Property Management Tips – How To Regain Control Of An Out Of Control Rental Property

Hаvе уоu bееn working hаrdеr thаn еvеr bеfоrе to mаnаgе уоur Houston Tеxаѕ Rental Prореrtу аnd in spite оf thе demand for rеntаlѕ, уоu ѕtіll fіnd yourself bеhіnd fіnаnсіаllу еvеrу mоnth?

If so, thіѕ іѕ a ѕіgn thаt уоu may hаvе lоѕt соntrоl оf your Houston Tеxаѕ Rеntаl, but thе gооd nеwѕ іѕ that уоu can turn things around financially bу fоllоwіng thеѕе ѕіmрlе tірѕ.

Crеаtе аn Oреrаtіng Budgеt and Cоmmіt To It

Your rеntаl income, еѕресіаllу іf you оwn a multi-family rental property, ѕhоuld аlwауѕ cover уоur expenses аnd lеаvе you with profit аt thе end оf thе month.

The best wау tо ѕtау оn track fіnаnсіаllу is tо create an ореrаtіng budget and thеn stick wіth that budgеt еасh month.

Whеn сrеаtіng an operating budgеt уоu ѕhоuld аlѕо be рrераrеd for рауmеntѕ like lаndlоrd іnѕurаnсе аnd рrореrtу tаxеѕ ѕо уоu’rе nеvеr left unprepared when іt соmеѕ tо your ability tо рау those bіllѕ оn tіmе whеn thеу are due.

Work On Yоur Lеаѕіng Strategy

Crеаtе a lеаѕе which hаѕ ѕtrоngеr language whеn іt comes to late рауmеntѕ juѕt ѕо tеnаntѕ knоw that thеу will receive аn еvісtіоn nоtісе and nоt bе allowed to “ѕlіdе” if thеу mіѕѕ making thеіr rеnt payments оn tіmе.

Yоu should also improve уоur tenant ѕсrееnіng process аnd take thе tіmе tо сhооѕе the right tеnаntѕ іnѕtеаd оf “wаrm bоdіеѕ” who саn pay the rent each month.

Imрrоvе Yоur Mаrkеtіng Strategy

Inѕtеаd оf hаngіng flіеrѕ іn уоur local lаundrу mat, оr posting аdѕ оn Crаіgѕlіѕt, уоu should сrеаtе a new mаrkеtіng ѕtrаtеgу whісh includes орtіоnѕ like paid аdѕ on websites lіkе Zіllоw and local сlаѕѕіfіеd аd sites which аrе ѕurе to bе rеаd by рrоѕресtіvе tenants.

Let Uѕ Hеlр Yоu Get Yоur Houston Texas Rеntаl Prореrtу on Track

Tо ѕаvе tіmе, mоnеу and thе hаѕѕlе оf mаnаgіng your Hоuѕtоn Tеxаѕ Rеntаl Property yourself соntасt Vestpro Rеѕіdеntіаl Sеrvісеѕ tоdау bу саllіng uѕ аt (832) 498-0016 оr CLICK HERE to connect with us online.

How to Make the Carpet in Your Rental Home Last Longer

If you’ve owned rental properties in Houston Texas or anywhere else in the United States for any length of time you know that it can be difficult at best to keep the carpeting in your rental for as long as possible because it will wear out after a period of time due to foot traffic and normal wear and tear.

Thankfully, there are solutions that you can use to help your carpet last especially if you do the following:

Combine A Hard Surface with Carpet at Entry Points

One of the first things that you can do to help the carpet in your rental property last longer is combine a hard surface area with carpet at entry points to the property.

This means that instead of encountering carpet when people enter the rental property, they will encounter a hard surface area with a floor mat that will encourage them to wipe their feet before entering the home.

Doing this will eliminate the majority of stains and wear/tear that the carpeting in your rental property gets during the year because more people will be wiping their feet.

