According to Fitch Ratings, a Wall Street agency, homes are overpriced in three-quarters of U.S. metro areas. However, Dallas-Fort Worth is not one of them. As reported by the Dallas Morning News, the Dallas-Fort Worth metroplex is one of just three metro areas across the country with sustainable home prices. This is largely due to growth in the region’s rental market, which is developing exponentially faster than the rest of the nation. 

Whether you are a local Dallasite just getting into real estate, or a real estate investor looking to take advantage of affordable mortgage costs, now is the time to capitalize on Dallas-Fort Worth’s thriving rental market. 

However, as you may know, finding a rental property is only the beginning. As a real estate owner, and a prospective landlord, finding a property manager in Dallas can make all the difference. A property manager can help keep your tenants happy, your property maintained, and your profits up.

Learn more about what’s happening in the Dallas real estate market, and the five steps you can take to find the best Dallas property manager for your investment property.

Dallas real estate 101

Property owners and buyers in Dallas can rest assured that the real estate market is booming. As described above, Dallas-Fort Worth is one of only a few markets in the country where real estate is not currently overpriced. 

Plus, the market’s growth shows no signs of stopping. In March 2022, median-priced homes sold for a record high of $335,000, representing a gain of 19% year over year.

Due to a large number of transplants from other states, decreasing unemployment, a boom in new construction, and an above-average population of first-time home-buying millennials, the Dallas real estate market is on the rise.

Plus, the diversity available in real estate is surprising. Whether you’re looking for a chic downtown loft, a 1,500 sq. ft. single-family home with original hardwood floors and a large yard, or a sleek, modern mansion–everything’s for sale if you’ve got the budget. 

But, before you actually put pen to paper and buy property in Dallas, you’ll want to understand the distinct neighborhoods. A studio apartment in the edgy, Deep Ellum music scene will be quite a different investment from a 4,500 sq. ft. McMansion in clean and pristine Plano. 

Once you have settled on the perfect property for your particular needs, it may be time to bring a property manager on board to help lessen the load. There are many ways a property manager can save you money, but only if you know what to look for. 

Let’s look at five steps to hiring the right Dallas property manager for you. 

How to find a great property manager in Dallas

#1: Understand the key responsibilities of a property manager.

Have you found yourself asking, “What exactly does a property manager do?” This is an important question, though not necessarily an easy one to answer, since a property manager’s tasks will depend on what you need them for. A good property manager will be flexible in working with you to get the most out of your property investment.

While this is by no means an exhaustive list, here are some of the responsibilities a Dallas property management firm could take off your plate:

• Marketing and advertising your property
• Tenant showings
• Tenant screening and background checks
• Move-in and move-out inspections
• Rent collection and late fees
• Inspections and property evaluations
• Emergency repair requests
• Routine maintenance requests
• Generating owner statements
• Managing vendor relationships
• Accounting and financial bookkeeping
• Evictions and legal procedures

#2. Know what to look for in a property manager.

Looking for a property manager is similar to searching for any other business partner or employee. Once you understand the key property manager responsibilities for your Dallas property, it’s time to find the right match for your investment. 

We recommend looking for equal parts experience, education, local reputation, and community involvement. A Dallas property manager with experience and education will bring their expertise to work for you, ultimately growing your business. Plus, you want to work with someone that has a respected reputation, not only in DFW but also in your particular neighborhood. Some tenants will avoid renting properties where the manager is known to be difficult or frustrating. 

Finally, you’ll be better off with someone who is community-minded. Neighborhoods are built by people who live, work, and invest locally. Real estate investors who look beyond making a quick buck and are interested in building stronger, safer communities should work with property managers who share those values. 

#3. Educate yourself on expected costs.

Before interviewing potential property managers in Dallas, take time to research the costs of a property manager. There’s not one specific way that property managers charge across the board, and it can vary by location, expertise, and preferences.

Some property managers charge a flat fee while others charge a percentage of the rent. Some will charge only when the property is occupied and others will keep working through tenant turnover and expect to be paid during that time. In order to plan ahead, spend some time educating yourself on what costs you can expect and how specific property managers determine those costs. This will ensure you are not caught off guard during the interview process.

Remember that hiring a property manager is an investment in your property, not a commodity. Through a quality property manager’s labors, attention to detail, and efficiency, you can expect a great return on this expenditure.

#4. Cast a wide net in your property management search.

When starting your official search for local property management companies in Dallas, we recommend casting a wide net. One of the best  places to begin is through a free database where you can find local property managers and compare quotes. Just input what you’re looking for and we can connect you with our vast network of property managers in minutes. 

In addition to online tools, it’s a good idea to reach out to friends and colleagues who are familiar with real estate investing, or who are landlords themselves. You may also consider asking your real estate agent for referrals. Talking with others in the community can serve as a valuable resource when finding a reputable property manager.

Finally, you may want to settle in for a good, old-fashioned Google investigation. Search “Dallas Property Management” and your property’s zip code to see what pops up. 

#5. Whittle down your options.

Once you make it through the research, it’s time to whittle down your list. The next step is to interview your top candidates. There is a bit of legwork involved here, but finding the right match pays dividends over time.

When interviewing your shortlist of possible property managers, make sure to ask all the right questions so you can make the best final decision for your investment. These questions may revolve around their experience, knowledge of the Dallas area, fees, scope of work, and more. Keep meticulous notes of all interviews so you can easily compare one property manager to another when making your final decision. 

Whether you are already invested in Dallas real estate or just starting to explore this booming market, becoming a successful real estate investor is no simple task. No matter the size of your enterprise, partnering with a property management company can be an excellent way to balance all your landlord responsibilities. 

When you’re ready, find a property management company in your area by searching All Property Management's network.