The Classic Property Management Blog

What is Considered Emergency Rental Maintenance?

johnshearer@classicpm.com (John Shearer) — Mon, 31 Oct 2022 17:45:00 GMT

How Landlords Can Handle Emergency Maintenance Requests

If you’re a landlord, it’s important to remember an emergency will happen sooner or later at your rentals. You need a plan in place for how to respond. Knowing what to do lessens the stress for everyone involved and could protect your property from additional damage.

Many landlords choose to lean on a property management company to help them cope with emergencies. Even so, as the landlord, you can use management help and take additional steps to prepare yourself and your tenants for emergencies.

Know How to Define Maintenance Emergencies

Almost anything that goes wrong can feel like an emergency to a renter. As the landlord, you must decide if something is an emergency or a standard maintenance issue.

While attentiveness is paramount, treating every situation like an emergency can quickly lead to spending more money on maintenance in a short period than what your budget can handle.

Problems that warrant immediate attention threaten your property with additional costly damage or threaten the health and safety of tenants.

Emergency examples include:

Loss of safe water supply
Loss of sewer function
Burst pipes
Flooding
Fire
Broken doors or windows
Gas leak
Mechanical electrical problem
Roof damage
Loss of heating/cooling during extreme temperatures

Work with your property manager to develop a questionnaire that you use when a tenant calls. This questionnaire can determine if the complaint meets the criteria of an emergency. You could also consult with a Dallas property manager regarding guidance about how to screen these calls.

On the other hand, you need to be ready to tell tenants when something is not an emergency. A short-term inconvenience or mild discomfort that does not threaten injury or illness can wait for attention during normal business hours.

For example, a running toilet is an issue, but not one that demands emergency service by property management.

Make Sure Tenants Can Contact You Fast

Open communication between you and your tenants can save everyone many headaches. You can promote this goal by giving tenants a welcome packet with emergency contact information, ideally a 24-hour phone number.

Use the packet to alert people to what an emergency is, such as smelling gas or weird things going on with the electricity.

When tenants face emergiencies, they need a way to call for help immediately. If you live close to your rental , you can provide your number for calling and texting.

However, relying solely on yourself to manage emergencies may not be feasible or desirable. This is why you might want an answering service.

An answering service through your management team can screen calls to find out if a problem is an emergency or can wait.

Have Vendors Ready to Go

Before an emergency arises, make arrangements with service providers like plumbers, electricians, fire and water damage specialists. Having these types of vendors on-call and ready to help can narrow down the critical window of time between the initial emergency and the repair.

Choose companies with proper insurance coverage and good reputations. By establishing relationships with them, you will know exactly who to call during an emergency.

Always Document Emergencies

Good record keeping prevents many problems. When responding to emergencies, write down when a call came in and who you called to respond. You may wish to visit the rental and take pictures.

Documentation is important during rental emergencies. Your insurance or a tenant's insurance may become involved. Your records may also shield you from liability stemming from accusations of not attending to a safety hazard.

Effective Emergency Maintenance

Classic Property Management plays an integral role in many Dallas landlords’ emergency plans. We have relationships with service providers who can take care of problems on short notice. To protect your property and profits, reach out to us with your questions.

We’re ready to help you make your rental properties a pillar example in your community.

Holiday Decorating Guidelines for your Renters

Wed, 19 Oct 2022 21:45:00 GMT

As a landlord, you don't want to be Scrooge, but you have a strong interest in ensuring tenants carefully decorate for the holidays. Reasonable decoration rules are necessary to prevent property damage and personal injury.

However, rules buried in a lease might not be on top of your tenants' minds when they hit the big holiday decoration displays at box stores. For this reason, you should send reminders about rules, regulations, and recommendations for decorating their rentals in the fall and winter seasons.

Communicate Decoration Rules

A property manager can send a seasonal newsletter or notice instructing tenants how to decorate safely and stay in compliance with their leases. Property management can remind tenants to:

Use adhesive hooks and shelves instead of nailing decorations to doors, walls, or eaves
Never block stairs, halls, or doors
Follow the lease agreement about the size and placement of decorations
Never use open flames
Choose fire-resistant decorations

Rental-Friendly Holiday Decorations

The property management can recommend that tenants choose the following safe and non-damaging ways to deck the halls.

Window Clings

Window cling decorations apply to glass easily and leave little to no residue when you peel them off. They serve as an excellent way to display holiday spirit without adding onto your maintenance needs.

Faux Fireplace

Renters can buy fake fireplace kits for holiday decorating or get crafty and create one from cardboard. The Command brand of adhesive racks and shelves has many products that do not damage walls with nails or screws.

A Command shelf can also work as a mantle where you display decorations or hang stockings.

LED Light Strings

Whether you’re displaying your spooky Halloween colors or turning your home into a winter wonderland, holiday LED lights produce bright colors without emitting high heat. Old-fashioned Christmas lights have always been a fire hazard and should be avoided at all costs.

Also, in order to avoid property damage to your walls or roof, we recommend asking renters to hang lights inside and outside your home with adhesive clips.

Tree Alternatives

Some people like to have a “tree” for all holidays between October and November. Yes, Halloween trees are now in style!

Leases may prohibit using a real tree for the holidays, but renters can still honor their traditions with a wall tree or small artificial tree on a counter or table. It’s even possible to make a wall tree with colorful washi tape cut to make the outline of a tree on the wall.

