A Quick Guide To Property Management In Plano, TX
Property management in Plano, TX can be highly lucrative when you know what to look for in terms of housing and tenants, but there are still many different variables to consider. Follow this guide to find the best Plano property available and the right tenants to fill it.
Managing Old Vs. New Properties in Plano, TX
Though there are a number of luxury apartment buildings, property management in Plano mostly revolves around houses. As a new property manager in Plano, you will have to choose between buying a newly-constructed house that has been built within the past ten years or an older property.
Older homes in Plano tend to have better . . .
- Proximity – Older homes tend to be closer to shops, restaurants, and other local amenities. An older home that’s located in a highly desirable location is sometimes a better investment than a newer home in a more secluded area.
- Upfront costs – An older home almost always saves a property manager (and its owner) more money than buying a new home (though renovations and repairs can dramatically increase overall costs).
- Landscaping – Tenants want to see full-grown trees and other mature landscaping that can take years to grow. They are often willing to pay more for a beautiful yard and summer shade.
- Data accuracy – Older neighborhoods will have more accessible data to better understand pricing points, real estate trends, and exactly what tenants will expect to see.
- Character – Many tenants greatly appreciate older architecture. Even with a new coat of paint, your property will stand out from other newer properties in the neighborhood (in a good way).
Newer homes in Plano, on the other hand, tend to have . . .
- Less maintenance – With a brand-new HVAC system, electrical wiring, and other major installations, your house will already be up to modern standards from the very start.
- No renovation costs – You’ll pay more upfront, but you will not have to worry about sinking a small fortune into upgrades and inspections, where unforeseen expenses can run amok.
- No moisture problems – Older homes tend to accumulate mold and mildew over time through small leaks as the foundation degrades. A new house will not contain mold or moisture and will already have a modern waterproofing system installed.
- High-end finishes – With stainless steel appliances, a more open floorplan, and granite countertops, the interior of modern houses almost always looks more attractive to tenants.
- Lower energy costs – A new home will have up-to-date appliances and systems that are energy efficient, saving tenants on utility costs.
There are plenty of ways to generate passive income from owning / investing in both older and newer properties in Plano, TX. Buying an older house in Plano is usually more of a gamble, but don’t let that stop you from seizing a good property management / investment opportunity when one comes along. Just be sure to have the property properly inspected before signing on the dotted line, but that’s another blog for another day.
New Tenant Management in Plano, TX
Good news! Plenty of people are moving to Plano, TX so you should find no shortage of prospective tenants to choose from. Here are some things you can do as a Plano property manager investor to put out-of-state tenants at ease:
- Provide utility contact information – Giving contact information for utility companies at least one week in advance is more than a kind gesture. Tenants will have heat and electricity upon moving in (and ensure all of the utility bills are in their name).
- Other contacts – Giving tenants the number to maintenance (or your own number) also affords the opportunity to tell tenants exactly who they should notify in the event of future issues.
- Spotless upkeep – Deep-cleaning the property gives tenants the best impression of their new home while subtly reminding them that you expect the property to be returned in the same condition.
- A welcome basket containing the following:
- Toilet paper
- Paper towels
- Multipurpose cleaner or wipes
- A $5 or $10 gift card someplace close
- Bottled water (in the fridge)
Work with a Professional Plano, TX Property Management Company
Trumbull Realty Group (TRG) has years of experience with property management in Plano, TX. We know exactly what prospective tenants want to see and how they expect it to be presented to them. From renovation and repairs to tenant screening and pricing, TRG offers unparalleled guidance that other Plano, TX property management companies simply cannot.
Getting everything right on your own can be difficult, so let TRG help you find the right Plano investment property and take you through each step with confidence. Contact TRG today and get the expert Plano property management assistance you need.