Posts Categorized: General

How Can I Prepare For a Site Visit?

How can I Prepare for a Site Visit?

The Importance of Site Visits

It is truly impossible to overestimate the importance of site visits. For a tax agent to adequately represent a property, they need to have firsthand extensive knowledge of the asset. Without this knowledge, a property owner can never receive top-tier representation. As a property owner, there are a few preparations you should make before your site visit with your tax agent.

Step 1: Inform Your Staff of the Visit

For a site visit to go smoothly and effectively, the staff at the property needs to be aware of the tax agent’s visit. Moreover, the staff responsible for meeting with the agent must be knowledgeable and completely honest. A good agent asks hard questions for managers/owners to answer, and they need truthful responses. If the property is slipping off its foundation, the agent needs to know. If the property has plumbing issues every other day that require water to be shut off to the property, the agent needs to know. If the property has extensive water damage from leaky roofs, the agent needs to know! Your agent needs to know all the good and bad with your property so they can adequately fight for a fair valuation.

Step 2: Provide Financial Information

Next, be sure to prepare and provide your agent with the profit and loss statement for the property as well as unit statistics/rent rolls. As multifamily properties are income-producing, the ability of a property to produce income plays a significant part in its valuation.

Step 3: Be Prepared to Show a Vacant Room

So they can see what a unit looks like, be prepared to take your agent to a vacant unit. A good agent will want to examine the condition of the unit, its flooring material, countertops, appliances, and everything in between. All this information can play a crucial role in valuing your property. Note, however, that you need to show your agent a unit that is representative of the majority of the other units at the property. For example, if 90% of the units at the property have granite countertops, do not show your agent the unit with a Formica countertop.

And that’s it. Preparing for your site visit is quite simple and should make your visit that much quicker/effective. By following these simple steps to prepare for your visit with your agent, you are setting your appeal up for success.

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Why Should My Agent Visit My Multifamily Property?

Why Should My Agent Visit My Property?

The Impact of Understanding an Asset

As a multifamily property owner, do you or your company often purchase new properties without seeing the asset in question? Most likely, that sounds like a terrible idea to you. Understanding what it is that you are buying and going to operate is a pivotal component to owning and managing a multifamily property. Due diligence is required to not only understand the risks of an asset but also the benefits. You cannot fully understand the impact a property will have on your portfolio without visiting that property, walking its grounds, and analyzing its condition through your own eyes.

The Impact of Understanding an Asset

The same can be said about the property valuation of an asset. Tax agents are asked to step in and help frustrated owners secure a fair market value of their properties. Owners are often rightfully worried about over taxation and rely on their agents to be their advocates. But, just like a prospective property buyer, how can a tax agent accurately understand the risks and benefits associated with a property without visiting it? They cannot. The understanding of an asset accompanied by a site visit cannot be duplicated through google images and satellite views of the property. It comes from feeling, touching, and seeing the asset firsthand. This lack of ability or unwillingness to visit properties that agents represent ultimately ends up hurting the taxpayers these agents swore to protect.

Advantage Over Taxing Jurisdictions

In addition to providing a better understanding of a property to a tax agent, site visits allow a bit of an advantage to agents and taxpayers when dealing with Central Appraisal Districts (CADs). CADs are often understaffed and overburdened to produce accurate values of the properties within their taxing jurisdiction every year. This means that CADs rely heavily on “mass appraisal techniques” to meet their offices’ responsibility to taxpayers. The problem with this approach is that CADs are unable to get into many details when dealing with a specific property. That is where an advantage for the taxpayer presents itself. The county may not know that your property had five downed units this past year, or that a natural disaster destroyed a portion of the property or any other number of events/characteristics that affect the asset. These are likely not reflected in the valuation. It is the duty of the tax agent to know those issues and present them to the CAD for revaluing the asset. Without those site visits, agents are willfully abandoning an additional tool they have to help their clients.

Evaluate Your Current Agent

If you have never seen your agent at your properties, it is time you demand it from them. The communities you serve and have built deserve to not have resources taken from them due to over-taxation. Challenge your agent to put you and your communities’ best interest first by requiring they visit your properties today.

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How can the Right Property Tax Agent Simplify My Life?

How can the Right Property Tax Agent Simplify My Life?