Laser Lights

People who rent houses or townhouses might be allowed to use laser light holiday decorations. They require mounting a small unit outside on the grass. They shine light on the exterior wall of the home. They are nice for rentals because no lights need to be hung from the building. You can also find battery-operated laser lights so you can avoid using an electrical cord.

Remember, Keep Decorations Appropriate

This guideline is especially true during the Halloween season. While it can be fun for people to get ghoulish with their decorations, there have been several news stories in the last few years where decorations have gone a little overboard.

If you aren’t willing to have to settle down irate neighbors or explain your renter’s gore decor to the authorities, we recommend setting some boundaries as to what’s deemed appropriate within your rental contract.

Keep Your Rental Properties Pristine with Classic Property Management

If you need to develop a lease that establishes rules for holiday decorations, Classic Property Management can advise you. We’ve successfully helped landlords across the metroplex navigate this and other essential landlord responsibilities. From rent collection to having the right vendors on hand in an emergency, our best practices have you covered.

Find out more about our full-service Dallas property management. Contact us today.

How to be a Successful Landlord Even at a Distance

johnshearer@classicpm.com (John Shearer) — Fri, 30 Sep 2022 16:30:00 GMT

Being far away is no problem for successful landlords who use these tips

If you can't live close to your rental property, you naturally worry about the ongoing integrity of it. With these tips from experienced Dallas property managers, you can mitigate your concerns and stay on the path to be a successful long-distance landlord.

Screen Renters Thoroughly

A good rental experience starts with a good renter. Don't let the urge to get a property rented quickly distract you from screening your tenants thoroughly .

Never skimp on this step because even one wrong renter can be a costly disaster. You should always have potential renters completely fill out applications, review credit ratings, confirm recent employment, and contact references.

Investing time and money to identify the best candidate yields better profits than rushing to get your property occupied.

Write a Clear Lease Agreement

Your lease forms the foundation of your legal rights. For the best results, work with an attorney local to the area where your rental property is located. In this way, you can develop a lease compliant with local regulations.

On top of thinking about local laws, your lease should not leave anything open to speculation. Specify your obligations and the tenant's obligations. Clearly spell out what can and can't happen on the property.

Major issues to address include:

Smoking or not smoking
Pets or no pets
Number of overnight guests
Parking
Rules around parties or larger gatherings

Establish and Maintain Communication

Give your phone number to your renter. Providing an email address is a good idea too.

Explain that you want to make contact regularly. Depending on your preference, this could be a check-in once a month or every three months.

Encourage them to come to you with any problems or concerns, even minor ones. You want to know what's going on so that you can remedy the situation.

Visit the Property

At least once a year, take a trip to see your property. The travel expense may be easily outweighed by the opportunity to detect an issue before it balloons into a disaster.

Your annual visit presents an excellent time to schedule inspections with a roofer or HVAC technician. It's best to view potentially expensive maintenance issues in person so that you can see what the problem is and get multiple quotes.

Set Automatic Rent Payments

As a long-distance landlord, you surely dread the "check is in the mail" excuse when the deadline comes and goes. Limit the chances of late rent by setting up electronic rent payments.

Ideally, you can establish an automatic monthly debit from the renter’s account. Alternatively, give them an easy way to set up direct payments to you with a bank's online bill pay service.

Acquire Local Contacts for Repair Services

The last thing you need is scrambling to find an emergency plumber from a thousand miles away. Find some local handymen, plumbers, or electricians who you can trust and have a service agreement in place with them ahead of time.

An existing relationship protects you from price gouging and poor service. You can find out the cost of services before needing them. You can call for quick service when something breaks and threatens your property. Your tenant will appreciate prompt response.

Choose a Professional Property Manager

A reliable property management company close to your rental unit can manage almost all issues that confront you as a long-distance landlord. Instead of calling around to multiple parties, you can work with a trusted company, like Classic Property Management.

Our management team specializes in:

Lease development
Marketing and tenant screening
Inspections and repairs
Budgeting and revenue/expense reporting
Tenant relations
Rent collection

Maintain Properties Long-Distance with Classic Property Management

Success as a long-distance landlord can be difficult but is possible with a solid local team. With the experience of a reliable Dallas property management team , you get peace of mind, and your tenants have a good experience.

Classic Property Management is a team of rental property managers that help make your rentals the best place for quality renters to live. Contact us today to learn more about our services and what you need to manage your rental .

How to Overcome Most Common Residential Property Management Challenges

johnshearer@classicpm.com (John Shearer) — Fri, 16 Sep 2022 16:30:00 GMT

Investing in rental real estate is a proven method for building wealth, but it's not easy money.

Independent landlords and corporate owners all face challenges that the best Dallas property management teams can help overcome.

1. Repairs and Maintenance

Repairs and maintenance are usually the first things that rental owners have on their minds when entering the investment business. Even with the best intent, it can be challenging for landlords to take calls and resolve property problems in a timely fashion.

No single person can be available to field these calls 24/7, but a property management company makes it easier on landlords because it’s our job! When you have a team like Classic Property Management on your side, tenants know they can contact someone for help.

Ideally, a reliable company will also have an emergency number so tenants can get a hold of someone for critical issues immediately.

A clear and easy way to request service increases tenant satisfaction . As a property owner, you also gain peace of mind from knowing that the repairs will be taken care of. Timely repairs protect the landlord's investment and help keep happy renters in your homes.

2. Find and Keep Quality Renters

Screening tenants effectively and keeping them happy are critical tasks for profitability. A high occupancy rate means rent is rolling in instead of a unit sitting empty and costing you money.

