COVID-19 SITUATION ROOM
A trusted resource for all COVID-19 related information
Our team of local professionals at Mynd Property Management are different than other Fort Worth property managers. Servicing the greater Roanoke, River Oaks, and Mansfield 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 as Fort Worth’s 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.
Trey is a customer focused Portfolio Manager in the Houston Metro area. His knowledgeable team of agents, property managers and operations staff at MYND Management are equipped with the latest technology to maximize results for investors, buyers, sellers and renters. From new homes to foreclosures we have the experience and knowledge to get you the best deal.
Fort Worth is susceptible to thunderstorms, hailstorms, and tornadoes. For this reason, Mynd’s property managers always monitor the weather and respond to emergencies ASAP. We also take a proactive approach, making sure that your roof and gutter are structurally sound and clean, trim nearby trees, and provide a path for water to run off.We keep abreast of zoning regulations as well so that insurance companies pay out in the event of damage. And if damage does occur, we repair it right away because we know that the more time passes the more likely the situation is to get worse. We have you covered!
Many corporations make their home in Fort Worth, including AT&T, which is headquartered in neighboring downtown Dallas. That’s a large pool of potential tenants for your Fort Worth rental property, and we make sure to catch the biggest fish! Explore our resources below to learn more about Fort Worth, TX property management!
As the current U.S. unemployment rate hovers at Great Depression-Era levels, many property owners are having rent delinquency, leasing and management issues.
So, how can investors manage their rental properties during a global crisis?
What immediate steps can they take to curtail delinquencies, sign new tenants and avoid long-term vacancies?
The first step is to ensure that the property generates steady monthly rental income in the most efficient manner, even when renters are losing their jobs. Oftentimes, ensuring that a rental produces steady returns while minimizing vacancies is a full-time responsibility.
During a crisis like the COVID-19 pandemic when residents face unprecedented unemployment levels and challenges paying rent on time, a nominal investment in a property manager will save money over the long term by keeping the property occupied.
A knowledgeable, tech-focused property manager mitigates rental delinquencies, retains existing residents, signs new leases and ultimately protects long-term investments during even the most difficult market cycles.
Here are five reasons to consider hiring a property manager for asset protection and preservation in the midst of unprecedented economic challenges:
A qualified property manager brings critical local market knowledge and applies it to the operations of each individual rental asset they manage. In other words, they understand the economic and supply and demand fundamentals in each submarket in which they operate.
A savvy property manager provides investors with average rental rates in their submarket by utilizing rent comps, AI and machine learning to predict future rent growth.
An effective manager stays laser-focused on a few real-time metrics impacting their portfolios in order to help real estate owners maximize returns and minimize turnover, including:
By using technology to predict rent growth, an effective property manager can even help an investor determine where to buy rental property. At the end of the day, a good property management team helps command as much value as possible for a rental unit.
Property managers can espouse the great customer service they provide all day long. But is there any truth to what they’re saying? How does an investor know if the management team they’re selecting is actually a trusted service provider?
One of the best ways to measure the level of customer service a property manager provides is to request two metrics:
A good property manager will send a survey after a resident has completed the on-boarding process to see how efficient it is, and if any improvements are necessary. If a property manager does not have their own internal service tracking and reporting, they are likely not committed to identifying issues and constantly improving their service.
In today’s environment, property managers should be up-to-speed on the best practices for entering a home while shelter-in-place orders are slowly being lifted Wearing PPE, especially masks, practicing social distancing when residents are nearby and following all of the guidelines laid forth by the Centers for Disease Control is a critical step to providing not only the best customer service, but the most considerate, protective service that could ultimately save lives.
At the moment, there are no federal relief programs available to small, independent residential property owners who have been impacted by the COVID-19 pandemic. However, many banks and lenders are implementing assistance programs for late mortgage payments.
In the meantime, leverage a proactive management team that is directly involved with residents to create rental payment assistance programs. A high-quality manager also ensures compliance with rent regulations and eviction moratoriums, for instance, that impact the municipalities and states in which they operate.
