If you’re thinking about hiring a property manager for your rental property, you’re already on the right track to improving your business operations. That’s not just because we offer the services you might need. About 51% of property owners hire professionals to manage their investment properties because they see the benefits that come with it.
You don’t have to wait until you’re overwhelmed to ask for help. Expert property management is typically a convenience that landlords turn to when they want more time to explore other opportunities. But, before you hire the first company you find, what should a property management service include? Here are factors to consider when conducting your research.
Key Highlights:
- Professional property management services in Texas help landlords save time and improve operations without waiting to become overwhelmed.
- Core services typically include marketing, tenant screening, maintenance coordination, rent collection, accounting, and eviction handling.
- Effective marketing strategies, such as professional photos, market analysis, and online exposure, help reduce vacancies and attract qualified tenants faster.
- Property managers protect property value and cash flow through routine maintenance, reliable vendor networks, consistent rent collection, and detailed financial reporting.
- Hiring a property manager improves legal compliance, increases tenant retention, provides accurate performance insights, and allows owners to scale their rental portfolios more efficiently.
Marketing
You need to market your rental property to attract tenants, but simply posting your rental listing online won’t suffice. There are several marketing strategies, some more effective than others, depending on your property type. Posting on Instagram, for instance, might not be the best move if your target market is renters aged 30 or older.
Marketing should be included, but the company should preferably provide a dedicated leasing specialist, professional market analysis, professional photo-taking, and online advertising exposure. These are all crucial to increasing visibility online and streamlining the leasing process.
Tenant Screening
Renting to the first tenant you find would be a mistake. Tenant screening is a process that filters out bad tenants from the good ones. You want to make sure that you only get the best tenants to ensure that they pay rent on time and follow the lease agreement rules.
The property management company will have established screening criteria to determine whether a tenant is qualified, such as credit score, employment verification, debt-to-income ratio, eviction history, criminal history, and previous landlord reference.
Maintenance
Property upkeep is the key to retaining its value, but more importantly, it keeps your rental property a habitable living space for your tenants. With property management practices such as routine inspections, regular maintenance, and quick responses to maintenance issues, your property will stay in great condition.
This will benefit you in many ways, including improved tenant retention, lower repair costs, and fewer turnovers. With a property manager, you’ll have access to a network of reliable vendors, which can provide you with quick and cost-effective solutions.
Rent Collection
While rent collection typically happens once a month, you might still find it difficult to do so if you have difficult tenants. Keep in mind that tenant screening does not guarantee good tenants, and even if they were, circumstances can change.
A property manager can follow the proper steps, such as issuing a late notice, assessing a late fee, and, if necessary, filing for eviction. To make payments more convenient, you will be given access to the property management company’s tenant portal, allowing tenants to pay online, as well as access their transaction history.
Accounting
Comprehensive financial reporting allows you to monitor the performance of your rental business, guiding you to informed decisions about upgrades or adjustments to keep your cash flow stable or positive.
With a property manager, you can view all key performance indicators (KPIs) through an owner portal, which shows income reports, owner statements, transaction histories, tax statements, and 1099s, and an annual summary of the owner statement.
Eviction
Once an eviction becomes the best course of action, the property manager will follow the process while considering the involved landlord-tenant laws, local, state, and federal. You won’t have to deal with the stress of an eviction process that can take weeks or months.
Specifically, the property manager will sign and serve the eviction notice, commence and prosecute actions, recover the possession of the rental unit, and recover rents and other amounts due.
What are the Main Benefits of Hiring a Property Manager?
- You will save more time. Since property managers handle your day-to-day tasks, such as tenant communications and maintenance coordination, you’ll have more time to pursue other matters.
- You will be legally compliant. It’s hard to remember every landlord-tenant law you have to abide by, and one simple mistake can lead to complicated legal matters. Property managers are knowledgeable about the rental laws that your business is under, keeping you compliant.
- Tenant retention will be increased. Your profitability largely depends on the occupancy of your rental units. A professional can establish better communication with your tenants, as well as provide faster response times for smoother operations.
- You will receive accurate financial reports. Monitoring KPIs is important to determine whether your rental business is performing well or not, and this can be an indicator of whether you need to make changes to promote cash flow stability.
- You will have the opportunity to scale your portfolio. As you earn passive income and have more time, you can explore other profitable investments and expand your rental portfolio.
Property Management Service FAQs
What services are typically included in property management services?
- Most property management services include marketing, tenant screening, maintenance coordination, rent collection, accounting, and eviction handling.
Why is professional marketing important for rental properties?
- Professional marketing increases property visibility, attracts qualified tenants, and reduces vacancy time through targeted advertising, market analysis, and professional photos.
Can a property manager handle evictions in Texas?
- Yes. Property managers follow local, state, and federal landlord-tenant laws to serve notices, file cases, recover possession, and collect unpaid rent.
How does hiring a property manager save time for landlords?
- Property managers take care of daily tasks like tenant communication, maintenance coordination, rent collection, and legal processes, freeing owners to focus on other priorities.
How does hiring a property manager help grow a rental portfolio?
- By improving efficiency, stabilizing cash flow, and reducing owner workload, property managers make it easier for landlords to scale and invest in additional properties.
We Might Just Be What You Need
If you’re looking for property managers in Texas, make sure that you find a company that suits your needs. Here at Texas Property Management Partners, we offer everything you could need and more. Our aim is to achieve your plans, and we will do so with the experience and resources we can provide.
We understand that a few words won’t be enough to show you what we can do, so schedule a free consultation today!