Increased Results, Decreased Stress

Extending Your Reach

Tax agents may seem like they are a dime a dozen, but if you want a tax agent to simplify your life, you need to dig a little deeper.  Tax agents come from a wide array of firms, experiences, locations, reputations, and client experiences.  It is important to ask yourself what you are looking for in an agent?  Do you want someone you have to constantly check on to make sure they are meeting the deadlines?  Do you want to feel like they are just another person you must supervise?  Or maybe, your agent cuts you out entirely, doesn’t give you updates until you beg enough, and then only tells you about their successes while leaving out all your other properties. 

 From my experience, that is not usually what a client wants but it is often what they get when they hire the average tax agent.  It is easy to see why an agent who cuts you out or needs your constant monitoring would not simplify your life.  It could even seem like more work to hire an agent, after all, if you need to monitor everything why not do it yourself? 

 If you feel burned out from previous agents, I’m sorry to hear that.  An agent should extend your reach.  Allowing you to do more with your limited time.  The right agent figures out a customized plan with you for how and when you want reports so that you don’t need to ask.  They don’t make last-minute requests, causing you to drop everything to answer in time.  And they certainly don’t need you to remind them of deadlines.  If anything, it should be the reverse where you are being reminded by them because you are so confident they have your back that you can move on with other responsibilities.


The right tax agent will also simplify your life by having experience in your property type.  They will be a specialist, not a jack-of-all-trades.  They will know the best valuation approaches for your property and market and will use them to secure you the best possible reductions.  A large part of experience comes from visiting your properties and the local market.  Actual boots on the ground, asking the right questions and documenting the right facts.  If your agent is too overburdened to visit your property, then they are missing a critical piece of the valuation puzzle.  They may secure you a reduction, but it’s like slinging mud against the wall to see what sticks.  


The right specialist tax agent will deliver you the best results possible.  Does that always mean a reduction? No, an agent can’t guarantee a result.  But, if they have done everything they should be doing, they will come to you and let you know the results with confidence.  Knowing they left no stone unturned, and no argument omitted.  The results of a specialist in your property type are usually better than the average agent and that can give you confidence when you report the results. 

A tax agent may not simplify your life, but the right specialized tax agent will.  If you are tired of begging for reports, supervising your agent, or only getting part of the story, it sounds like it may be the perfect time to reevaluate your agent and find the right one to simplify your life!  

How Much Does a Tax Agent Cost?

Great Agents are Always Free!

No Risk to You

In multifamily property tax appeals, great tax agents work for a percentage of the tax savings.  This means that unless they are successful in reducing your property valuation, you won’t pay them anything.  This takes the risk off you as the owner and places the burden on the tax agent to perform.  As long as a tax agent is working on contingency, you will always come out ahead. 

Great tax agents take a personal interest in you and your property. They visit it every year and build relationships with those at the property and the Central Appraisal District. The results you experience are much better and lasting than those of a volume agent.

The Cost of a Bad Agent

A bad agent can cost you more than just the current year tax savings, they can cost you your reputation, which could impact future deals and tax savings. Just because an agent is working on a contingency fee does not mean they are getting you the best results. They may even be getting you small reductions every year, but if they are only taking those small reductions because they are too busy to know your property, you may be losing out on thousands in tax savings. 

A bad agent may save you $10,000 a year on a single property, but a great agent may save you $20,000.  If the great agent’s fee is 30% instead of the lower 20%, you will still net $14,000 rather than $8,000 each year by choosing the better, higher fee agent.  If they were to average those same results over the next 10 years, you would net $140,000 in tax savings vs. only $80,000.  All of that savings is on one property.  Imagine if you had 10, 50, or 100 properties; the difference in those results add up quickly.

Don’t Shortchange Yourself

Unfortunately, too many multifamily owners unknowingly undervalue themselves and undercut their success. They think they want the cheapest agent believing it will save them money on fees. The cheap agents are sly and promise them all sorts of things to get the deal, but the client quickly finds out that it was a smoke show to get them to buy.  The deliverables are less shiny than advertised, the results are subpar, and appeals are being churned out of a volume machine, with little human interaction or judgment.   

Quality representation takes time and personal attention. Multifamily owners with the mindset of long-term success choose agents that specialize in their property type. They choose to pay a higher contingency fee to ensure their properties are visited annually and treated individually.  There is a lot of money on the line in property taxes.  It is, after all, usually the number one expense for the Texas multifamily property. Successful owners choose quality over quantity.  They don’t want to be a number, unable to speak to a live person when they have questions. The value is in the relationship with their agent, and knowing their agent truly cares about their properties gives them peace of mind.  And peace of mind is something we could all use more of in the world today.

