We offer up-to-date listings to suit a variety of needs and budgets. In addition, our dedicated leasing staff works with you every step of the way so you can feel confident in your home choice. Plus our team handles all property management needs from maintenance, leasing documents, marketing and more! For more information or to see our available listings in your area, check us out today!

What To Do With Inherited Property?

Have you suddenly inherited a property? Now you have to decided what to do.  You have options! Read below to find out more.


What Happens If You Inherit a Property?
If you’re unsure what happens if you inherit a house, you have 3 options.

  1. Live in the property. 
  2. Sell the property.
  3. Use the property as rental investment.

Before making a decision it’s important analyze the home to make an informed decision. A licensed Realtor can provide comparable market and rental analysis to give you data to examine to help decide if selling or renting is the best option.

Factors to Determine If It Would be a Good Rental
Not every property makes a good rental home. Unsuccessfully renting out a property can cost you more money than you would earn. That said, it’s crucial to check the following.

• The Property Meets Market Demands
• The Size, Type, and Condition of the Property
• Favorable Rental Rates
• Up-and-Coming Location


The Property Meets Market Demands
Most renters look for amenities like new appliances, modern upgrades, and a location near schools and job opportunities. Plus, a property in a desirable area can charge more competitive rates and experience less vacancy.

The Size, Type, and Condition of the Property
Additional factors to consider while determining whether or not a property would make a good rental are the property size, type, and condition. For example, is it a single-family home? How many bedrooms and bathrooms are included? Has the property been upgraded or remodeled recently?

Favorable Rental Rates
Researching the rental rates in the location of your property can also help determine if it would be a good decision to rent rather than sell. Most property owners set a goal to set rental rates that are worth at least 1% of the investment. For instance, if the property is worth $170,000, you could charge around $1,700 each month for rent.

Up-and-Coming Location
Clearly, location plays a huge role in the success of rental properties. As such, an up-and-coming property location is best. When you have real estate in up-and-coming locations, property owners can make strategic improvements and profit quickly.

Advantages and Disadvantages of Renting
Like any investment, there are some advantages and disadvantages to renting a property. 


Pros
• Property owners can earn a steady monthly rental income.
• You can set rental rates according to current market.
• Owners can hire a property manager to handle the hard work and day to day tasks for them.


Cons
• Maintaining a rental takes a lot of time, work, and patience.
• Your property may need renovations or work before turning it into a rental.
• Rentals can experience vacancies, which means you’re not bringing in any income.


Advantages and Disadvantages of Selling
Although selling it is a quick and easy there are still pros and cons to this option as well.


Pros
• You can make a large sum of money right away.
• There’s no need to fix up the property or handle tenant concerns.
• You have the opportunity to invest the money into something else.

Cons
• Completing a property sale can take a long time.
• Renting a property can be a more profitable long term investment.
• Selling an inherited home can be difficult, especially if you have attachments to the home.


Get Help Managing Your Rental Home
Whether you decide to sell or rent, both options pose pros and cons. However, we can help with all the cons of renting! At All County Property Management Group, we help property investors looking for an experienced property management company to take over the hard work and day to day tasks of property management. Our team handles everything from maintenance, leasing documents, marketing and much more! For more information check us out today.

Should You Buy 1 Investment Property Per Year?

Are you an investor wondering how many properties you should buy and how fast? Buying one rental property per year is an investment strategy that several landlords follow. However, it’s important to make smart investing steps to get there.

Why Is Real Estate a Good Investment?
If you’re a seasoned investor you already know that investment properties are a great investment to generate long term wealth. But if you are new to investment property ownership you may be wondering why or how. It takes time, dedication, and capital to purchase and manage rental properties. That said, the benefits often make that all worth it.
For example, rental property investment can allow you to generate passive income and earn tax benefits. Plus, real estate offers a bit of stability compared to other investment strategies. Home prices may fluctuate, but not nearly as much as the stock market.
Now you may be wondering how to get started in buying one rental property investment per year, follow these steps.

Steps to Buying 1 investment Property Per Year
Buying one investment property per year is a strategy used by investors who want to gradually expand their portfolio of properties. When you buy too many properties at once, it can become overwhelming and too difficult to manage.
Here are some tips:
1. Focus on One Property Type (ex: single family homes)
2. Stick to Your Budget
3. Keep Track of Important Variables (extra costs)
4. Utilize Real Estate Tools to Find Properties

Is This Beneficial For Long-Term Wealth?
Buying one investment property per year can be an excellent strategy for any investor willing to put in the work. After all, once you buy the property, you become a landlord with several responsibilities. If you own several rental properties already and you need help managing them, contact the best property management company in DFW (All County Property Management Group).

Here are some of the benefits of buying one rental property per year.
• It’s Simple and Easy to Implement
• You Can Generate a Good Income
• It’s a Proven Way to Build Wealth
• You Can Handle Investment Loans More Efficiently

Maximize Your Business With Property Management
Investors with multiple rental properties are faced with several daily tasks to complete. Sometimes, there’s just not enough time in the day to get everything done. We are here to help! At All County Property Management Group, we help not only renters find their next home but also property investors looking for an experienced property management company to take over the hard work of property management. We offer up-to-date listings to suit a variety of needs and budgets. In addition, our dedicated leasing staff works with you every step of the way so you can feel confident in your home choice. Plus our team handles all property management needs from maintenance, leasing documents, marketing and much more! For more information or to see our available listings in your area, check us out today.

