Our team of local professionals at Mynd Property Management are different than other Dallas property managers. Servicing the greater Arlington, Plano, Grapevine and Frisco areas, we leverage real-time data to consistently better our services, providing owners with seamless management experience.
Customers working with Mynd can rely on us as their trusted partner, providing them with a healthy investment, and their residents with a happy home. Residential real estate joins business and retail as Dallas’ greatest investments. It’s time to make your real estate investment work for you.
If we place a resident and they fail to pay rent at any time during their lease, we reimburse you up to $5,000 in lost rent while we resolve the situation.
If a resident we place moves out and leaves behind property damage in excess of their security deposit, we will cover the difference, up to $5,000.
If a Mynd-placed resident fails to pay rent and an eviction is required, Mynd will cover the court costs and legal fees up to $5,000.
Your rental property is one of your most valuable assets. You expect concrete, tangible results, and Mynd delivers. We focus on measurable results that you can see.
Quicker than average leasing times.
Less than 4 business hours for owners, less than 8 business hours for residents.
Higher than average resident quality score (720+)
No need to worry about rental payments, less than 2% delinquency.
Consistently high customer satisfaction scores (Better than 4/5)
Net Promoter Score of 58 versus industry average of 7
We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.
Lakeisha has 6+ years of real estate experience. She is a Louisiana and Texas native who has been in the property management for many years. Lakeisha is a licensed agent and has extensive knowledge of the local area and industry. Outside of real estate, sheI loves to read, work out and meditate doing yoga while traveling the globe whenever possible.
Given its proximity to Tornado Alley, tornados are becoming a creeping threat to Dallas. Until tornados become a mainstay, residents still have to contend with spring time thunderstorms, which bring hail and torrential rain.
Mynd’s property managers monitor weather closely and will respond to emergencies ASAP. We also take a proactive approach, keeping trees trimmed and making sure your roof and gutters are clean and up to snuff! After all, we know that rain causes flooding and that if hail’s big enough it can damage your roof. We’ll keep you and your tenants happy by keeping everybody dry!
17304 Preston Road, Suite 831B
Dallas, TX 75252
Dallas has a massive economy, with over 5,000 companies in the telecom sector alone. That means plenty of potential tenants, and Mynd’s Dallas property managers will help you nab and retain the cream of the crop! Explore our resources below to learn more about Dallas rental properties and more!
Fire is always a risk, but it’s especially top of mind now given all the wildfires in the western US.
There are things landlords can do to prevent fires and reduce their likelihood, and there are things landlords can explain to their tenants to keep them safe. Fire prevention is yet another reason to maintain a good relationship with their tenants because it encourages cooperation.
Remember, your investment is their home; they don’t want it to burn down either!
These are things landlords can take care of themselves to help prevent fires and reduce potential fire damage.
Following local fire codes and ordinances will help you avoid fines, keep your tenants safe, and likely keep you from violating terms of your insurance.
Make rules of your own that tenants are expected to follow. Write the rules out and distribute them to your tenants when you give them their lease and via email. Explain the rules to your tenants in person since you shouldn’t assume they’ll read them. If there are children in the household, make sure they are present, and learn these lessons.
Remind your tenants of common causes of fires:
Checking smoke and C02 detectors can be a part of your inspection. This is also an excellent opportunity to scope out the apartment in general.
Put fire extinguishers in every kitchen and make sure your tenants know how to use them. Not every fire extinguisher works in the same way!
Fire blankets are made out of fire retardant material and are placed over fires to smother them. They can be more useful for those who aren't experienced using fire extinguishers. They should not, however, be used to extinguish an oil/fat fire (like one caused by a deep-fryer) since they may end up covered in burning oil.
You have the right to prohibit smoking inside or outside your property. If you choose to do so, put it in your lease and inform your tenant verbally. If the stipulation is not in your lease agreement, it cannot be enforced.
You have the right to prohibit grilling. Like a smoking ban, the ban must be in the lease agreement. If you choose not to disallow grilling, then explain grilling best practices to your tenants:
Your escape plan should be clearly explained, posted, and include emergency numbers and contact information.
Renters insurance only costs a couple hundred dollars a year, but they can help policyholders cover the cost of personal items in the event of a fire, theft, natural disasters, etc.
