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Fort Worth

Property Management

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.

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Mynd's rental income guarantee

Rental Income Guarantee

We protect your rental income

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.

Mynd's property damage protection guarantee

Property Damage Protection

WE PROTECT YOUR PROPERTY

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.

Mynd's eviction protection plan guarantee

Eviction Protection Plan

WE PROTECT YOU

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.

SELECT YOUR AREA TO VIEW PRICING

Pricing Plans That Suit Your Needs

CORE SERVICE PLAN

$79
Monthly Management Fee
100%
Rental Leasing Fee
$349
Lease Renewal Fee

AVID INVESTOR PLAN

$99
Monthly Management Fee
75%
Rental Leasing Fee
$299
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection

PEACE OF MYND PLAN

$139
Monthly Management Fee
25%
Rental Leasing Fee
$199
Lease Renewal Fee
checkmark - feature included
Rental Income Guarantee
checkmark - feature included
Eviction Protection
checkmark - feature included
Property Damage Protection

Don't Take Our Word For It

Results You Expect

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.

Mynd offers faster leasing times

Faster Leasing

Quicker than average leasing times.

Mynd responds quickly to resident and owner communications

Quick Response

Less than 4 business hours for owners, less than 8 business hours for residents.

Mynd finds high quality residents

Quality Residents

Higher than average resident quality score (720+)

Mynd offers low delinquency rates

Low Delinquency

No need to worry about rental payments, less than 2% delinquency.

Mynd's high customer satisfaction scores show high resident satisfaction

High Resident Satisfaction

Consistently high customer satisfaction scores (Better than 4/5)

Mynd's NPS score shows higher owner happiness rates

Happy Owners

Net Promoter Score of 58 versus industry average of 7

Meet Your Local Superstars

We start by hiring the best people with deep local expertise.We equip them with the tools, technology and data. You get results.

Meet

Trey

Portfolio Manager

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

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!

Mohsen
Leasing
Derek
Accounting
Gina
Resident Services
Gilberto
Maintenance

Fort Worth

Fort Worth

1751 River Run Suite 200
Fort Worth, TX 76107
United States

Mynd Property Management is local
(682) 200-6687

Fort Worth

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!

When a tenant occupies a room for only a partial term (month, week, day, etc.), the amount a landlord charges is known as “prorated rent.” 


Prorated rent is charged only for the number of days the unit is occupied. It’s based on a monthly rate rather than daily since a daily rate tends to be pricier. 


Here’s everything you need to know about prorating rent.

Why prorate? 

If your tenant moves in or out in the middle of the month or sublets to someone else, then it’s practical to use prorated rent. For example, if your tenant moves in on the 15th, which they often do, you can charge them a prorated amount for those days and then set the regular rent due on the first day of their first full month.

Explaining prorated rent to your tenant


Prorating rent isn’t a landlord’s legal responsibility, but it does help establish a good relationship with your tenant. A good relationship is essential. It makes your tenant more likely to re-sign (reducing the likelihood of vacancies), recommend other potential tenants to your properties, be a good tenant, and follow any rules you may have (like your fire prevention tips). 

How do I prorate rent?

There are four methods to calculate prorated rent. 

A Quick Math Lesson

Prorated rent at a rental property

Before moving on to the actual formulas for calculating rent, here’s a quick high school math lesson about performing the proper order of operations for mathematical equations. You’ll need to know this because the formulas for calculating rent tend to require multiple operations.


  1. Parenthesis
  2. Exponents
  3. Multiplication
  4. Division
  5. Addition
  6. Subtraction


The mnemonic device for this is PEMDAS, or “Please Excuse My Dear Aunt Sally.”

Method 1: Number of Days in the Year

This is the most accurate way to prorate rent when dealing with a year-long lease. Here’s the formula. 


((Monthly Rent X # Months in a Year) ÷ Number of Days in a Year) X Number of Days the Tenant is Paying For = Prorated Rent


Here’s the formula with a move-in date of September 15th with a rent of $1,500.