Of course, you don't want occupancy for the sake of occupancy. You want qualified tenants who pay their rent on time. Seasoned Dallas property managers know how to market properties in favorable crowds and conduct good background checks.

Classic Property Management has developed the experience to spot the best applications and ensure red flag renters don’t make their way onto your property.

A company that can deliver higher quality tenants arguably pays for itself. Good tenants are the goal of any landlord because they unlock the profit potential that real estate holds.

3. Record Keeping and Accounting

Property management means that someone has to track expenses and revenue and keep the bills paid month in and month out.

Classic Property Management has software systems in place designed specifically for rental operation finances. Because the company will be handling incoming and outgoing money, it can issue complete reports useful for business analysis and tax preparation.

We also implement a qualified financial team that can step in and assist with budgetary needs and complex financial matters.

4. Handling Tenant Complaints

Just as you might dislike interruptions about a broken air conditioner, you'll like complaints even less. Tenant complaints encompass noisy neighbors, problems with the building, or crime in the neighborhood.

A property manager can investigate how to enforce noise ordinances or make a plan to improve security, such as recommending surveillance cameras.

As for problems with the building, a property manager can calculate how much money is needed to fix a major issue and help you make a plan to cover the expense.

With us on your side, your renters will be singing your praises rather than songs of sorrow.

5. Government Regulations

Many state and local real estate laws exist to protect renters from landlords who fail to provide safe housing. Despite the good intentions, rental regulations can be hard for landlords to keep up with or even know about.

A company responsible for property management in Dallas will stay abreast of any changes to applicable codes.

Classic Property Management has a real estate lawyer on retainer. With access to legal advice, a manager can work to keep properties compliant and reduce the threat of legal liability for the owner.

6. Rent Collection and Eviction

Collecting rent is at the heart of this business. A management company will have a system that helps tenants pay on time. From email or text reminders to setting up automatic rent deposits, a manager can reduce impediments tenants might cite for missing a payment, like not knowing the date or where to send a check.

If rent is late, a manager can follow up quickly and even impose a late fee. In the unfortunate event that rent never gets paid, a professional company can initiate an eviction in compliance with the law.

Better ROI with Classic Property Management

Classic Property Management can help you with a specific issue or fully manage all aspects of your rental business. We’ve helped landlords find success for decades and are ready to help you!

For personalized assistance, please contact our office today.

5 Reasons You Should Always Collect a Security Deposit

johnshearer@classicpm.com (John Shearer) — Wed, 31 Aug 2022 19:34:31 GMT

Why You Need a Security Deposit

As a rental property owner, you might be tempted to allow a tenant who does not pay a security deposit first. You might feel like you need to cut this corner to get a unit occupied. However, you're better off insisting on first and last month's rent as a security deposit.

The security deposit money is not rent. This distinction is important because you can use it to cover numerous sources of financial loss after a resident moves out of your property.

Let's take a look at how a property management team uses a security deposit if the need arises.

Protection from Unpaid Rent

You don't like to think about a tenant failing to pay you at the end of their lease, but it can happen. This circumstance gives you the right to keep a security deposit.

Pay for Excessive Cleaning Costs

When a good tenant vacates a unit, the new renter's cleaning fee will suffice to cover your expense. However, a badly soiled unit requires extra attention.

That means more labor and supplies to make it habitable again. You might even need to pay for the disposal of abandoned rubbish.

A unit left in poor condition beyond the normal bit of dirt enables you to draw upon the security deposit to pay for deep cleaning. This financial resource helps you ensure that the unit is acceptable to the next tenant without forcing you to take a loss.

Financial Consequences for Damage Caused by Renter

Physical damage can be even more costly than a dirty unit. You might have to install new floors, replace doors and cabinets, patch drywall, and paint. Damage could even include smashed toilets and broken plumbing.

Once again, you can fund repairs with the security deposit. Without it, you would just have to watch your profit drain away while getting the unit presentable again.

Limit Financial Disruption from Lease Termination

A tenant who breaks a lease cuts off your cash flow unexpectedly. While it may be easy for a person to break a lease and part ways, it takes time and money for you as a landlord to clean the property, prep the property, market the property, and select a new, reliable renter.

The deposit money from the deserting renter eases the pain of that loss while you put the time and effort into filling your vacancy.

Security Deposit Best Practices

Although most renters know a security deposit is just part of the rental drill, it can be uncomfortable for newer landlords to ask for more money on top of the first and last month’s rent.

Once you can do so, here are some best practices for ensuring your security deposit collection process runs smoothly and keeps your finances protected.

Collect the deposit as soon as the lease is signed.
Keep the deposit money separate from the rent.
If you need to keep deposit money, itemize the costs to prove your need.
Ensure all security deposit processes are included in your rental contract.

Security Deposit Collection with Classic Property Management

As you can see, a security deposit is essential for success with property management in Dallas . Sooner or later, you'll really miss that money if you don't have it.

Classic Property Management relieves you of the administrative chore of tracking deposits and collecting rent. We keep your finances compliant with local rental laws and promote the smooth operation of your properties. To learn more about our property management team and services, contact us today.

Top 5 Reasons for Pet-Friendly Properties

Fri, 05 Aug 2022 18:19:57 GMT

Find out Why Your Property Should Always Welcome Pets

As a landlord , you might view pets as just another way for something to go wrong and cost you money. You believe that property management will be easier if you don't allow pets, but, in our experience, the opposite is true. Pet-friendly leasing will actually make you more money. Allowing pets positions you for greater success and gives you more control of what is going on at your properties.