The Hidden Dangers of Fee Caps

The Hidden Dangers of Fee Caps

A Capped Agent Becomes a Complacent Agent

Cost vs Results

As a prudent multifamily owner, managing costs is very important. If you hire a roofer, you will want to know and approve the contract cost upfront. Property tax agents sometimes present a tempting offer to cap fees, but there is a hidden dark side when you play that game. You may worry about how much a tax agent without a fee cap will cost, and that is a valid concern. From experience, I have seen that capping an agent far outweighs the benefit to the client.  I would like to pull back the curtain for just a moment and help you glimpse the danger lurking in such a deal.   

Compensated based on success

Property tax agents are typically compensated based on their success. This means that you always come out ahead if you are paying them a fee. When there is no cap, excellent agents do their best to examine every angle and opportunity to reduce your property taxes.  They know that the better they represent you, the higher your savings and their fee. 

On the flip side, you may see agents with a contingency fee plus a cap.  This means that no matter how good they do, they will only receive the maximum cap amount.  Agents under such a deal know exactly the amount of reduction they need to hit the cap and the temptation is to do just enough to hit the cap.  Anything above that they are doing for free.  The true danger to you, as a multifamily owner, is that you don’t get the lowest value and tax bill.  You only get it low enough for your agent to max out their cap.  Thousands of dollars of additional tax savings may be readily on the table, but since there is no upside to a capped agent, they aren’t asking for it.  You ultimately lose tremendous tax savings, which usually far outweighs the cost of removing the cap.

agent with fee cap vs agent without fee cap

You become a volume client

Another danger with using caps with your property tax agent is that you become a volume client.  There is hardly any incentive for them to visit and know your property.  They can likely secure the reduction necessary to hit the cap with minimal effort.  Your property is just one of the thousands that churned out with little thought about the property itself. Getting an update on your property will likely be difficult if you can get one at all. Volume clients usually hear from their agents a few times a year.  Does the following communication sound familiar?

 1. When they need something signed by you.

2. When they need information, usually last minute.

3. When you get their invoice. 

Be Unique

Your company and properties are unique and important to you.  Hire an agent who treats them that way.  The agents who give excellent service don’t have fee caps, and you wouldn’t want them to.  I want you to have confidence you are getting the best representation possible.  We have put together an agent checklist that helps you evaluate your current agent.  It is valued at $1,000, but I want to gift it to you and my expense today so you can make sure you are prepared for the 2022 Texas appeal season.  I hope you will take advantage of reviewing your agent and securing your maximum tax savings next year.

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Can a Tax Agent Really Get a Bigger Reduction Than I Can on my Own?

Can your tax agent get you bigger reductions than you can on your own?

If not, it’s time to reevaluate your agent

Property Specific Knowledge

Knowing the subject property is one of the first rules in valuation.  As an owner or property manager, you likely have visited your property and know the difficulties it is facing.  This is critical to determining an accurate value.  For an agent to secure a greater reduction than you, they should know the property as well as, or better than the owner.  This can only be achieved through site visits where the agent puts boots on the ground.  First-hand knowledge by a dedicated agent allows them to find valuation issues that even a very diligent owner may overlook.  Online maps, street views, and satellite pictures can never replace a real visit.

Valuation Knowledge and Time

The next critical step is knowing standard valuation methods, and which ones are most appropriate for your property type.  For Texas multifamily, the income approach is usually the best method for determining value.  In the case of new construction, cost would be more appropriate.  As an owner, if you have experience with the approaches and the time to research market income conditions, you might do fine appealing on your own.  However, if like most owners, you have dozens of other important issues demanding your attention, it may be difficult to devote the necessary time and resources to a valuation appeal.  Your time would be far better spent doing that which only you can do and utilizing a professional specialized in Texas multifamily property taxes.  

 The right property tax agent has the time and resources to focus on your valuation appeal.  They have extensive experience in the approaches and market.  By utilizing a dedicated agent, you can free up your time to accomplish your vital priorities and still secure results.  Thereby increasing your productive output, without becoming overwhelmed.

Relationship with the Central Appraisal District

As a final point, it is critical to remember that relationships matter.  If you plan on owning the property for any length of time or want to keep doing business in the county, you should consider your relationship with the Central Appraisal District (CAD).  They are trying to do their best with their limited time and resources.  Approaching them with an aggressive attitude usually will result in the same behavior right back.  When both sides begin by entrenching themselves in their position, it is hard to make progress.  Unfortunately, some agents take this approach. Not only does is it hurt your potential valuation, but it can also harm your company’s reputation in the county.  Whether you appeal on your own or seek a tax agent’s help, find those who are good at building bridges.