A tenant isn’t guaranteed to report an issue, which can be dangerous if it’s a fire hazard, water leak, etc. Fostering a positive relationship with tenants and responding to complaints quickly and effectively will encourage them to report issues.
Repair structural components such as fireplaces, chimneys, electrical cables, and plumbing systems.
Make sure to follow fire prevention best practices for your landscaping.
Check the state of your electrical appliances, even the microwave. Check vents for dust, pet hair, and other debris.
Residential fire sprinklers can contain and potentially put out a fire in less time than it might take for the fire department to get there.
Keep track of everything you do to reduce the likelihood of fire to reduce your legal liability at your property.
You should put together a list of fire prevention measures your tenants can take. Make sure to provide the list in person, via email and go over it verbally and that any children are also present.
You can break up the list into the following three categories:
Taking as many precautions as possible will decrease the likelihood of your investment being destroyed by a fire. Many of these precautions are also acts of maintenance that will keep your investment looking good and prevent them from depreciating.
A well-maintained home is a fireproof home!
To learn more about fire prevention tips in your local area, contact our on-the-ground property management team who can help keep you prepared for the fire season at your rental home.
Minimizing vacancy time is a priority for landlords trying to maximize their return, but it is even more important during a pandemic when every dollar counts. The key to reducing the time between a renter moving out and a new tenant moving in is utilizing technology to make the process quick and convenient. A tech savvy property management company using self-showings, online applications, and virtual leasing can reduce vacancy time.
Implementing pre-leasing strategies can result in your property being leased before your current tenant moves out. If you are using a property management company, they may already have marketing materials for your property ready to start advertising immediately.
Every day the unit is vacant is money lost, and pre-leasing can help to minimize the days between renters. You will still need a few days between renters to get your rental property rent ready and complete the cleaning process, but having a tenant ready to go right after is a huge advantage.
Mynd offers pre-leasing when we can and if there are photos and video available to begin marketing the property.
Each of these advertising tools gets more eyeballs on your property. The more potential renters you reach, the larger number of applicants you will have to choose from. Video is a powerful tool in its ability to bring the property to people virtually. You want to cast a wide web and quickly capture as many interested renters as possible.
Certain platforms may perform well in one market and not in another. A local property management company like Mynd knows what works best for marketing a property in their specific area.
During a pandemic there are additional challenges associated with showing a property safely. Virtual tours and showings are welcome alternatives to actual onsite visits to the property.
Mynd offers self-guided tours of properties for rent. Someone interested in the property can select an appointment from a schedule online. There is an ID verification process, so we know who is going into the property, and they are given a temporary access code.
Statistics show that self-showings increase the conversion rate of a prospective renter to a tenant because a lot of the friction of the process is removed. They don’t feel the pressures of a salesperson, and they can better schedule the tour when it is convenient for them.
Video allows the property to be seen by more people. The ease of sharing a link with someone vs scheduling an onsite tour is a huge advantage in reaching a wider audience.
Video tours are a great way for potential renters to view multiple properties from the comfort of home. They love the convenience and time saved. No more running around to see properties they instantly aren’t interested in because of a layout or other reasons. People relocating from out of town can easily tour properties without the time and cost of traveling.
Video tours give potential renters the ability to narrow their list of properties and schedule self-showings themselves. It is a safe showing process to offer during a pandemic because it doesn’t require any interaction from a salesperson or property manager.
Once a potential renter finds a property they would like to view in person, they simply select an appointment time online to register for a self-showing. During the signup, Mynd collects ID and credit card information. They are then given an access code that works with a smart lock on the property. The code is temporary and only works during their scheduled visit.
Mynd knows who is at the property and when they are there. Every step is tracked so there is an information trail. The process is very convenient for the renters, and it is a safe process for everyone.
Once the tenant had decided on a property and is ready to apply, they can do that online at their convenience.
How do you know if a potential tenant is right for your property? The tenant screening process is an important step to ensure you get a quality resident in your home. There are several tools available to help screen applicants.
Some property management companies use a FICO score which only tells you the applicant’s credit score. It is important to look at several factors, so Mynd uses data from Transunion to create a resident score to evaluate a potential tenant.