( ( $1,500 x 12 ) ÷ 365 ) X 15 = $739.73


This formula is slightly more confusing than the monthly one, so your tenants may require more explaining. The extra amount of money you'd make isn't worth the effort because a confusing formula may make your tenants feel like something fishy's going on. Best to keep things simple.

Method 2: Number of Days in an Average Month


This formula is based on the number of days per month, given that 365 days per year divided by 12 months is 30.42 average days. Here’s the formula:


((Rent ÷ 30.42) x Number of Days Occupied) 


Here’s the formula for when your rent is $1,200 per month, and the tenant is staying for ten days.


($1,200 ÷ 30.42) x 10 = $394.50


Method 3: Flat 30 Days (Banker’s Month)

This method entails diving the monthly rent by 30, no matter how many days are in the month. In some states, like California, this is the exclusive method used to calculate prorated rent. Here’s the formula.


((Rent ÷ 30) x Number of Days Occupied) 


Here’s the formula for when your rent is $1,200 per month, and the tenant is staying for ten days.


($1,200 ÷ 30) x 10 = $400

Method 4: Monthly Rent

Monthly calculations at rental properties for prorated rent

This is the formula for prorated rent based on the number of days in the month. Here’s the formula:


(Monthly Rent ÷ Number of Days in the Month) X (Number of Days of Rent Being Paid For) = Prorated Rent


Here’s the formula with a move-in date of September 15th with a rent of $1,500.


( $1,500 ÷ 31 ) X 15 = $725.80


In addition to requiring less explanation formula, the monthly formula has the advantage of making your tenant feel like they’re getting their money’s worth since it frames their rent in the short-term rather than the long term.

Considerations for Prorating Rent

These are some things to keep in mind when calculating prorated rent. Which of these influences your calculations will impact how many days you divide your rent by in your calculations.


  • The number of days in the month.
  • Months with 30 days: September, April, June, and November
  • Months with 31 days: January, March, May, July, August, October, and December
  • Month with 28/29 days: February
  • Is it a leap year?
  • What day of the month are you billing your tenant?
  • What’s the number of days in the first month?
  • What’s the number of days in the second month?
  • How much are you charging per day for the first month?
  • How much are you charging per day for the second month?
  • What’s the number of billable days in the first month?
  • What’s the number of days in the second month?
  • What’s the official start/end date of your tenant’s lease?

Tips for Prorating Rent

Your prorating policy should be in writing or your lease agreement


If it’s a leap year, divide your prorated calculation by 366 days if you plan on using the yearly formula.


It’s not your responsibility to prorate rent if your tenant signs a lease for the first of the month but moves in on a later date. Similarly, it’s not your responsibility to prorate rent if your tenant chooses to move out earlier, but their lease runs to the end of the month.


Offer a prorated rent calculator on your website. 


Find out if your state requires you to use the flat 30 method for prorating rent.

Bottom Line on Prorating Rent

Keep your tenants happy when calculating prorated rent

Prorating rent is easy to do and an easy way for a landlord to start or maintain a good relationship with their tenant. It makes tenants feel like they’re getting their money’s worth and like the landlord is on their side. 


Unless you have to use the flat 30 option, the monthly method of prorating rent is a landlord’s best bet because it’s easiest to explain to the tenant. 


And a happy tenant is the best bet for a happy landlord.


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Thinking about purchasing a rental property in Tacoma, WA? Learn how looking at the rental statistics, the demographics, and having a local property manager as a partner can ensure you are looking at real numbers when deciding if the area fits your investment strategy.

Before investing in an area, you will want to look at the demographics, home prices vs rental prices, forecasted economic growth, and other important statistics to see if it fits with your investment strategy to help you reach your goals. Will the area give you the cash flow or appreciation you are looking for?

About Tacoma, WA

Tacoma, WA, one of “America’s Most Livable Cities”, is a port city on the Puget Sound and is known for being one of the most walkable cities in the US. From its beautiful waterfront to its numerous city parks that include the country’s second largest city park (700 acres), the area has seen a 12% population growth since 2010.

Tacoma property management

Tacoma offers more affordable investment opportunities than the Seattle area which can be expensive.  Cash flow opportunities are better in Tacoma because the prices of homes are not as high.  