How Can I Reevaluate My Agent?

If you have an agent but wonder if they are getting you the best results, use the Tax Agent Checklist to evaluate your agent today.  The insights you will gain from these 10 easy questions will help you determine if your agent can really get you a bigger reduction than you can on your own.  You shouldn’t have to go it alone or settle for mediocre help.  With something as important as your property taxes, you should Experience Excellence.

How Can I Find My Property Tax Rates?

What is the difference between the tax rate and the taxable value?

Who Exactly is Taxing You?

To accurately determine your property taxes, you need to identify each taxing jurisdiction for your property. There are typically several entities that will be taxing your property, and they are listed on last year’s property tax bill(s). Once you locate that list, you can confirm by reviewing the current year’s notice of proposed value. Typically, the notice of proposed value will list the taxing entities along with the estimated tax rates, possibly answering two of your questions at once. 

It is also important to note that the taxable value and tax rate work together, but are very different pieces of information. The taxable value is the value that has been determined for your property as the basis for taxation. The tax rate is multiplied with your taxable value to determine the tax bill owed.

Where do I go to find out my tax rates? 

Once you have identified the taxing entities, it is now time to locate their current tax rate.  If you are determining the 2021 tax bill from the 2021 valuation, you will need to find the 2021 tax rates. Most of these rates are set in August or September, right before the tax bills are sent to taxpayers. The Central Appraisal District does not set the tax rates, but many times they will put the tax rates on their websites in an attempt to help taxpayers know who is taxing them and their estimated taxes.

For example, when reviewing the Dallas CAD website ( you can select “Search Appraisals” on the left-hand column. Then you can search for your property by owner name, account number, street address, etc. Once you have located your property, you can scroll down to the Estimated Taxes section, which lists the taxing entities and their tax rates. It is stated that those rates are estimates, so you should further confirm those tax rates.

Is there a second way to confirm my tax rates? 

The Tax Assessor/Collector is responsible for issuing property tax statements. Their websites should have a list available for each jurisdiction and the associated property tax rate. The Dallas County Tax Assessor/Collector ( has a link on the left-hand side titled “Tax Rates.” Click there to see the rates that are available, and you can even see the rates from a few previous years. If the current year tax rate is not yet available, then it likely has not been set or published yet. Continue to check back periodically during the fall until it is published. 

What if I still need help? 

Each Texas county uses a different process to find property tax rates. This article provides general information that has worked in many counties and is a great starting point when searching for your tax rates. If you need more specific help, or have detailed questions, please reach out to the experts at Wayfinder today.

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How to know if you’re being taken advantage of by your property tax agent?

How can a tax agent take advantage of a taxpayer?

The property tax world can be a complicated nightmare for many multifamily property owners in Texas. There are just so many variables and factors that need to be considered following a fair valuation of a property that it can be painfully confusing. Often, even the most diligent owners are ignorant of most of these factors and require guidance to navigate the appeal system. Some tax agents take advantage of this (reasonable!) ignorance and seek to twist it to their advantage. They will make promises they never intend to keep, blame others for their poor performance, and treat clients like a number while charging high rates. This is not fair to the taxpayer and should not be accepted as the status quo.

How to identify when you’re being taken advantage of by your agent 

The good news here is that it’s fairly simple to spot the bad agents in these scenarios when you take a closer look. They usually are radio silent until they need something from you, and they typically avoid responsibility for most issues. If you want to test your agent, ask how your portfolio looks this tax year, or simply ask them when was the last time they saw your properties they represent. If it wasn’t at least within the past 12 months, there is a good chance you are being treated as just a number by your tax agent, and it may be time to make a switch. The same can be said if you never hear from your agent, or it takes them an unreasonable amount of time to get back to you. You pay them to help you through this process; they need to be available to you. Paying a premium for a service is great so long as you are also getting premium value in return.

What to do if you are being taken advantage of?

Leave your tax agent! Why would you settle for being insignificant to a person or group that you depend on for guidance and help? These properties are important to you, and they should be important to your agent as well. I promise you there are agents out there that will treat your properties as if they were their own. If you notice the described red-flag attitudes in your tax agent, make the switch.

