Cheap ways to upgrade and update your rental property
Property upkeep can be one of the most stressful things about having a rental property. While you do not want to eat up part of your income, you must remember that simple things can improve your property value and increase your revenue.
Remember, first impressions are everything!
Here are some easy, budget-friendly, ways to upgrade and update your rental:
A Fresh Coat of Paint
Investing in some paint, more so if you can buy it in bulk, will give you back the most return of your investment. Whether you choose to do it outside and inside or just one it will make the property look cleaner and fresher for potential tenants, which will make it that more appealing to them.
This doesn’t necessarily mean you need to change all the floors in the property, but taking a look around and choosing to change the flooring in areas where it may look run down or dirty will really give the house a new look.
Try staying away from things like carpet and go for something more neutral and durable.
There is little less appealing than an old-looking kitchen! This can be easily fixed by giving the kitchen cabinets a new look.
You can try painting them in a different color or adding new handles and hinges to make them look fresh and new.
Lighting can completely change the view and feel of a room. Find the style of the property you are fixing and run with it all the way to the lights. You will see how it can change a space from being cold to warm and welcoming.
Another thing you could do is add a ceiling fan if you don’t have any, this is really sought after by tenants.
While tearing down a bathroom and redoing it can be nerve wracking and really expensive, you can fix little things to make a big difference.
If the bathroom items are worn, you can change the toilet seat or replace the sink faucet or other vanity fixtures.
If you have a property, but don’t want to deal with the hassle of keeping it and don’t know what steps you need to take to get it rented, contact us today!
Do you have a property you need help with? Contact us today!
August – Find ways to keep updated with the changes in laws and regulations
You are on the path of learning what you can to achieve personal and professional growth, now it is time to make sure you stay up to date with the changes in laws and regulations, both federally and locally.
The 2 most important sources of information in Texas to always keep in mind are:
- Texas Real Estate Commission (TREC) – Since 1949, TREC has been in charge of safeguarding the consumer rights in matters of real estate transactions.
- National Association of Realtors – The NAR is America’s largest trade association. It is constantly updating its site with the latest news and events for the real estate industry.
Some other great practices are:
Subscribe to blogs and newsletters
Thanks to the internet, you can have access to thousands of resources to stay up to date with a few clicks. Research and find a real estate blog or newsletter that interests you and subscribe to it so you can have all the information you want come directly to your email on a daily, weekly or monthly basis.
Frontline Property Management has both and we aim to provide information that is useful and up to date to help our investors in any way we can! You can see all our blog posts here and our newsletters here.
Make connections with realtors
A great way to make sure you are aware of all the changes made to real estate laws is to keep in touch with a seasoned realtor in your area and in the area you want to invest in.
Realtors are more likely to know, sometimes even beforehand, the changes policymakers are making to real estate laws, so it is always a good idea to network and establish connections with trusted professionals.
Remember that knowledge is power! And keeping up with the industry can help you make the best out of your investments.
Do you need help with a property? We can help!
May – Improve your ROI strategy ￼
After you have created the perfect strategy to find properties, now you will need to find ways to get the best out of them.
If you are not sure how, don’t worry! See below our tips for getting the most out of your properties by maximizing the Return of Investment on them:
Boost the value
One of the best ways to make sure you increase the value of your property, is to make improvements to it. Making home renovations or adding technological features can make the occupancy rate higher and more attractive to high-paying tenants which will help you get more money, faster.
You can check out our newsletter on home improvements that give the best ROI here.
If you have more than one rental property, you can automate the process of renovating them. Use the same paint color, the same fixtures, the same flooring and even the same design if possible. This will help you not only perfect the way you do the home improvements, but will also help you know the price of the renovations beforehand and can even help you save money if there is an option to buy the products needed in bulk.
Trust the experts
Get a dream team that can advise you. Getting a good agent and a good property manager can save you a lot of headaches and a lot of money. These experts in your area have done the work and understand the dynamics of the market, so you can be sure that they will know the best way to make the best out of your investment and will make it easier on you when it comes to things like picking out the right tenant for your property or what the best way to move forward is.
When it comes to choosing the right one for you, make sure you look at someone who you are comfortable with and with whom you have the right chemistry.
Crunch the numbers
Always be aware of the market trends, inflation and the overall real estate market before making any decisions, this will save you from wasting money unnecessarily and making any mistakes that could impact your investment negatively. Be aware of how much rental rates are in the area of your property to improve the tenant retention rate.
