• property_management_arlington_slider1

  • property_management_arlington_slider2

  • property_management_arlington_slider3

  • property_management_arlington_slider4

Property Management Tips and News

Raising Rent

Arlington Texas Property Management article image 5If you haven’t raised your rent in the last few years, consider this: according to the Bureau of Labor and Statistics, the rent index is currently rising at an annualized rate of 3.6%.  So you’re probably overdue for an increase.

At the same time, you may worry that by increasing your rates, you’ll lose good tenants.  It doesn’t have to happen that way, especially if you follow these simple guidelines.

Do your homework

Assess the current rental market in your area and the value of your specific tenants.  Some key questions to ask are:

  • When was the last time you raised rents?
  • How do your current rates compare to those of similar properties?
  • What is the demand for rental units and what are the current vacancy rates?
  • Should you increase rates only on in-demand units (for example, one bedroom vs. studio)?
  • Which of your tenants are the most valuable and would you consider excluding these individuals from the increase to ensure you keep them?

Be prepared

Once you’ve determined how much to raise rent and on which units, be ready to address negative feedback with justifications for your action.  Legitimate reasons include:

  • increased property taxes and fees
  • higher utility costs
  • increases in janitorial, repair and maintenance costs
  • improvement projects designed to enhance tenant living spaces

Be sure to note the length of time since the last increase, especially if you haven’t raised rents for an extended period.

Communicate clearly

Announce the increase in a typed notice on letterhead in concise language.  Consider making explicit some of the main reasons you are raising rent to address complaints before they occur.  Be sure that you adhere to the specified advance notice requirements in your leases and that you make yourself available to tenants should they wish to discuss the increase with you in person.

Raising rent isn’t fun.  But it can be made easier if you have the help of a company like Herman Boswell.  Our professionals are experts in both real estate and tenant management and can see to all the details that go into raising rent the right way.  For the peace of mind you deserve, contact us today!

 

Homes for Sale

Continuing Good News in Texas Real Estate

The Texas Association of Realtors has issued their quarterly report that housing prices continue to remain strong in Texas. Over last year at the same time, 13% more single-family home sales have been completed and the median price was also seven percent higher. The … Read More...

property_management_arlington_slider4

How to Politely Raise the Rent

Raising rent is not easy to do. In fact, it can be almost as difficult as asking for a raise from your boss. But strategies do exist that can help you move beyond the angst. The first thing you need to know is that you do not need to explain why you are raising the rent … Read More...

Property Management Checklists

Renter’s Rights: A Primer for Would-be Landlords

As a service, we are publishing here the information page from the Texas Attorney General on renter's rights. The thought that property management is an easy task that can be undertaken by anyone on a part-time casual basis is permanently dispelled by the following. It is … Read More...

Tenant move in letter

Showing–and Selling–Properties the Right Way

Being a landlord isn't just about managing tenants and collecting rent. It's also about being a good salesperson who  knows what tenants need and want and has the necessary interpersonal skills to make potential clients feel like they've finally come home. Before you … Read More...

Agreement between landlord and tenant

Landlords and Right of Entry in Texas

Texas has no statute that governs when landlords can enter occupied rental units. So theoretically, that means you could enter residences any time you wish. But if you’re concerned about maintaining good relationships with your tenants, that’s not a good idea. The smart … Read More...

rental applicant

Property Management: Spotting Potential Deadbeat Tenants

As landlord, you know that bad tenants are bad for business. That's why it's so important to research rental candidates before turning over the keys. But doing thorough background checks on individuals can also present its own set of headaches. First, you need to make … Read More...

More property management articles