Clean Carpet At Least Once A Year

Another effective strategy that you should use to make the carpet in your rental property last longer is to clean it at least once a year regardless if you have long-term tenants or not. Professional carpet cleaning will increase the lifespan of the carpet, reduce breakdown, wear and tear, discoloration and helps you prolong the lifespan of your investment in the carpet

Provide Tenants Your Tenants with A Vacuum Cleaner

Last of all, another effective way to prolong the carpeting in a rental property is to provide your tenants with a vacuum cleaner.

This is an effective tip to follow because the average tenant will not have a vacuum cleaner especially if they are relocating to Houston from out of state and providing them with a vacuum cleaner will not only help them to keep the carpet in the rental property clean and show them that you actually want to help them get established renting.

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For property management in Houston Texas contact VestPro residential services today by calling a set or click here to connect with us online.

Should You Invest in Real Estate to Avoid Further Losses in The Stock Market?

If you’ve been watching the news, it’s not uncommon to read that the stock market is down 600 points one day, or up 400 points the next. Sadly, this is due to the fact that the long-awaited correction in the stock market has finally arrived and many analysts are predicting that the stock market could lose up to 2,500 points in value within the next 30 days.

As an investor, one of the biggest questions that you need to ask yourself is if you should pull your money out of stocks and put it into real estate.

If you’ve been unsure about getting involved in real estate investing, this article will provide you with several reasons why real estate investing is the best investment to make right now compared to the wild roller coaster ride that is the stock market.

Stability

Over the last 20 years, real estate has been one of the most stable investments in the United States, and that stability is only expected to continue because the success of real estate is not tied to the success of the economy, it’s tied to the geographic area where the rental property is located, and of course the demand for rental properties as well.

Thankfully, in 2018-2019, the Houston Texas area continues to be one of the most highly desirable areas for relocation in the United States Because Houston has a thriving jobs market and a lower cost of living than what can be found in other states like California.

Cash Flow

Another great reason to invest in real estate is cash flow. Over the last 20 years, rental properties in Houston and across the United States have continued to produce consistent cash flow on a monthly basis even during turbulent times like the .COM bust of the late 1990’s, or the beginning of the Great Recession in 2008.

If you had your money invested in stocks over the last 20 years, imagine how much money you could have avoided losing how you been invested in rental properties instead.

Hedge Against Inflation

Last of all, but most important, another great reason to invest in Real Estate is that rental properties are an excellent hedge against inflation because, when your tenant moves out of your rental property, you can raise the rent so that it’s comparable to what other rental properties in the same area are renting for.

Contact VestPro Residential Services

To get started with investing in rental properties in the Houston Texas area contact best VestPro residential services today by calling us at (832) 971-1841 or click here to connect with us online.

New Report Shows More People Think Renting Is More Affordable Than Buying A Home

Thanks to a recent study we know that more than 70% of Americans now consider renting a home to be more affordable than buying a home.

The recent data from Freddie Mac found that close to 80% of Americans would prefer to rent instead of buy, this is up sharply from close to 67% of Americans who felt that renting was more affordable than buying a home just a short six months ago.

What’s even more shocking is that close to 58% of Renters have said that they have no plans to buy a home within the near future. This is up from 54 percent of renters who are surveyed over the same period.

What’s Happening with The Real Estate Market?

Among the usual suspects: Mortgage rates are up to nearly 5 percent, the highest they’ve been in seven years. The new rate is one percentage point higher than the beginning of the year. Rates are being pushed up by recent hikes in the Federal Reserve’s benchmark interest rate.

But it doesn’t mean renting is necessarily affordable.

Freddie Mac’s survey found that two-thirds of renters say they have had trouble paying their monthly bill in the last two years. Almost 9 out of 10 renters with occupations in what Freddie Mac considers “essential” fields — including healthcare and education — say they have had trouble cutting their landlords checks.

 

More Opportunity for You

On an encouraging note, the obvious benefit that can be gleaned from this article is the fact that with more people viewing renting as being more affordable and favorable than buying, this means more opportunities for people who own rental property.

The key to success though with owning rental property in Houston or else was across the United States is not having to do all the work yourself. Once you own a property you should hire a property management company to manage that rental property for you.