You need to keep in mind that the real estate market always has its ups and downs, so don’t get frustrated and remember it may take a little to get the ROI you were hoping for, but slow and steady wins the race!
Don't know how to improve your ROI? We can help!
Getting your rental house ready for spring￼
One of the most beautiful seasons is here: Spring! And with it come new things to work on your property.
Kick off the season making sure your property is ready for warmer weather to come with these tips:
Do a general inspection
Winter can be really hard on your property, so before you start getting it ready for spring, make sure it doesn’t have any leftover damage. You need to be thorough and look over every corner both inside and outside. Some things to look out for are:
- Make sure the gutters are clear. This is really important since they need to be free of trash or leaves to function well.
- See that there is no visible humidity or leak. Some leaks can be harder to find, so take your time to look in the attic, any crawl spaces and behind appliances.
- Check the windows and roof for any damage. Winter can be especially rough on the roof, which is why you need to pay special attention when inspecting it. A leaky roof can not only cause real damage to the whole property, but can also be dangerous to the tenants.
- See that all appliances, including the HVAC system are working. With the cold weather close by, the air conditioner has probably not been used in a while, so turn it on to double check it is working properly.
Work on the landscape
It is more than likely that winter caused some havoc on your garden. Before focusing on the aesthetic side, check that any valves, pipes or irrigation system you may have are working and have not suffered.
Then, inspect all surrounding trees to make sure there aren’t any dead branches that could fall onto someone or onto the property and give them a good trim so they can grow over the next seasons.
Finally, take a look at the lawn. The grass and plants will have probably taken the hardest hits. You can fix it up with a little gardening to make it look so much better!
Give it a nice paint
One way that is low-cost and efficient to improve how a property looks is to give it a nice coat of paint, both on the inside and, if necessary, on the outside. See what the season’s colors are and don’t be afraid to mix-it up and bring in fresh, warm colors to help make your property look more welcoming.
Prepare the place for unwelcome guests
Unfortunately, when warm weather comes in, so do insects and other animals like wasps, bees, mice and other pests. Investing in protective covers can help you save big money on pest control later on. It may also be the perfect time to remind your tenants to handle their trash and recycling correctly, and to keep their exterior waste disposals closed, so as to not attract anything.
Looking over these things early on in the year, especially after winter’s shenanigans can help you keep your property safer and prevent any risk that could potentially really damage your property.
Do you have a property you need help with? Contact us now!
Holiday Safety Tips for Tenants
This year’s holiday season is well underway! From spending time with our loved ones, to sipping hot cocoa by the fire, and filling our homes with the holiday cheer, many of us will be quite busy over the next few weeks.
During this time of year it is easy to get wrapped up in the hustle and bustle of the season, but it is important to remember that there are a few added risks associated with the holidays.
Here’s how you can help keep your rental safe this holiday season:
Did you know that 50% of house fires start in the kitchen? And the peak time for them is the holiday season!
Some tips to prevent them and be safe are:
- Test your smoke alarms before cooking to make sure they work
- Keep the stove top clean and away from flammable materials
- Don’t cook under the influence of alcohol or other
- Don’t leave the home while something is cooking in the oven
- Make sure the floor is clean so you don’t slip on any spilt liquid.
Another big part of being safe from house fires is to make wise decisions when it comes to decorations.
- Be mindful when using candles and make sure to keep them away from decorations
- Do an inspection of your heating system and leave decorations far from it.
- Check your holiday lights to ensure cords are in good condition and not frayed.
- When decorating outside, make sure the lights are outdoor-appropriate and that they are connected away from places where snow could make puddles.
Inspect the house exterior and interior
Winter weather can cause damage to your home, which can be dangerous to the people living in it. Some things to examine include:
- Removing dead branches or trees that could fall into the property
- Inspect and clean chimneys at least once a year
- Keep the gutters clean to make sure water and snow can drain out properly.
- Clean up the snow from walkways and parking spaces to avoid any accidents.
- Keep the temperature at a minimum of 55 degrees to keep pipes from freezing.
- Review emergency procedures to know what to do in case of an emergency.
Keeping the house safe when traveling
It’s important to keep an eye out for changing COVID-19 state guidelines to travel safe and keep yourself and your family safe, but also make sure your home is safe while you are away, some ways to do this are:
- Check all the property’s windows, doors and accesses have been secure before leaving.
- Make sure all appliances are disconnected to avoid a short-circuit from starting a fire.
