The demand for rental property in Texas has increased greatly in the last couple of years. From 2020 to 2021 alone, the average rent in the Lone Star State increased by 30%.
If you own property in this state or are looking to invest in rental real estate in Texas, you may be overwhelmed at the thought of doing it alone. This is where a property manager can help you.
Read on to find out about some of the biggest benefits that a property manager can provide.
One of the biggest things that a property manager can do for a landlord is to help them collect rent from tenants. You can make it their responsibility to do so and make sure that all of the rent is there every month.
Then, you can allow a property manager to take further action if a tenant is late with rent. Because this property manager likely has great knowledge of the local laws in these situations, they will know how to handle a tenant who refuses to cough up the money that they owe.
Get yourself some relief from being the person that has to deal with this.
Going off of the above, a property manager can help you make sure that you do not get tenants like that in the first place. Instead, a property manager can put each potential tenant through a screening process before they sign the lease. Then, the property manager can determine if that tenant is a good fit from there.
One of the things that a property manager will do here is conduct a background check. There are easy things to look for, such as if a person has a criminal record, and if they have any reported income in recent months.
Then, there are more subtle things to look for such as a good credit score. For those of you that do not know, this is what gives people an idea of what your financial history is. It can also reveal how likely you are to pay your bills on time.
In the United States, the average credit score is 714. Considering that credit scores range from 300 to 900, this is not bad.
If a property manager finds someone with a credit score that is under 600, that could raise a red flag. It can make them think that this tenant may be a liability when it comes to paying rent on time. As a result, they may not move forward with that tenant's application.
Hire a Property Manager
These are just a couple of things that a good property manager can do for you. As a landlord, you will likely have a lot less stress with your property if you have good tenants to work with. A property management company in McAllen can help match you with the right tenants.
Do you want to learn more? Message us here with your questions about our management services.