Running a criminal background check is another layer of information to consider. However, in some areas it is illegal to run that report on an applicant.
As a landlord, it is important to know the laws that apply to applications and what you can and can’t do in your area. There are questions you can’t ask on an application, and you don’t want to end up dealing with an expensive lawsuit. Good property management companies understand the laws and regulations to ensure you are complying. Mynd has in-house legal counsel to ensure the application process follows the laws.
The more thorough the screening, the better chance of getting the highest quality tenant in your property that is going to pay their rent on time.
Once you have a tenant ready to sign a lease, it is important that the lease signing process be quick and easy. At Mynd, our lease signing process is done completely online. In addition to the website option, Mynd also has an app available for mobile phones or iPads because the goal is to make the process as frictionless as possible for the applicant.
When looking for a property to rent, it is important to know that you are dealing with the actual owner or property management company advertising it. How can you tell if you are dealing with the right person and not someone claiming to own it? It is important that you, the property owner, can also clearly communicate this to your prospective residents.
Considering branding the listing with your name or some other unique feature so that the prospects can easily identify the unit. At Mynd, all photos will be watermarked with the Mynd brand, smart lockboxes will have our sticker on them, and the signs will have our logo and information on them. Applications and lease signing are all done online through our website or app.
Mynd does everything they can to make it clear who you are dealing with on a listing and brands all promotion material to reduce the potential for fraud.
Once the tenant has an application approved, it is important that the next step, signing the lease, happens quickly in order to keep the momentum going. The digital lease signing process makes it easy to move the resident through the next step. Once the digital lease is signed, the tenant books a move-in date online. Again, the goal is to move through this process quickly.
Mynd then works around the move-in date to make sure the cleaning, keys, etc. are ready for the big move-in day.
This seamless process moves the tenant step by step through the process with minimal time between. You don’t want to lose a quality tenant because you took too long, so keeping the momentum going is key. Using technology speeds up the process, and significantly reduce the time it takes to place a new tenant. Tenants love it because they can complete the process quickly from home on their own time.
As an owner, you want to keep a quality tenant if possible. Getting them to renew a lease saves all the time and effort of finding another tenant, screening them, getting the home rent ready, etc. Keeping the current tenants means no lost rent during the vacancy time.
At Mynd we will re-evaluate the market to see if it is a good time to increase rent or if you need to decrease rent to avoid them moving out for a better deal. The market determines rates, and you want to stay competitive.
How do you know if it is illegal to run a background check? What questions can you ask on an application? The laws and regulations are constantly changing. COVID-19 has added even more rules and regulations that apply to evictions or rent increases depending on where your property is located. As a landlord you must follow all the laws that apply to your rental property.
You can research the laws online yourself. However, this can be dangerous as there might also be dated information online. It can be a lot of pressure to rely on your own research, especially since much of the information is written using legal terminology.
As the owner of a rental property you own a business that is governed by laws, and you must comply with them. You can do the research yourself or hire a property management company like Mynd who can take care of this for you. Not only can that give you peace of mind that your investment is in good hands, you can also reclaim some of your time back as well.
Mynd property management is ready to be your partner. Whether you are looking to expand your investment portfolio or need management services, contact us today. We offer a three-tired pricing plan, so you can choose the one that best fits your needs.
The CDC has issued an eviction moratorium until December 31, 2020. Any individual with the right to pursue an eviction, whether it be landlords or owners of residential properties, is prohibited from doing so against any occupants who are unable to pay due to the coronavirus pandemic.
Evictions are still permitted for reasons that have nothing to do with non-payment of rent due to the coronavirus pandemic, and foreclosures of home mortgages are not precluded.
This moratorium is different from the CARES Act. It only applies to those areas that don't already have an eviction moratorium of their own or areas where protections are less substantial than those provided by the CDC. That means states like California, which passed its own
COVID-19 Tenant Relief Act (AB 3088), aren’t covered by the CDC moratorium.
The CARES Act, which expired on July 24, 2020, prohibited evictions for 120 days against those unable to pay their rents due to the coronavirus pandemic. It also prohibited landlords from charging late fees, penalties, or charges against tenants protected from eviction.
The new protections from the CDC are available to all residential occupants instead of only those who get federal housing assistance or who live in a federally related or financed property.
