With Dallas-Fort Worth's high mortgage rates and home prices, it's easy to see why more people here prefer renting over buying homes. Indeed, in a 2022 study of the 100 largest U.S. housing markets, the Texas metropolitan area ranked 11th in favor of renting out.
That's welcome news for you, a Dallas landlord, as it indicates a high rentership potential. However, you shouldn't automatically assume renters will flock to your rental property.
The good news is that property management best practices can help your rental business succeed.
This guide shares tips for effective rental management, so read on.
Thoroughly Screen Prospective Tenants
If you rent to the wrong people, they may wreck or ruin your property. If this happens, you may no longer have any property to manage.
Comprehensive tenant screening can help you attract and find qualified tenants to whom you can entrust your Dallas property. It should include checking each prospective tenant's:
- Employment and income
- Rental and eviction history
- Credit score and history
- Criminal background
Those steps can help you determine which prospective renters are most trustworthy and likeliest to pay rent on time. Likewise, they can help you avoid renting out to people who may endanger your property, other tenants, and the community.
Invest in Eviction Protection Plans
In Dallas, TX, landlords file an average of 700 eviction cases weekly. The primary reasons are non-payment of rent and breach of lease or rental agreement.
Tenant screening can help lower your odds of dealing with evictions, but it's not foolproof. Your tenants may be on their best behavior now, but that can change, and a day may come wherein you have no choice but to evict them.
Unfortunately, evictions in Texas are costly and can take weeks or even months.
You can minimize your eviction risks and losses by hiring a property management company offering eviction protection plans. When you subscribe to these plans, your property manager will handle the eviction process on your behalf. They'll even cover some of the costs associated with the case, such as filing and court costs.
Incentivize Great Tenants
Great tenants pay their rent on time and in full and follow all the terms specified in the lease or rental agreement. They also care for and treat your property respectfully, like it's theirs. They're courteous to their neighbors and are unlikely to cause disputes.
Those are the tenants you'd want to keep as long as possible. You can do so by incentivizing them, such as giving them a small discount on their rent if they pay early, allowing them access to free or shared Wi-Fi, and letting their pets in your rental property.
Follow These Tips for Effective Property Management
From screening tenants thoroughly to investing in eviction protection plans and incentivizing tenants, these are all effective property management strategies. They can help protect your rental income and property while improving tenant relations.
If you don't have the time to do all that, our team at PMI Premier certainly does. We're a member of PMI, a full-service real estate management company that's been in operation for over 20 years and manages assets worth over $5 billion.
So, if you'd like to make property management manageable, call us today! We'll happily discuss how we can serve you and your Dallas properties.