This will save you the time and hassle of having to do things like rent collection, maintenance and communicating with tenants so that you could focus on growing your portfolio of rental properties while living your normal life.

To learn more about the Property Management contact us today (832) 971-1841 or click here to connect with us online.

Will More Stock Market Investors Put Their Money in The Real Estate Investment Market?

The stock market has been experiencing another correction in recent days and with a stock market correction, it’s not uncommon for investors to put their money into the bond market or real estate investment market like commercial or residential rental properties.

This has happened before in the past before the crash of 1987 and 2008 because smart investors like to get out of stocks before their investments lose a ton of value like Amazon’s Jeff Bezos who lost a record $9 billion in one day.

Let’s say that you have $1 million in stocks, should you invest some of your money into real estate? The answer to this question is yes.

A Very Stable Investment

Like Bonds, the Real Estate investment market is very stable and can offer you an excellent return on your investment.

Real Estate is different than bonds though because with real estate you can rent it out, generate income and ultimately raise the rent for inflation compared with bonds which depending on the bond will only pay you a small return on your investment.

How Long Will the Stock Market Correction Last?

If you’re wondering how long the stock market correction will last, the answer is it’s anyone’s guess. Many institutional traders have been predicting that the market may lose up to 30% of its value but since we haven’t seen a wild swing like that there’s a good chance that the market may not lose much more value from here.

Tired of the up and down of the stock market? If you’ve been investing since before 2008, you’ve been riding the “roller coaster” for a long time.

Thankfully, with rental properties, you can enjoy long-term stability and cash flow from your investment plus a wide variety of other tax advantages compared to stocks or bonds.

Learn More About Houston Texas Real Estate Investments

To learn more about real estate investments in the Houston Texas area contact us today by calling (832) 971-1841 or click here to connect with us online.

What Are The Most Cost Effective Options To Choose When Renovating A Rental Property?

Are you planning on renovating your Houston area rental property? If so, there are a variety of cost-effective options that you should consider.

In this article, we will list some of the most cost-effective which will also help to improve the value of your rental property as well.

#1: Replace Windows

Realtors consistently emphasize the importance of curb appeal when you’re trying to market a property. Upgraded windows are a smart way to make a good impression on prospective renters while packing a powerful punch for long-term energy savings thanks to increased insulation efficiency.

Remodeling Magazine reports 74 percent cost recuperation for vinyl replacement windows and approximately 70 percent for wood. Can’t find money in your budget for either one? Consider adding storm inserts and re-caulking existing windows.

#2: Freshen Paint

One of the most cost-effective remodeling projects for an investment property is to touch up walls and trim with a fresh coat of paint. Choose neutral colors, which resonate with a wider range of prospective residents. Consider using in-house staff to do the job–you’ll still have control over the quality of the work without the need for a professional contractor. This is one project that you can DIY to keep operations simple and costs low.

#3: Switch Out Flooring

Hardwood flooring continues to grow in popularity. Durable and easy to clean with a classic look, renters tend to prefer wood or engineered wood planking to linoleum, tile, and carpet.

Engineered wood is naturally resistant to changes in humidity and temperature. Unlike genuine hardwood, planks don’t buckle, shrink, or expand. Thanks to its waterproof qualities, engineered wood flooring is even appropriate for moisture-prone areas such as a front entrance, mud area, or bathroom.

Planks can be glued, stapled, or floated over a pre-existing floor. Some even come in interlocking segments that snap together to form a tight seal. Seek different suppliers and see if you qualify for bulk pricing to replace current flooring. If your property already boasts natural hardwood floors, consider refinishing them to enhance their appearance and longevity.

#4: Update Bathrooms

A noteworthy distinction exists between mid-range and upscale bathroom remodels. According to Remodeling Magazine, you get more bang for your buck when you limit bathroom renovations to a “mid-range” budget–but what does this mean in actuality?

New faucets, shower heads, and fixtures. Look for low-flow versions that cut water consumption by as much as 30 percent.