The CDC's moratorium only applies to those areas that don't have their own moratoriums or where protections are less substantial than those provided by the CDC moratorium.
The CDC moratorium doesn't mean late fees, fines, or interest cannot be incurred due to rent that goes unpaid during the moratorium.
To make use of the moratorium, tenants have to fill out a declaration form. The form is then given to whoever has the right to start the eviction process. The declaration must include the following from each adult tenant listed on the lease or rental agreement:
The declaration is considered "sworn testimony," so anyone who fills it out untruthfully can face charges or a fine. The statement also does not have to be filed in court. It only has to be submitted by tenants to their landlords.
The moratorium does not forgive rent. Tenants still have to follow their lease terms and pay as much of their rent as possible. Tenants may also face fines, penalties, and interest for not paying their rent.
The CDC moratorium only affects tenants at risk for eviction caused by non-payment of rent due to the coronavirus pandemic. Tenants can still be evicted for willful destruction of property, alleged illicit activity, lease agreement violations, etc.
The CDC order also doesn't cover commercial tenants, which means office and retail spaces, for example, get no protections. Only tenants of apartments or houses are protected. Those living in hotels or motels are also still subject to eviction.
Tenants who are protected by the moratorium are still at risk of eviction. As reported by NPR, the CDC's moratorium hasn't entirely stopped evictions. The following problems persist:
The penalties for ignoring the CDC's moratorium are stiff for landlords: upwards of $100,000 and a year in jail for a first offense. A landlord that tries to evict a tenant for not paying their rent will have to provide sworn testimony that they never received a declaration from the tenant. Being dishonest with the court could also come with a charge or fine, so property owners should always be truthful.
Some have voiced the concern that the CDC's moratorium may prompt landlords to take the following actions that will have adverse consequences for existing or potential tenants:
Some have also expressed the concern that providing a moratorium on evictions may discourage tenants from seeking employment.
Like moratoriums offered by states and local jurisdictions, the CDC's moratorium on evictions only provides temporary protections for tenants through December 31, 2020.
The risk of systemic failure still exists in the near future, which may be warded off by some federal intervention in the form of monetary assistance for both property owners and residents. Many believe that economic stimulus directly to both parties is a better solution. No matter what happens, though, the coronavirus pandemic's effects will be widely felt by tenants and landlords nationwide in both predictable and unpredictable ways.
If there’s any U.S. city deserving of being called “all-American” it’s Dallas. Its rich history and tradition make it one of the most iconic areas in the country and its lofty status continues in part thanks to its tremendous economic success. Just how successful is its economy? Dallas/Fort Worth/Arlington had a combined GDP of approximately $512 billion in recent years. To put that in perspective, if this region were a state, it would rank #9 among all others in the United States!
There’s more good news for investors: since the 2009 recession, employers in the Dallas area have created almost 800,000 new positions and nearly every employment sector is in positive territory over the same timeframe. Just as promising, the local population gained 1 million residents between 2010 and 2018, providing a solid renter base for real estate investors; many of these are millennials who are attracted to the area’s relatively low cost of living. What does the future hold? Continued relocation and expansion of major companies in the area promises sustained economic success for this American sweetheart city.
The northwest is home to some of the biggest companies in the US, such as AT&T and Exxon Mobil. The Dallas Mavericks play outside the city but the area is also home to great school districts. If you are looking for good schools, sports, and Fortune 500 companies, check out the northwest.
Fair Park is the hot spot in Dallas. The northeast, like the southeast, has the Fair Park, but it also has more variety of shopping malls and stores.
Home to the Dallas Cowboys and Texas Rangers. The presence of 2 major stadiums helps assure investment in the nearby area. Most important, the southwest is for those who love the outdoors. Cedar Ridge Preserve and Mountain Lake Creek are two of the desirable outdoor spots for locals. The southwest region is growing faster than any other region next to Dallas.
Dallas will soon be home to one of the largest urban parks in the nation, increasing the number of visitors in the southeast. The Harold Simmons Park will connect the south with the wealthier north. The southeast is home to Fair Park. Fair Park is a hot spot in Dallas. Investing by the park is a solid bet for investors due to the presence of infrastructure, museums, and sports in the east. The southeast is home to some lower income neighborhoods but is close to the Great Trinity Forest, which is also part of Dallas’ Trinity River Park Project.