How to Estimate Investment Property Expenses

One of the biggest mistakes rental property investors can make is underestimating monthly expenses. Doing so can not only cause cashflow problems but may also cause you as an investor to lose far more money than you can afford. By learning how to correctly estimate your rental property expenses, you can better predict your monthly cash flow and keep your investments thriving.

Investing in rental real estate has a number of advantages. For example, the returns on rental real estate are highly predictable, allowing investors to be able to predict cash flows and returns on properties before they buy it. However, to invest with that level of certainty, you need to be sure that you are accurately estimating your properties monthly expenses.

Calculating Cash Flow
Estimating your cash flow consists of a lot more than calculating your mortgage payment to base your rental rate. Your monthly rental expense number should include several important costs. For example, all properties will require regular maintenance and repairs. While some rental homes may go months or even years between repairs when they do occur they can sometimes be very expensive if left too long.
This is why you should budget a certain amount for property maintenance every month.  Don’t forget about the costs of preparing the house for new tenants and regular improvements such as paint, carpet, fixtures, and appliances. These will all need to be updated and replaced over time. Setting aside a certain amount in your budget for these items long before that day comes can guarantee that you have the money you need when you need it.

Annual Expenses
Including annual expenses into your monthly calculations is also important. For example, payments for property insurance and property taxes may not be made every month, but you should still include them in your expenses. The one thing you definitely want to avoid is forgetting to include these expenses in your budget and being surprised when the payment is due.

Unexpected Vacancies
Another unfortunate monthly expense, and one that is often overlooked by investors, is unexpected vacancies. Although it is not a monthly bill you will pay, your vacancy rate will still have a real effect on your properties’ cash flow. Prepare for this by setting aside money monthly so you are prepared for when and if this happens.

Property Management Costs
The smartest thing you could do for yourself and your investment properties is to hire a property management company. This does come at a cost, however, it will ensure you run in to less issues later on down the road. A property management company will know what to prepare for. These fees for their services range between plans and companies but All County Property Management offers competitive rates and amazing services for all property investors.

Additional Costs
Finally, don’t forget about the other costs related to owning and managing a rental property. Over the span of your investing business, you will likely need to pay for things like travel to and from your properties, accounting and bookkeeping services, eviction filing fees, court and attorney fees, tax preparation, application reviewing and so on. Again, while you may not have these and other miscellaneous costs on a monthly basis, it is important to include them in your monthly budget anyway. Failing to do so could have serious consequences for your future profitability.

OR

You can just hire All County Property Management Group. We will take the guess work out of preparing for your monthly expenses! We will also help set your rent rate based on the current market, and your monthly expenses. We make owning an investment property a breeze.

At All County Property Management Group, we help not only renters find their next home but also property investors looking for an experienced property management company to take over the hard work of property management. We offer up-to-date listings to suit a variety of needs and budgets. In addition, our dedicated leasing staff works with you every step of the way so you can feel confident in your home choice. Plus our team handles all property management needs from maintenance, leasing documents, marketing and more! For more information or to see our available listings in your area, check us out today.

Advantages To Owning Investment Properties in Fort Worth, Texas

If you’re thinking about expanding your investment portfolio, investing in long-term rental properties in Fort Worth, TX is a great way to do just that. Fort Worth, Texas is home to around 1 million people. And that’s not counting all the surrounding towns and cities! Many of these people have relocated to the area to start new jobs, attend college or start a new life for themselves and their families. Catering to these demographics can be a smart business move, and owning rental property in Fort Worth, TX can be a profitable investment.

There are four main advantages to owning rental property in Fort Worth:


Rental Property In Fort Worth Provides A Great Location
Property in Fort Worth is often more affordable than other areas in DFW. Mainly because it is a bit smaller than the Dallas area. This makes it a popular choice for renters looking to save money. Luckily, Fort Worth offers thousands of job opportunities with little to no commute.

Fort Worth, TX also provides incentives for renters to stay in this area. The area has a blend of activities such as: public parks , museums, art and music venues, five-star restaurants, and high-end shopping, golf courses, happy hour spots, sport events and hiking trails. There’s something in Fort Worth for everyone, and there is room for expansion. The low cost of living (compared to surrounding cities) makes Fort Worth enticing for all people.

Fort Worth Rental Property Provides Opportunity For Growth
This is a city that is growing rapidly, and owning investment property here ensures that you’re the first to know about new developments. New neighborhoods are popping up all over Fort Worth, giving investors and landlords new properties and new homes to buy. Renters are keeping their eyes on the Fort Worth area. Owning rental property here means you increase your chances of finding tenants who want to live in a highly desirable area.

Diversity Within The Fort Worth Rental Market
Fort Worth is diverse in many different ways. It is a city that blends many cultures, backgrounds, races, and ages into one space. There is also diversity when it comes to real estate options. Fort Worth has pockets of quiet suburban neighborhoods with single-family homes, areas with luxury developments and townhomes, historic neighborhoods and more. When you own investment property in Fort Worth, you have access to many different kinds of real estate, allowing you to diversify your portfolio without having to leave the city limits.


Professional Property Management In Fort Worth, TX
Another advantage to owning rental property in Fort Worth is having access to one of the area’s best property management companies!


At All County Property Management Group, we help not only renters find their next home but also property investors looking for an experienced property management company to take over the hard work of property management. We offer up-to-date listings to suit a variety of needs and budgets. In addition, our dedicated leasing staff works with you every step of the way so you can feel confident in your home choice. Plus our team handles all property management needs from maintenance, leasing documents, marketing and more! For more information or to see our available listings in your area, check us out today.

If you are thinking about buying or already own investment property in Fort Worth, Texas and surrounding areas give us a call today!