All Forum Posts by: Derek DeGuire

Hello. I run a small property management business in DFW. We have used Appfolio for some time but I am referring out my owner/investor doors to focus on managing only our company owned doors - we are currently at about 36 doors, primarily SFR. I am trying to find a simple, affordable software that will allow me manage our tenants - collect rent via ACH, background/credit check, tenant portal, etc. Does anyone have any recommendations on this?

Thank you,

Derek DeGuire

DeGuire Properties

DPMDFW.Com

DeGuire Properties is a full service property management company located in the North Texas area.  We have over 30 years of experience managing single family homes, retail, multi-family and industrial properties.  We utilize state of the art cloud based software to manage our owners properties.  We are a growing company and actively seeking new business in North Texas.  You can find much more information about our company at www.DeGuireProperties.com

Derek DeGuire, Broker/Owner

DeGuire Properties

3000 Spring Valley Drive

Bedford, TX  76021

817-281-8595

Most major markets right now are hot. If you are in a hot market I would consider terminating the lease and get a better tenant possibly at a better rate.  Your lease should specify penalties for late payment.  We had a tenant situation similar to yours and he paid $100+ late fees each month. However we did not renew his lease. 

we are currently at about 50 units but chose Appfolio as we hope to grow quickly and wanted to have a platform to allow us to grow. Very happy with Appfolio.  Great software and service is second to none. 

We have started replacing worn carpet with laminate wood in all units.  If you shop it you can find deals.  Long term most cost effective flooring and you can replace individual planks if they get damaged. I would still carpet the stairs.

Where are your properties located in Texas?

ours are through Appfolio

We have a condo in a college town and did individual leases for each of the three rooms.  We estimated utilities and split it 3 ways to keep it simple. It has worked out well and gives you flexibility so that if one goes bad they are not tied together with one lease.

We were advised to set up a separate security deposit trust account.  In that account we hold all security deposits, separate from our operating account.

Cliff has great points.  One thing we have started to require tenants to sign is our Maintenance Policy Agreement.  This spells out, among other things, what is an emergency and what is not.  This agreement can also address what is a tenant responsibility and what is not.  When a tenant starts talking about air quality and the amount of complaints you have had I'm thinking you might offer this tenant an opportunity to terminate the lease.  You must set expectations early or they may take advantage of you.