Home prices in Tacoma

Median home price: $354,019

Home prices have gone up 9% in the past year.

 

Diverse types of renters

Commuters – Many choose to work in Seattle but live in Tacoma because it is more affordable.  

Students - Several universities are in the area including the University of Washington’s Tacoma campus, so there are a lot of student renters.  

Military - McChord Air Force Base is South of Tacoma, so there are military families renting in the area as well.  

Between the port, universities, military presence, and proximity to Seattle, Tacoma is a great area for investors looking for an area whose economy is being fueled by a diverse mix of industries.

 

Economy and industry in the area

Tacoma is the 7th busiest container-handling port and attracts businesses in multiple industries. It is known for its high-tech industry that includes Intel and Expedia which are headquartered there. Agricultural and forest products are also large contributors to the local economy.

  • Unemployment rate: 5.3%
  • Average income: $75,649

Tacoma has seen steady job growth over the last 10 years and expects 39.9% in future growth. With its strong industry presence and growth record, it is a great place to invest in rental property for less than a home in a Seattle would cost.

If you are considering investing in Tacoma, contact us at Mynd. We can help you determine if this market fits your strategy to reach your goals. If it doesn’t, we have offices in 19 markets and can help you find an area that does.

How to accurately set rent for my Tacoma, WA rental property

The rental market is cyclical, so you want to make sure you set rent to match today’s prices. Just because you rented your property for a certain amount 3 years ago doesn’t mean it will rent for that amount today. The price could be higher or lower depending on what the market says is the going rate. To avoid extended vacancy time, you will want to accurately price the property, so you are getting the maximum return while also filling the vacancy quickly.

Tacoma rental statistics

  • Median rent for a single-family home: $1750
  • More single-family homes available since 2007
  • 45% Renter Occupied
  • 55% Owner Occupied

Steve Rozenberg, Head of Investor Education for Mynd, says he sees this as a good, steady mix of renter/owner occupied homes which makes it a great market to have a rental property. You should always be able to find a renter.

Knowing the trends and statistics for the area is key to your success as an investor.  Consider hiring a local Tacoma property manager like Mynd who can help you determine the correct rent rate.  Mynd has access to proprietary information so you are getting current, accurate numbers to base your decision on. If you want to know what you can expect to rent your home for, Mynd offers a FREE rental analysis.

 

Why should I hire a property management company in Tacoma, WA?

What does a Tacoma property management company do?

They take care of the day to day operations required when you own a rental property such as:

Do you have the time to manage the property? How valuable is your time to you? If you are managing it yourself, do you know that you are doing it correctly and following the laws?

Landlords must comply with ever-changing laws and regulations

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you must evict a tenant, there may be new laws in place that limit how you can do that. If managing property isn’t your full-time job, you are more likely not up to speed on current laws such as:

  • 120 day notice to purchase property if you intend to change the use of the property
  • 60 day notice of no cause termination of a resident
  • 60 day notice of rent increase
  • Several tenant’s rights laws. For example, tenants can complain to the city of Tacoma about code enforcement violations.

There are a lot of laws that have to do with tenant’s rights, and you must be sure you comply. If you aren’t up on the laws, you may find yourself getting in trouble which can cost you $1000s in fines and court costs.

 

Consider hiring a Tacoma property manager

Our Tacoma property managers can help you make smart decisions and ensure your property is following the laws. Mynd has in-house counsel to help ensure your property is complying with the laws.  Contact us today at Mynd about property management in Tacoma or finding your next investment property in one of the19 markets we serve.

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As an investor, you want to know that investing in a rental property in Everett, WA aligns with your strategy and helps you achieve your goals. Identifying the right data and numbers to calculate your return is an important step in making an informed, smart decision.  Having a local partner like a property manager makes this process easier.

What kind of return do you want from your investment property?

Are you looking for monthly cash flow? Is the property you are looking at going to give you what you need to at least cover your expenses?  Are you only interested in appreciation or debt paydown?  Your strategy must be defined before you start looking for a property.  

About Everett, WA

Everette is a coastal city on the shores of Port Gardner Bay and is located 25 miles north of Seattle. It attracts families with its world class schools, over 30 city parks, and numerous outdoor sports, activities, and art experiences.