Ceramic floor tiling. Consider a geometric or playful pattern (but not so bold as to drive renters away!). Doing so draws the eye downward and makes the room more inviting.

A new tub and toilet. Go with standard porcelain for the tub. Keep in mind that federal standards mandate that all new toilets use 1.6 gallons of water per flush.

#5: Remodel Kitchen

As with the bathroom, a minor kitchen overhaul boasts a significantly more substantial return on investment than a major remodeling project. For example, instead of replacing cabinets in their entirety, simply switch out the doors and update them with new hardware.

Replace appliances with energy-efficient models and shop around for a new mid-priced sink and faucet set. Remember to check into possible tax credits or rebates for your area.

Installing appliances requires a specialist’s help. Consider taking out a service contract to ensure that your appliances receive the care they need to stay running over time.

#6: Add Outdoor Space

Does your property contain open-air terraces or decks? Outdoor living space is a big draw for current and future renters. If adding exterior square footage is a feasible option at your properties, check into reliable sources of wood composite, which is more environmentally friendly and cost-effective than natural wood.

Is there any room left in your budget for extra material? Fashion an arbor or pergola with seating, or build large containers for seasonal plantings. Anything you can do to enhance the flow of indoor-to-outdoor living benefits your investment, both in the short and the long term.

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For property management in the Houston Texas area contact Vestpro Residential Services by calling us at (832) 971-1841 or click here to connect with us online.

What Is the Best Way for You to Grow Your Portfolio of Houston Texas Rental Properties?

Are you interested in growing your portfolio of Houston Texas Rental properties but you’re concerned that adding another rental property may be more work or added responsibility than you can handle?

If you’re still managing all of your rental properties yourself, one of the very best ways to add more rentals to your portfolio without increasing your workload is to hire a property management company.

Reasons to Hire A Property Manager

Rent Collection – Hiring a Houston Texas property manager will save you the time, money and hassle of collecting rent yourself including dealing with the excuses from your tenants for why they are late paying their rent and when they promise to pay.

When you hire a property manager you can count on rent to be collected on time each month and deposited into your account all without you having to reach out to your tenants for payment again.

Tenant Selection – Another time-consuming task that comes with owning rental properties is tenant selection. With a property manager, you can remove yourself from this process and have confidence that your manager will always find and place the most qualified tenants in your rental property for you.

Maintenance – From mowing the lawns at one of your rentals, changing toilets or full-blown maintenance, you can have confidence that your property manager will professionally maintain your rental property, saving you the time and hassle of having to do those things yourself so you can focus all of your time on growing your portfolio of rental properties.

Customer Service – Last of all, but most important, with a property manager serving your tenants you can also rest assured that should your tenants have a question or need assistance with their rental property, they will always have someone to call to handle those issues and you won’t have to worry about your phone “ringing off the hook” again. Continue reading “What Is the Best Way for You to Grow Your Portfolio of Houston Texas Rental Properties?”

Should You Change the Locks After Your Tenant Moves Out?

One of the biggest questions that landlords have had over the years is if they should change the locks after their tenant moves out of their rental property.

The answer to this question is yes, you should always change the locks to your rental property after your tenant moves out especially since they could have made a key while they lived there and that key could gain them entry back into the property after they’ve moved out.

Other Times You Should Change the Locks to Your Rental Property

Besides changing the locks after your tenant moves out of your rental property, you should also change the locks for the following reasons:

When a Key Is Lost

It might seem overkill to change the locks after a renter loses just one key, but it′s a small price to pay to guarantee peace of mind for the manager, the owner, and the tenant. While it′s unlikely the lost key will end up in the wrong hands, in the off chance that it does, it could spell disaster for all. When you′re dealing with prospective renters, letting them know that you take this extra security measure seriously can be a differentiator that demonstrates your commitment to safety.