1. Accepting Pets Expands Pool of Renters

It's no secret that pet ownership is at an all-time high in the United States. In Texas alone, surveys conducted by the American Veterinary Medical Association show that 58% of households have pets . Dogs are the most popular animal with 43% of households including dogs. About 20% of households have a cat.

Widespread pet ownership translates into more potential renters. By welcoming more people, you will improve occupancy rates and position yourself to raise rents due to higher demand.

2. Your Relationship with Renters Based on Honesty

Landlords who prohibit pets inevitably have people sneaking in their pets. They either lie when they lease the unit or get a pet later without telling you. Either way, you're out of the loop, which makes property management in Dallas more challenging and contentious.

As a pet-friendly landlord, potential tenants know that they can be honest with you. If your pet rules work for them, they can rent without worrying about starting a dispute or even suffering eviction.

3. You Might Get a Great, Long-term Tenant

People value their pets and won't be quick to move if they are in a rental that accepts their beloved dog, cat, or other pet, like a rabbit.

Building trust should be part of the foundation or your renter and landlord relationship. When a landlord doesn’t allow pets and a renter wants one, there is always a bit of tension between the parties.

This tension can eventually lead to a head when an issue between landlord and renter arises, and in the end, not having a pet could be the straw that breaks the camel’s back and causes a great renter to leave.

4. You Can Charge a Monthly Pet Fee

Reasonable people understand that their pets pose an added element of risk for property owners. As a result, pet fees are considered normal and could boost a unit's monthly revenue by $50 to $100, depending on your policy. This insures against any future damage or cleaning costs. When a pet causes no harm, which is possible, you simply earn more from the rental unit.

5. Pet Owners Have Higher Incomes

You run credit checks because you want tenants who can pay their rent. Pet owners often have good financial profiles because disposable income is needed to afford a pet in the first place. A survey of 1,000 pet owners showed that dog owners had incomes between $75,000 and $99,999 on average. Income for cat owners was a little more modest with an average of $50,000 to $74,999 annually.

Downsides of Renting to Pet Owners

Of course, pets can be problematic. Not everyone is going to have a well-behaved pooch or kitten. You'll be balancing the potential profits of pet-friendly leases against negatives, like:

Scratched floors and doors
Cat urine odor in carpets
Pet stains on carpets
Complaints from neighbors about barking
Potential liability for animal attacks

Fortunately, with a team like Classic Property Management on your side, you have access to reliable vendors when damages arise, legal advisors if attacks occur, and property managers that can quickly quell down any complaints between your renter and any unhappy neighbors.

Protect your Interests with Pet-Friendly Rentals

At Classic Property Management, we encourage property owners to go pet-friendly with their rentals. Pets just make renters happier and can lead to a lasting relationship that is fruitful for both them and you.

Our property managers never let you go into any situation blind. We can help you craft a pet policy for your leases that clearly spells out the rules and responsibilities.

Please contact us today for expert advice and service regarding property management in Dallas.

Avoid Costly Risks with Seasoned Property Management Guidance

Wed, 27 Jul 2022 21:43:43 GMT

Top Property Management Risks for Landlords

Owning a property you rent to tenants can be profitable. However, as with all industries, the property management industry comes with a fair share of risks.

If you are new to the property management game and want to avoid financial and legal troubles as a landlord, here is a look at the top management risks you can avoid with the help of an excellent property management team.

Property Damages

When you are a first-time landlord, the integrity of your property is the bread and butter of how you attract/retain renters and make your money. Problems as small as damaged countertops to larger repairs like a roof replacement are equally important no matter the size of your rental property.

A property management team will teach you how to keep an inventory on what has been damaged, how to expedite repairs, and how to select an appropriate contractor for the repair.

Multi Tenant Property Trouble

Owning multiple single-family homes or a multi-tenant building like an apartment comes with the greater risk of overlooking renters’ needs or red-flag renters.

When you have an experienced property management company on your side, you have a second set of eyes watching your property. We have professional tools and management software to streamline effective dialogue between renters and property managers.

We also help you maintain your properties to avoid costly situations like multi-level property leaks or mass renter evacuations.

Slip and Fall Risks

Without a property management company on your side, you might be at risk for slip and fall accidents resulting in a suit against you for property negligence.

These types of lawsuits can cost between $50,000 and $100,000 just to defend yourself. This range does not even include the restitution you’d pay or increased insurance rates.

Property management can keep your properties safe for renters, help you reduce the risk of injured renters, and put your money towards improvements and investments instead of losing in lawsuit defense.

Contractor Liabilities

As a property owner, it’s your responsibility to maintain property upkeep. You must perform timely repairs when necessary.

Although most contractors help you make your property its best, some may be less adept to the specifics of your property. Their inexperience could exacerbate a situation.

A property management company like Classic Property Management has long-standing relationships with reliable vendors specializing in all property sizes, types and needs.

We ensure every contractor you hire is properly vetted for experience and insurance.

Manage Your Property Like a Pro with Classic Property Management

Don’t let the risks involved with property management get you down. Trust the experts of Classic Property Management to help you navigate the ins and outs of the rental industry.

We’ve managed everything from multi-tenant properties to single-family homes . No matter the size of the property you rent, the same risks will always apply. Let the professional property managers on our team help you manage with confidence.