Another solution to better serve both owners and residents includes providing penalty-free lease breaks. In some cases, it may be better to place a new resident rather than to experience a prolonged vacancy with no rental income.
To prevent negative long-term financial impact, it’s best to adapt to the current COVID-19 situation, which likely means accepting softening rents and higher levels of rental delinquency rates over the short term.
Since there is uncertainty as to how long this trend will last, owners should be willing to start taking bold new steps to lease their properties as soon as possible, even if that means renting slightly below market rates.
For instance, it’s recommended that owners utilize one-time rent concessions and/or allow pets in their rental — anything that will help secure a quality resident in the immediate term.Postpone Rent Increases
In the interest of retaining existing tenants while also showing some empathy for their current plight, consider postponing scheduled rent increases in light of COVID-19. Also, consider renewing an existing tenant’s lease at their current rate.Pre-leasing is also an important component for success in the current environment. It allows property managers to reduce unnecessary foot traffic in the home and reduce overall vacancies.
Quality property managers have people, technology and systems in place to handle — and optimize — the marketing of an owner’s property. This is crucial in the midst of the pandemic: Operators must find new ways to market their properties that enable leasing from the comfort and safety of a renter’s home.
Since many managers have portfolios to optimize, not just one asset, they can leverage their large scale and online tools to enhance marketing efforts with property detail pages containing interior and exterior photos and information, 3D tours, self-showings with smart-home automation and more.
In many states, self-showings are the only way to see properties right now. Renters should have the ability to book self-showings completely online, without interacting with a real estate agent or salesperson and without risking exposure to the coronavirus.
A tech-centric manager provides prospective renters with videos that provide instructions on how to access and secure the unit upon departure.
A tech-forward property manager also makes self-showing appointments easy.
A self-showing works like this:
A prospect can easily pay their application fee online, get approved, set up an account and start the move-in process. All of these steps to lease a property completely online are completed in a contactless manner, mitigating exposure to any viruses.
Once a prospect becomes a resident, they should have the ability to interact with their management team virtually. High-tech property managers have native apps for their residents to pay rent online. Through an app or an online portal, residents should have the ability to make repairs and maintenance requests safely and securely, completely online with contactless property techs.
Handling leasing, collecting rent, overseeing maintenance and repairs and managing tenant relations is a full-time job. Most small residential property owners have full-time jobs, necessitating a professional property manager to take care of their investment, to manage it and to protect it. Having an experienced management team becomes even more critical if an investor owns an out-of-state property.
A local market expert who can keep their eyes on the property and be available to quickly respond to an emergency situation, especially as new concerns arise from tenants in light of the coronavirus, is needed now more than ever.
At the onset of the crisis, new laws on rent freezes and eviction moratoriums were handed down immediately by state and local governments. A property owner may not have even known about the new laws impacting California or Texas municipalities, for instance. That’s one of the reasons it’s imperative to hire a property management expert with local market knowledge: They ensure compliance with local rent laws and regulations, which vary from state to state.
A good property manager has a legal expert on board who is well-versed in legislation impacting rentals, whether there’s a national health crisis or not. They also have good relationships with attorneys to avoid fees and unnecessary legal battles should they ever materialize.
When assessing the value of a property management firm during an economic crisis, a savvy investor should:
If an investor lacks the time to perform any of these essential duties to ensure the optimal operation of their asset, they could be missing out on valuable rental income.
Consider hiring a knowledgeable property manager with an established track record of helping owners avoid delinquencies, retain existing residents and sign new leases during the most challenging times.
Owning one property is challenging enough as it is.
While the same skills that will make someone good at owning one investment will make someone good at owning several ventures, the very fact that there are so many more moving parts becomes an issue in and of itself. Even with the help of a property management company, owning multiple properties will require your involvement.
That doesn't mean it's not worth it. It means that knowing what you're getting into is very important.
