Are you thinking about becoming a landlord this summer in Denton, TX? You couldn't ask for a better place to embrace property management. Research shows 51.6% of residents in Denton are renters.
Part of this may be because the city's rents are among the cheapest in northern Texas. At the same time, rents have still risen 15% year over year in the town, which is excellent news for landlords.
How can you ensure your success as a landlord in Denton? Let's explore some essential landlord tips and tricks from the best property management company in Denton, TX, offers.
Property Management Software
Invest in software for rental property managers if you plan to become a landlord in Denton. This software will simplify your property management job by automating several renting-related tasks.
Use this software to keep track of leases, property maintenance, accounting, and communication (more on communication later). Quality software will let tenants pay their rent by linking their debit cards or bank accounts to the software. The software may even issue recurring rent reminders to ensure on-time rent payments.
Perhaps you don't want to handle duties like rent collection and property maintenance alone, even with property management software. Hire a property management company to perform these tasks for you. This will allow you to focus on your full-time job, family, and other commitments while running a successful real estate investing business in Denton.
Creating a solid tenant screening process is also critical to your success as a landlord. Proper screening may help you to rent only to high-quality tenants. These tenants will pay their rent on time and take wonderful care of your property.
Study the following details about a prospective tenant to determine how reliable they'll be:
- Monthly income
- Job security
- Credit score
Keep in mind that rental discrimination is illegal, though. You can't deny someone housing due to their disability, sex, religion, national origin, color, or race.
Another critical area to master as a Denton landlord is tenant communication. Effective communication will help you build strong relationships with tenants. You'll avoid misunderstandings and keep your tenants happy.
Confirm your tenants know how to contact you in an emergency. Explain to them you expect them to care for your rental home's lawn if this is true, and tell them about any policy changes you plan to implement ahead of time to avoid confusion. A tenant portal can be a convenient place to communicate with your renters.
How We Can Help
The top property management tips for landlords in Denton, TX include using property management software and thoroughly screening tenants. Maintaining strong communication with tenants will also help ensure you receive on-time payments and satisfy your tenants.
At PMI United, one of today's leading property management companies, we're excited to help you with tenant screening and rent collection. We can even tell you how much profit your rental house could generate. Contact us for a complimentary rental analysis today!