- Let your landlord and neighbors know when you are leaving and for how long so they can take measures to ensure the property is secure and that nothing happens while you are away.
From all of us at Frontline Property Management, Inc. we wish you a happy and safe holiday season!
Do you have a property you need help with? Leave it in our hands!
Why Choose a Professional (And Licensed ) Property Manager?
As the demand for rental property increases more and more investors are turning to real estate as a reliable and timeless investment. And while real estate can be an extremely profitable investment, it can also be very time consuming and become extremely overwhelming if you are not well versed.
If you, like many, have ever wondered if professional property management is worth the expense. The answer is: Absolutely! As long as you partner with the right company. Here are a few ways that Frontline Property Management can increase your profits and improve the value of your investments.
Maximizing Rent by Monitoring the Market
Did you know that, in the state of Texas, professional property managers must also be licensed real estate agents? One of the many benefits to hiring a professional property manager is their vast knowledge of the real estate market. Knowing the market will ensure that you are listing your rental property at the right price and will get you the most bang for your buck!
One of the quickest ways to kill your profitability in a rental property is to approve the wrong tenant. While you obviously want to put focus on whether or not a prospective tenant can pay the monthly rent there are many other items to consider when approving a tenant. Some of these items include: How will they care for the property? Will they fulfill their lease obligations? Are they likely to be there long term, or will they be likely to move after just one lease term?
Hiring a property manager can help ensure each tenant is screened thoroughly before they move into the property.
Once the tenant has moved in, the monthly rent must be tracked meticulously. In addition to tracking the rent a professional property manager will have systems in place to ensure that any late payments are handled appropriately and that prompt and proper action is taken in the event of non-payment.
Keeping Your Property in Tip Top Shape
At the end of the day your investment is only as good as its value. Having a professional property manager on your side will ensure that your investment is well cared for. A good property manager will track and perform preventative maintenance resolving issues before they become costly.
Considering taking advantage of this knowledge by hiring a professional property management company?
Frontline Property Management has been dedicating itself to the well being of our investors for over 30 years. Reach out today to see how we can help protect your frontline in order to increase your bottomline.
Have a property that you need help with? Contact us today!
Some Must Reads for Real Estate Investors: Single-Family Edition
Real Estate investing can be a daunting industry to break into! Between determining how to obtain financing, picking a property, and figuring out how to get the best ROI (return on investment) there is so much to know and learn that it can be overwhelming to the point of discouragement. One of the best ways to learn about real estate investing is to read books written by investors and other experts.
Below is a list of some of the most popular books among single-family real estate investors.
One Rental At A Time
Have you ever thought about real estate investing as a path to financial freedom? Have you kicked around the idea but felt you were too busy with work and family responsibilities? If so, One Rental at a Time will transform your life, just as it has transformed the lives of thousands of others.
This book reveals how buying and holding rental properties will create a second income that can, in time, allow you to quit your day job. It worked for me and it can work for you too. What’s stopping you? Read the book and learn how One Rental at a Time can lead to financial independence.
Best of the BRRR Method: Buy, Rehab, Rent, Refinance, Repeat
“Buy, Rehab, Rent, Refinance, Repeat,” or the BRRRR method, was developed by real estate investor David Greene. This 2019 book details each step of his process, including how to start or scale your real estate portfolio, from managing single-family properties to 100-plus unit apartment complexes. This comprehensive guide to house flipping also features a thorough explanation of terms, methodologies, and examples. Greene is the co-host of the BiggerPockets podcast and has been featured on HGTV.
How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started
Everyone knows real estate investing can be a powerful way to build wealth and achieve true financial freedom. But, because each person’s journey is different, knowing the first steps to take can be challenging.
That’s why two of the biggest names in the real estate world teamed up to write the most comprehensive manual ever written on getting started in the lucrative business of real estate investing. Josh Dorkin and Brandon Turner—longtime hosts of the world’s #1 real estate podcast, The BiggerPockets Podcast—give you an insider’s look at the many different niches and strategies that exist. Find which one works best for you, your resources, and your goals.
Unlike most traditional real estate books, this one won’t tell you there is “one secret path” to real estate success. Instead, it dives into dozens of unique, life-changing quests and is packed with more than forty real-life stories of how real estate investors are finding success in today’s economy.
The Advanced Guide to Real Estate Investing: How to Identify the Hottest Markets and Secure the Best Deals (Rich Dad's Advisors)
If you’re interested in real estate investing, you may have noticed the lack of coverage it gets in mainstream financial media, while stocks, bonds, and mutual funds are consistently touted as the safest and most profitable ways to invest. According to real estate guru Ken McElroy, that’s because financial publications, TV and radio programs make the bulk of their money from advertising paid for by the very companies who provide such mainstream financial services.
