So you’re looking to create or expand your leasing portfolio in the Dallas area, but you’ve got lots of questions. No worries! When it comes to managing a high-end property, Dallas Luxury Realty has all the answers to questions you didn’t even know you had. From finding a property for you to buy to long term management, Dallas Luxury Realty has you covered at all steps of the leasing process.
Even if you’re thinking about managing your property yourself, there are many elements you should consider, whether you’re new to the renting market or just refreshing your property management skills.
1. More and More People are Renting Instead of Buying
It’s 2019, and the renter’s market is more diverse than ever. People are deciding to rent later in life instead of buying a home, which means that luxury realty is at an all time high. Which also means that it’s more profitable to have fewer, high-value properties than several lower-end complexes.
When you rent at a higher level, the likelihood of your tenants defaulting on their rent or leaving a nightmare move-out mess decreases significantly. Plus, higher-end properties tend to attract tenants who will want to stay for the long term, which results in less turnover and longer lasting renters. With on-time rent, easy clean-up, and lower turnover, luxury properties guarantee much lower costs in the long run, meaning you get to keep more of your profits!
However, tenants of luxury properties also expect more from their landlords or owners in exchange for higher rent. Luckily, with a property management company fielding the 2 am emergency calls, you can enjoy the higher ROI without the added burden of handling your tenants.
2. Renters Want Their Information At a Glance
With the digital age in full swing, tenants have come to expect some sort of online portal to view their bills and submit maintenance requests. The era of sending a check in the mail is over. If you can’t offer a direct deposit from the bank, you’re actually losing out on a quicker payday for yourself.
Unfortunately, building your own online payment processor, website, and app can come at an exorbitant cost, plus months of development. By working with property managers, you gain their expertise, skills, and resources, which boils down to you not having to worry about hosting and maintaining a rent portal. You’ll save your sanity and your cash by delegating to the experts.
3. You Wont Find Renters if They Can't Find You
In an online market flooded with home-finder sites, it can feel overwhelming to find the right ones to post your property on. Then there’s the issue of taking professional-looking photos, pricing fairly, answering prospecting renters, and scheduling tours -- that’s a lot to handle! You could try to do it all on your own, but wouldn’t it be nicer to let someone else (who handles these kinds of things every day!) take on the burden?
Do You Need Expert Property Management?
There’s a lot to know about managing your own rental property. While hiring property managers may seem daunting if you don’t know what to expect, it’s the easiest way to ensure you’re getting the maximum profit while still sleeping soundly.
Ready to get started? Get a quick quote or try Dallas Luxury Realty for free! Contact the premier rental property management company in Dallas for everything you need to start renting your home today.