Visit our Dallas property management page for local landlord tips and information as well. Our team has vast knowledge and experience in local Dallas property management and can help you to have a better investment experience. We educate on topics in the Dallas area ranging from repairs and maintenance, resident issues, dealing with emergencies and much more. We look forward to furthering your rental property education!
AUSTIN — Investors purchased a record share of Dallas-area homes last year.And these for-profit homebuyers are expected to continue to gobble up thousands of houses in North Texas and nationwide.Home investors are having the biggest impact in the lower price ranges of the Dallas home market — the same sector first-time buyers are shopping.More than 14% of low-priced houses in the Dallas area sold to investors in 2018, according to new data by CoreLogic. Overall, more than 8% of Dallas homes of all prices were snapped up by investors.“Investor buying activity in the U.S. is at record highs,” CoreLogic’s Ralph McLaughlin said. “It’s not the big institutional guys that are leading the increase in home buying — it’s the smaller guys.“They are buying homes that are in the lower third of prices — they are essentially buying starter homes,” McLaughin said at a meeting of the National Association of Real Estate Editors in Austin.Small investors accounted for more than 60% of these home buys last year.CoreLogic found that by the end of 2018, the investment rate in the U.S. housing market reached 11.3%, the highest rate since 1999, when the researchers started keeping this data.The share of investor home buys in the U.S. and the Dallas area is even higher than during the Great Recession, when thousands of distressed homes hit the market and were sold to owners who converted them to rental properties.That’s still what’s happening with most of the houses sold to these buyers.“Most investors are investing east of the Mississippi,” McLaughlin said. “Places investors are not buying homes at such high rates are in the West.“California markets have a realtively low share of homes being purchased by investors.”U.S. markets with the highest home investment purchase rates last year include Detroit (), Philadelphia () and Memphis (), according to CoreLogic.“Homebuyers today are more likely to cross paths with investors during an open house than at any other time in the past two decades,” McLaughlin said.David Hicks, who heads Dallas-based HomeVestors of America, said his company, which mostly represents small investors, is seeing record business.He said HomeVestors buyers are on track to purchase 16,000 to 17,000 homes across the U.S. in 2019. “We are buying the lower end — small houses,” Hicks said.The houses that HomeVestors’ members purchase through franchises around the country are mostly under 1,400 square feet and were built in 1985 or earlier. “Our average age is 1960,” Hicks said.Most of the properties need repairs and updating. “People don’t call HomeVestors if they have a nice house,” he said. The buyers spend an average of $20,000 a rooftop before reselling the homes or offering them as rentals.The average North Texas property-flipper made a profit of $30,588 in the first quarter of this year, according to the latest estimate from Attom Data Solutions.While the home investment business is booming, Hicks said he worries about some of the deals he sees in markets where home costs have risen.“A lot of investors are getting in buying houses who don’t understand the economics,” he said. “We see the prices they are paying and the numbers don’t work.“It’s not a get-rich scheme — they work hard.”Hicks said if there is a housing slowdown and prices decline, some small investors who bought a few properties and paid too much could be hurt.“Right now there is a lot of money for properties,” he said. “There is more money than there has been in years.”Colin Wiel, cofounder of California-based home management firm Mynd Property Management, said the increase in rental homes is meeting a need in the market.“For many people, owning a home is the albatross around their neck that holds them down in life,” Wiel said. “I think there is fundamental change for the long term in homeownership.“Today a young person is going to have 10 to 15 jobs throughout an entire career, and job mobility is very important,” he said. “The millennial generation is very much aware of this. Homeownership is a burden as much as a benefit.”Wiel said that the U.S. home rental market is a huge, behind-the-scenes business.“It’s twice as big as the hotel industry by revenue — about $460 billion a year,” he said. “About $29 billion is collected by third-party property management companies in fees.”
If you own a rental property in Dallas, what can you do to prepare for a local emergency?We’re talking about emergency planning and preparation today, and it’s especially important as people in Dallas and throughout the country deal with the current emergency, which is a virus pandemic.To read more, go to: https://mynd.co/how-should-rental-property-owners-prepare-for-a-local-emergency-in-dallas