When a Vendor Is Finished Working on the Property

Especially if you′ve just started using a new vendor or if you′ve had disagreements with one in the past, it′s important to recognize that vendors could have copies of your keys that you′re unaware of. When work is completed, hiring an independent locksmith to change your locks helps maintain a high degree of security. It′s also a good idea to be on-site to let vendors in and out of a building while you build a relationship with them instead of leaving a key in a lockbox and allowing all contractors to access it.

According to statistics from the FBI, 73.2 percent of all burglaries are committed on residential properties. When a tenant moves into a property, unless the locks are brand-new, it′s impossible for them to know who has made copies over the years and can access the unit at any time. Just one safety mistake has the potential to result in break-ins, theft, and, in the worst-case scenario, the irreparable loss of human life.

A great way for property managers to stay on top of security measures is by using smart home technologies, including smart locks and exterior cameras. Smart locks with access codes can log who enters a property and the time of entry, preventing landlords from having to have locks rekeyed for new tenants or vendors. Exterior cameras can record clips at unoccupied properties (as well as be an asset to tenants for self-monitored security when they move in).

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Need property management for Houston Texas or the surrounding area? Contact VestPro Residential Services by calling us at (832) 971-1841 or click here to connect with us online.

Rental Property Move Out Checklist

Move-outs are typically one thing that many landlords handle poorly because most landlords are usually in a hurry to get their property listed online and rented to a new tenant as quickly as possible.

Sadly, during the process of moving from one tenant to another, it’s possible that some landlords may miss damage caused to their rental property from their previous tenant and the opportunity to repair that damage before the next tenant moves in.

Step 1 – Do A Walkthrough

After your last tenant has moved out you should do a complete walkthrough of your rental property documenting the condition of the rental and any damage.

Questions to ask

  • Are the walls damaged or is its normal wear and tear?
  • Is anything broken in the rental?
  • Has the carpet been cleaned or is it still dirty?
  • Are the appliances functioning or will they need to be repaired/replaced?

Step 2 – Change the locks

Don’t forget to change the locks! This step is easy for some landlords to forget but it’s vital because with other copies of the key to your rental property potentially floating around out there it’s important for you to protect the safety of your new tenant by ensuring that your old tenant is unable to re-enter the rental property after they’ve moved out.

Step 3 – Research comparable rentals in the area

After taking the time to clean your rental and ensure that it’s in the absolute best condition, you should next start researching other rentals in the area to find out what you should rent your property for.

Don’t be hasty with this step! Take the time to really analyze and research comparable rental properties to determine what is the best monthly rent you should ask for your rental property.

Get Property Management Here

For professional property management in the Houston Texas area contact Vestpro Residential Services by calling us at (832) 971-1841 or click here to connect with us online.

Tenant Background Checks – Learn More About the Best Online Resources

If you’re just getting started with owning your first rental properties in the Houston area you may be tempted to go with your gut and rent to someone because you have a good feeling about them.

This is a mistake that many landlords and owners make because they want to rent their properties quickly and not do their due diligence with doing a thorough background check on a prospective tenant.

Thankfully, there are a variety of online resources you can use for tenant background checks that will make your life easier and provide you with an accurate background check on your prospective tenant.

Where to Get A Background Check Online

  • RentPrep
  • SmartMove
  • Experian Connect
  • Lease Runner
  • Cozy
  • Screening Works
  • Tenant Alert
  • Buildium
  • E-renter
  • tenatify
  • MyRental

How Much Do Background Checks Cost?

A typical background check will cost about $19.95 and it’s going to provide you with a breakdown of your potential tenant’s life/history including their FICO score, address history and more!

You never want to neglect a background check because you could be found liable if a crime was committed by your tenant at your rental property.

You should also think about the neighbors in the area and have a background check done solely to ensure their safety and security since you don’t want to bring in someone who could potentially be a danger to other people living nearby.

Get Property Management Here

Don’t want to conduct background checks yourself? No problem!

Contact Vestpro Residential Services today. We’re the most experienced property management team in the Houston area and you can count on us to manage your rental property with the most care.

To get started with property management contact us at (832) 971-1841 or click here to connect with us online.