From a legal perspective, ousting a tenant, even one who isn't paying rent or causing damage to the property, is quite challenging. All the steps must be taken properly to avoid being sued. You can prepare yourself by thoroughly screening tenants, but even tenants who are right on paper and live problem-free for years can one day become an issue. This is merely one of the built-in risks of investing in real estate. That risk is multiplied when you own multiple properties.
Finding tenants is demanding. While technology can make pulling up records like credit or criminal histories easy, there's a lot more to screening a tenant. Either you or a property manager has to interview the tenant, follow up on references, and verify their reported income. Furthermore, this needs to be done quickly enough not to lose the tenant, but not too quickly that an unsuitable tenant slips through.
You need to have an extensive list of trusted contractors to perform emergency repairs, maintenance, upkeep between tenants, and replace big-ticket items like HVAC units or roofs. Having a few trusted contractors is essential if you have more than one emergency repair happening at the same time or have several units that need maintenance between tenants.
A tenant may complain about repairs, other tenants, or neighbors. Some of these things may be within the landlord's control, and others may not be. However, not all tenants complain. A problem neighbor or a simple leak can turn into something bigger than it needs to be, so resolving issues quickly is important.
It takes a significant amount of time to manage several properties or flip houses. Unless you love flipping houses or being a property manager, remember that your goal is generating a passive income. That means hiring a property manager is worth the 6 to 12% of collected rent (depending on location and services) because they're your best bet to keeping your involvement to a minimum.
Property managers take care of everything from tenant selection and rent collection to repairs and maintenance.
It takes significant time and effort to sell a property if you need money right away.
An environmental disaster or a major employer going out of business can lead to a significant loss if you limit yourself geographically. That's why a geographically diverse portfolio makes you a more resilient investor--it means you're less likely to be wiped out by any single issue. You want to utilize a property management company to increase your net worth in multiple markets.
Whether you have a tenant or not, you'll always have to pay property taxes and insurance on your property as well as fees if you're a part of a homeowner's association (HOA). These costs, while not insignificant, are at least consistent, so you can always budget for them.
If your property is part of an HOA, then the HOA's financials can impact your ability to get loans or find tenants. When considering whether or not to issue credit, lenders look at the delinquency rate and any pending litigation. Unfortunately, those two factors are outside of your control if you already own property within the HOA.
Eventually, you'll have to switch from conventional loans to commercial loans because your debt to income ratio will be so high. That's not necessarily a problem, but it is another thing to consider.
Even if you're working with a property management company and enjoying a monthly direct deposit, you'll still have to check out the property, sign off on repairs, fill out paperwork, and think about your investments and goals. The time commitment adds up, especially with multiple rental properties, but that's to be expected.
Sometimes you have to sell your property. This can happen because of unforeseen forces like an increase in property taxes, a need for significant repairs, or a declining rental market. If that happens, then you'll want to sell your property quickly.
To avoid paying capital gains, you can do a 1031 exchange. You'll have 180 days or the date your taxes are due, whichever comes sooner, to finish your 1031 exchange. A 1031 exchange is also a great way to diversify your portfolio.
Investing in real estate only really works if you make a profit from selling your property. But when the time comes to sell, you may find yourself making less than you hoped for due to a dip in the market. Additionally, wear and tear can take a significant toll on your asset, which is one reason never to skip maintenance.
Owning multiple properties increases the amount of work that you have to do, but it also increases your passive income. Additionally, multiple properties can be a part of a geographically diverse portfolio, which will make you a more resilient investor.
While it will be more challenging, with the right network, property management, and technology solutions, you can make owning multiple properties work for you.
Check out the various locations Mynd manages in, we have local teams in 19 major cities and counting. Learn more about our services today and get your free renal analysis or consultation with our local experts!
https://youtu.be/gV_uz-Jl2Eg
Steve Rozenberg, VP of Investor Education at Mynd, and Alex Osenenko, Chief Growth Officer, sat down with the leading experts in the property management industry to take on Covid-19. Hear from the best in the business as they share their practices and solutions.
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