Finding excellent rental properties during the COVID-19 crisis is probably not very high on the priority list for many would-be landlords and property investors right now. As we face the impact of various stay-at-home orders across the Metroplex, property owners and renters alike are hunkering down for the long haul, wondering how long it will take for our community to recover from this pandemic.
As an expert in Dallas property management, we’re closely keeping an eye on the COVID-19 pandemic to keep our property owners and renters aware of changing developments.
In the face of these new restrictions designed to help #FlattenTheCurve, you may be thinking that now is the worst time to pursue your financial future by expanding your portfolio. The reality is actually the opposite: if anything, the COVID-19 pandemic has given us a very real reminder to take care of ourselves, enjoy the time we have with our loved ones while we have it, and to prepare ourselves financially in the event of a market shockwave.
In a survey done by GOBankingRates in mid-December of 2019, right before the novel Coronavirus completely reshaped our reality, it was discovered that a startling percentage of Americans (almost 70%) have less than $1,000 in their savings at any given time. Worse, 45% reported having no form of savings at all.
We know firsthand that for many investors, your Metroplex investment properties are the financial vehicle you use to secure your future—and that's exactly why you can't afford to let this stay-at-home order become "downtime" for your savings plans. We may all be working to #StaySafeByStayingHome right now for the foreseeable future, but that's the perfect time to be working with a Dallas property management partner on researching your next acquisition.
We're Here for You
Whether you begin with the right research by taking advantage of our extensive insight into the Dallas market, or you need direct, hands-on property management services right now to preserve your current portfolio, this is the worst time to let your properties slide.
If you're an out-of-state investor who suddenly finds your ability to check-in on your units completely out of the question, this point may be especially relevant for you. Working with Dallas property management professionals while the novel Coronavirus continues to accelerate towards its peak may be the only way to keep your portfolio profitable.
If you’re not currently working with a property manager in the DFW area, then this should be your priority before proceeding further: your property management expert can help you find your footing again in uncertain times. Even when the grass is greener, there are some tips that still hold for how you should be approaching your portfolio. Use these guidelines now to get your investments—and your financial future—back on course towards prosperity.
The Rate You Choose Matters as Much as Your Renter
Whether you already have the ideal renter calling your Dallas rental properties home or not, now is the perfect time to conduct a rental analysis on each property in your portfolio to ensure you're bringing in optimized income. If you find that your rates are too high, the move to lower your rental rate can save you from tenant turnover and the loss of a fantastic renter when it comes time to renew.
If it looks like your rental rate is too low for what your properties are worth, working with a Dallas property management company can help. Not only will they help you find the right rate, but your property manager knows how—and when—to apply it strategically. We understand that the property owners we serve often have their own bills to pay out of their earnings before it ever hits their savings. This makes having the right rental rate absolutely crucial—especially if you are not covered by the mortgage extensions offered through the new CARES Act.
If you're between residents—or know that you're about to be—finding the right renter through a thorough application and screening process is the next step. You may have already done this before in the past, but with a lack of face-to-face contact, relying on a property management company now is more crucial than ever. Depending on the partner you choose, you'll have access to cutting-edge rental technology that can not only help you find your next ideal renter in the age of social distancing but screen and approve them without ever meeting in person.
Once You've Got Reliable Renters, Work on Your Growth Plan
When you've got your current properties well-situated, the next step is to work with the right Dallas property management partner to draft a game plan for continued growth.
Our insight into what Dallas renters are expecting from their rental home gives you an advantage as an investor. Instead of gambling on what's popular in the rental market, we employ the same cutting-edge analysis techniques that help you price your properties. Even during this collective lockdown, if you've got ideas for your business, we'll help you find the right deal on a property that will yield long-term income in the Metroplex.
A Healthy Mix of Property Types Rounds out a Portfolio
For many investors, your second or even fifth rental property is not your final destination; another rental property is merely the next starting line for where you expect to grow. Consider, as your monthly income grows larger from your current properties, what you can do to safeguard your portfolio.
COVID-19 has also brought to bear another point: as you add to your selection of properties over the years, diversity should play a key role in how you invest. If you’ve primarily been focusing on single-family rentals, it may be worth stepping up to a duplex or four-plex. A shift in the value of your other investments should never have the power to tank the entirety of your portfolio if you have successfully diversified.
More than ever before, we're so grateful to be able to continue providing the same level of care to the property owners and residents we serve in the Dallas area. If you have a mind to succeed, we're here to help you realize your goals. Dallas is still strong, and we will get through this #AloneTogether to #BeatTheVirus.
If you’re an investor looking to grow, take a look at our FREE guide to property investing, then get in touch with us to start drafting the game plan you need to put your investments back on track.