5 Benefits of Tenant Screening Services for Rental Properties

Fri, 15 Jul 2022 15:34:51 GMT

As a rental property owner, it’s only natural that you’d want the cream of the crop when it comes to selecting long-term tenants.

However, juggling property maintenance and your everyday obligations can easily muddle the waters of your personal screening process and let untrustworthy tenants sneak through your front door.

From property damage, disregard to your rules, and even late rent, the wrong renter can be a complete nightmare .

Fortunately, with the help of a property management company , you can take advantage of tenant screenings services that streamline the process and make difficult decisions easier.

Here are five reasons why you should rely on your property management team the next time a vacancy on your property opens up.

Property Owners Receive All Necessary Tenant Information

As we mentioned earlier, you have a lot on your plate as a property owner. This can make it difficult to effectively obtain every relevant piece of information possible on future tenants.

Tenant screening from your property management team allows you to focus on the results and not worry about the effort it takes to gather the actual information. At Classic Property Management, our tenant screening services show you everything you need to know about a potential tenant before you make a final decision.

Our process reveals:

Credit Reports
Criminal Reports
Past Evictions
General Rental History
SSN Fraud Checks

Screening Saves You Time

As a property owner working alone, collecting the necessary information to make an educated decision on a single renter can be time consuming. If your rental property is in a desired location, you’ll most likely have multiple background checks to cover.

Working alone, this could leave your property vacant and eating through your budget. Tenant screening services from Classic Property Management ensure quickly gathered background information, granting you the opportunity to fill a vacancy with a trusted tenant sooner than later.

Tenant Screening Services Are Legally Compliant

You are a landlord. Therefore, you must always follow state and federal regulations with regard to how you conduct your tenant screening. Working with professional tenant screening services guarantees compliance and helps you avoid any gray areas of the process that could get you in trouble down the road.

Property Managers Help Avoid Costly Evictions

The ideal tenant is someone who will pay their rent on time and take care of your property for years to come . However, without tenant screening, tenants with a shoddy financial record or who just refuse to pay on time can lead to a painful eviction.

When disastrous tenants make it on your property, not only do you look like the “bad guy,” but you have to deal with all of the costs associated with the eviction process. Between time, damage reparations, potential court costs, and having to pay a full mortgage until a new tenant arrives, an eviction can easily reach into the thousand-dollar range.

Avoid this costly situation from the start and employ a property manager that offers efficient tenant screening that gets the right renters in for the long haul.

You Can Easily Maintain and Increase Your Property’s Value

A great tenant will take care of your property and help prevent damage and the cost of repairs outside of standard wear and tear.

Over the years, as you continue to rent out your property to winning individuals, when the time comes to sell the property, you can make a profit rather than settle for anything that isn’t a total loss.

Keepy Your Property Pristine With Classic Property Management

If you are a property owner that is ready to welcome tenants that meet your expectations, the team at Classic Property Management can help . Our tenant screening process takes the weight of the decision-making process off of your shoulders and brings you the best tenants possible to fill your rental needs.

5 Benefits of Multi-Family Property Investing

johnshearer@classicpm.com (John Shearer) — Fri, 17 Jun 2022 23:47:56 GMT

Most real estate investors will tell you that multi-family units provide the most benefits if you are planning to invest in rental properties. These housing units, ranging from duplex homes to multiple unit apartment complexes, are a great way to generate passive income and build your portfolio.

However, with all investing, it is better to know what to expect before you make the investment. There are some benefits to multi-family property investing, as well as, property management responsibilities you must consider before making that investment.

Easier Financing Opportunities

Multi-family units are easier to finance than single-family homes used as rentals. Banks are more willing to back a multi-family unit because there is more potential for income each month at these properties. If a single-family home does not have a tenant, there is a potential for missed mortgage payments. Multi-family units, however, have multiple renters consistently paying rent each month, making it a lesser risk for default.

Tax Benefits

There are many tax benefits to owning these properties. You can deduct many expenses, including multi-family property management costs, repairs, advertising, and depreciation of the property and appliances. These tax deductions can help make this a better investment opportunity.

On-Site Management Capabilities

You could be an on-site property manager. This would provide you with a free place to live. While this is an attractive idea, make sure that you are prepared for all property management responsibilities. When you have multi-families to take care of, this can mean multiple headaches. If you are more interested in investing and not managing, consider using a Dallas rental property manager to run your properties.

Improve Your Investment Portfolio

Multi-family unit investing is a great way to expand your portfolio. Investing in a property that has ten units is the same as owning ten single-family homes. Many multi-family home investors find that the initial investment quickly opens up additional investing opportunities.

Passive Income

Passive income is always a bonus. When you have multiple leases paying rent each month, you can quickly start generating a passive income that exceeds the cost of maintenance and management services.

It is always nice to have extra money coming in each month. However, a regular income like this can also help you acquire the money you need much faster to invest in additional properties. It is a win-win situation when you start generating an income from your property.

Simplify Multi-Family Property Management With Classic Property Management

If you are interested in investing in a multi-family property, it will be beneficial to reach out to Classic Property Management . We are an experienced property management firm in Dallas with extensive experience with multi-family units.

We can answer many of your questions about managing a multi-unit property and what you should expect. We can also provide you with information about our services and how we can make your investment much easier to manage by allowing us to manage your property while you focus on investing.

