How to Overcome Most Common Residential Property Management Challenges

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.