The most exciting part of real estate is securing a fantastic deal on a property in Fort Worth, Texas.
It's why many landlords get to love real estate in the first place. But what happens next can be more important, albeit it doesn't always come with the same thrill or glamour.
That's leasing management. If you are new to this part of property management, read on for some best practices to follow.
Invest in Some Software
Modern leasing tools can streamline and automate many rental processes, making them a worthwhile investment.
Choose a tool with comprehensive functions, including advertising listings and scheduling tools. When used in your business, these tools lower the administrative burden and can even accelerate tenant placement, helping to save money on vacant property costs.
Leaning on technology can also provide a smoother experience for both tenants and landlords and reduce the risk of errors.
Establish a Thorough Tenant Screening Process
Tenant screening is at the heart of any professional property management because it greatly affects a rental's success. A good tenant is reliable, pays on time, and keeps the property in good condition.
The only way to make that happen is to screen tenants.
However, go beyond screening for the basics, like a criminal record. Ensure your screening covers all risk factors, including employment and income evidence, previous landlords' references, and a credit check.
Put Communication First
Good communication can help make the property leasing process smoother.
That includes communicating with tenants, realtors, and other third parties. Keep information in one place so important agreements and discussions don't become lost on busy days.
You could invest in a tenant portal for this.
Ensure the tenant always has a named person they can contact in any emergency so they don't have to send multiple messages to different people in the hope of getting an answer.
Offer a Flexible Lease Agreement
You don't have to use a lease template, and it's not the best way to approach lease management. Some of the most successful tenancies happen because the lease is flexible and customized to the tenant's needs.
Tenants like this because they feel heard and valued, and that helps landlords retain the most reliable residents for their properties.
Keep an Eye on the Market
The real estate market is prone to change, so you need to be adaptable with your lease management.
For example, that could mean a legal alternation because state law has created a new tenancy right. It could also be due to an economic factor, like a downturn that leaves many tenants struggling to pay the rent on time.
If it's the latter, always see if a compromise helps both parties.
Leasing Management: Best Practices for Your Property
Leasing management need not be a headache or time-consuming. By following best practices, you can keep the process running smoothly and improve your chance of securing an excellent tenant.
TKF Management, Inc., is a family-run business with four generations of success in real estate. If you'd like our help with your rental in Fort Worth, Texas, head here to view our rental property management services.