6 Questions to Ask When Renting Out Your Property

johnshearer@classicpm.com (John Shearer) — Fri, 13 May 2022 13:00:03 GMT

Prospective renters always ask questions about your rental property and landlord experience. However, an interview is a two-way conversation. You want to make sure you have the right people renting your property.

Renters know you’re looking for “the one,” and will prepare a persona for their interview. That’s why it’s up to you to ask the right questions that bring in the renters you deserve.

At Classic Property Management, we connect property owners with qualified renters that fill vacancies in the long term.

Here are 6 questions you should always start out with when meeting potential renters.

1. Are You Living Alone or With Roommates?

This question is essential because you always want anyone living on your property screened and on their own lease.

This ensures everyone on your property can reliably pay rent and that you avoid any legal complications that come with subletting.

You want anyone living in your home to be a quality resident. This question helps you come to a wiser final decision.

2. Have You Ever Been Evicted?

You already know about past evictions when you pull a candidate’s credit report. Yet, asking this question gives your potential renters a chance to give you their side of the story.

People change and sometimes hearing them out paints a bigger picture than a credit report could.

3. Why Are You Leaving Your Last Rental?

This question helps you give the right renter exactly what they want from a property. It’s rare that most properties completely meet a renter’s standards. This is why you see so many renters move from home to home once their lease is up.

As long as the candidate is honest, you can use their answers to help meet their expectations.

This question also gives you insight into potential problems this renter could cause. Pay attention to details like missed rent, “unfair” landlords, or neighborly disputes.

4. What is Your Income?

Any renter pays rent every month. That’s just how property rentals work. So, it’s important to know that anyone renting your property has the monthly funds to cover monthly rates.

Aside from asking this question, include a monthly income section on your application, and request at least 3 months’ consecutive pay stubs. Your monthly income goal should be at least 3 times more than your monthly rent. Of course, these requirements can fluctuate when you have more than one person on the lease (i.e. roommates or a spouse).

5. Do You Have Pets?

This question is a great pre-screening question if you are an owner that doesn’t have a pet agreement in place. If you don’t want pets on your property, this question will eliminate the wrong renters.

However, even if you allow pets to live with your renters, this question opens the door to ensure they meet your agreement’s criteria.

6. Do You Have a Cosigner?

This question is especially important if your candidate is college-aged. Students and younger renters often have little or no credit at their age. If this is the case and you feel that they’ll be a solid candidate, request a cosigner.

A cosigner can be a family member or friend with reliable income that can ensure rent is paid if the resident ever comes up short.

Vet Your Next Renters With Classic Property Management

If you are a new property owner that needs help from a rental property manager , let Classic Property Management help where we can. From vetting new renters to promoting your property, our team has you covered.

Our rental property managers have decades of experience implementing best practices that retain quality, long-term renters in homes.

5 Tips for New Rental Property Owners

johnshearer@classicpm.com (John Shearer) — Fri, 15 Apr 2022 13:00:04 GMT

Managing rental properties as a landlord can be an extremely satisfying career move. From providing a lovely home for renters to live in, to accumulating monthly finances, there is a lot to gain from being a part of the rental industry.

However, getting started as a landlord definitely comes with its challenges that are easy to overcome with the right mindset and experience on-hand.

Here’s a look at 6 helpful tips for new owners of rental properties that can help ensure a strong start on their new venture.

Set Your Work Up In Time Blocks

As a landlord, it’s easy to think that you have the ability to multitask and effectively cover all of your own responsibilities.

However, multitasking can quickly lead to essential items falling through the cracks and the loss of loyal renters.

No matter how great you think you are at memorizing your schedule, nothing is more reliable than using your smartphone calendar or investing in reliable scheduling software.

Once you have a scheduling system set up, we recommend working in time blocks that force you to focus on one task for a specific amount of time. Batching up your tasks will increase the total productivity of your day and help ensure that nothing essential is left undone.

Create a Pre-Screening Survey

One of the biggest issues with rental property management is the time wasted interviewing potential renters that just don’t meet your qualifications. Not many people will get through an entire marketing advertisement, and will usually sign up for a screening interview before knowing your expectations.

Time is money and you don’t have the time to spend on renters that don’t meet your requirements. Fortunately, you can create a Google Form survey that you can attach to your advertised landing pages .

From here, people must complete your survey and find out if they qualify for a pre-screening interview.

This saves time and energy on all fronts, and above all, ensures you get the interviews you know your property deserves.

Invest in Bookkeeping Technology

Property management involves a lot of finances and bookkeeping. From records of rent paid, to late rent, and the cost of maintenance and repairs. It should be clear from the start that you’ll need a bookkeeping program to keep track of all of your records.

However, if you find that you’re too busy to keep records yourself, it may be wise to hire a bookkeeper or work with a rental property management team that can help with your finances behind the scenes.

Perfect the Terms of Your Lease

Perfecting the terms of your lease not only lays out the rules of your property but also helps keep you legally protected in the long term. A rental property management team or a lawyer can help you ensure that everything in your lease is legal and prevents any future legal issues or confusion with renters.

Find a Great Property Manager

Finally, being a landlord of even one rental property can be a lot of extra work on top of your regular daily responsibilities. Successful management of a rental property is a full-time job, and you’ll need a team that’s readily available and experienced to help you keep renters happy.

There are rental property management companies like Classic Property Management that are fully prepared to handle daily interactions with renters, financial bookkeeping, and finding the right vendors to help maintain the integrity of your property.

