Here's a good enough reason to be a landlord in Fort Worth, Texas: It's a high-paying job, with annual salaries averaging $80,032, per ZipRecruiter.com. Top earners even make over $144,000 a year!
But before you get all excited, know that maximizing rental income requires careful property management, which, depending on the route you choose, can be a 24/7 job.
Luckily, you've come to the right place. In this guide, the Red Team Real Estate experts will share rental property advice and landlord strategies to help you better manage your Dallas-Fort Worth rental business.
1. Harness the Power of a Tenant-Landlord Portal
A tenant-landlord portal is an online system functioning as a central hub for many real estate management tasks. While they vary in functions, most innovative portals for tenants and landlords use software that:
- Provides online rental payment options
- Enables renters to file maintenance requests
- Allows landlords to track rental payments
- Simplifies financial tracking, accounting, and record-keeping
- Features a centralized online communication platform
Because a portal consolidates all those functions into a single, easy-to-use interface, it can help you streamline your workflow and reduce the risks of oversights and errors. Tenants also benefit from the convenience of paying rent and requesting maintenance online. In this way, a portal can help enhance tenant happiness and satisfaction, raising their likelihood and willingness to renew the lease.
2. Offer Tenant Retention Incentives
Whenever your residents leave, you won't only lose the potential income you'd have earned if they stayed. You'd also have to shell out money to replace them, which involves:
- Cleaning the rental
- Marketing the property
- Screening prospective renters
Such expenses, collectively called turnover costs, can range from hundreds to thousands of dollars. Indeed, according to Multi-Housing News, a study found that over half of landlords incurred turnover costs of $1,500 to $3,500 per unit. About 20% even shelled out over $3,500.
Don't forget that the longer your rental remains empty, the more income you'll lose.
For those reasons, it's always better to retain excellent tenants than lose and replace them. Retention incentives, such as rental discounts, facility upgrades, and freebies (e.g., gift cards and HVAC filters), can help make renters more likely to stay.
3. Partner With a Property Management Company
One of the most practical property investment tips for Dallas-Fort Worth landlords is to get a full-service property management company on board. With one on your team, you can keep earning rental income without worrying about the 24/7 job of being a landlord. After all, once you have a property manager, you can delegate most, if not all, of your responsibilities to them, such as:
- Property analysis
- Marketing
- Tenant screening
- Property maintenance
- Rent collection
- Tenant retention
- Accounting
If you hire us here at Red Team Real Estate, we can take over all those leasing chores (and more!).
Let Red Team Real Estate Handle Your Property Management Chores
As lucrative as being a landlord in Dallas-Fort Worth, TX, can be, it's a 24/7 job. So, if you can't spend that much time on your rental business, let Red Team Real Estate be your property management team.
Rest assured that when you hire us, we'll use our over a decade of experience to manage your property expertly.
Contact us today, and we'll gladly give you a free comparative market analysis!