Everett population and home prices

  • Population: 111,000
  • Average age: 33
  • Median income: $57,999
  • Median home value: $362,000

 

The median income for the area is about average for the US, but the home prices are significantly higher than average. You might be able to make enough cash flow to cover your expenses, but you are more likely looking at making your money in appreciation.

Many of the homes in the area were built between 1970-2000.  Being older properties, they may require some maintenance or updates to attract a quality tenant and meet Property Code.

 

Everett Property Management

 

Industry and the Economy

  • Unemployment rate: 5.8%
  • Cost of living index: 116.2  (US average is 100)

Boeing’s 747, 767, 777, and 787 Dreamliner airplanes are constructed in the world’s largest building located in Everett, and they offer a popular tour of the facility. Everett’s proximity to Seattle is an advantage because it is going to be fed by the strong industry nearby.

Best neighborhoods in Everett

  • Darlington
  • Edgewater
  • Pinehurst
  • Riverside
  • Bayside
  • South Forest Park

When you buy a property in one of the more popular areas, you are probably going to see more appreciation. With an average age of 33, residents are likely families interested in the quality schools in the area.  They are also more likely looking homes with multiple bedrooms for their growing families.

 

Talk to an Everett, WA property manager about the local market and what trends they are seeing. They can answer questions like:

  • Is the city growing?
  • Are rents going up or down?
  • What is the average eviction rate?
  • What are the average days on market?
  • What is the average vacancy?
  • What type of homes are rented quickly? What are most people looking for?
  • Are there certain features people are looking for in a home?

These are the questions you want answered before purchasing a property, so you have the proper expectations. Contact us at Mynd for more information on the Everett area. They can tell you what types of properties are renting quickly, what renters are looking for, and more.

If Everett doesn’t fit your strategy, we can help you find a market that does. Mynd has offices in over 19 markets. Our local property managers can use Mynd’s proprietary data to help find you properties that match your strategy, whether you want to invest locally or diversify across several markets.

 

How to Accurately Set Rent for my Everett, WA Rental Property 

It is important to know what the market is dictating when setting rent for your Everett rental property. The goal is to get the right amount of rent while leasing it quickly, so pricing it right is critical.

Leasing has seasons

You might not be able to get the same amount of rent if you lease your property in the Winter (off season) vs the Spring/Summer months (peak season).

The economy can affect rent

If the industries in the area are in a downturn or upturn, that can influence the rent you can expect to receive.

Everett rental statistics

  • 42,000 housing units
  • 37% Owner Occupied
  • 67% Renter Occupied
  • 44% single family homes 36% Apartments
  • Median rent: 1,990
  • 48% of homes were built between 1970-1999

The rent amount will vary depending on the property type, square footage and number of bedrooms.  When comparing rents, look at properties that are the same as yours. Being that many of the homes are older, you may find you can get a little more money in rent by doing some updates to the property.

Mynd’s Everett Property Management company offers a FREE rental analysis so you can see what your property can expect to rent for.

 

Why Should I Hire a Property Management Company in Everett, WA 

When you own a rental property there are a lot of day to day operations to take care or not to mention all the ever-changing laws you must follow.  Should you continue to do this yourself or does it make sense to hire an Everett property management company?

 

Treat your investment like a business.

If you own multiple rental properties or plan to in the future, the tasks required increasingly take up more of your time.  Keeping up with all the laws you must comply with can become a heavy burden.  Maybe you got into investing because you wanted a safe, secure retirement investment or passive income, but you did not realize the amount of time that was involved in managing it yourself.  You thought you were gaining free time and ended up having a second job.

It is entirely possible that you will not end up where you hoped because you may not be doing something right. Not complying with a law could result in your ending up in court owing $1,000s in fines.  

Getting that great deal when you buy the property is only the first step in the process that leads to your success. Steve Rozenberg, Head of Investor Education for Mynd, thinks it is important to have a team to help you maximize your return.

 

What does an Everett property management company do?