On the other hand, real estate investment is something you can do on your own–without a large amount of money up front. Picking up where he left off in the bestselling ABC’s of Real Estate Investing, McElroy reveals the next essential lessons and information that no serious investor can afford to miss.
Building Wealth One House at a Time, Updated and Expanded, Second Edition
Building Wealth One House at a Time, 2nd Edition provides you with a practical way to create wealth through an ethical approach of buying, financing, and managing property. Renowned real estate expert John W. Schaub takes you through his 9-step program and explains how to accumulate one million dollars’ worth of houses debt free in any market, while earning a steady cash flow.
This invaluable guide presents fresh strategies for buying and financing property, reflected in six new chapters on topics such as real estate cycles, financing real estate purchases, negotiation techniques, and retirement investing.
You’ll learn how to:
- Finance real estate purchases without going to a bank
- Recognize and capitalize on real estate cycles
- Improve your negotiation skills in any situation
- Avoid common and costly mistakes
- Create cash flow that lasts forever, and much more.
Have a multifamily property that you need help with? Contact us today!
Why You Need a Property Management Company in the DFW Area
Whether you are an out-of-state property owner, a longtime local landlord, or are just getting into the property rental business, there are plenty of reasons why you need a company like Frontline Property Management on the ground for you in the DFW area.
2021 has been an interesting year for the Dallas / Fort Worth rental market – to say the least. As we’ve discussed before, the DFW is a very attractive market for Millennials & Gen Z, and is one of the top destinations for out-of-state moves. Investors have used this information to capitalize on the need for housing – and you may have, too! You have a property in a hot market that you’d like to rent. But now what?
You Need Management that Knows the Market
On top of the complications that the pandemic has had on the housing market, the failure of the Texas power grid in February of 2021 exacerbated conditions by forcing many renters out of damaged properties. In a seller’s market like the one we’ve seen this year, many individuals who would otherwise be buying houses are choosing to rent a bit longer. Meaning that there is immense competition between renters for available housing – which is good for DFW landlords. Competitive rental markets translate to higher rents in keeping with the average rent of a given neighborhood in the face of the market overall. A property management company that wants to grow your business is always aware of the many factors and nuances in the market.
You Need Vendors You Can Trust
Frontline Property Management employs many Property Managers who bring decades of experience to the table. The maintenance vendors we use are also experienced, vetted, and local. Relationships are what property management is all about! We take our time to strengthen our vendors with the online tools they need to be the most accessible and responsive. There’s an increasing number of vendors in the DFW area, which makes it daunting to choose a company to work with (particularly if you’re not a local). Transparent communication between our clients, our Property Managers and the vendors we use ensures that you are always up to date with your properties.
You Need Eyes, Ears, and Hands-On Management
While it takes a certain amount of business and research skills to stay on top of the market, there is no substitute for hands-on experience. You need Property Managers who know the Dallas / Fort Worth area down to the neighborhoods. You can trust the assessment of our Management team when it comes to evaluating your property’s value, condition, and what it takes to have it ready to become your passive income! With Frontline, you’re able to rest easy in the knowledge that our Property Managers are on top of any issues – sometimes before they start – so that you don’t have to think about it.
Out of state investors, especially, need to be able to rely on a company that can view, assess, and respond on-site.
You Need Management that Will Help Grow Your Investment
Property Management alone is only an organized system of processes. There are thousands of details to set up these processes, but to put simply it’s getting rental income from a tenant into your bank account. A Property Manager facilitates this process and cares for the physical property in the owner’s stead, but Frontline takes this relationship and builds on it by going a step further: We work to keep you informed. Not just about your property, but about what opportunities may arise due to market conditions. Our client newsletter provides you with up-to-date business information, including pertinent legislation. Property owners looking to get the most out of their investment, and then to grow their portfolio, will find that Frontline provides all of the necessary experience and drive to help you get there.
You Need Frontline Property Management
We’ve faced some unique challenges over the past two years, but Frontline has risen to meet them every step of the way. Utilizing our team of experienced professionals, we have been able to be proactive rather than reactive, and have continued to provide quality service to both our clients and our many tenants. We strive to strengthen our relationships and to create new ones as we move forward!
Contact us today to learn more about our Property Management team!
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