If you have any questions about what to expect from a quality tax agent who cares about you and your properties, please contact one of our Texas multifamily specialists today.

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National Representation vs. Local Experience

Why we are passionate about knowing your properties

Appeals in a Big Firm

Everyone has reasons for doing what they do, and I am no exception. I used to be a partner at a national firm with properties all over the country. I took pride in my work and in our team, and I loved helping clients reduce their property tax burdens. After many years and thousands of hearings, I was given the assignment to handle our firm’s protests in Louisville, Kentucky. I eagerly prepared to go and attend the hearings, but as busy as we were, I was only able to review the properties from CoStar and the internet. I found comparable property sales and put together my evidence, sure that my workup was bulletproof.

Shocking Reality Check

When I arrived at the hearing, I began to present my case with full confidence in my work product. The board respectfully listened, and then when I finished they began to ask me some tough questions. They asked me about the neighborhoods and areas of town, and which adjustments were made and why. They asked about the condition of the subject and the comparables. I did not know the answers. Finally, I was asked a life-changing question: had I ever seen or visited any of the properties in person?

Under oath, I had to admit that I had not seen them. Their response shook me: “No one who knows anything about this part of town and these properties would ever consider them comparable.” That was it–the nail in the coffin. I did not secure a single reduction for my client that day, but I did walk out of that hearing with a firm conviction that I would NEVER be in that situation again. I vowed that I would represent my clients as if I owned the properties myself. I would visit every property and I would do my best to visit every equity or sale comparable we would use. At the end of the day, no one in the hearing room would know more about the subject property and the comparables than I would. 

Starting Over

Upon seeing that I could not make that change in my national firm, I set out to create my own firm. I noticed that at national firms, agents are often overburdened and don’t have time to visit every property. The reason I founded Wayfinder is to be different from the busy national firms and to provide personalized expertise and representation. We are founded on the principles of integrity, accountability, and excellence. I have never forgotten the shame I felt in Louisville, Kentucky, and I never want to feel it again. When a client entrusts you with their appeal, agents should never take that responsibility lightly. They should do more than you can on your own because they are fully dedicated to representing properties in the appeal process. 

Giving the Best to Our Clients

This monumental change in my perspective has caused us to spend countless hours visiting properties all over the markets where we represent our clients. The results have been profound. We have spent time learning the markets, asking questions, and becoming experts in the properties, knowing we are doing everything in our power to truly represent our clients.

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The Cheapest Agent Costs You the Most

The Cheapest Tax Agent Usually Costs the Most Money

Are You Getting What You Paid For?

Comparing Agents

Searching for the right Texas tax agent can be overwhelming.  There are so many options, and everyone seems to have something unique.  The most common criteria used to compare agents is the contingency fee they charge, and agents are typically paid based on the tax savings they achieve for their client.  The major benefit to contingency is that the agent carries the risk and the client always comes out ahead by pocketing the difference from the original taxes less the agent’s fee. 

Lower Fee or Better Results?

The property owner’s dilemma is whether to hire the agent with the lowest fee or the one with the best results.  If Agent A charges 30% and Agent B charges 20%, it is logical that the owner would see the net 80% as a better deal.  Unfortunately, experience shows that the cheapest agent usually is the most expensive.  

Low cost service usually indicates: 

  1. You are just another volume client
  2. Agents are typically overburdened and can’t provide you with specialized service
  3. Agents don’t have the time or the drive to visit your property and gain critical first-hand knowledge

On the other hand, agents who specialize may charge a higher contingency fee, but some of the benefits are they:

  1. Have time to know your properties individually
  2. Perform annual site-visits to help them see the property over time
  3. Perform deeper market research to help them achieve greater tax savings

Comparing Results

To illustrate the difference, let’s look at some real-life 2020 multifamily examples (with names redacted) in Midland, TX: 

 Agent A – 30% Agent B – 20%
Property#1 #2
Noticed Value$52,074,060 $62,175,000
Final Value$31,000,000 $62,175,000
Tax Savings$359,569  $0 
Net to Client$251,698  $0 

Agent B did not achieve any tax savings for their client.  The fact that their fee was lower did nothing to help their client lower their property taxes.  However, Agent A’s expertise and focus produced results that put money back into the client’s pocket.  Remember, if you aren’t paying your tax agent, then they aren’t saving you money.  The age-old adage rings true, you get what you pay for.  The cheapest agent usually costs you the most in lost tax savings.       

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