Here’s why an experienced professional property management company with boots on the ground is essential to get the best ROI on your apartment properties in Texas.
Texas is not just the home of the Texas Longhorns, the Houston Astros and the Dallas Cowboys; it is also home to some of the top real estate markets in the U.S. year after year — and the perfect place to invest your money. Buying multi-family properties is an excellent investment vehicle, and as such, one should look for top quality professional property management to help make the most of your investment. Finding an experienced property management team can have some serious benefits.
A team of experts with decades of experience can enhance your investment returns by bringing you happier qualified resident, helping you make more money, and improving your property in diverse and exciting ways. Let’s dive in and see exactly how professional property managers can improve your investment returns.
Invest With Confidence
There is often a stigma that in order to invest in apartment properties you have to live in the city where they are located. You can toss this idea right out the window. In today’s technology-fueled world, contacting your professional property management team is a breeze.
Let’s say you decided to buy an apartment in Dallas, Texas — but you live on the other side of the country, or even in another country across the globe. You are going to want to visit the property before you purchase it, as this will ensure that you know exactly what you are getting yourself into.
An experienced property management team can visit the property pre-sale for you, based on your predetermined criteria and perform professional due diligence. They can then present their findings for your review saving you time and money. Once the properties are identified and you are comfortable with the findings, you are then free to negotiate the deal. Based on information discovered during due diligence, the property management team will get to work after closing and get the property ready for residents to move in or begin property upgrades and repositioning strategies. An experienced professional property management company is able to present best case scenarios for you to maximize your return on investment, based on your timeline and desired investment goals.
The Art of Hidden Value
A trained group of professional property managers is never satisfied with just the basics. They don’t just collect rent and go home at 5 pm. They want to dive in and see what kind of hidden potential your apartment property has tucked away. In fact, for skilled property managers, this is the fun part.
Considering the size of a multi-family dwelling, it’s no surprise that there are numerous ways that a professional property management team can increase the value of your property. A hands-on professional property manager can uncover hidden costs and resolve the issues while you sleep and add even more to your return on investment.
They may learn that changing lighting fixtures, upgrading plumbing hardware, and adding key amenities tailored to specific demographics can increase the value enough to sustainably raise rents. They may come to you with an option that may cost you $25,000 up front, but net you $110,000 at the end of the year. There are multiple ways to increase the value of your property, and a strong apartment property management team will never shy away from an opportunity to make you more money!
When you’re managing properties in-house, it’s sometimes overwhelming. It doesn’t have to be that way when you work with a professional property management staff. If you work with a team of experts, they have three things in mind: your short-term, near-term, and long-term goals.
The best part of this plan is it maximizes your success now, and years in the future. They will sit down and listen to your needs while guiding you in the right direction so you can make the most of your investment. Owning a multi-family apartment project requires careful planning — plain and simple.
A team of expert property managers can also reach out to local, state, and national apartment groups and discover new trends and pending legislation. They can use what they learn to help develop a precise plan that matches your goals.
In order to make the most money from your multifamily investment, it only makes sense that you want all of your apartments to fill up as quickly as possible with quality residents. Property managers can help you decide on a fair rental price that will have residents waiting at the door to rent at your properties.
The property management team will also ensure that you have all of the resources on hand to handle repairs, get construction or rehabilitation completed on time and within budget, and keep your property in tip-top shape. If everything is managed well, you will retain happy residents, which translates to continued income every single month, like clock work.
Experienced Boots on the Ground
If you have a qualified management staff by your side you are not just investing in the property — you are investing in the knowledge of the management team. Professional property management firms who have had boots on the ground for decades know how to handle even the most unpredictable situations. It’s what they do!
They understand that you expect them to swiftly handle each situation that arises and to the satisfaction of everyone involved and within regulatory standards. The experience that these experts have means you as the owner can rest easy. They have your back and have dealt with many situations over the years. Some even worthy of Texas-size story telling. Like the time the Griselda, the Great Dane was found doing laps in the resort-style pool.
Let’s face facts, skills are learned when working with countless apartment owners throughout the years. You need this kind of expertise on your side. When push comes to shove, you’re going to be glad that you picked an experienced property management firm over a cheaper alternative or an attempt in-house to save money. Professional property management fees can be quickly recaptured in the first few months of a new management contract through savings in new vendor contracts, combined services, rent increases, concierge services and more.
Professional Property Management. Priceless.
It doesn’t matter if you have never invested in a multifamily property before, or if this is your 20th property, having a professional property management team on your team is priceless. The cost of professional property management quickly pays for itself in improved collections and discovering and maximizing hidden value.
Are you looking for a team to help take your apartment properties to the next level? Look no further. Better World Properties LLC and the Better World Family of Companies has over 100+ years of combined experience working with apartment owners, real estate investment groups and real estate clients from around the world. We prioritize honesty, transparency and success above all else.
You have made an excellent investment choice by investing in apartments. Real estate has always been part of long-term wealth strategies and will continue to be. We are here to help you make the most of your decisions. Feel free to contact us or give us a call.
Better yet. Come visit in person. We’ll pour some iced tea and give you the Lone Star tour. We love nothing better than to talk apartments. Bring your boots. It’s rodeo month here in Houston.