Start Your Rental Career on the Right Foot With Classic Property Management

If you are a property owner that is ready to start renting out your homes, let the property manager of Classic Property Management help you make rental property management a breeze.

We have helped property owners manage single homes and multifamily complexes and have experience with renter retainment , screening, vendor management, and more.

Contact us today to learn more about how our management team can help you ease into renting out your property the right way.

How Can Technology Improve Your Rental Property Management?

johnshearer@classicpm.com (John Shearer) — Fri, 25 Mar 2022 16:13:22 GMT

Technology is something that makes all of our lives just a bit easier. So, if you are a rental property owner that rents homes or apartments to tenants, it is in your best interest to add a little bit of simplicity to your property management processes.

Modern rental property management requires quick response, excellent communication, and efficient organization. Fortunately, technology can help property managers exceed renter expectations. Let’s take a closer look at just exactly what different types of technology can do to improve your management processes.

Rental Property Management Lets You Focus On What Matters

Daily management operations can easily become overwhelming and disorganized as rental requests are added on to everything you need to accomplish as a landlord. Applications and management programs allow landlords to effectively manage their time and keep them focused on the tasks at hand.

Through applications like Landlord Studio and other programs a rental property management team can recommend, you can easily keep track of when payments are due, various accounting reports, renter requests, and more!

Online Property Management Portals Keep Owners Informed

One of the biggest technological advancements to reach the property rental sector is the online portal. With the help of your property management team, you can implement an online portal into your management system to help streamline several of your responsibilities as a rental property owner .

Online portals serve as an effective way for your team to send out instant alerts to renters, create calendars that keep track of important dates (i.e. rent collection, property inspections), and easily track a renter’s account. This makes end of month earning statements easy to track and makes managing your properties an extremely transparent process.

Rental Property Management Simplifies the Application Processes

When you are eager to fill a vacancy, waiting for a lengthy application process just isn’t something you want to do. After your rental property management team has thoroughly reviewed the best possible renters for your property, we can help you create an online application process that allows for:

Online submission
Easy background checks
Online application fee payments

Through modern technology, what was once a three day approval process can now be condensed into a single day and guarantee faster filled vacancies and reduced financial risk as a landlord.

Accept Electronic Payments Through Your Online Portal

Gone are the days where landlords had to wait for or physically collect rent checks from their renters. Once again online portals and several financial applications (Venmo, PayPal, etc.) make electronic payments a streamlined process that can have cash from your renter’s account into your property’s account almost instantly.

Upgrade Your Management Technology With Classic Property Management

If you are ready to leverage technology to better manage your rental properties but aren’t sure where to start, working with a rental property management company can help.

The team at Classic Property Management has decades of experience helping rental property owners improve their management practices and retain quality renters for years to come.

Contact us today to learn more about our services and how we can help you become a top renting opportunity in your community.

How Rental Property Management Helps You As A Landlord

johnshearer@classicpm.com (John Shearer) — Mon, 07 Mar 2022 14:58:11 GMT

Property management is essential when you are leasing out an increasing number of rental properties. However, being a full-time landlord and living your own life outside of management can get complex, and it’s easy to lose your way as an excellent property manager.

Hiring a property management team like Classic Property Management is the easiest way to handle your landlord responsibilities. Our experienced property managers truly know how to utilize the three M’s of property management: Minimized expenses, maintenance, and managed risk.

Here’s a closer look at how our team can help you truly manage your rental properties .

Minimize Management Expenses

Experienced property managers can help owners minimize long term expenses and allow them to wisely manage the funds they put into their properties.

Your property manager can help you minimize electricity and water expenses through the implementation of energy saving developments like:

LED lightbulbs
Energy efficient appliances (refrigerators, washing machines, dishwashers, etc.)
Smart thermostats
Smart locks
Calibrated toilets
Aerators, and more!

A rental property management team like Classic Property Management can make improvements that not only save you money but also help boost property value (which we’ll get to later).

Offer Several Preventative Maintenance Benefits

Maintenance is something that all renters know a property manager is responsible for. However, a great property management team will know the value of preventative maintenance and how resolving issues quickly can reel in several benefits for landlords and renters alike.

Higher Property Values

Simple maintenance tasks like keeping up with landscaping responsibilities, and adding maintenance clauses to rental contracts can do a lot to preserving the beauty of your property and preventing massive issues from rearing their heads in the future.

When your property is well-maintained, property value will increase and your investment could pay off well if you decide to sell in the future.

Mitigated Expensive Repair Costs

Preventative maintenance not only keeps your property running smoothly but also keeps general repair costs down. While paying a little money consistently in the long term for maintenance can seem like an expense at times, we guarantee it's a lot less than one giant repair that results from negligence or improper maintenance practices.

Reduced Renter Turnover

When your renters don’t have to worry about the quality of their appliance and your property in general, they get comfortable and happier in your homes. This often results in reduced renter turnovers that saves owners lots of money on finding new, quality renters for the property.

Provide Property Risk Management

A huge part of efficient property management is ensuring the right renters end up in your homes. A property management company specializes in renter screening, credit checks, and gathering essential data that helps you understand the types of renters you want on your property.

High turnover and irresponsible renters can get expensive, fast. So, trust us to help you avoid any major risks and make the most of every renter opportunity that comes your way.

Expertly Manage Your Rental Properties With Classic Property Management

If you’re ready to take the next step in property management, Classic Property Management is ready to help! We have decades of rental property management experience and can quickly help you improve your property value, retain long-term renters, and benefit from your investments.