They take care of the day to day operations required when you own a rental property such as:

They know the laws and regulations

You must follow Federal, state, and local Property Code that dictate how a property must be maintained. When it comes to fixing things in the property, who is responsible for them? The tenant or the landlord?  There are things you can’t ask on an application or during the screening process.

Landlords must comply with Federal, state, and local laws that apply to rental properties. These laws are constantly changing, and as a landlord you are expected to keep up with them.  If you have to evict a tenant, there may be new laws in place that limit if or how you can do that.

Maintenance issues

Mold can be a problem in the Everett area due to the amount of rain it gets. You will need to make sure the roof, ventilation, and plumbing is in good shape to prevent mold.  There are laws that protect the tenant to ensure they have a safe home to live in. Property managers know what you have to do to comply with any laws in regards to Property Codes.

If you don’t have the time or desire to keep up with the laws and regulations, it might be a smart decision to hire a knowledgeable property manager.  Mynd has local property managers that know the laws to ensure you are following them as well as in house legal counsel.

A good property manager helps you make smart decisions and ensures your property is following the laws. Contact us today at Mynd about property management in Everett or for help in finding your next investment property in one of the 19 markets we serve.

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Last Modified 8/21/2020

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.

A property manager protects your investment

Here are five reasons to consider hiring a property manager for asset protection and preservation in the midst of unprecedented economic challenges:

1) They optimize a rental property’s monthly returns and provide insight on long-term rental growth.

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:

  • Rental delinquencies
  • Percentage of new leases signed
  • Pending move-outs
  • Average rents
  • Vacancy rates

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.

optimizing rents

2) They provide great customer service for both owners and residents.

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?

How to Measure Property Manager’s Customer Service

One of the best ways to measure the level of customer service a property manager provides is to request two metrics:

  1.  Customer Satisfaction Score (CSAT) 
  2. Net Promoter Score (NPS)

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.

Providing great customer service

They Understand How to Safely Enter a Home

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.

3) They help owners retain tenants and sign new leases.

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.

They Consider Penalty-Free Lease Breaks

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.

rental housing and pets

Accepting Softening Rents and Increasing Delinquency Rates

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

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.

4) They utilize virtual leasing and proven technology to pre-lease and manage the property.

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.

Leveraging Online Tools for Marketing

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.

Virtual real estate tours

Utilize Self-Showings for Properties

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.

How Does a Self-Showing Work?

A self-showing works like this:

  • A prospective renter simply signs up, goes through a security check and provides a copy of their ID and credit card, and then selects when they’d like to view the unit. 
  • Before the showing, the prospect receives a unique access code to tour the property during a specific window of time. 
  • The code remains valid only during the allotted time frame. 
  • Prospects don’t have to worry about a property manager showing up late to the appointment or hovering over their shoulder while they tour the unit. 
  • After a prospect decides they would like to rent a unit following a self-showing, the online application process should be simple, straightforward and seamless.
Real estate self-showings

Make Payments Online Seamlessly

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.

Online real estate portal

5) They handle the day-to-day operations of a rental property.

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.

6) They provide legal expertise.

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.

Real estate legal expertise

Wrapping Up

When assessing the value of a property management firm during an economic crisis, a savvy investor should:

  • Ensure that their property’s returns are optimized
  • They consistently provide great customer service backed by data
  • They can retain tenants
  • Sign new ones
  • Use virtual leasing and other proven forms of technology to manage resident relations
  • Have the on-the-ground-staff and technology to handle the day-to-day operations of a rental property.

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.

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Owning one property is challenging enough as it is. 

Owning multiple properties is just that much more challenging. 

Multiple rental properties in a neighborhood


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.

1. Evicting Tenants

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.


2. Finding Tenants

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.


3. Repairs

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. 

4. Tenant Complaints

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. 

5. Time Management

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. 

6. Your Investment is Not Liquid

It takes significant time and effort to sell a property if you need money right away. 

7. Concentration of Assets

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.

8. Taxes, Fees, & Insurance

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. 

9. HOA Issues

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. 

10. Getting Loans

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. 

11. Active Involvement

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.

12. Selling Properties

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.

13. Depreciation

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.

Bottom Line

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. 

Find a property management company that can help you in multiple markets

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! 



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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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