4 Ways Rental Property Managers Improve Your Landscaping Management

johnshearer@classicpm.com (John Shearer) — Mon, 28 Feb 2022 21:59:08 GMT

When a rental property manager for your rental homes comes to mind, repairs and financial assistance are usually the first services owners think of.

While those are definitely a huge part of a property manager’s job, we are also responsible for keeping your property’s landscaping looking great year-round.

Let’s examine why landscaping management is essential to your property and how a rental property management team like Classic Property Management can go above and beyond standard lawn mowing for the curb appeal of your rental properties.

Why Does Landscaping Management Matter?

Your property’s landscaping is the first impression any visitor or potential renter will have when they visit your homes. Remember, aside from impressing the public and generating excellent curb appeal. great landscaping leads to:

Increased rental property value
Higher quality renters
The possibility of higher rent
Renter longevity

4 Ways a Property Manager Can Improve Landscaping Management

Landscaping management does involve standard maintenance services, but working with a property manager can help keep your landscaping planning more organized, efficient, and delivering reliable results.

We Continuously Boost Your Curb Appeal

When your landscaping is in the hands of a property manager, services can either be performed by management themselves, or through affordable landscaping vendors they’ve established excellent relationships with.

Either way, if you want your rental property management team to actively boost your curb appeal, we are able to perform the following landscaping services:

Lawn mowing
Planting flowers to add a splash of color to your property
Adding rocks to your landscaping
Tree and shrub trimming
Edge and walkway trimming

Contract Clarifications Between Renters

Sometimes landscape management is something that a landlord would like their renter to take care of on their own. In these instances, a property manager can help create clauses in the rental agreement that distinctly clarify the landscaping responsibilities a renter has.

If landscaping is part of the general contract, quality renters are likely going to keep up with your expectations and keep your landscaping in pristine condition. However, if the opposite happens, your contract has you protected and allows landlords to apply fees and other demerits where necessary.

Create Pet-Friendly Areas in Your Lease

Although we all love our furry friends, the truth is that their bathroom habits can leave a bad impression on your landscaping. While some landlords may be okay with the extra work involved with landscaping and pets, others may wish to create exclusive pet-friendly and no-pet zones on their properties.

Not only can rental property management help create these physical zones and their potential dividers, but we can also add these clauses to your lease and ensure every renter is notified of your property’s pet rules.

Renter Notifications

Eventually, work like pest control or other unavoidable landscaping maintenance will need to occur. As advanced landscaping practices are part of a property manager’s responsibility, we will also take charge and provide advanced notification of services to your renters.

Informing them of any in-depth landscaping maintenance on their property creates trust and allows renters to plan ahead for the work to come.

Keep Your Landscaping a Community Gem, With Classic Property Management

If you are a rental property owner that needs help maintaining your landscaping or other aspects of your rental property, don’t try to hold the weight of the world on your shoulders alone. Let the rental property management experts of Classic Property Management elevate your property through best practices that provide a total positive impact on your property and rental services.

Contact us today to learn more about our services and about how you can become a member of the Classic Property Management family.

How to Reduce Renter Turnover with Rental Property Management

johnshearer@classicpm.com (John Shearer) — Fri, 25 Feb 2022 22:41:57 GMT

High renter turnover is one of the costliest issues associated with rental properties that lack professional property management. If you are an owner of rental properties that constantly find themselves trying to reach out to quality renters that will stay for years to come, it’s probably time to seek a rental property management team that can help reduce turnover.

If you’re on the fence about how hiring a property manager can help you keep your renters year after year, here’s a closer look at the ways our work influences your bottom line.

Responsiveness Keeps Renters Happy

As a landlord, it can be difficult to respond to every call and renter's need in a timely manner. While some renters may understand you have a busy schedule, others may view tardiness as a sign of disregard and start to look elsewhere for living arrangements.

Having a property manager on your side means that you have a team that is always ready to take a renter’s call. When a need arises, we gather our resources quickly, get the right vendors for the job, and ensure your renters are taken care of in a timely manner.

Responsiveness makes people feel appreciated. So, trust us to be there for your renters 24/7.

We Help You Screen for Great Renters

Sometimes renter turnover is something that you can’t avoid. When the time comes to have to look for new renters, property management can use their resources to help you effectively screen for quality renters.

From in-person interviews to thorough credit background checks, we help you save money by finding the right renters that are poised to stay on your property for the long term.

Stay Honest With Your Renters

Transparency can be difficult when you are a solitary landlord. Much like responsiveness makes renters feel appreciated, so does full transparency. When changes need to be made on your property, a property management team can help you stay honest and inform your renters of any issues in a timely manner.

Being transparent helps you build trust. Even if a renter isn’t thrilled with things like repairs taking longer than expected, they’ll still respect the fact that you and your team were upfront with them about the state of their rental property.

Gather Feedback and Take Action

Renter feedback is essential to improving your properties and reducing turnover. A property management team can help you arrange annual or quarterly surveys that bring anonymous and effective feedback to your attention.

How does gathering feedback keep renters happy? Well, the proof is all in what you do with the feedback itself. Not everything is going to come out sunny with all of your surveys. So, a rental property management company can help you make quick improvements that let your renters know their voices were heard and their concerns matter to you as a landlord.

Create Rental Relationships That Last, With Classic Property Management

Don’t let high turnover be the norm for 2022. Let the property management experts of Classic Property Management help you keep the renters you deserve.